A former French budget minister has been sentenced for three years for tax fraud December 8, 2016 A former French budget minister who led a crackdown on tax evasion has today been jailed for three years for tax fraud. Jerome Cahuzac, who was a cosmetic surgeon before being appointed by President Francois Hollande in 2012, was found guilty of tax fraud and money laundering, after being accused of hiding money in an offshore bank account. [...]
The UK’s facing EU legal action over response to VW emissions scandal – along with six other nations December 8, 2016 The European Union (EU) has opened legal action against seven nations, including the UK, over their response to the Volkswagen emissions scandal. Four – the UK, Germany, Luxembourg and Spain – have been criticised for failing to take action against Volkswagen for cheating emission tests. They were accused of not imposing similar penalties to those faced by VW [...]
The world’s longest rail tunnel will officially open to the public on Sunday December 8, 2016 It's been a long time in the making, but the world's longest and deepest train tunnel will finally open to the public, after getting the go-ahead on commercial use, with full services running from Sunday. The Gotthard Base Tunnel in Switzerland is a 57km line under the Swiss Alps between northern and southern Europe and as [...]
The euro plummets as the European Central Bank extends its quantitative easing programme, but taper begins December 8, 2016 The European Central Bank (ECB) has announced that it will extend its programme of quantitative easing until the end of 2017, although it will reduce the size of the programme. The euro surged briefly on the extension before plunging to wipe out all of the day's gains and fall by as much as 1.1 per cent. [...]
The European Central Bank keeps interest rates unchanged December 8, 2016 The European Central Bank (ECB) is holding interest rates steady, continuing its current policy of ultra-low rates since the Eurozone crisis. The ECB has also announced that it will extend quantitative easing until the end of 2017, although it will taper the size of the stimulus. The interest rate for the main refinancing operations and [...]
Now UniCredit has shed its interest in this Polish bank, as Italian banks scramble to safeguard themselves post-referendum December 8, 2016 Shares in UniCredit rose today after the Italian lender revealed it was ditching its stake in Polish Bank Pekao. Polish state organisations Powszechny Zaklad Ubezpieczen and Polish Development Fund have snapped up 33 per cent of the stake in Pekao from UniCredit for €2.4bn (£2bn), with the sale expected to complete in mid-2017, while UniCredit will list equity-linked [...]
Quiz: Do you have the A-Level maths skills needed to understand your bank? December 8, 2016 If you've ever fretted about your finances, you can breath a sigh of relief – from APRs to ISAs and every acronym in between, understanding bank statements requires an A-Level knowledge of maths, it turns out. Jargon terms are making it impossible for most people to judge whether they are getting a good deal from their bank. More [...]
Tui Group reported growth as it shifts its focus to hotels and cruises December 8, 2016 Tui Group, owner of Thomson and First Choice, reported its second year of strong performance after its merger in 2014. The figures Underlying earnings before interest, taxes and amortisation increased 12.5 per cent to €1.03m, (£875,541), while earnings for the world's biggest tourism operator's continuing operations – without Travelopia – increased 14.5 per cent. Read more: TUI Group shifts focus to let the [...]
London mayor Sadiq Khan is making a “last-ditch attempt” to change the government’s mind on rail devolution December 8, 2016 It might've been a no from Chris Grayling, but Sadiq Khan isn't giving up his quest to move control of suburban rail services over to Transport for London (TfL). In fact, deputy mayor of London for transport Val Shawcross, has said he'll be making "a last-ditch attempt" at getting the government to have a rethink. [...]
The euro hits three-week highs against the dollar ahead of the ECB’s interest rate and quantitative easing decision December 8, 2016 The European Central Bank (ECB) is the only game in town today, as stocks rise across Europe and the euro hits a three-week high in anticipation of this afternoon’s announcement of monetary policy. Against the dollar the euro had broken through $1.08 at the time of publication, after hitting lows in the last month of [...]