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International

  • British monarchy richer than ever as queen’s reign reaches record

    British monarchy richer than ever as queen’s reign reaches record

    Despite talk of crumbling and chilly palaces and of Queen Elizabeth slipping down several rich lists, Britain’s monarchy is wealthier than ever as she became its longest serving royal on the throne – 63 years – yesterday. A Reuters analysis of...

  • Greece has to respect bailout or EU reaction ‘will be different’

    Greece has to respect bailout or EU reaction ‘will be different’

    Greece’s new government after the September 20 election must respect the bailout agreement struck with the eurozone, or the EU’s resolve to keep Greece in the single currency bloc could change, the European Commission president said. “It was...

  • ABB cuts revenue forecast, no major divestments planned

    ABB cuts revenue forecast, no major divestments planned

    Switzerland’s ABB cut its revenue growth target yesterday and said it was accelerating a $1 billion cost savings programme as the company grapples with low oil prices and a slowdown in China. ABB said it was now targeting average annual growth in...

  • Stocks rally as investors scent fresh stimulus

    Global equity markets rose yesterday, led by an 8 per cent surge in Japanese stocks, helping lift the dollar as the prospect of more economic stimulus out of Asia soothed investors rattled by recent market turmoil. An early rally on Wall Street...

  • Ryanair shares hit an all-time high after 25% hike in profit forecast

    Ryanair shares hit an all-time high after 25% hike in profit forecast

    Ryanair shares soared to an all-time high yesterday after the airline hiked its annual profit forecast by 25 per cent on strong summer fare growth, helped by bad weather in northern Europe and retrenchment by rivals. The Irish carrier, Europe’s...

  • Oil catches breath near 6½-year lows after falls

    Oil catches breath near 6½-year lows after falls

    Oil stabilised yesterday after China’s central bank moved to support the country’s economy, but prices stayed near six-and-a-half-year lows as a heavy supply glut kept the market outlook bearish. “Oil is catching its breath a bit and seeing if...

  • Japan downgrades consumer spending assessment

    Japan downgrades consumer spending assessment

    Japan’s government lowered its assessment of consumer spending and exports in August, a worrying sign that the economy is seeing just a tepid recovery from a contraction in the April-June quarter. The government stood by its assessment that...

  • French cuts to focus on income tax, finance minister indicates

    French cuts to focus on income tax, finance minister indicates

    French Finance Minister Michel Sapin indicated yesterday that cuts promised on the revenue side of next year’s budget would focus on income tax rather than other levies. President François Hollande said French households would enjoy tax cuts in...

  • Markets diverge, commodities fall, China fears persist

    Wall Street advanced yesterday while European shares and commodities fell as investors balanced strong US economic data and policy comments with fears about China’s slowing economy. The benchmark S&P 500 was up 0.7 per cent in afternoon trading,...

  • China’s central bank pressured to devalue its currency further

    China’s central bank pressured to devalue its currency further

    China’s move to devalue its currency reflects a growing clamour within government circles for a weaker yuan to help struggling exporters, ensuring the central bank remains under pressure to drag it down further in the months ahead, sources...

  • Oil prices fall further as yuan slides

    Oil prices fall further as yuan slides

    Oil prices continued to fall yesterday as China allowed its currency to drop further and its industrial output fell short of expectations just as oil production hit multi-year highs. China’s yuan hit a four-year low yesterday, slipping further a...

  • Greek bank bailout funds depend on business plan, stress test – sources

    Initial bailout funds for Greek banks will be placed in a special account not on their balance sheets and lenders will receive fresh equity only after a “stress test” is finished by the end of October, several sources told Reuters yesterday. An...

  • Stocks, yields tumble after China’s yuan falls again

    Stocks, the US dollar, and emerging market currencies around the world remained under pressure for a second day yesterday after China’s yuan weakened again, one day after the country devalued its currency. Germany’s two-year yield fell to a new...

  • Agnelli family becomes largest Economist investor as Pearson sells out

    Agnelli family becomes largest Economist investor as Pearson sells out

    Britain’s Pearson yesterday agreed to sell its 50 per cent stake in the Economist Group for £469 million, in a deal which makes Italy’s Agnelli family the largest investor in the weekly publication. Fresh from the sale of the Financial Times...

  • Barclays set to speed up cost cuts after new mis-selling hit

    Barclays set to speed up cost cuts after new mis-selling hit

    Barclays’ new executive chairman sought to stamp his mark on the bank yesterday by accelerating the sale of assets and cost cutting, after the group reported a 12 per cent rise in profit and another big charge to compensate customers. Chairman...

  • EU probes Disneyland Paris over prices for foreign tourists

    EU regulators are investigating prices charged by Disneyland Paris after complaints from foreign consumers who said they were charged far more than their French counterparts. The move by the European Commission is part of a broader crackdown on...

  • GM to invest $1bn in India

    General Motors Co. will invest $1 billion in the next few years to turn operations in India into a new global export hub aimed at boosting sales in fast-growing emerging markets, top executives said yesterday. The investment is part of GM’s plan...

  • Mortgage lending in Britain jumps in June

    British mortgage lending picked up strongly in June, adding to signs that the housing market is regaining momentum, but a sharp drop in lending to businesses was a reminder that the economic recovery has yet to find a sounder footing. The value of...

  • Stocks climb ahead of Fed statement

    Global equity markets rose yesterday, lifted by strong US and European corporate earnings, although moves were subdued before a policy statement from the US Federal Reserve, which is expected to raise interest rates, perhaps as early as...

  • VW lowers its sales goal as demand in China slows

    VW lowers its sales goal as demand in China slows

    Volkswagen lowered its sales forecast as demand weakens in China, where the group’s largest division delivers more than 40 per cent of its vehicles, outweighing gains in Europe. The German group yesterday scaled back its expectations, predicting...

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