StanChart in new market with Iraq site November 27, 2013 STANDARD Chartered yesterday became the first international bank to open a full branch in Iraq. The UK-listed lender, which specialises in emerging markets, opened the branch in Baghdad. “We are optimistic about the prospects of the Iraqi economy. As an international bank, we believe there is substantial opportunity to play a leading role in the economic [...]
Louis Vuitton’s Russian case to be packed up November 27, 2013 A GIANT Louis Vuitton suitcase in Moscow’s Red Square is set to be dismantled after locals criticised the installation for trivialising a “sacred space” for the Russian state. Department store GUM, which set up the suitcase to house an exhibition about luggage produced by the luxury brand, said yesterday that it would remove it.
Accountants call for end to jump in stamp duty November 27, 2013 GEORGE Osborne should ease the burden of buying a house by reducing the huge jumps in stamp duty at each price threshold in next week’s Autumn Statement, leading tax adviser Baker Tilly urged yesterday. The tax adviser hopes that Osborne will follow Scotland’s lead in changing the rates at which stamp duty kicks in. Currently there [...]
Yellow Pages parent Hibu in administration November 27, 2013 YELLOW Pages parent company Hibu has been placed into administration after it agreed a financial restructuring plan with lenders. Deloitte has been appointed to handle the restructure, which will see Hibu’s shares delisted from the London Stock Exchange at 8am this morning. Chairman Bob Wigley commented: “With today’s announcement, we move one step closer to [...]
Italy’s Senate expels ex-PM Silvio Berlusconi November 27, 2013 THE Italian Senate yesterday voted to expel former Prime Minister Silvio Berlusconi from parliament with immediate effect over his conviction for tax fraud. The move means that Berlusconi has lost his immunity from prosecution, and could therefore face arrest over other criminal cases.
German parties agree on grand coalition terms November 27, 2013 GERMAN Chancellor Angela Merkel’s centre-right party yesterday secured a deal with the country’s social democrats for the formation of a new government, after months of negotiations. The deal’s terms include a minimum wage and a lowering of the pension age for workers who have contributed since age 18. However, the centre-left party must first ballot [...]
Greek economy to miss growth forecast in 2014 November 27, 2013 THE TROUBLED Greek economy will continue to shrink in 2014, despite official forecasts to the contrary, according to international researchers. The Organisation for Co-operation and Development (OECD) released an updated economic survey yesterday, suggesting that the embattled Mediterranean economy will contract by 0.4 per cent next year. However, the Greek government has forecast that growth [...]
Monte dei Paschi tries to win over opposition to rights issue November 27, 2013 ITALIAN bank Monte dei Paschi di Siena would be nationalised without a capital injection and disappear from its base in Siena, bank executives said in an attempt to overcome local opposition to its planned rights issue. Yesterday’s warning came as the European Commission gave a green light to the bank’s restructuring plan in Brussels, saying [...]
Latvia PM quits after roof tragedy November 27, 2013 Latvian Prime Minister Valdis Dombrovskis resigned yesterday, taking responsibility for the collapse of a supermarket roof that killed 54 people last week and plunging the Baltic state into turmoil weeks ahead of its entry into the Eurozone. The departure of the Latvia’s longest-serving premier has brought down its government, a measure of the political uproar [...]
ECB’s Asmussen warns Ireland November 27, 2013 European Central Bank (ECB) executive board member Jorg Asmussen yesterday insisted that Ireland is not eligible for Brussels’ bond-buying programme, following the country’s decision to exit its bailout without a precautionary credit line. Ireland would need to apply for a new support programme before being considered for the so-called Outright Monetary Transactions initiative, he said.
