By Huw Jones LONDON (Reuters) – European Union plans to shift derivatives clearing worth trillions of euros from London to the bloc have ditched hardline rhetoric in favour of pragmatism that should limit the risk of EU banks losing out to foreign rivals. Clearing, which ensures a stock or bond trade is completed even if …
Analysis-EU avoids sledgehammer to crack euro clearing nut – for now Read More »
By Rowena Edwards LONDON (Reuters) – European motorists could find Russian diesel in their tanks even after bans take effect because regulators lack tools to trace the origin of fuel when it has passed through other countries. The European Union banned Russian crude imports from Dec. 5 and will ban Russian oil products from Feb. …
Explainer-Europe set to import banned Russian diesel without knowing Read More »
ATHENS (Reuters) -Greece’s economy shrank in July-to-September compared with the second quarter, as declining net exports and public spending offset strong tourism, statistics service (ELSTAT) said on Wednesday. Seasonally adjusted data showed gross domestic product dropped by 0.5% in the third quarter, from a downwardly revised 0.6% growth rate in the previous quarter. “Greece’s GDP …
Greek economy shrinks in Q3 on higher imports, lower public spending Read More »
LONDON (Reuters) -Applying the remaining set of global bank capital rules in Britain will increase capital requirements by about 6% by the end of the decade, the Bank of England said on Wednesday. The initial batch of Basel III rules from the Basel Committee of banking regulators from the world’s main financial centres, were rolled …
Banks face 6% capital hike from remaining Basel rules, says Bank of England Read More »
SINGAPORE (Reuters) – UK-based chemical and energy group INEOS has agreed to acquire a 50% stake in a petrochemical project in north China owned by China’s Sinopec Corp, the two companies said on Wednesday. The Tianjin Nangang Ethylene Project is currently building a 1.2 million tonne per year (tpy) ethane cracker which is expected to …
UK-based INEOS agrees to buy 50% of Sinopec’s Tianjin petchem plant Read More »
(Reuters) – Emirates Telecommunications raised its stake in Vodafone Group to 11% on Wednesday, but said it has no plans to make an offer for the British telecoms group. The United Arab Emirates-based telecommunications service provider, the biggest shareholder in Vodafone, previously held a stake of about 10% in the British company. Meanwhile, Vodafone had …
Emirates Telecommunications raises stake in Britain’s Vodafone Read More »
By Samuel Indyk LONDON (Reuters) – The pound edged higher against the dollar on Wednesday and traded near its highest level in almost six months, as policymakers enter the quiet period ahead of crucial Bank of England, Federal Reserve and European Central Bank meetings. By 1111 GMT, the pound was up 0.3% against the dollar …
Sterling edges back to near six-month peak, all eyes on rate outlook Read More »
WARSAW (Reuters) – Poland picked the former head of public television as a representative on the board of executive directors of the World Bank, the National Bank of Poland (NBP) said on Wednesday, a decision that was condemned by opposition lawmakers. Closely linked to the ruling Law and Justice (PiS) party, Jacek Kurski first became …
Poland appoints former public TV boss to World Bank post Read More »
PARIS (Reuters) – A French watchdog has ordered U.S. e-commerce giant Amazon.com to pay 3.3 million euros ($3.5 million) in penalties for failing to modify contractual provisions related to third-party sellers by the deadline it set, the watchdog said on Wednesday. France’s DGCCRF consumer fraud watchdog said in a statement Amazon had been ordered to …
French watchdog orders Amazon to pay $3.5 million in penalties Read More »
(Reuters) – German chemicals group Evonik said on Wednesday that Chief Financial Officer Ute Wolf would step down at the end of the first quarter of 2023. Maike Schuh, current head of the company’s performance materials division, will succeed Wolf from April 1. (Reporting by Linda Pasquini; editing by Jason Neely)
