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International

  • Eurozone debt drops for first time in six years

    Eurozone government debt fell for the first time in nearly six years in the third quarter, data showed yesterday, adding to signs the bloc was turning the corner on the sovereign debt crisis. Debt in the 17 countries sharing the euro stood at...

  • UK joblessness plunges towards Bank of England target

    British unemployment plunged to within a whisker of the Bank of England’s level for considering an increase in interest rates, data showed yesterday, but the central bank stressed it would be in no rush to act. The unemployment rate dropped to 7.1...

  • Forecast for business lending in 2014 drops by €211bn

    Forecast for business lending in 2014 drops by €211bn

    This year the eurozone will experience annual GDP growth for the first time since 2011, but at just 0.9 per cent the growth will not be strong enough to support a level of uplift in financial services that will drive further economic recovery...

  • Latvia adopts the euro

    Latvia adopts the euro

    Now that Latvia adopted the euro yesterday – on the 15th anniversary of the launch of the euro in 1999 – 18 member states and 333 million Europeans share the same currency. European Commission President José Manuel Barroso said: “I am delighted to...

  • Debenhams warns on profits after poor Christmas

    Debenhams, Britain’s second-largest department store by sales, warned profits would fall well short of market expectations after a hoped-for surge in last minute Christmas shopping failed to materialise, sending its shares slumping. In an...

  • Eleven EU states to consider narrower transaction tax

    Eleven EU states to consider narrower transaction tax

    The 11 European Union countries that have pledged to tax financial transactions will consider excluding several key markets from the levy’s scope, an EU document showed. The 11 countries meet today to review plans for a tax on stock, bond and...

  • 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

    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’

    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 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 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

    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

    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 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...

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