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International

  • BoE policymakers vote to hold rates, ‘material spread of views’

    BoE policymakers vote to hold rates, ‘material spread of views’

    Two Bank of England policymakers voted again for an increase in interest rates this month, and there was a “material spread of views” among the seven who opted to keep rates on hold. Yesterday’s minutes of the Monetary Policy Committee’s November...

  • Kuroda hints at discontent over tax hike delay

    Kuroda hints at discontent over tax hike delay

    The head of the Bank of Japan warned yesterday that the government is solely responsible for maintaining trust in the country’s finances, in a thinly veiled show of discontent over premier Shinzo Abe’s decision to postpone a sales tax...

  • Hugo Boss targets faster sales growth

    German fashion house Hugo Boss expects sales growth to accelerate and margins to improve in the coming years as it upgrades its core brand and pushes ahead with moves to sell more womenswear and expand its own retail network. In a statement ahead...

  • Insurance watchdog warns on ‘undue’ investment incentives

    Insurance watchdog warns on ‘undue’ investment incentives

    The EU’s top insurance watchdog yesterday warned against giving insurers strong enticements to invest in particular asset classes, saying this would run counter to prudent supervision. “We need to emphasise continually that undue incentives to buy...

  • LSE to launch midday auction next year

    LSE to launch midday auction next year

    The London Stock Exchange will launch a midday auction for the largest and most liquid stocks on its markets late next year, seeking to win back business by capitalising on new rules that clamp down on trading in rival venues called dark...

  • Second-hand clothes the austerity fashion

    The global financial crisis hit hard in central and eastern Europe, but one industry has thrived: second-hand clothing stores. While in western Europe the squeeze on household finances prompted many consumers to turn to discount retailers like...

  • Dutch bank ING to pay off state aid early

    ING Group NV, the largest Dutch bank, said it would repay the last of its state aid ahead of schedule this week, signalling an extra dividend for shareholders as lending growth drove a jump in pre-tax earnings. In its first full quarter as a pure...

  • India’s finance minister describes economic reform as ‘long journey’

    India’s finance minister describes economic reform as ‘long journey’

    India’s Finance Minister Arun Jaitley said yesterday structural reforms to Asia’s third largest economy could only progress slowly, adding that he backed relaxing labour and land laws hated by business, along with more privatisations. Speaking to...

  • Virgin Money valued at up to £1.45 billion

    Virgin Money valued at up to £1.45 billion

    UK lender Virgin Money will be valued at up to £1.45 billion in its revived London stock market listing, slightly lower than expectations, two sources familiar with the matter said yesterday. The bank, backed by billionaires Richard Branson and...

  • 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...

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