Global Markets - Italian bank worries leak into second week

By Patrick Graham and Danilo Masoni

LONDON  - Concerns over Italy's banks and Britain's national election campaign dominated holiday-thinned European financial markets on Monday, prodding stock markets lower after Asian share indices fell back off 2-year highs.

Sterling, hammered by a slump for Prime Minister Theresa May's Conservatives in o

19 dead, 50 injured in Britain concert blasts

At least 19 persons have been killed and 50 injured in a suspected terror attack in a stadium in Manchester, following a concert by singer Ariana Grande, media reports said.

Police were called to reports of an explosion at the Manchester Arena at about 10.35 p.m. (local time) following a pop concert by the US singer Ariana Grande, the BBC reported.

Sources said that while th

Manifestos indicate future tense for Great Britain

The ruling Conservatives, opposition Labour and Liberal Democrats have unveiled their manifestos for the 2017 general elections. Whoever comes to power on June 8 will follow the manifesto commitments and they are the blueprints for the creation of post-Brexit Britain. The contents in the manifestos indicate the life wont be same for an average Britain after the elections.


21/05/2017 10:17:38 AM | Posted in Special Event Reports read full news
FACTBOX - What are British PM May's plans for corporate reform and Brexit?

By Kylie MacLellan and Andy Bruce

LONDON  Setting out her pitch to voters, British Prime Minister said on Thursday she will press on with her approach to Brexit, cut immigration and introduce corporate reform.

Marking a major break with previous Conservative Party orthodoxy, the election document said the party did not believe in "untrammeled marke

Lloyds new era begins as government sells off final shares

By Andrew MacAskill

LONDON    Britain has sold its last remaining stake in Lloyds Banking Group, making the lender the first to re-emerge from British state ownership in a symbolic step for the country's recovering banking sector.

The sale draws a line under one of the largest bailouts from the 2007-2009 global financial crisis. This involved L

Tata Steel agrees British pensions deal

LONDON   Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the Indian company said on Tuesday.

The pension scheme was a major stumbling block in talks to merge Tata Steel's British and European steel assets with those of Thyssenkrupp, because the German company was opp

Britain's Labour party says would break up Royal Bank of Scotland

LONDON   Britain's opposition Labour Party would launch a consultation to break up state-owned Royal Bank of Scotland into smaller local banks, the party said on Tuesday at the launch of its election manifesto.

This would "create new local public banks that are better matched to their customers’ needs", from the broken-up Edinburgh-based

Britain's Vodafone reports net loss of 6.1 billion euros

By Paul Sandle

LONDON  Britain's Vodafone forecast a jump in cash generation this year, allowing it to reward shareholders with a higher dividend as it eases back on network investment and moves to solve problems in India where a new price war has broken out.

The company's upbeat outlook sent its shares more than 4 percent higher, relieving inve

Britain will argue with EU over role of European court - Brexit minister

By Elizabeth Piper

LONDON  Britain is gearing up for rows with the EU over the structure of divorce talks and the future role of the European court, fuelling an increasingly bitter war of words before negotiations begin.

David Davis, Brexit minister in Prime Minister Theresa May's government, described the EU's position on the talks' format

British PM May vows energy price cap if re-elected

By Kate Holton and Karolin Schaps

LONDON    British Prime Minister Theresa May pledged on Tuesday to cap household energy prices if she is re-elected on June 8, sending stocks tumbling with the biggest market intervention since the sector was privatised almost 30 years ago.

Energy bills have doubled in Britain over the past decade to about 1,2

Germany proposed charging Britain for EU single market access - magazine

BERLIN  - German government officials have proposed giving Britain access to the European Union's single market in return for a fee, Focus magazine said on Saturday citing a Finance Ministry report.

The 35-page report on the potential costs of Brexit to Germany said Britain's departure from the EU risked "serious economic and stability relevant conse

Impact on banks from Britain's vote to leave the EU

Global banks have warned they could move thousands of jobs out of Britain to prepare for the expected disruption caused by the country's exit from the European Union, endangering London's status as a major financial centre.

Financial services firms need a regulated subsidiary in an EU country to offer their products across the bloc, and this could lead some to move jobs out of

British accounting watchdog investigates KPMG over Rolls-Royce audits

By Kirstin Ridley and Huw Jones

LONDON  - Britain's accounting watchdog has opened an investigation into how KPMG checked the books of Rolls-Royce, the aero-engine group that agreed in January to pay 671 million pounds ($862.8 million) to settle a transatlantic bribery probe.

The Financial Reporting Council, which regulates auditing in Britain, said

Standard Chartered favours Frankfurt as EU hub after Brexit

LONDON - Standard Chartered is in talks with regulators about making Frankfurt its European base to secure market access to the European Union when Britain leaves the bloc.

"We are looking at setting up a subsidiary in the EU to ensure we are prepared," Chairman Jose Vinals said on Wednesday at the Asia-focused bank's annual shareholder meeting in London

UK says PM May to lead Brexit talks, approaching them with "goodwill"

LONDON  - Prime Minister Theresa May will lead Britain's Brexit talks and is approaching the negotiations with goodwill, her spokesman said on Tuesday, responding to criticism that her government underestimated the complexity of the process.

"We are clear that we will make a success of Brexit and we will secure a deal that works in the best interest of B

London banks set to decide within weeks on Brexit moves

FRANKFURT/LONDON - As Britain prepares to negotiate its EU departure, a number of banks are likely to decide within two months where to set up new continental bases to make sure they can keep serving clients in the bloc after Brexit.

The European Central Bank said it will host a meeting of banks on May 4 at its offices in Frankfurt. It will spell out in detail what th

'Have a little swagger', CEOs tell PM May in bid to make Brexit pay

LONDON - Global chief executives and investors had some sharp advice for Prime Minister Theresa May on Wednesday: Make Brexit a success by looking beyond the European Union and adopting a little swagger about the benefits of the world's fifth largest economy.

While repeatedly calling for a close relationship with the EU after Britain's divorce, May has also pi

Brexit leaves industrial firms staring into regulatory void

LONDON - Summit Therapeutics is about to start pivotal tests of a novel antibiotic discovered by UK scientists to treat a sometimes deadly bowel infection, but Britons could be the last patients to get it after Britain leaves the EU.

The biotech company headquartered outside Oxford is one of thousands of manufacturers, from aerospace engineers to makers of plastic mou

Number of BBC bosses on salaries over 150,000 pounds rises despite promise to cut

LONDON - The number of senior managers at the BBC earning more than 150,000 pounds ($192,555) a year has risen despite a promise by the publicly-funded broadcaster to cut the figure by a fifth, Britain's spending watchdog said on Wednesday.

The National Audit Office said there were 98 members of staff earning such salaries in March 2016 compared to January 2012 wh

Banks boost Britain's FTSE as French election ignites risk-on rally

LONDON  - Britain's top share index jumped on Monday as banking stocks surged after centrist Emmanuel Macron came out on top in the first round of France's presidential election.

The blue chip FTSE 100 index rose 1.9 percent to 7,246.34 points by 0857 GMT, on track for its biggest one-day jump since early December 2016 and outpacing the mid caps which wer

Luxury shoe brands Jimmy Choo and Bally put up for sale

LONDON - British luxury retailer Jimmy Choo has put itself up for sale to try to maximise shareholder value as majority investor JAB increases its focus on consumer goods.

JAB Luxury also said on Monday it was reviewing its ownership of Bally International, the Swiss luxury footwear and accessories company, clearing the way for a possible sale of that business too.

Analysis - Brexit makes campsites cool again as Britons tighten belts

By Kate Holton and William Schomberg

NEWTON FERRERS, England/LONDON - Before last year's Brexit vote, Scott McCready was struggling to fill his holiday cabins on the coast of southwest England. Now the site is fully booked with British tourists avoiding more expensive foreign trips following a plunge in the pound.

This turnaround in the

Tesco defends Booker deal after profit beats forecasts

LONDON - Tesco, Britain's biggest retailer, beat forecasts for annual profit as its recovery gained pace, potentially strengthening the hand of boss Dave Lewis as he seeks investor backing for his plan to buy wholesaler Booker.

Tesco wanted the results, published on Wednesday, to reinforce its case that it can make a success of buying Booker in a 3.7 billion pound

Brexit to trigger UK farm policy overhaul and EU funding gap

By Nigel Hunt

LONDON  - Britain is expected to radically overhaul agricultural policy after it leaves the European Union and the bloc may have to make changes too when it loses Britain's net contributions to the region's farming budget.

For the first time in decades, farmers in Britain will have to fight for a slice of government funds with depa