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International

  • Switzerland frees banks to settle US tax evasion cases

    Switzerland frees banks to settle US tax evasion cases

    The Swiss government agreed yesterday to create a legal basis that will allow its banks to settle investigations by US authorities into their role in helping wealthy Americans evade billions of dollars in tax. The agreement would give dozens of...

  • Eurozone private loans contract, pressuring ECB to take action

    Loans to the eurozone’s private sector contracted for the 12th month in a row in April, raising pressure on the European Central Bank to take fresh policy action to help lift the bloc out of recession. Loans fell 0.9 per cent from the same month a...

  • Sony to discuss spin-off suggestion

    Sony to discuss spin-off suggestion

    Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favours long-standing ties with banks, business partners and workers rather than shareholders seeking value. Struggling...

  • IMF urges Britain to do more to boost growth

    The International Monetary Fund called on Britain’s Government yesterday to do more to speed up slow economic recovery, hinting that the country might be able to afford to borrow more to fund investment. The report is unlikely to spur Chancellor...

  • Ireland feels the heat from Apple tax row

    Ireland feels the heat from Apple tax row

    Ireland yesterday called for an international clampdown on multinationals shifting profits around the world to avoid tax, after criticism that Irish loopholes helped technology giant Apple to shrink its tax bill. A US Senate investigation into the...

  • Boeing resumes deliveries of 787 Dreamliners

    Boeing Co. resumed deliveries of its high-tech 787 Dreamliner jet, ending a period of nearly four months in which it was unable to provide new planes to customers because of safety concerns about the battery system. The delivery of the first jet...

  • HSBC to lay off 14,000 employees

    HSBC to lay off 14,000 employees

    HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs globally, as Europe’s largest bank seeks to drive earnings and dividend growth in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in...

  • Bank of England offers ray of hope for UK economy

    Britain’s central bank lifted a bit of the gloom hanging over the economy yesterday, delivering a slightly improved outlook for inflation and growth for the first time since the financial crisis erupted. Bank of England Governor Mervyn King,...

  • European telecom revenues drop as price wars heat up

    European telecom revenues drop as price wars heat up

    Two of Europe’s biggest telecom operators reported lower revenues yesterday, blaming the weak European economy and stiff regulation while seeing some bright spots in markets abroad. The figures from Spain’s Telefonica SA and Deutsche Telekom AG...

  • ECB open-minded on SME lending but wants others to help

    The European Central Bank has an open mind on what it could do to spur lending to small and mid-sized businesses, though other EU institutions might be better placed to help, a top ECB policymaker said yesterday. The ECB is concerned that banks,...

  • China trade data beats expectations

    China trade data beats expectations

    China’s exports and imports grew more than expected in April, offering the possibility of a better outlook for the world’s second-largest economy, but the figures failed to put an end to scepticism that financial manoeuvring by exporters and...

  • Adidas probed for competitor ban

    Adidas probed for competitor ban

    Adidas chief executive Herbert Hainer addresses the company’s annual general meeting in Fuerth, near Nuremberg, yesterday. The German cartel office is taking a closer look at the online sales practices of the world’s second largest sports apparel...

  • Britain to quiz Google and auditor again on tax

    Executives from Google Inc. and its auditor Ernst and Young will be called again to a British Parliament committee to testify on tax, after a Reuters investigation highlighted inconsistencies in the way Google portrays its activities in Britain,...

  • EU considers trade action after Bangladesh factory collapse

    EU considers trade action after Bangladesh factory collapse

    The European Union is considering trade action against Bangladesh, which has preferential access to EU markets for its garments, in order to pressure Dhaka to improve safety standards after a building collapse killed hundreds of factory...

  • Global consumer confidence improves

    Global consumer confidence improves

    Global consumer confidence rose in the first quarter, with a marked increase in sentiment in the US, Japan and northern Europe, a survey showed yesterday. Indonesia overtook India as the most optimistic consumer market globally, according to the...

  • Apple wows market with record $17 billion bond deal

    Apple Inc wowed the debt markets on Tuesday with the largest non-bank bond deal in history, pricing a whopping $17 billion as the US computer giant switches strategy to placate restless shareholders. Just a week after announcing its first drop in...

  • Master Card profit rises 12 per cent

    Master Card profit rises 12 per cent

    Master Card Inc, the world’s second-largest credit and debit card network, reported a 12 per cent rise in quarterly profit as more people used credit and debit cards instead of cash. Net income rose to $766 million, or $6.23 per share, in the...

  • Apple unlocks more cash for investors as profit slides

    Apple unlocks more cash for investors as profit slides

    Apple Inc bowed to investors’ demands to share more of its $145 billion cash pile, while posting its first quarterly profit decline in more than a decade. The new expanded capital plan includes issuing debt for the first time to fund $100 billion...

  • Barclays’ investment bank outshines overall profit drop

    Barclays’ investment banking division beat expectations in the first quarter, outshining the wider group’s earnings drop and sending its shares to a six-week high. Overall profits at Britain’s third-largest bank were down a quarter from a year...

  • Ford profit surpasses estimates as North America shines

    Ford Motor Co posted a higher-than-expected first-quarter profit yesterday as its North American unit posted its best quarter in more than a decade on the strength of new models. Revenue in North America, the company’s largest market, shot up by...

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