International
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Britain ‘likely to lose’ AAA if debt plans slip
Britain is likely to lose its triple-A status if its plans to cuts its debts falter, while weak growth would put downward pressure on top-rated Netherlands, rating firm Fitch said yesterday. “For the UK, we forecast debt/GDP to peak at 97 per cent...
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UBS fined $1.5 billion in growing Libor scandal
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BoE spells out Carney’s governor package
Bank of Canada Governor Mark Carney will get a £250,000 annual housing allowance when he starts as Governor of the Bank of England next year, on top of a salary of £624,000, the BoE said yesterday. The payments to the former Goldman Sachs investment...
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Asmussen opposes ECB bond buys if conditions not met
European Central Bank policymaker Joerg Asmussen said he would want the ECB to stop buying sovereign bonds if its new purchasing programme was activated and the country concerned did not stick to the conditions attached. Spain is the country most...
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Toronto sees 147 skyscrapers under construction
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Germany backs paying out next Greek aid tranche – letter
The German Government is in favour of paying out the next tranche of international aid to Greece after a successful debt buyback programme by Athens, Germany’s finance ministry said in a letter seen by Reuters yesterday. The letter to the Bundestag...
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Carney carries Canadian lessons to the Bank of England
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Russia to ‘get tough’ on corruption, capital flight
Russian authorities will crack down on corruption and the flight of capital from the country, President Vladimir Putin said yesterday. In his first state-of-the-nation address since he started a six-year third term in May, Putin drew applause from...
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Prosecutors raid Deutsche Bank HQ as carbon probe widens
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Spain’s justice workers take to the streets
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Zara owner Inditex continues on profits path
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Ireland to test economy, public patience with Budget
The Irish Government will test the economy and the public’s patience with another €3.5 billion dose of austerity yesterday, though better service sector and jobless data will help soften the blow. Bailed-out Ireland has begun its return to bond...
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Record €1.47 bn fine for Philips, LG and Samsung
The European Commission imposed the biggest antitrust penalty in its history yesterday, fining six firms including Philips, LG Electronics and Samsung SDI a total €1.47 billion for running two cartels for nearly a decade. The Commission said...
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HSBC names new private banking chief
Europe’s biggest bank HSBC has named a new chief executive for its private banking arm to take over from Krishna Patel who is resigning from the role he has had since September 2011. Peter Boyles, the bank’s chief executive officer for Continental...
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Praying for progress in Spain
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UK inquiry to question ex-HBOS chief executives
Two former chief executives of HBOS will appear on Monday before British lawmakers conducting an inquiry into the bank’s near collapse in 2008, as part of a wider review of banking standards. HBOS had to be rescued in 2008 through a...
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Court postpones ruling on Strauss-Kahn sex inquiry
A French court yesterday postponed a decision on requests that it call off a sex offence inquiry where former IMF chief Dominique Strauss-Kahn risks trial on a charge of “aggravated pimping”. The court in Douai, a town north of Paris, had been...
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Protests rage over fire in Bangladesh garment factory, supervisors arrested
Three supervisors of a Bangladeshi garments factory were arrested yesterday as protests over a fire that killed more than 100 people raged on into a third day, with textile workers and police clashing in the streets of a Dhaka suburb. The Government...
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Shares in mobile operator MegaFon fall on debut
Shares in MegaFon fell two per cent on their market debut yesterday, following a bumpy ride for the IPO and showing limited demand among investors for another Russian mobile issue. Russia’s second-biggest mobile phone operator had priced its London...
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Arcelor Mittal scrambles before talks deadline
