Category: Economy

Deutsche Bank chairman: Strong European capital market needed post-Brexit

Deutsche Bank chairman: Strong European capital market needed post-Brexit

Europe needs a strong capital market to maintain independence from the United States and in light of Britain’s decision to leave the European Union, the chairman of Deutsche Bank’s (DBKGn.DE) supervisory board said. Paul Achleitner, in an interview with Reuters ahead of the bank’s annual general meeting on Thursday, said he was motivated to sit for a second five-year term […]

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MTN Rwanda fined $8.5 million for license breach

MTN Rwanda fined $8.5 million for license breach

A regulatory agency says it has fined MTN Rwanda roughly $8.5 million for hosting its IT services outside the country. The Rwanda Utilities Regulatory Authority said in a statement Wednesday that MTN Rwanda, a subsidiary of the African telecommunications giant MTN Group, breached its license obligations by hosting its IT services in neighboring Uganda. The statement says MTN Rwanda was […]

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Czech PM Sobotka accepts Ivan Pilny as nominee for finance minister

Czech PM Sobotka accepts Ivan Pilny as nominee for finance minister

Czech Prime Minister Bohuslav Sobotka said on Wednesday he accepted the nomination of ANO party politician and former Microsoft executive Ivan Pilny as new finance minister. Pilny was proposed by the billionaire ANO founder and current Finance Minister, Andrej Babis, whom Sobotka wants dismissed due to suspicion he may have dodged taxes. Babis denies any wrongdoing. Sobotka told reporters he […]

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UK workers suffer first pay squeeze since 2014

UK workers suffer first pay squeeze since 2014

British pay growth lagged inflation for the first time in two-and-a-half years in early 2017, underscoring the growing Brexit squeeze facing many households, official data showed on Wednesday. Prime Minister Theresa May, who has called a national election for June 8, will probably draw attention to the lowest unemployment rate in nearly 42 years as companies continued to hire workers […]

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BNP Paribas may move 300 London jobs due to Brexit – source

BNP Paribas may move 300 London jobs due to Brexit – source

BNP Paribas may move up to 300 London investment bank staff due to Britain’s European Union exit, depending on how clients adapt and on the French bank’s efforts to win new British business, a source told Reuters. Britain’s vote to leave the EU has forced global banks to examine where to move, given they expect to lose the necessary “passporting” […]

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Europe must remain committed to openness: Draghi

Europe must remain committed to openness: Draghi

Europe needs to fix its mistakes and reinforce its commitment to economic openness to protect wealth and political security, European Central Bank President Mario Draghi said on Thursday. “It is clear what the way ahead is for our union,” Draghi said in Ljubljana. “Not to turn away from what has worked: our model of economic openness reinforced by our single […]

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Shares in Monte dei Paschi rise strongly at open

Shares in Monte dei Paschi rise strongly at open

Shares in Monte dei Paschi (BMPS.MI) shot up more than 9 percent in early trade on Wednesday after sources said Italy is preparing to take a controlling stake in the troubled bank. The Treasury is considering buying 2 billion euros ($2.1 billion) in Monte dei Paschi’s subordinated debt held by retail investors and convert it into shares. Italy’s banking stock […]

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Staples to sell controlling stake in European unit to Cerberus

Staples to sell controlling stake in European unit to Cerberus

Office supplies retailer Staples Inc (SPLS.O) said on Wednesday it would sell its controlling stake in its European business to an affiliate of private equity firm Cerberus Capital Management LP to focus on its North American operations. Staples’ European unit consists of retail, contract and online businesses in 16 countries, generating aggregate annual sales of about 1.7 billion euros ($1.82 […]

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FTSE rises again, as banks and miners lead cyclical charge

FTSE rises again, as banks and miners lead cyclical charge

Britain’s top share index rose on Wednesday, rallying for a third straight session as investors snapped up bank stocks and miners and rotated out of more “defensive” parts of the market. The British FTSE 100 .FTSE was up 82.38 points, or 1.2 percent, at 6,862.22, and is up 1.9 percent so far this week. Financials contributed 31 percent to the […]

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Citi says behaved appropriately in sterling ‘flash crash’

Citi says behaved appropriately in sterling ‘flash crash’

Citi (C.N) said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October’s “flash crash” in sterling, responding to a Financial Times report that a trader at the U.S. bank exacerbated the pound’s fall. The FT cited unnamed bankers and officials as saying that Citi’s traders were not believed to have started the slide […]

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