Schaeuble says Germany must stick to no new debt policy after 2017 election

German Finance Minister Wolfgang Schaeuble said on Sunday it was important that Germany sticks to its fiscal policy of taking on no new debt after next year’s federal election as it was necessary to reduce public debt. In July government sources said Germany wanted to stick to plans for a balanced budget over the next four years and reduce its ... Read More »

Egypt’s government complicit in wheat corruption

A parliamentary fact-finding commission’s report into corruption in Egypt’s wheat industry finds that the government played a key role in “wasting public funds” in its costly food subsidy programme. Reuters reviewed a copy of the report that will be presented in parliament on Monday. It states that government entities neglected their own storage facilities in favour of less regulated private ... Read More »

ECB rates could stay low if other policy areas don’t contribute

European Central Bank rates could remain low unless other policy areas start contributing, raising the risk that they could increasingly hit their effective lower limit, a top policymaker said on Saturday. In a largely academic speech, ECB Executive Board member Benoit Coeure also warned the effect of monetary stimulus in such an environment could be weakened and come with increasing ... Read More »

Germany’s economy minister – U.S.-EU free trade talks have failed

Germany’s Economy Minister Sigmar Gabriel said on Sunday that talks on the Transatlantic Trade and Investment Partnership (TTIP), a free trade deal being negotiated by the United States and the European Union, had essentially failed. “The negotiations with the USA have de facto failed because we Europeans did not want to subject ourselves to American demands,” he said, according to ... Read More »

Scotland North Sea oil revenues collapse by nearly 100% to re-ignite independence debate

Scotland’s revenues from North Sea oil have collapsed by 97 per cent in the past year as oil prices have plummeted, reigniting a fierce debate over whether an independent Scotland could finance itself. Scottish Liberal Democrat leader Willie Rennie said: “The nationalists’ case for independence has been swallowed up by a £14bn black hole.” Taxes collected from oil production fell from £1.8bn in 2015 to just ... Read More »

William Hill rejects revised 888-Rank approach

British bookmaker William Hill on Monday rejected a revised takeover proposal from rivals 888 Holdings and Rank Group, saying it continues to see no merit in engaging with the consortium. Casino and bingo hall operator Rank and online gambling group 888 want to join up with William Hill to create Britain’s largest multi-channel gambling operator by revenue and profit. They ... Read More »

Restaurant Group ousts chief executive

Britain’s Restaurant Group, the struggling owner of the Frankie & Benny’s and Chiquito chains, has ousted its chief executive, replacing him with a former boss of bookmaker Paddy Power. The firm said on Friday that Danny Breithaupt, CEO for the last two years, had left the company and would be succeeded by Andy McCue on Sept. 19. “The board has ... Read More »

FTSE lifted by rise in shares of oil companies

Britain’s top share index gained ground on Friday to reach a 14-month high, as a rise in the shares of major oil companies lent the market an element of support. The blue-chip FTSE 100 index was up 0.1 percent at 6,923.43 points, its highest level since June 2015. A rise in the likes of BP and Royal Dutch Shell added ... Read More »

UK presses ahead with apprenticeship levy despite calls for Brexit delay

Britain confirmed on Friday it would press ahead with plans to impose a levy on large employers from early next year to help pay for training workers, despite calls from business groups for the charge to be delayed to soften the economic impact of Brexit. The decision comes as Britain faces the looming prospect of a recession, fuelled by wilting ... Read More »

UK construction output slips in June, economists see worse to come

British construction output fell roughly as much as expected in June, according to official data, with little evidence that the European Union referendum that month had an impact on builders at the time. The Office for National Statistics said construction output fell 0.9 percent in June compared with May, a slightly smaller drop than the 1.0 percent decline forecast in ... Read More »