Three former Credit Suisse CEOs accused of excessive risk-taking
A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the ...
Turkish central bank to hike rates sharply in post-election pivot
Turkey’s central bank is expected to raise its policy rate sharply on Thursday in a strong signal that re-elected President Tayyip Erdogan has accepted some steps toward economic orthodoxy ...
UK house prices up 3.5 per cent year-on-year in April
British house prices increased by 3.5 per cent in the 12 months to April, the Office for National Statistics (ONS) said on Wednesday, slowing from the 4.1 per cent rise in March.
London ...
Saudi Arabia allocates $7.8 bln worth of investments for Expo 2030
Saudi Arabia has allocated $7.8 billion worth of investments for Expo 2030, state news agency SPA reported earlier this week.
“I highlighted the Kingdom’s investment of $7.8 billion in the Expo and ...
German recession will be sharper than expected
The German economy will contract more than previously expected this year as sticky inflation takes its toll on private consumption, the Ifo Institute said on Wednesday while presenting its forecasts.
“...
Mastercard launches global plan to recycle credit cards
Payments company Mastercard (MA.N) on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation ...
UK’s stubborn inflation fails to fall, turning up heat on BoE
British inflation defied predictions of a slowdown and held at 8.7 per cent in May, putting yet more pressure on the Bank of England a day before it is expected to ...
UK net debt passes 100 per cent of GDP for first time since 1961
Britain’s public sector net debt surpassed 100 per cent of gross domestic product in May as borrowing came in higher than expected, the Office for National Statistics said on Wednesday.
...
UK grocery inflation edges lower for third straight month
British grocery inflation eased slightly for the third month in a row in June, industry data showed on Tuesday, providing a modicum of comfort for consumers worn down by a ...
EU to target export controls on military use goods, outbound investment risks
The European Commission plans to propose measures this year to address security risks posed by outbound investments as well as reinforcing export controls on goods that have both civilian and ...
Turkey lifts minimum wage by 34 per cent to address inflation
Turkey raised monthly minimum wage by another 34 per cent beginning on July 1, the government said on Tuesday, bringing it to a net 11,402 lira ($483) for the second half of the year ...
‘Netflix Effect’ lifts Korean content but market control worries grow
When Netflix co-CEO Ted Sarandos visits South Korea this week he will find an entertainment industry that has achieved global fame through hits such as “Squid Game” and “The Glory”, ...
‘Great Resignation’ continues as quarter of workers look to change jobs
A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19 per cent last year, as they are increasingly left cash-strapped in a cooling ...
Intel spends $33 billion in Germany in landmark expansion
Intel (INTC.O) will spend more than 30 billion euros ($33 billion) to develop two chip-making plants in Magdeburg as part of its expansion push in Europe, a deal Chancellor Olaf Scholz ...
Dubai chases long-term growth as property booms, seeks to blunt debt risk
Buoyed by a swift economic rebound post-COVID, Dubai is racing to attract people and capital to drive long-term growth, betting it can avoid past debt crises that dented its global ...
UK manufacturers lift 2023 outlook, boosted by aircraft and electronics
Britain’s main manufacturing trade body Make UK revised up its outlook for this year on Monday thanks to strong demand for aircraft and electronics, but said it still expects ...
British supermarket Morrisons cuts prices of nearly 50 products
British supermarket Morrisons said on Monday it was cutting the prices of 47 products by an average of over 25 per cent, in another sign that a surge in inflation might be ...
Berlin to sign agreement with Intel after chip plant talks
The German government and Intel (INTC.O) are expected to ink a deal over the US chipmaker’s planned factory in Dresden, capping months of talks over subsidies needed for ...
Surging mortgage rates bring early summer slowdown for UK housing market
Asking prices for British homes fell in June for the first time in six years, indicating an earlier-than-usual summer slowdown amid mortgage market turmoil and expectations of further Bank of ...
Oil falls amidst market growth uncertainties
Oil prices fell on Monday as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in ...
Europe’s brief window of market outperformance swings shut
European equities and the euro look set to lose out to US markets in the months ahead, as a stellar run in early 2023 has fizzled out in the face of ...
Intel to invest $4.6 bln in new chip plant in Poland
Intel (INTC.O) is to invest up to $4.6 billion in a new semiconductor assembly and test facility near Wrocław, Poland, as part of a multi-billion-dollar investment drive across Europe ...
Social media moderators in Germany seek improved working conditions in battling toxic content
Hundreds of social media moderators in Germany – who remove harmful content from platforms such as Facebook and TikTok – are calling on lawmakers to improve their working conditions, citing tough targets ...
SVB agrees to sell its investment banking division
SVB Financial Group (SIVBQ.PK) said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and ...