President asks Matteo Renzi to stay on until the end of the month December 5, 2016 Italian President Sergio Mattarella has asked beleaguered Prime Minister Matteo Renzi to stay on in power until parliament has passed a budget bill later this month. Matteo Renzi arrived at the Italian President's palace earlier this afternoon. He was expected to tender his resignation to the head of state following a disastrous defeat in yesterday's constitutional referendum. The incumbent premier's budget, which [...]
Hefty bill from counterfeiting and piracy costs EU £71bn and 790,000 jobs each year December 5, 2016 Counterfeit goods and piracy cost the EU economy a whopping £71bn every year, according to research from the European Union’s intellectual property office. More than 7.4 per cent of sales, totalling £40bn, across nine sectors are lost in the 28-country bloc due to fake products including handbags, toys, pharmaceuticals and alcohol, as well as music [...]
Mark Carney takes aim at so-called stateless companies, as he jumps to defend Bank of England policies December 5, 2016 The Bank of England governor has this evening launched an attack on so-called "stateless corporations", in a wide-ranging speech aimed at creating a fairer economy and tackling inequality. Speaking at Liverpool John Moores University, Mark Carney called for stronger measures to confront inequality in order to stop more people turning their back on [...]
French prime minister Manuel Valls announces he will run for president against Marine Le Pen and Francois Fillon in next year’s election December 5, 2016 France's socialist prime minister, Manuel Valls, has announced he will stand in next year's presidential election. The 54-year-old said he wanted to "give everything to France" as he launched his campaign. He added that he "cannot be prime minister while being a candidate" and that he will resign from the government on Tuesday. https://twitter.com/manuelvalls/status/805827675482951680 Read more: [...]
Scottish Tory leader Ruth Davidson is demanding a Brexit truce and attacking “braying” Ukip politicians December 5, 2016 Scottish Tory leader Ruth Davidson is to call for a Brexit truce, warning both sides of the EU debate to cease accusations of “racism” and “remoaning”. Speaking at the Institute of Directors tonight, Davidson will tell both Levers and Remainers to “grow up” and heal the divides of the summer's referendum. And she will also [...]
US regulators have been much harsher than their UK counterparts while European authorities have been even kinder… December 5, 2016 US regulators have slapped fines on banks at four times the level imposed by their UK counterparts in connection with interest rate and foreign exchange manipulation. A total of 12 banks have been fined $9.8bn (£7.7bn) by US authorities over the last four and a half years. This compares with £2bn imposed on 11 lenders by UK authorities. [...]
Tube strikes: Piccadilly and Hammersmith and City line driver walkouts cancelled tomorrow December 5, 2016 A 24-hour strike by drivers on the Piccadilly and Hammersmith and City lines from 9.30pm tomorrow has been suspended, the RMT union has said. The suspension follows successful talks at the conciliation service Acas, according to RMT. The union said "all objectives in the Piccadilly line dispute" had been achieved, while the union is "committed [...]
Overseas banks miss out on bid to be excluded from banking levy scope December 5, 2016 Overseas banks have failed in their bid to be taken outside the scope of the UK's banking levy, a government consultation has revealed. The document, which was published today, noted various consultation submissions from foreign banks had asked government if it would reconsider the rules so the levy was on assessed on the balance sheets [...]
Gulf Keystone Petroleum receives payment for its September oil exports from the Kurdistan Regional Government December 5, 2016 Gulf Keystone Petroleum today confirmed it has received a gross payment of $15m (£11.8m) for September crude oil exports from the Kurdistan Regional Government. The London-listed oil group and the Kurdish government’s ministry of natural resources “continue to work towards agreeing the final form of invoices for May through September 2016”, Gulf Keystone said in a [...]
Invesco Real Estate and Aareal Bank AG agree a lending facility of up to €1bn December 5, 2016 Invesco Real Estate and Aareal Bank AG have agreed a loan facility of up to €1bn over a 10 year period, one of the biggest loans sealed in the real estate sector this year. The loan will be used to grow Invesco Real Estate's European portfolio, which already comprises €3bn worth of investments, and it can be [...]