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International

  • 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...

  • German employment reaches highest level since reunification

    German employment is at its highest level since reunification more than 20 years ago, the Statistics Office said, boosting hopes that domestic demand will offset weaker exports in Europe’s largest economy. Some 41.9 million people were employed in...

  • China’s annual consumer inflation eases

    China’s annual consumer inflation eases

    A shopper is seen through large lantern decorations at a shopping mall in Beijing yesterday as China’s annual consumer inflation eased to two per cent in January from a seven-month high of 2.5 per cent in December, while producer prices fell...

  • FBI investigating potential insider trading in Heinz

    FBI investigating potential insider trading in Heinz

    Traders work at the post that trades H.J. Heinz Co. on the floor of the New York Stock Exchange as the FBI examines possible insider trading in the options of the ketchup maker before its blockbuster deal last week to be acquired by Warren Buffett...

  • Peugeot defends recovery plan after record loss

    Peugeot defends recovery plan after record loss

    PSA Peugeot Citroen vowed to avoid further asset sales or government bailouts, insisting that cuts under way will be enough for it to recover from its biggest-ever full-year loss. Peugeot shares rose yesterday after the troubled carmaker said it...

  • Apple risks big if e-books antitrust case goes to trial

    As the only remaining defendant in the US government’s e-books antitrust case, Apple Inc appears headed for a high-stakes trial that could significantly increase the personal computer company’s liability in related litigation. Apple faces a June 3...

  • Worldwide mobile phone sales fell in 2012

    Sales of mobile phones around the world fell last year for the first time since 2009 as consumers shunned cheaper feature phones, research company Gartner said yesterday. “Tough economic conditions, shifting consumer preferences, and intense...

  • Flybe, Ryanair seal deal on new Irish airline

    Flybe, Ryanair seal deal on new Irish airline

    British airline Flybe has agreed to create a new carrier as part of a deal with Ryanair to satisfy regulatory concerns over the Irish carrier’s last-ditch bid to take over peer Aer Lingus. The new carrier, Flybe Ireland, would receive €100 million...

  • GSK promises growth this year after 2012 shortfall

    GSK promises growth this year after 2012 shortfall

    GlaxoSmithKline, Britain’s biggest drugmaker, renewed its promise to return to growth this year, after failing to deliver a hoped-for sales and margin recovery in 2012. GSK also announced a restructuring of European operations, drug manufacturing...

  • HSBC’s global spread ‘left it open to crime’

    HSBC’s global spread ‘left it open to crime’

    HSBC’s was forced into its biggest restructuring in almost 150 years because the bank’s complex structure and wide geographical spread had made it attractive to criminals, its chief executive said. “Our structure was not fit for purpose for a...

  • Fed says internal site breached by hackers

    The Federal Reserve said one of its internal websites had been briefly breached by hackers, though no critical functions of the US Central Bank were affected by the intrusion. The admission, which raises questions about cyber security at the Fed,...

  • UBS owes Brazil tax agency $1.2 billion for Banco Pactual

    UBS AG says it owes Brazil at least $1.2 billion (€0.9 billion) in back taxes dating back to when the Swiss lender owned an investment bank in the country. UBS said in its annual financial report on Tuesday that BTG Pactual Group, which was formed...

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