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International

  • Greece cannot make June 5 IMF payment ‘without deal with international leaders’

    Greece will not be able to make a payment to the International Monetary Fund that falls due on June 5 without a deal with its international lenders, the government’s parliamentary speaker said yesterday. Athens faces several payments, totalling...

  • Investment banks’ revenue rises 9% in first quarter

    Revenue at the world’s 10 largest investment banks rose nine per cent to $44.9 billion in the first quarter compared to a year ago, as financial market volatility and central bank stimulus measures boosted profits, a survey showed...

  • UBS to pay $545m over forex scandal as rivals await fate

    UBS will pay $545 million to US authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals. The amount was lower than expected and this...

  • US stocks tread water as Fed minutes loom

    US stocks were little changed, staying near their record highs, in quiet afternoon trading yesterday as investors await the minutes from last month’s Federal Reserve meeting for hints on when interest rates will be increased. Stock market volumes...

  • German retailer Metro in talks over sale of store chain

    German retailer Metro in talks over sale of store chain

    German retailer Metro yesterday confirmed that it was in talks over the sale of department store chain Kaufhof, adding it could do a deal if the price and strategy were right. A Metro spokesman said the group had not reached any decisions yet and...

  • Brighter outlook for M&S after profit rise

    British retailer Marks & Spencer raised hopes that it has finally rediscovered a winning formula as it reported a rise in annual profit for the first time in four years and its intention to return excess cash to shareholders. After a poor...

  • Altice and Time Warner Cable talks ongoing – source

    Altice’s acquisition of US cable group Suddenlink has not dampened its interest in buying much larger Time Warner Cable, a source familiar with the matter said. “Altice is very keen on Time Warner Cable,” the person said after Altice’s...

  • Little risk to sterling whatever the UK election outcome is

    Little risk to sterling whatever the UK election outcome is

    There is only a small risk to sterling from any political uncertainty following Britain’s national election tomorrow, according to over a half of the foreign exchange strategists questioned by Reuters in the past week. Sterling forecasts were left...

  • EU delays decisions on tax probes

    EU regulators will miss a June deadline to decide whether tax deals granted by individual Member States to companies including Apple and Starbucks are legal because they lack some data, the EU’s antitrust chief said. The investigations launched...

  • McDonald’s reset to change structure, cut costs, boost franchises

    McDonald’s reset to change structure, cut costs, boost franchises

    McDonald’s Corp.’s new chief executive officer said he would reorganize business units, sell restaurants to franchisees and cut costs in a bid to turn the fast-food chain into a “modern, progressive burger company”. The anticipated video...

  • Global bond selloff deepens while oil prices hit year’s high

    A global rout in government bonds deepened yesterday as long-term US and European borrowing costs reached their highest level this year, spreading anxiety into stock and other markets. The standoff between Greece and its lenders, together with...

  • Eurozone business activity starts second quarter on solid footing

    Eurozone business activity starts second quarter on solid footing

    Eurozone businesses started the second quarter with healthy growth as a buoyant order book again encouraged them to hire more, a survey showed yesterday. Any sign that the bloc’s recovery is gaining traction will be welcomed by the European...

  • BOE unanimous on rates

    BOE unanimous on rates

    Bank of England policymakers have grown more upbeat about the outlook for the eurozone and see a greater chance that inflation could recover strongly next year, minutes of their April policy meeting showed yesterday. The minutes of the April 8-9...

  • EU charges Gazprom with abusing market position

    European Union antitrust regulators charged Russian gas giant Gazprom yesterday with abusing its dominant position in Poland, Hungary and six other countries in Eastern Europe following more than two years of investigation. The European Commission...

  • ECB to fund Greek banks as long as they stay solvent

    The European Central Bank will continue to fund Greek banks as long as they stay solvent and have enough collateral, Executive Board Member Benoît Cœuré told a newspaper yesterday, dismissing talk that Athens might ditch the euro. Worries over the...

  • Volvo ousts CEO, turns to Scania for new boss

    Volvo ousts CEO, turns to Scania for new boss

    Sweden’s Volvo named Martin Lundstedt, the head of Volkswagen-owned Scania, as its chief executive yesterday, replacing embattled Olof Persson who for nearly four years led a sweeping efficiency drive at the global truck maker. Persson had led a...

  • Shares hold on steady over earnings as US Treasuries dip

    Stocks in major markets were little changed yesterday as the latest round of US corporate earnings kept equities in check, while US Treasury prices declined after home sales data added to anticipation of a rate hike by the US Federal Reserve later...

  • Shipping movements

    The following ships are expected in Malta: The AS Aries to Iskenderun, the BF Nilou from Annaba to Bizerte, the CMA CGM Rigoletto from Jeddah to Valencia (all Carmelo Caruana Co. Ltd), the K-River from Valencia to Tunis (Thomas Smith Shipping Ltd)...

  • Shell offers 50% premium to buy BG Group for £47bn

    Shell offers 50% premium to buy BG Group for £47bn

    Royal Dutch Shell agreed to buy smaller rival BG Group for $70 billion in the first oil super-merger in more than a decade to close the gap with the world’s largest oil firm US ExxonMobil. In a joint statement, the two firms said Shell would pay a...

  • UK opposition Labour pledge to end ‘non domicile’ tax status

    Britain’s opposition Labour Party yesterday pledged to scrap tax rules that allow wealthy individuals to legally reduce the amount of tax they pay on money earned overseas if the party wins a national election on May 7. The change would affect...

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