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International

  • BofA in $500m settlement with mortgage investors

    Bank of America Corp has reached a record $500 million settlement with investors who claimed they were misled by its Countrywide unit into buying risky mortgage securities. The settlement requires the court approval, and is the largest accord to...

  • European market plunge tests carmakers’ endurance

    PSA Peugeot Citroen and Toyota led European car sales 10.3 per cent lower in March, as an unrelenting market contraction spreads to the region’s more prosperous north, unnerving automakers. Registrations dropped to 1.35 million cars last month...

  • Burberry is bolstered by China’s demand for luxury

    Burberry is bolstered by China’s demand for luxury

    British luxury group Burberry calmed fears about slowing demand in China with better-than-expected fourth quarter results as it sold more of its most expensive items. Burberry said demand from affluent Asian customers for its more expensive...

  • Athens to ask creditors for large debt cut

    Athens to ask creditors for large debt cut

    Medical staff in a protest rally against austerity in Athens yesterday. In exchange for harsh austerity measures that have thrown the Greek economy into its deepest peace-time recession and strained the cohesion of its fragile coalition, Athens...

  • WTO cuts 2013 trade forecast amid fears of protectionism

    WTO cuts 2013 trade forecast amid fears of protectionism

    The World Trade Organisation slashed its forecast for trade growth in 2013 yesterday, saying it feared protectionism was on the increase. It cut its forecast for global trade growth in 2013 to 3.3 per cent from 4.5 per cent and said trade grew...

  • 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’...

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