Advert

International

  • 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...

  • Lloyds bank branch sale to Co-op collapses

    Lloyds bank branch sale to Co-op collapses

    The planned sale by state-backed Lloyds of hundreds of UK bank branches to the Co-op fell through yesterday, setting back government plans to boost competition in the industry. The Co-Op said it pulled out of the deal due to toughening regulations...

  • Weaker yen boosts outlook as Canon and Nintendo find solace in stimulus policies

    Super Mario creator Nintendo Co Ltd forecast a return to the black after two years of losses and camera maker Canon Inc raised its profit forecast by nearly 10 per cent as a weaker yen, spurred by aggressive deflation-fighting policies, bolstered...

  • Regulators to examine ICE, NYSE Euronext merger

    Regulators to examine ICE, NYSE Euronext merger

    EU antitrust regulators will examine Intercontinental Exchange Inc’s $8.2 billion takeover of NYSE Euronext in line with a request from the exchange operators, a spokesman for the European Commission said yesterday. The deal would give commodities...

  • Germany launches tax probes against Credit Suisse employees

    German prosecutors are investigating employees of Credit Suisse and its units Clariden Leu and Neue Aargauer Bank on suspicion of helping Germans evade taxes. The probe was launched in response to findings gleaned from Swiss bank data acquired by...

  • 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...

Advert
Advert