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International

  • 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...

  • Turkey’s pension boost

    Turkey’s pension boost

    A billboard advertising Is Bank-Anadolu Hayat, private pension system. Turkey could see half a million new private pension contributors this year thanks to changes in regulation, boosting a nascent fund management industry and luring global...

  • Young Europeans seek solace in boho Berlin

    Young Europeans seek solace in boho Berlin

    They find the language difficult and the locals as chilly as the weather but for young Spaniards Berlin has become a popular spot to sit out the economic crisis at home. The German capital’s celebrated cabaret scene made it a mecca for bohemians...

  • Eurozone loans drop again

    Eurozone loans to the private sector contracted for a ninth month running in January, as the recession hits investment and spending and confounds the European Central Bank’s efforts to revitalise lending. The ECB has cut interest rates to a record...

  • Threat of third British recession since 2008

    Threat of third British recession since 2008

    Britain’s economy contracted by 0.3 per cent in the last quarter of 2012 as first thought, keeping alive the danger of a third recession since 2008, although yearly growth was revised up, data showed yesterday. The weak economy and its...

  • Carlos Slim raises bet on Dutch telecoms group KPN

    Carlos Slim raises bet on Dutch telecoms group KPN

    Carlos Slim, the world’s richest man, has backed KPN’s plan to raise €4 billion and will take two seats on the board as he battles to turn around a heavily loss-making investment in the Dutch telecoms group. However, the Mexican telecoms tycoon,...

  • Croatia cuts 2013 growth forecast

    Croatia reduced its growth projection for this year to 0.7 per cent from the 1.8 per cent originally forecast, Finance Minister Slavko Linic told state radio yesterday. “In the coming Budget we will change our growth projection to 0.7 per cent...

  • Agricole aims for positive 2013 after historic loss

    Credit Agricole posted its biggest full-year loss since it went public 11 years ago after an unexpected €838 million tax demand from France’s Socialist Government compounded weaker revenues and hefty asset write-downs. The French bank’s full-year...

  • Portugal ‘needs one more year’ to cut Budget gap

    Portugal will need one more year to meet Budget goals agreed under its €78 billion bailout after the economic outlook worsened, Finance Minister Vitor Gaspar signalled yesterday. “It is reasonable to envisage that the European Commission will...

  • Egypt state grain buyer steps aside as currency reserves fall

    One of the most powerful figures on the global wheat market, Nomani Nomani, said yesterday he has left his job as vice chairman of Egypt’s state grains buyer GASC, at a time when the country is struggling with falling foreign currency...

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