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International

  • 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...

  • IMF chief Christine Lagarde’s flat searched

    IMF chief Christine Lagarde’s flat searched

    French authorities searched the Paris flat of IMF chief Christine Lagarde yesterday as part of an investigation into her handling of a 2008 compensation payment to a businessman supporter of ex-President Nicolas Sarkozy, her lawyer said. Police...

  • Air Berlin to ‘rebuild’ in 2013

    Air Berlin to ‘rebuild’ in 2013

    Air Berlin aircraft are pictured on the tarmac at Tegel airport in Berlin yesterday as the German carrier said it saw 2013 as a year of “rebuilding” after announcing a new savings programme in October year but stopped short of providing an...

  • Inditex continues positive trend as net profit rises to €2.4 bn

    Inditex continues positive trend as net profit rises to €2.4 bn

    Zara owner Inditex, the world’s largest clothing retailer, posted a sharp rise in full-year sales and profit as its drive to expand outside austerity-hit Europe continued to pay off. Inditex, famed for the fast-fashion business model that lets it...

  • Eurozone factory output shows surprisingly big fall in January

    Output at eurozone factories fell more than expected at the start of 2013 and production in France and Germany slipped in the latest sign the bloc is struggling to emerge from recession. Industrial production in the 17 countries sharing the euro...

  • Ireland beats forecasts in first post-bailout 10-year bond issue

    Ireland beats forecasts in first post-bailout 10-year bond issue

    Ireland took its biggest step yet towards exiting its EU/IMF bailout by selling €5 billion of benchmark 10-year bonds, its first issue of such long term debt since it was locked out of markets in late 2010. The issue was as much as double the size...

  • Bawag PSK boosts capital

    Bawag PSK boosts capital

    A beggar collects money in front of a Bawag PSK branch office in Vienna yesterday as the Austrian lender boosted its capital position through fundraising that gave US asset manger Golden Tree a stake of nearly 40 per cent in the bank, it said...

  • Marriot pairs with IKEA for budget hotels

    Marriot pairs with IKEA for budget hotels

    Marriott International moved into the economy hotel market, teaming up with IKEA’s real estate arm to launch a new European chain for travellers seeking style on a budget. Cool and contemporary budget hotels such as Motel One, B&B Hotels and...

  • Cyprus says its bank deposits will be protected

    Cyprus has insisted that people holding money in its banks – many of them Russian and British – must not take a hit in efforts to repair the island’s shattered finances. Attempts by Cyprus to secure aid have been complicated by concerns about how...

  • Bank of England chief calls for RBS break-up

    The head of the Bank of England yesterday called on the Government to break up Royal Bank of Scotland so the state-backed lender can return to health and be sold to the private sector. RBS needs to split off the bad assets on its books and build...

  • UK threatened by bonus limits

    UK threatened by bonus limits

    British Prime Minister David Cameron said yesterday that EU plans to limit bankers’ bonuses threatened his country’s national interests, and the Bank of England said the rules would not make bankers take fewer risks. Britain was left isolated at...

  • Thomas Cook to cut 2,500 jobs in UK

    Travel firm Thomas Cook said it would cut 2,500 UK jobs and close 195 stores in Britain as the euro crisis, high fuel costs and unrest in key destinations like Egypt and Greece take their toll on the holiday business. The 172-year-old group has...

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