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International

  • UK watchdog fines Lloyds £28 million

    Britain’s Financial Conduct Authority imposed a record £28 million fine on Lloyds Banking Group for the way it encouraged staff to sell products worth £2 billion that customers did not need or want. The FCA, launched in April to try and end...

  • Madame Nouy set to take on Europe’s banks

    The woman set to police Europe’s banks has spent much of her 40-year career rising through the ranks of French financial supervision, once a bastion of male domination. Danièle Nouy will become the most powerful woman in European banking when she...

  • UK unemployment edges closer to Bank of England threshold

    Britain’s unemployment rate fell to 7.6 per cent in the three months to September, bringing it closer to the level at which the Bank of England will consider raising interest rates. The figures, which lifted the pound and pushed government bond...

  • ECB briefs heads of top banks ahead of ‘stress tests’

    Bosses from top eurozone banks gathered at the European Central Bank yesterday to find out what it will be looking for in its upcoming ‘stress tests’ on their balance sheets. Before the ECB takes up its new role supervising eurozone banks from...

  • German council warns Merkel on generous coalition pledges

    Germany’s council of economic advisers yesterday warned that the introduction of a minimum wage and more generous pensions by a new government could put at risk economic gains achieved through far-reaching reform of the welfare state a decade...

  • Ryanair cuts profit forecast again as fares fall in Europe

    Ryanair’s annual profit is set to fall for the first time in five years as intense competition in Europe pushes average fares down by around 10 per cent over the winter months, Europe’s largest airline by passenger numbers said. Two months after...

  • Samsung vows more aggressive investment, targets new technology

    Samsung Electronics Co. Ltd pledged to double its dividend yield, invest in new technology and boost marketing to topple Apple Inc in the mobile sector as it sought to ease investors’ concerns over its sagging share price. The world’s leading...

  • Microsoft narrows CEO shortlist

    Microsoft Corp. has narrowed its list of external candidates to replace chief executive Steve Ballmer to about five people, including Ford Motor Co. chief Alan Mulally and former Nokia CEO Stephen Elop, according to sources familiar with the...

  • US debt problems ‘casting global shadow’ – Barroso

    Persistent doubts about the ability of the US to resolve its debt problems are putting US credibility in the world at stake, European Commission President José Manuel Barroso has warned. The White House won a brief respite this month when the...

  • UK jobless count plunges as unemployment steady

    The number of people in Britain claiming jobless benefits had its biggest fall in more than 16 years last month but the jobless rate held steady, underscoring the Bank of England’s message that unemployment is likely to fall only slowly. Data...

  • Europe’s car market grows from record low levels

    A surge in UK auto sales and an extra working day boosted Europe’s new car market in September, giving evidence that demand may be slowly bottoming out after plumbing lows not seen in over 20 years. The European car market has been a prime...

  • IMF cuts global growth forecast, warns of prolonged stupor

    The International Monetary Fund trimmed its forecasts for global output on Tuesday for the sixth time since early last year, saying stronger growth in most advanced economies would fail to make up for more sluggish expansion in the developing...

  • Russia to cut stake in Alrosa

    Russia’s sporadic drive to raise money from state-owned assets took a step forward on Wednesday, when the government said it would cut its stake in diamond miner Alrosa as part of a $1.6 billion share sale by the company. Alrosa is the world’s...

  • UK construction activity inches off 6-yr high –PMI

    British construction activity eased slightly in September from a near-six-year high in August, a survey of purchasing managers showed on Wednesday, but residential construction rose at its fastest rate in nearly a decade. The Markit/CIPS...

  • Fiat to produce five new models in next two years

    Italian carmaker Fiat plans to produce five new Fiat-brand models in the next two years as it seeks to return to profitability in the Europe, Middle East and Africa (EMEA) region, the company said yesterday. Alfredo Altavilla, the group’s head of...

  • Bribery scandal dents big pharma sales in China

    A crackdown on corruption in China’s pharmaceutical sector has hurt sales at international and local firms, with many doctors at Chinese hospitals refusing to see drug representatives for fear of being caught up in the widening scandal. Britain’s...

  • Technology can chill drink in 45 seconds

    Over the long hot summer many of us reached for a cold drink. But what is the financial and environmental cost of our demand for cool drinks? Across Europe, combined commercial refrigerators and freezers are estimated to consume 85TWh of...

  • Eurozone exits recession faster than was expected

    Stronger growth in the eurozone’s two largest economies, Germany and France, helped the eurozone to emerge from its longest recession to date in the second quarter, confirming expectations a fragile recovery was under way. It took seven quarters...

  • BP sues US over contract suspensions after Gulf oil spill

    BP plc is suing the US Government for barring the British oil giant from obtaining new federal contracts after the company pleaded guilty to charges related to the 2010 rig explosion in the Gulf of Mexico. The suit, filed in US District Court in...

  • Weak outlook for rapid-growth markets

    A weak recovery in trade and investment across rapid-growth markets will keep the outlook in 2013 subdued, according to EY’s quarterly Rapid-Growth Markets Forecast (RGMF). Recent weeks have witnessed a reversal of portfolio flows from developed...

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