Europe Business & Economics
European stocks dip, bitcoin crashes below US$10,000
ECB supervision of failing banks is flawed, auditors warn
New EU rules aim to boost transparency in financial industry
ECB governor calls for tax, regulation on bitcoin
Britain interested in joining TPP trade deal after Brexit: FT
European stocks fall as dollar under pressure
German lawmaker blasts EU for opposing Niki sale to Lufthansa
European stocks stutter as dollar weakens
2018-01-19 05:33:44 Most of Europe's stock markets ran into profit-taking Thursday as the continent's main currencies posted fresh gains against the dollar, weighing on export-heavy stocks, and Wall Street stalled in early New York trading.Paris reversed an earlier stronger trend to post slight losses overall, but Airbus shares were 2.2 percent higher after Emirates Airlines struck a $16-billion deal to buy 36 Airbus A-380 superjumbos, having traded as much as three percent up on the day during the morning session   Read More ...
European stocks stutter as dollar weakens
2018-01-19 05:33:00 Most of Europe's stock markets ran into profit-taking Thursday as the continent's main currencies posted fresh gains against the dollar, weighing on export-heavy stocks, and Wall Street stalled in early New York trading.Paris reversed an earlier stronger trend to post slight losses overall, but Airbus shares were 2.2 percent higher after Emirates Airlines struck a $16-billion deal to buy 36 Airbus A-380 superjumbos, having traded as much as three percent up on the day during the morning session   Read More ...
EU trade deal raise Uruguay cattle farmers' hopes
2018-01-19 05:29:14 A possible trade deal between the European Union and Latin American trade bloc Mercosur will mean more markets for meat producers, a Uruguayan cattle rancher says.   Read More ...
Florian Homm spricht Klartext: Was hinter dem Bitcoin-Absturz steckt
2018-01-19 05:16:46 Der Wert der umstrittenen Digitalwährung Bitcoin stürzt weiter ab. Am Mittwoch fiel der Kurs auf wichtigen Handelsplattformen wie Bitfinex unter 10 000 US-Dollar. Diese Woche hat der Bitcoin mehr als ein Viertel seines Wertes verloren. Gegenüber dem Rekordhoch von Mitte Dezember bei knapp 20 000 Dollar hat sich der Wert sogar halbiert. Auch die Kurse vieler anderer Kryptowährungen stürzten ab, darunter die Bitcoin-Alternativen Ether und Ripple. Experten rätseln, ob sich die Digitalwährungen von ihrem Absturz noch einmal erholen oder ob die von vielen diagnostizierte Blase nun endgültig platzt. Alles kein Problem? Florian Homm nimmt sich in seinem Urlaub Zeit und erklärt den Einbruch von Bitcoin   Read More ...
David Casa presents 'more evidence' on Pilatus Bank to European Central Bank
2018-01-18 12:06:03 Nationalist MEP David Casa has presented “more evidence on Pilatus Bank” to the European Central Bank, a statement by his political group EPP said today. He also drew the attention of ECB supervisory Board to the recent report published by the ad-hoc European Parliament Delegation to Malta The report has been sent to both the President of the European Central Bank, Mario Draghi as well as to Andrea Enria, the Chairperson of the European Banking Authority by MEP Ana Gomes in her capacity as chairperson of the ad-hoc European Parliament fact-finding mission to Malta   Read More ...
EU vote to ban palm biodiesel is 'Black Day' for free trade
2018-01-18 06:14:34 PUTRAJAYA: The European Union Parliament's vote to ban palm biodiesel from January 2021 is a ‘Black Day’ for free trade, Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said. “It’s a Black Day for free trade because the EU Parliament’s vote late last night is a barrier to palm oil trade,” Mah told reporters on the sidelines of a seminar organised by the Malaysian Palm Oil Board here today   Read More ...
Mexico-EU free trade deal should be finished in a few weeks: Official
2018-01-18 06:01:12 MEXICO CITY: Mexico and the European Union should complete a new free trade deal "within the next few weeks," despite the fact there are still a few difficult areas to agree on, a senior Mexican official said on Wednesday (Jan 17). In a radio interview after the conclusion of the eighth round of talks between Mexico and the EU, Mexico's deputy economy minister, Juan Carlos Baker, said negotiations will resume in the week beginning Feb 5, with a quick end in sight   Read More ...
Mexico-EU free trade deal should be finished in a few weeks - official
2018-01-18 05:01:41 MEXICO CITY (Reuters) - Mexico and the European Union should complete a new free trade deal "within the next few weeks," despite the fact there are still a few difficult areas to agree on, a senior Mexican official said on Wednesday. In a radio interview after the conclusion of the eighth round of talks between Mexico and the EU, Mexico's deputy economy minister, Juan Carlos Baker, said negotiations will resume in the week beginning Feb   Read More ...
European stocks dip, bitcoin crashes below US$10,000
2018-01-17 19:01:27 LONDON: Europe's major stock markets churned lower on Wednesday (Jan 17) as investors took their cue from downbeat sentiment in Asia, while Wall Street resumed its upward trend. Virtual currency bitcoin meanwhile dived, falling below US$10,000 for the first time in six weeks in what one analyst called a "cryptocalypse" that saw several digital units take a hammering. London stocks fell "as traders opt to lock in profits following the latest rally," noted Russ Mould, investment director at online stockbroker AJ Bell   Read More ...
New eurozone chief urges speed in strengthening euro
2018-01-17 18:13:48 BERLIN (AP) — Europe needs to use a "unique window of opportunity" in the coming months to strengthen the continent's common currency, the new leader of the 19-nation eurozone's finance ministers said Wednesday. Portuguese Finance Minister Mario Centeno traveled to Germany, Europe's biggest economy, on his first official trip since taking over as head of the eurogroup last weekend. In a nod to long-standing German concerns about bailing out struggling countries, he declared that "we cannot create a transfer union" — which, he said, no one wants anyway   Read More ...
Irish PM accuses EU states of hypocrisy over corporate tax
2018-01-17 15:02:31 STRASBOURG (Reuters) - Irish Prime Minister Leo Varadkar accused fellow EU states of hypocrisy over corporate tax on Wednesday and appeared to point a finger at France in particular as he rejected claims in the European Parliament that Ireland was a tax haven. In a speech in the Strasbourg chamber where he underlined Dublin's commitment to the European Union, Varadkar also hit back at what he called unfair accusations that Ireland was damaging its neighbours' economies by helping multinationals like Apple Inc   Read More ...
Irish PM accuses EU states of hypocrisy over corporate tax
2018-01-17 15:01:48 STRASBOURG: Irish Prime Minister Leo Varadkar accused fellow EU states of hypocrisy over corporate tax on Wednesday and appeared to point a finger at France in particular as he rejected claims in the European Parliament that Ireland was a tax haven. In a speech in the Strasbourg chamber where he underlined Dublin's commitment to the European Union, Varadkar also hit back at what he called unfair accusations that Ireland was damaging its neighbours' economies by helping multinationals like Apple Inc   Read More ...
Euro surge threatens profitable bond trades
2018-01-17 12:45:53 LONDON (Reuters) - The euro’s sizzling January rally is undermining one of the most profitable bond market trades of recent years by potentially raising hedging costs and thereby eroding profits of overseas investors. Japanese and U.S. investors have long bought European sovereign bonds despite many offering a negative yield. They are attracted by the juicy return obtained from hedging the purchases via foreign exchange derivatives known as cross currency basis swaps   Read More ...
GE appoints new CEO for Europe
2018-01-17 12:01:58 REUTERS: Industrial conglomerate General Electric has appointed Peter Stracar chief executive and president of its European region, the company said in a statement. Stracar, has been chief executive of GE Central and Eastern Europe since 2013, succeeds Mark Hutchinson, who the company said was retiring from GE as of Jan. 1. (http://bit.ly/2mH0tZn) The U.S. conglomerate, which launched a major rethink of its business late last year, indicated on Tuesday it was looking closely at breaking itself up as it announced more than US$11 billion in charges from its long-term care insurance portfolio and new U   Read More ...
EU ombudsman urges ECB's Draghi to leave G30 club of financiers
2018-01-17 10:43:25 * O‘Reilly warns of “maladministration” * Criticises G30 “secrecy”, asks for stricter rules By Francesco Canepa FRANKFURT, Jan 17 (Reuters) - The European Central Bank’s President Mario Draghi should give up his membership of the Group of 30 talking shop of financiers, as it risked hurting public confidence in the ECB’s independence, the European Union’s ombudsman said on Wednesday. The G30 is a panel of senior figures from the finance industry, academics and current and former policymakers, which holds meetings on global financial issues behind closed doors   Read More ...
Flaws remain in euro zone banking oversight
2018-01-16 17:45:21 Ever since the 2008 financial crisis, the largest banks in the euro zone are closely supervised by the European Central Bank (ECB). But a new report from the European Court of Auditors (ECA) says there's still room for improvement -- particularly when it comes to crisis management. "Many things have improved like having a single supervisor, having a single resolution board to deal with the crisis, but of course the future cannot be anticipated," said Mirko Gottman, Lead Auditor at the ECA   Read More ...
ECB supervision of failing banks is flawed, auditors warn
2018-01-16 13:43:38 BRUSSELS (Reuters) - The European Central Bank has “flaws” in its procedures for identifying and dealing with banks in crisis, European Union auditors said on Tuesday. The European Court of Auditors, a European Union agency, cast doubt on the ECB’s supervision of the big banks in the euro zone and criticized the central bank’s reluctance to disclose relevant information. But it stopped short of saying the flaws could have an impact on the way an actual crisis was addressed   Read More ...
UAE to be removed from EU blacklist of tax havens
2018-01-16 12:21:22 The European Union will probably remove the UAE and South Korea from a blacklist of tax havens later this month, lifting the threat of reputational damage and punitive economic measures. Following “new commitment letters signed at high political level,” the EU’s Code of Conduct working group on business taxation recommended to move the two countries, as well as Barbados, Grenada, Macau, Mongolia, Panama and Tunisia, from the list of non-cooperative jurisdictions for tax purposes to a gray list of countries that will be monitored for compliance, according to a document obtained by Bloomberg News   Read More ...
European regulator warns: Investors could lose everything on cryptocurrency ICOs
2018-01-16 12:10:38 Buying into initial coin offerings (ICOs) can lead to the total loss of an investment, said the head of a top European regulator. ICOs bear similarities to initial public offerings for a stock, but in an IPO, the investor usually has a stake in the company, whereas coin sales differ widely in terms of acquired rights. That's been a primary criticism of ICOs, but differences in regulation are also important factors for investors to consider, according to Steven Maijoor, the chair of the European Securities and Markets Authority   Read More ...
UPDATE 1-European stocks rise as corporate updates lift sentiment
2018-01-16 11:43:31 * STOXX rise 0.2 percent * Hugo Boss Q4 shines * UK inflation edged down (Adds quotes, more share price moves) By Julien Ponthus LONDON, Jan 16 (Reuters) - European shares rose on Tuesday after corporate trading updates lifted sentiment, with Peugeot owner PSA Group outperforming after reporting a jump in sales last year. The pan-European STOXX 600 index was up 0   Read More ...
European stocks rise as corporate updates improve sentiment
2018-01-16 10:42:22 LONDON, Jan 16 (Reuters) - European shares rose on Tuesday after corporate trading updates lifted sentiment, with shares in German fashion house Hugo Boss gaining on better-than-expected sales in the last quarter of 2017. The pan-European STOXX 600 index was up 0.1 percent in early deals with most indexes and sectors across the continent trading in positive territory. Germany’s DAX added 0   Read More ...
London tops ranking for highest rents in Europe for a third consecutive year
2018-01-16 08:05:56 For a third consecutive year, London has been named Europe’s most expensive city for renting accommodation, despite Brexit casting some uncertainty over the financial hub. In a report published Wednesday, analytics firm ECA International found that rent in London is currently almost £3,700 higher than the average monthly cost of renting across Europe. An unfurnished, mid-market, three-bedroom apartment in prime areas of London costs around £5,398 a month, ECA found, also making rent in the capital almost four times higher than the average rent in other major UK cities   Read More ...
America Last? EU says Trump is losing on trade
2018-01-16 01:02:22 Share This Story! Let friends in your social network know what you are reading about. Facebook America Last? EU says Trump is losing on trade The European Union's trade czar, Cecilia Malmstrom, tells Reuters that the U.S. is shooting itself in the foot by withdrawing from trade pacts as President Donald Trump prepares for the World Economic Forum. Rough cut (no reporter narration)   Read More ...
Brexit: EU demands veto over UK trade deals with other countries for two years after Britain leaves
2018-01-15 23:06:11 Brussels will demand a veto over any trade deals signed by Britain during the Brexit transition period, in a new blow for Theresa May’s plan to make the UK a “great, global trading nation” after it leaves the EU. A leaked draft of member states’ directives to chief negotiator Michel Barnier for the coming phase of negotiations, obtained by , shows that the EU27 countries will require the UK not to implement trade deals for nearly two years after Brexit “unless authorised to do so by the Union”   Read More ...
First minister Nicola Sturgeon says staying in single market the only sensible option for Scotland
2018-01-15 20:03:06 The analysis commisioned by the Scottish Government looks at 3 options: firstly, staying in the single market, secondly, concluding a free trade agreement si   Read More ...
European markets glum as US on holiday
2018-01-15 18:30:22 LONDON: Europe's major stock markets dipped on Monday (Jan 15) in subdued trading on a public holiday in the United States. London sentiment was knocked by news that British construction group Carillion has collapsed, which weighed in particular on share prices of its joint venture partner companies. London's FTSE 100 index of leading shares closed down 0.1 per cent. Wall Street is closed on Monday owing to a US public holiday   Read More ...
CX Cloud Can Help You Prepare for GDPR
2018-01-15 18:02:14 The European Union (EU) introduced its data protection standard 20 years ago through the Data Protection Directive 95/46/EC. Because the EU required each member state to implement a Directive into national law, Europe ended up with a patchwork of different privacy laws. Additionally, increasing security breaches, rapid technical developments, and globalization during the last 20 years have brought new challenges for the protection of personal data   Read More ...
America Last? EU says Trump is losing on trade
2018-01-15 18:01:37 BRUSSELS: The European Union's trade tsar has no idea what Donald Trump will tell his audience at the World Economic Forum in Davos next week, but she is clear what the EU's message to the U.S. president will be. America is shooting itself in the foot by withdrawing from global leadership on trade, Cecilia Malmstrom, the 49-year-old Swede who has served as Europe's trade commissioner for the past three years, told Reuters   Read More ...
America Last? EU says Trump is losing on trade
2018-01-15 17:46:04 BRUSSELS (Reuters) - The European Union’s trade tsar has no idea what Donald Trump will tell his audience at the World Economic Forum in Davos next week, but she is clear what the EU’s message to the U.S. president will be. Under Malmstrom’s direction, the EU has juggled a dizzying array of trade talks over the past year. In July it clinched a preliminary deal with Japan   Read More ...
Because of Thatcherism, we can't get a good Brexit trade deal – here's why
2018-01-15 15:08:30 Britain is not able to dictate terms in trade negotiations with the EU – or with China and the US, the two other predominant forces shaping the future of global trade. The source of Britain’s weakness lies in the policies it pursued between 1973 and 2008. Britain pursued a Thatcherite programme of deregulation and competition, both domestic and international – and the country now has an open economy which provides it with little leverage in trade negotiations   Read More ...
Euro hits three-year high as optimism grows across Europe
2018-01-15 15:08:17 The euro hit a fresh three-year high on Monday as optimism around growth buoys expectations of tighter policy from central banks, while the chance of a pro-European coalition in Germany also boosted confidence in the continent. With the world in general and Europe in particular showing signs of sustained economic growth, global stocks benchmarks jumped to fresh highs, even though investors are now pricing in the withdrawal of central banks’ extraordinary stimulus   Read More ...
VC investment in Europe surged 26.9% in 2017, thanks to U.K. startups’ mega-rounds
2018-01-15 14:30:10 Venture capital investment in Europe posted a strong recovery in 2017, led by late-stage U.K. startups, following a sharp drop in 2016. According to the Dow Jones VentureSource’s 4Q’17 Europe Venture Capital released today, European startups raised $17.52 billion in 2017, up from $13.81 billion in 2016. The previous year had seen a 20.5 percent drop from the $17.38 billion raised in 2015   Read More ...
NHS stung for £200m in health tourism scam using European insurance cards
2018-01-15 00:05:24 A HUGE health tourism scam is costing the NHS £20million a year. Millions have taken advantage of a loophole to claim free healthcare across Europe — with Britain picking up the bill. A probe by The Sun reveals how easy it is to get a fake European Health Insurance Card giving unlimited access to treatment. EU hospitals then claim the cost back from the UK government   Read More ...
Sturgeon sees 'golden' chance to argue for UK to remain in single market
2018-01-14 02:05:23 EDINBURGH (Reuters) - Scottish leader Nicola Sturgeon said on Sunday there was a “golden opportunity” to argue for Britain to remain in the European single market after Brexit, as no-one had yet demonstrated the benefit of loosening trade ties with the EU. Sturgeon, whose nationalist SNP runs the devolved Scottish government, said there was no alternative to EU membership that could deliver the same economic benefits   Read More ...
Bill Gross Cuts No Ice in Europe’s Parallel Universe: Gadfly
2018-01-12 14:47:29 If you want to know why bondageddon hasn’t hit Europe yet, look at the euro. Sure, German bunds lost ground this week amid talk from Bill Gross and other market luminaries that the end is here for fixed income -- an auction for a new benchmark had a mixed result. But investors should really be watching trading in the real benchmark, the 0   Read More ...
French retailers sold baby milk despite possible Salmonella contamination
2018-01-11 20:05:39 France's finance minister has threatened to levy sanctions after major supermarkets admitted selling possibly contaminated baby milk. Retailers Carrefour and Leclerc have admitted selling products from the dairy group Lactalis that were supposed to be recalled over a Salmonella scare. The Systeme-U, Auchan, and Casino retail giants also sold the products. Finance Minister Bruno Le Maire described the lapse as "unacceptable behaviour, which should be punished"   Read More ...
European Central Bank looks to review stimulus duration
2018-01-11 18:13:37 FRANKFURT, Germany (AP) — Top officials at the European Central Bank may revise the outlook for their massive monetary stimulus program early this year, according to an account of their last meeting. The report published Thursday showed the officials remained wary at their Dec. 14 meeting of prematurely signaling an expected exit from the bond-buying program, which is credited with accelerating an economic recovery in the 19 countries that use the euro currency   Read More ...
UPDATE 1-European watchdog warns credit rating agencies over fees
2018-01-11 17:11:40 * Rating-related services from sister companies also in spotlight * Watchdog expects agencies to start making changes this year * S&P, Moody’s and Fitch control over 90 pct of market (Adds comments from rating agencies, background) By Marc Jones LONDON, Jan 11 (Reuters) - Europe’s financial markets watchdog accused top credit rating agencies like S&P Global , Moody’s and Fitch on Thursday of not providing enough clarity on the fees they charge   Read More ...
European Central Bank close to revisiting stimulus program
2018-01-11 15:44:47 FRANKFURT, Germany (AP) — Top officials at the European Central Bank may revise their outlook for their massive monetary stimulus program at the start of this year, according to an account of their last meeting. The report published Thursday showed the officials remained wary at their Dec. 14 meeting of prematurely signaling an expected exit from the bond-buying program, which is credited with helping an accelerating economic recovery in the 19 countries that use the euro currency   Read More ...
European Central Bank close to revisiting stimulus program
2018-01-11 15:09:58 FRANKFURT, Germany (AP) — Top officials at the European Central Bank may revise their outlook for their massive monetary stimulus program at the start of this year, according to an account of their last meeting. The report published Thursday showed the officials remained wary at their Dec. 14 meeting of prematurely signaling an expected exit from the bond-buying program, which is credited with helping an accelerating economic recovery in the 19 countries that use the euro currency   Read More ...