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International

  • 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...

  • Swedish growth seen slowing as election approaches

    Sweden’s leading think tank said yesterday that growth would slow this year, casting a further shadow over the chances of re-election for a centre-right government that has marketed itself as the guardian of prosperity for the Nordic...

  • Doubts on rate rise begin to turn tide for sterling

    Over five tough summer weeks, investors have slashed their bets on a stronger pound by 75 per cent as still-miserly earnings growth calls into the question the timing of the first UK interest rate rises in over seven years. Sterling’s retreat –...

  • BoE slashes wages forecast

    BoE slashes wages forecast

    The Bank of England forecast yesterday that wages would grow far more slowly than previously expected and linked their rate of increase closely to borrowing costs, suggesting it was in no hurry to raise Britain’s record low interest rates. Shortly...

  • AstraZeneca buys Almirall lung drugs

    AstraZeneca took a major step to build up its respiratory medicine business yesterday by striking a deal worth up to $2.1 billion for the rights to Spanish group Almirall’s lung drugs. The British drugmaker, which resisted a $118 billion takeover...

  • Time almost up for Argentina to avoid second debt default - July 31, 2014

    Time almost up for Argentina to avoid second debt default - July 31, 2014

    Argentina faced a race against time yesterday to avert its second default in 12 years, needing to either cut a deal by the end of the day with “holdout” investors suing it or win more time from a US court to reach a settlement. Argentine Economy...

  • MEPs call for trade transparency

    EU citizens must be better informed of the progress of EU-US talks on the proposed Transatlantic Trade and Investment Partnership (TTIP), said MEPs from all political groups debating the issue with EU trade Commissioner Karel De Gucht. MEPs from...

  • Portugal Telecom to revise terms of merger

    Portugal Telecom has agreed to revise terms of a merger with Brazil’s Oi to reflect a lower valuation of the Portuguese company after a holding company of the troubled Espirito Santo family failed to repay a $1 billion loan. Portugal Telecom said...

  • Eurozone trade surplus widens

    The eurozone’s trade surplus grew year-on-year in May in a sign net trade made a positive contribution to economic growth in the second quarter, the EU’s Statistics Office data showed yesterday. The external trade surplus of the 18 countries...

  • Primark – next stop the US

    Primark – next stop the US

    Discount fashion chain Primark has made its mark in Europe by offering fast-changing fashion at rock-bottom prices. The secret of its success: placing huge orders for top-selling items like socks, tops and jeans and passing on the savings to...

  • BoE studying fallout from annuities reform

    BoE studying fallout from annuities reform

    The Bank of England (BoE) is asking insurers how they can stay in business after the British government scrapped a rule forcing people to buy their most successful product, an annuity pension. Chancellor George Osborne stunned Britain’s pensions...

  • Facebook probed on mood experiment

    Facebook probed on mood experiment

    The British data watchdog is investigating whether Facebook Inc violated data-protection laws when it allowed researchers to conduct a psychological experiment on its users. A Facebook spokesman ack-nowledged that the experiment on nearly 700,000...

  • What’s in a name? Islamic banking rebrands

    What’s in a name? Islamic banking rebrands

    Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word “Islam” from their names – a sign of both the potential of Islamic finance to grow, and the obstacles to it becoming...

  • Argentine debt investors may let law slide to reach deal

    Argentine debt investors may let law slide to reach deal

    Argentina’s prospects for finally closing out its 12-year-old default on $100 billion of debt will depend on more political and legal maneuvering, a motivated US judge and the fatigue of investors, now that it has lost an epic battle with holdout...

  • ‘We will not default again’

    ‘We will not default again’

    Addressing the nation on Monday night, Argentina’s President Cristina Fernandez de Kirchner said her country would honour its payments to holders of its restructured debt. In a nationwide televised broadcast, the President said Argentina wants to...

  • ECB action not likely to revive lending

    ECB action not likely to revive lending

    The European Central Bank’s latest offers for long-term cash won’t revive lending in the region despite expectations for strong demand, a Reuters poll showed. ECB president Mario Draghi announced several new policies this month, including cutting...

  • Cameron may fail to stop Juncker getting EU job – former PM Major

    Cameron may fail to stop Juncker getting EU job – former PM Major

    British Prime Minister David Cameron may fail to stop Jean-Claude Juncker from becoming European Commission President, but Britain will be able to renegotiate a new settlement with the European Union, former Prime Minister John Major has...

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