• Spain's borrowing costs rise for first time in four months

    Reuters - Thu, May 23, 2013

    By Manuel María Ruiz MADRID (Reuters) - Spain paid higher rates on medium-term debt for the first time since early February at an auction on Thursday, as investors reacted to signals that the United States could scale back its monetary stimulus. Yields rose on bonds maturing in three, five and 13 years, but Spain met its target of 4 billion euros and has now completed 57 percent of its issuance plan for 2013. Spanish yields have fallen steadily for months as an investor hunt for higher returns has kept demand high. ... More »Spain's borrowing costs rise for first time in four months

  • France's Hollande says Europe must prioritise creating jobs

    Reuters - Thu, May 23, 2013

    LEIPZIG, Germany (Reuters) - Europe must prioritise creating jobs and hope for its youth, French President Francois Hollande said on Thursday at an event in Germany celebrating the 150th anniversary of the German opposition Social Democrat (SPD) party. "Europe has been able to overcome financial instability, it has proven that no European member state would be left alone in difficult times," the Socialist president told German and European leaders gathered at an event in Leipzig in formerly communist eastern Germany. ... More »France's Hollande says Europe must prioritise creating jobs

  • China tells banks to step up forex checks in special zones

    Reuters - Thu, May 23, 2013

    SHANGHAI (Reuters) - China's foreign exchange regulator has told banks to step up checks of companies operating in special economic zones, including bonded areas, as part of efforts to crack down on hot money inflows. Banks must not provide cross-border loan services to firms that have not been registered with the foreign-exchange authority but are operating in the special economic zones, the State Administration of Foreign Exchange (SAFE) said in a statement on its website. (http://www.safe.gov. ... More »China tells banks to step up forex checks in special zones

  • Deutsche bosses seek to win over sceptical shareholders

    Reuters - Thu, May 23, 2013

    By Edward Taylor FRANKFURT (Reuters) - Deutsche Bank's bosses tried to convince sceptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal problems. Co-chief Executives Anshu Jain and Juergen Fitschen, who took charge nearly a year ago, are trying to steer Germany's largest bank through a major restructuring and resolve its many legal issues. They are also trying to reshape the bank in the wake of the financial crisis for an industry with lower profit margins and higher regulatory costs. ... More »Deutsche bosses seek to win over sceptical shareholders

  • At least 18 soldiers, four Islamists killed in Niger - sources

    Reuters - Thu, May 23, 2013

    NIAMEY (Reuters) - At least 18 soldiers and four suspected Islamists were killed in a fierce gunbattle following a dawn car bomb attack at a barracks in the northern Niger town of Agadez, military sources and a local official said. "There are 18 soldiers and four attackers dead in Agadez," said one source. "One of the attackers has taken two or three soldiers hostage and is holed up in a house. We have him surrounded." (Reporting by Abdoulaye Massalatchi in Niamey and David Lewis in Bamako; Writing by Daniel Flynn; Editing by Andrew Roche) More »At least 18 soldiers, four Islamists killed in Niger - sources

  • IMF's Lagarde - a pragmatist in austerity debate

    Reuters - Thu, May 23, 2013

    By Catherine Bremer PARIS (Reuters) - Christine Lagarde has made her mark as International Monetary Fund chief by taking a firm yet pragmatic stance in the austerity-versus-growth debate raging as Europe struggles to pull itself out of a long crisis. Lagarde, who was quizzed by a Paris magistrate on Thursday over a 2007 arbitration payment she made as French finance minister to settle a spat between the state and a businessman, was appointed IMF head in June 2011. ... More »IMF's Lagarde - a pragmatist in austerity debate

  • Signs of weakness mar UK economic growth

    Reuters - Thu, May 23, 2013

    By Olesya Dmitracova and William Schomberg LONDON (Reuters) - Britain's better-than-expected economic growth in the first quarter turns out to have been boosted by a rise in inventories, while consumer spending was weak and investment fell, raising questions whether the nascent recovery will last. Britain avoided falling back into recession when official data, first released in April, showed its economy grew 0.3 percent between January and March from the previous quarter. The Office for National Statistics confirmed the headline number on Thursday and said growth was 0. ... More »Signs of weakness mar UK economic growth

  • Russia's commitment to new budget rule already in doubt

    Reuters - Thu, May 23, 2013

    By Maya Dyakina MOSCOW (Reuters) - Just last year Russia's government reimposed a rule meant to restrain spending and borrowing and channel substantial amounts of the country's energy revenues into its wealth fund. But the economy is weakening and budget discipline is already slipping. Finance Minister Anton Siluanov's inability to hold the line, in contrast to his predecessor Alexei Kudrin, does not spell immediate disaster for Russia, which is running a small fiscal deficit and has minimal debts. ... More »Russia's commitment to new budget rule already in doubt

  • Halfords slashes dividend to fund three-year investment plan

    Reuters - Thu, May 23, 2013

    By Neil Maidment LONDON (Reuters) - Cycles-to-car-parts retailer Halfords has cut its dividend by a third to help fund a multi-million pound investment programme, warning this would keep earnings below last year's level for the next two years. Shares in the British company, up sharply in the past month, slumped to a six-week low of 320 pence and were down 15 percent at 336p by 1049 GMT. ... More »Halfords slashes dividend to fund three-year investment plan

  • Warning signs for China, Fed hints at curbing stimulus

    Reuters - Thu, May 23, 2013

    By Andy Bruce LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on Thursday. World stock markets tumbled after the Chinese data and also in response to U.S. Federal Reserve Chairman Ben Bernanke, who hinted on Wednesday the Fed could soon pare back its bond-buying with new money if the economy maintains momentum. China's flash HSBC Purchasing Managers' Index (PMI) entrenched fears recovery in the world's No. ... More »Warning signs for China, Fed hints at curbing stimulus

  • Flybe quits Gatwick as part of turnaround plan

    Reuters - Thu, May 23, 2013

    By Richa Naidu (Reuters) - Struggling British airline Flybe Group Plc will quit its main London hub at Gatwick airport and has pushed back the delivery of 16 new aircraft to help it return to profitability. Europe's largest regional airline also said it had axed 590 jobs, or 22 percent of its UK workforce, despite saying in January it would cut only 300 jobs when it unveiled a cost-cutting plan designed to end a two-year run of losses at the pretax level. ... More »Flybe quits Gatwick as part of turnaround plan

  • U.N. report stokes concern over Iran's nuclear programme - EU

    Reuters - Thu, May 23, 2013

    BRUSSELS (Reuters) - Iran's expansion of sensitive nuclear activity breaks United Nations resolutions and increases concerns about whether its nuclear programme is entirely peaceful, the European Union said on Thursday. A U.N. nuclear agency report released on Wednesday showed Iran was expanding nuclear activities, in clear violation of resolutions of both the U.N. Security Council and of the board of the world body's International Atomic Energy Agency (IAEA), the EU said. ... More »U.N. report stokes concern over Iran's nuclear programme - EU

  • Lufthansa, United win EU approval for revenue-sharing pact

    Reuters - Thu, May 23, 2013

    By Foo Yun Chee BRUSSELS (Reuters) - Lufthansa , United Airlines , Continental and Air Canada won approval from EU antitrust regulators on Thursday for their transatlantic tie-up after agreeing to give up airport slots in Frankfurt and New York. The four airlines' revenue-sharing, pricing and capacity pacts triggered an investigation by European Commission regulators four years ago, over concerns that these may result in higher prices for premium passengers. ... More »Lufthansa, United win EU approval for revenue-sharing pact

  • Spain's borrowing costs rise for first time in 4 months

    Reuters - Thu, May 23, 2013

    MADRID (Reuters) - Spain paid higher rates on medium-term debt for the first time since early February, at an auction on Thursday, a sign that a global liquidity flows into countries on the periphery of the euro zone could be drying up. Spain sold 4 billion euros ($5.15 billion) at a triple-bond sale, meeting its issuance target, and yields rose on bonds maturing in three, five and 13 years. ... More »Spain's borrowing costs rise for first time in 4 months

  • Soldiers killed in gunbattle with Islamists in Niger - military sources

    Reuters - Thu, May 23, 2013

    NIAMEY (Reuters) - Several soldiers were killed in a gunbattle with suspected Islamist militants after a suicide bomb attack on a barracks in the northern Niger town of Agadez, military sources said. "The situation is now under control. The suicide bomber was not alone. There were other terrorists who followed in cars and there were clashes," said one of the sources, who could not give an exact number of people killed. A western diplomat, who asked not to be identified, said about 10 people had been killed in the attack. ... More »Soldiers killed in gunbattle with Islamists in Niger - military sources

  • Nissan Recalls 841,000 Vehicles Worldwide

    Sky News - Thu, May 23, 2013

    Nissan Motor Co Ltd is recalling about 841,000 vehicles worldwide as a result of a steering wheel glitch. More »Nissan Recalls 841,000 Vehicles Worldwide

  • Mothercare progress dented by slow UK recovery

    Reuters - Thu, May 23, 2013

    LONDON (Reuters) - British baby and maternity products retailer Mothercare reported a better than expected rise in full-year profits on Thursday, but also revealed a slow pace of recovery at the group's core UK business. Mothercare's UK division, which accounts for 40 percent of group sales and is competing with a growing number of online retailers and supermarkets, made a loss of 21.7 million pounds for the year, after a 24.7 million pounds loss a year earlier. ... More »Mothercare progress dented by slow UK recovery

  • Sponsor Adidas criticises Garcia over Woods jibe

    Reuters - Thu, May 23, 2013

    LONDON (Reuters) - Sponsor Adidas has criticised Spanish golfer Sergio Garcia for a jibe directed at Tiger Woods that has drawn accusations of racism. A repentant Garcia said "sorry" 11 times and used the word "apology" on five occasions on Wednesday when he told reporters of his regret at saying he planned to invite Woods to dinner and serve him "fried chicken". Fried chicken has become a racial stereotype in the United States when referring to African-Americans - a reference to the days before the abolition of slavery when chicken was believed to be a staple part of the diet. ... More »Sponsor Adidas criticises Garcia over Woods jibe

  • EU's Barnier wants big companies to reveal national tax bills

    Reuters - Thu, May 23, 2013

    By John O'Donnell BRUSSELS (Reuters) - Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on Thursday. Michel Barnier, the European commissioner in charge of drafting business regulation, said large banks will already be obliged to disclose their profits, taxes and subsidies in each member state and in the non-EU countries where they operate. ... More »EU's Barnier wants big companies to reveal national tax bills

  • Areva says 13 staff injured in Niger attack

    Reuters - Thu, May 23, 2013

    PARIS (Reuters) - Areva said on Thursday that 13 staff had been injured in an attack at its Somair mine near Arlit in northern Niger. The French nuclear reactor maker condemned what it called a "despicable attack" and said it was working closely with the Niger and French forces. (Reporting by James Regan; Editing by John Irish) More »Areva says 13 staff injured in Niger attack

  • China's Li effusive in praise of Pakistan, but not everyone buys it

    Reuters - Thu, May 23, 2013

    By Nick Macfie ISLAMABAD (Reuters) - Chinese Premier Li Keqiang praised the Sino-Pakistan relationship to the hilt on Thursday, urging the "all-weather friends" to boost cooperation in business, trade, energy and infrastructure and build a long-vaunted economic corridor. But not everyone is convinced China has Pakistan interests totally at heart. Li arrived in the Pakistani capital on Wednesday on the second leg of his first official trip since taking office in March and after a visit to Pakistan and China's arch rival, India. He leaves for Switzerland and Germany later on Thursday. ... More »China's Li effusive in praise of Pakistan, but not everyone buys it

  • Miners Vale, Rio Tinto accused of neglecting displaced Mozambicans

    Reuters - Thu, May 23, 2013

    By Marina Lopes MAPUTO (Reuters) - Human Rights Watch accused Mozambique's government and foreign mining companies on Thursday of "serious shortcomings" in resettling communities to make way for coal mines, leaving thousands without proper homes, food or sources of income. In a report on the social impact of a mining boom in the war-scarred southern African country, the New York-based group noted the plight of more than 2,000 families displaced to make way for multi-billion dollar coal mines run by Vale and Rio Tinto. ... More »Miners Vale, Rio Tinto accused of neglecting displaced Mozambicans

  • Boxing chief Wu confirms IOC presidency bid

    Reuters - Thu, May 23, 2013

    (Reuters) - Taiwan's world boxing chief (AIBA) President Ching-kuo Wu announced his intention to run for International Olympic Committee president on Thursday, saying the Olympic movement should be bigger than just the Games. IOC Executive Board member Wu is the fourth IOC member following Germany's Thomas Bach and Singaporean Ng Ser Miang, both IOC vice presidents, and Puerto Rico's Richard Carrion to decide to run for the post. The election is set for September 10 at the IOC session in Buenos Aires. ... More »Boxing chief Wu confirms IOC presidency bid

  • Portuguese leaders build faith in bailout exit

    Reuters - Thu, May 23, 2013

    By Andrei Khalip LISBON (Reuters) - President Anibal Cavaco Silva thanked Portugal's patron saint for a long-delayed approval of Lisbon's bailout review last week, but the head of state could claim a share of the credit for himself. The conservative president's role has grown far beyond his figurehead status in the past few weeks. With the president on his side, Prime Minister Passos Coelho appears immune to opposition calls for an early election, despite a teetering coalition, record-low popularity in opinion polls and protests and strikes promised for late May and June. ... More »Portuguese leaders build faith in bailout exit

  • Pub chain Mitchells & Butlers posts flat sales on bad weather

    Reuters - Thu, May 23, 2013

    LONDON (Reuters) - Sales at British pub and restaurant group Mitchells & Butlers Plc were broadly flat in the first half, hit by poor weather as the company pressed ahead with a turnaround plan. The company, which employs 40,000 people in around 1,600 bars and restaurants, said it expected consumer confidence and discretionary income growth to remain subdued. Like-for-like sales were up 0.3 percent in the 28 weeks ended April 13, with strong trading across Christmas, Valentine's Day and Easter but weaker trading in January and March as a result of cold and snowy weather, the company said. ... More »Pub chain Mitchells & Butlers posts flat sales on bad weather

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