WASHINGTON (Reuters) – Bank of England Governor Andrew Bailey said he and Britain’s new finance minister Jeremy Hunt had agreed on the need to repair the country’s public finances after the tax cut plans announced by Hunt’s predecessor triggered bond market turmoil. “I can tell you that I spoke to Jeremy Hunt, the new Chancellor,…
BERLIN (AP) — German Chancellor Olaf Scholz on Saturday called for reforms of the European Union to make it fit for the admission of new countries as well as more military autonomy of the 27-country bloc. Speaking at the Congress of the Party of European Socialists in Berlin, Scholz advocated for gradually abolishing the principle…
WASHINGTON (Reuters) – The European Central Bank should consider starting to shrink its oversized stock of assets once interest rates rise to a level that neither stimulates nor slows economic growth, Dutch Central Bank chief Klaas Knot said on Saturday. The ECB has been raising rates quickly in recent months and most policymakers see the…
AMASRA, Turkey (AP) — Funerals for miners killed in a coal mine explosion in northern Turkey began Saturday as officials raised the death toll to at least 41 people. Desperate relatives had waited all night in the cold outside the state-owned Turkish Hard Coal Enterprise’s (TTK) mine in the town of Amasra, in the Black…
WASHINGTON (Reuters) – The European Central Bank (ECB) needs several more rate hikes to tame inflation despite what is likely to be a deep recession in Germany, and should also look into scaling down its balance sheet, Bundesbank President Joachim Nagel said on Saturday. The ECB has raised rates twice already this year, but at…
(Reuters) – Europe’s largest activist investor Cevian Capital has slashed its stake in UK-based Vodafone as scepticism grows that the telecoms company will be able to reverse its sluggish performance, the Financial Times reported. Cevian built a significant but undisclosed stake in Vodafone last year through shares and derivatives, becoming one of the ten largest…
(Reuters) – Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. The parts that are being considered for sale include a stake in the…
FRANKFURT (Reuters) – Lufthansa’s budget division Eurowings warned on Saturday that pilots’ demands to ease their workloads is putting jobs at the airline at risk. The statement came in response to Friday’s announcement by pilots’ union Vereinigung Cockpit (VC) of a three-day strike starting on Monday after talks failed. The union wants Eurowings to lighten…
By Tommy Wilkes and Carolyn Cohn LONDON (Reuters) – It started out simply enough: British pension schemes were looking for a way to match their assets to future pension payments. Schemes run for pharmacy Boots and bookseller WHSmith were early adopters in the 2000s of an investment strategy of dumping stocks for bonds, to shield…
TAIPEI (Reuters) – Taiwan’s economy minister has drummed up new business worth T$30 billion ($940 million) in meetings with top executives at four major tech firms in California’s Silicon Valley, the ministry said on Saturday. Wang Mei-hua has been in the United States all week to respond to what her office has called “concerns” about…
