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International

  • French banks to publish subsidiaries list in fraud fight

    French banks to publish subsidiaries list in fraud fight

    French banks will publish every year a list of all foreign subsidiaries while ministers must disclose personal assets from Monday, President François Hollande said in a drive to increase transparency. Seeking to restore public trust after a Budget...

  • FBI probes trading as KPMG quits Herbalife, Skechers audits

    In a blow to one of the world’s largest accounting firms, KPMG said it resigned as auditor of two US corporations amid an FBI investigation into insider trading allegations involving leaked information and a former senior partner. The two...

  • Luxembourg announces end of bank secrecy with EU states

    Luxembourg plans to lift bank secrecy rules for European Union citizens who have savings based in the country, the Prime Minister announced yesterday, marking a sharp shift in policy that will take effect from 2015. The move brings Luxembourg into...

  • Italy hikes debt targets, says can focus on growth

    Italy’s caretaker government yesterday sharply hiked its targets for public debt this year and next despite waves of austerity measures, and said there was room for less restrictive fiscal policy. An economic planning document published by Mario...

  • Japan automakers struggle to secure sales in China this year

    Japan automakers struggle to secure sales in China this year

    Japanese car makers’ sales in China in the first three months of the year have yet to recover fully from last year’s slump, and foreign rivals are capitalising in a market which expects seven per cent growth this year. Mazda Motor Corp. said...

  • Spain’s Rajoy calls on Europe for growth policies

    Spain’s Rajoy calls on Europe for growth policies

    Spain’s Prime Minister called yesterday for Europe to adopt growth policies to balance austerity and issued a veiled demand for Germany to boost spending. In a one-hour televised speech to leaders of his People’s Party, Mariano Rajoy also...

  • EU transaction tax seen raising cost of issuing UK debt

    A planned EU tax on securities transactions will add billions of pounds to the cost of issuing debt in Britain, hitting companies and government finances even though the country will not impose the levy, a study released yesterday shows. The City...

  • French investigators gain access to ex-minister’s Swiss bank details

    French investigators gain access to ex-minister’s Swiss bank details

    France’s former Budget Minister, forced to resign after revelations he held a secret Swiss bank account, has allowed Swiss authorities to pass account details to French judges investigating him for fraud, Geneva’s public prosecutor said...

  • EU regulator and bankers to joust over bonus cap

    The European Union’s banking regulator will decide over the coming months which bankers should have bonuses capped, raising hopes among lenders that the rules can be eased before they take effect in 2014. The EU approved a law to cap bonuses at...

  • Italy makes huge haul of Mafia assets in green energy case

    Italy made its biggest confiscation of Mafia assets in history yesterday including dozens of alternative energy companies worth a total of €1.3 billion, police said. A court in Trapani on the island of Sicily ordered the definitive confiscation...

  • Owner of London Eye planning share sale

    Owner of London Eye planning share sale

    Merlin Entertainments Group, the private-equity backed owner of Madame Tussauds and Legoland, is preparing to go public in either London or New York and has been meeting with potential investors, its chief executive said yesterday. The world’s...

  • Take-off for Qantas-Emirates deal

    Australia’s competition regulator has given Qantas Airways and Emirates final approval to form a five-year global alliance, with special conditions for flights across the Tasman Sea. Under the partnership, Qantas will use Dubai, rather than...

  • Iceland offers hard lessons for Cyprus on capital controls

    Iceland offers hard lessons for Cyprus on capital controls

    For Iceland, there was a sense of déjà vù when Cyprus’s Finance Minister said capital controls would probably last “a matter of weeks”. Five years after a banking meltdown, the north Atlantic island has just extended its own controls...

  • UK banks told to plug £25 billion capital hole

    UK banks told to plug £25 billion capital hole

    Britain’s banks must raise £25 billion of extra capital by December to absorb any future losses on loans, the Central Bank said, less than investors had originally expected. The Bank of England said yesterday that major lenders should achieve a...

  • UK newspaper readers face online ‘meter’ charge

    The Telegraph titles will start charging readers for online access immediately, the group has announced. The daily and Sunday versions are following in the footsteps of The Times and Sunday Times by introducing a paywall for its newspapers’...

  • Asos sales surge again on strong home demand

    British online fashion retailer Asos posted a 37 per cent rise in second quarter sales, buoyed by a better than expected home performance and strong overseas growth. Asos, whose celebrity fans include US First Lady Michelle Obama, said yesterday...

  • New French Budget Minister to stick to fiscal course

    New French Budget Minister to stick to fiscal course

    France’s new Budget Minister Bernard Cazeneuve said yesterday he would stick to his predecessor’s efforts to rein in public spending, insisting there would be no policy change after the sudden resignation of his predecessor over a tax fraud...

  • Cyprus pleads for Russian rescue, EU threatens cut-off

    Cyprus pleads for Russian rescue, EU threatens cut-off

    Cyprus pleaded for a new loan from Russia yesterday to avert a financial meltdown, after the island’s Parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash. Cypriot Finance Minister Michael Sarris...

  • Volkswagen in massive China recall

    Volkswagen AG, which sells more cars in China than any other foreign firm, will recall 384,181 vehicles there to fix a long-standing gearbox problem, China’s quality watchdog said yesterday. The recall, which will start on April 2, covers some...

  • Metro issues profit warning and plans to revive business

    Metro issues profit warning and plans to revive business

    German retailer Metro predicted operating earnings would fall in the coming months, hit by weak consumer spending, a lack of major sporting events and investments aimed at reviving its main cash and carry business. Shares in the company, which...

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