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International

  • EU’s Juncker pledges investment plan for jobs

    EU’s Juncker pledges investment plan for jobs

    The incoming head of the EU executive, Jean-Claude Juncker, told the European Parliament yesterday that he would present his €300-billion plan for investment to bolster growth and jobs by the end of this year. Switching significantly to German...

  • EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels

    JPMorgan, UBS and Credit Suisse were fined a total of €94 million by the European Commission for taking part in cartels in the financial sector. The Commission handed JPMorgan a €61.7-million fine for rigging the Swiss franc Libor benchmark...

  • At least 11 banks to fail European stress tests

    At least 11 banks to fail European stress tests

    At least 11 banks from six European countries are set to fail a region-wide financial health check this weekend, Spanish news agency Efe reported, citing several unidentified financial sources. The results of the stress tests on 130 banks by the...

  • Air France puts cost of pilots strike at €500m

    Air France puts cost of pilots strike at €500m

    Air France-KLM has put the total cost of last month’s two-week pilots strike at €500 million, enough to wipe more than a fifth off the group’s estimated full-year core profit and sending its shares to a 13-month low. Europe’s second-biggest...

  • IMF says banks need to overhaul business

    A much-needed pruning of banks across the world could stifle lending and dampen economic recovery, the International Monetary Fund said yesterday. To boost profits, banks need to raise prices in certain business lines, pull out of others...

  • Europe shares hit two-month low on growth apprehension

    European stocks sank yesterday in huge trading volumes, extending their week-long sell-off and with a benchmark index hitting its lowest level since mid-August as concerns about global economic growth spooked investors. The FTSEurofirst 300 index...

  • No difference in views on soft yen between government and BOJ

    Japan’s top government spokesman said yesterday there is no difference in views between the government and the Bank of Japan over the weak yen. “There is no difference at all,” Chief Cabinet Secretary Yoshihide Suga told a news conference,...

  • GM expecting to sell over 3m cars in China

    GM expecting to sell over 3m cars in China

    General Motors Co. expects to sell over three million vehicles in China for the second straight year in 2014, with its premium brand forecast to grow 40 per cent, the US carmaker’s China President Matthew Tsien said yesterday. Tsien identified...

  • Santander confirms studying asset management merger with Unicredit

    Santander confirms studying asset management merger with Unicredit

    Spain’s largest bank Santander confirmed yesterday it was studying a potential merger of its fund management business with that of Italy’s Unicredit SpA, though gave no further details on the deal. UniCredit CEO Federico Ghizzoni told reporters...

  • ECB to keep loose policy ‘for long time’

    The European Central Bank will keep monetary policy loose for as long as it takes to push ultra-low inflation in the euro zone back up closer to the two percent level, its president Mario Draghi said yesterday. With data showing the single...

  • Maersk to spend $3 billion per year on new vessels

    Maersk to spend $3 billion per year on new vessels

    Denmark’s Maersk Line will spend around $3 billion a year from 2015 to 2019 on new vessels to buttress its position as the world’s biggest container shipping company, it said yesterday. “The current order book [is] not sufficient to grow with the...

  • Deloitte announces record revenues of $34.2 billion

    Deloitte member firms reported record aggregate revenues of $34.2 billion for the fiscal year ending May 31, 2014. In its fifth consecutive year of growth, Deloitte saw accelerated demand for its range of services in all regions of the...

  • Amid high expectations, Apple unveils watch, larger iPhones

    Amid high expectations, Apple unveils watch, larger iPhones

    Apple Inc. unveiled a watch, two larger iPhones and a mobile payments service on Tuesday as chief executive officer Tim Cook seeks to revive the technology company’s reputation as a wellspring of innovation. The first new product to be developed...

  • Italy growth ‘around zero’

    Italian PM Matteo Renzi said that the country’s economic growth would be about “zero” this year, a sign the eurozone’s third-biggest economy is struggling to climb out of its third recession in six years. Renzi also signalled that Spending Review...

  • Santander’s Botin dies

    Santander’s Botin dies

    Emilio Botin, one of Spain’s most powerful men who transformed Santander from a small domestic lender into the eurozone’s biggest bank, has died of a heart attack, aged 79. Sources familiar with the matter said his eldest daughter Ana Botin,...

  • Kingfisher names head of French unit as new CEO

    Kingfisher, Europe’s largest home improvements retailer, said yesterday Ian Cheshire, its chief executive for nearly seven years, would step down before next January and be succeeded by Veronique Laury, the boss of French unit Castorama. Laury has...

  • RBS fined for failings in its mortgage affordability tests

    RBS fined for failings in its mortgage affordability tests

    Britain’s financial regulator has fined Royal Bank of Scotland and its NatWest division £14.5 million for selling mortgages to customers without properly testing if they could afford them. The Financial Conduct Authority (FCA) said yesterday that...

  • IMF’s Lagarde put under investigation in French fraud case – source

    IMF’s Lagarde put under investigation in French fraud case – source

    IMF chief Christine Lagarde was placed under formal investigation by French magistrates yesterday for her alleged role in a long-running political fraud case, a source close to the former French finance minister said. The source said Lagarde, who...

  • Italy must cut growth forecast – Economy Minister

    Italy must cut its output growth forecast, its Economy Minister told a newspaper, adding that economic weakness was a European problem that the region’s governments needed to tackle together. The government in Rome predicted in April that Italy,...

  • Case for Scotland’s independence hasn’t been made, say businesses

    Case for Scotland’s independence hasn’t been made, say businesses

    More than 100 business leaders spoke out against Scottish independence saying the business case for independence has not been made, the biggest intervention by the UK’s business community in the referendum debate so far. Voters will decide next...

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