Europe
Friday, 17 May 2013 17:09
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LONDON: British government bonds rose modestly on Friday on the coat-tails of gains for German debt and after comments by a Bank of England policymaker that hinted at some openness to further stimulus for the British economy.Moyeen Islam, fixed-income strategist at Barclays, said gilts were mostly following other markets as they stabilised after recent falls. Investors were reluctant to make big bets before the new Bank of England governor, Mark Carney, arrives in July."People are marking time in the UK markets. They are very much waiting for the new regime with Governor Carney before they make any decisive move There seems to be a dearth of activity and a dearth of expectations," he added.Earlier, Bank of England rate-setter Martin Weale said the central bank must be careful not to cause people to doubt its commitment to its inflation target as it uses the flexibility in its newly reworded mandate to ...
LONDON: Tougher European Union curbs on bonuses will snare far more bankers than current pay limits, with banks having little time to prepare for the change, consultancy PwC said on Friday.The European Banking Authority has approved a draft paper to cap the bonus of any bank employee whose total remuneration is more than 500,000 euros, PwC said in a statement.The EU watchdog's board met on Thursday and a spokeswoman declined to comment before the paper ...
BRUSSELS: The European Commission said on Thursday it had carried out surprise inspections on several sugar companies on concerns they may have breached anti-trust rules.The inspections were carried out late last month, it said, without giving further details of which companies or member states were involved.The probe covers the market for white sugar."The Commission has reasons to believe that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices," ...
SOFIA: An alliance of Bulgaria's Socialists and an ethnic Turkish party fell just one seat short of a majority in parliament, final results from Sunday's election showed on Wednesday.The centre-right GERB won most seats but has little chance of governing as other groups do not want to work with it after it was toppled by protests against low living standards and became embroiled in scandals over wiretapping and illegal ballots.The Socialists want to give their ...
ROME: Italy's Silvio Berlusconi will not provoke a political crisis even if he is convicted next month for having sex with an underage prostitute and abuse of office, his lawyer said on Wednesday."It's a long way from grumbling to a political crisis," Niccolo Ghedini, who represents the former prime minister and is also a lawmaker from his party, told a press conference in Rome."Even if he is convicted, Berlusconi has no interest in a crisis ...
LONDON: Mervyn King, the outgoing governor of the Bank of England, heaped criticism on a planned tax on financial transactions in Europe, saying it was unlikely to help the region's embattled economy."I don't think it is likely to help very much, and indeed the thing I find most striking is that here in Europe I can't find anyone in the central-banking community who thinks it's a good idea," King told reporters on Wednesday, after presenting ...
FRANKFURT: The German economy, Europe's biggest, grew only fractionally at the start of 2013 as the freezing winter weather put the brakes on activity, official data showed on Tuesday.German gross domestic product (GDP) expanded by just 0.1 percent in the period from January to March, the federal statistics office Destatis calculated in a preliminary estimate.Analysts had been expecting a slightly bigger rebound of around 0.3 percent after the economy shrank by a revised 0.7 percent ...
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