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Prime Minister Theresa May made her case on Saturday (Shenzhen: 002291.SZ - news) for a new security treaty with the EU from next year, winning support from EU and U.S. officials who agreed the issue was too important to risk getting subsumed in broader Brexit negotiations. In a speech to Western leaders and officials in Munich, May promised that London would continue to lead military missions and share intelligence if Brussels agreed to a pact "effective from 2019", the year Britain is due to leave the bloc.
A Brexit deal should strike a balance to ensure Britain clearly diverges from the European Union's single market but keeps close economic ties with the bloc, German Chancellor Angela Merkel said after meeting British Prime Minister Theresa May on Friday. With (Other OTC: WWTH - news) little more than a year to go before Britain leaves the EU, Merkel struck an upbeat tone after the talks, which she described as "a very constructive, friendly meeting". "We regret (Brexit), but we want to lead the negotiations such that we have as constructive and close a partnership with Britain as is possible after the exit, both economically and politically," Merkel told a joint news conference with May.
Ireland (Other OTC: IRLD - news) unveiled a 10-year capital investment programme on Friday that will continue to ramp up spending to ease bottlenecks in housing, health and transport and keep pace with the fastest growing economy and population in Europe. Ireland had to sharply cut its capital budget and postpone major projects under an austerity drive that followed the 2008 financial crisis. The government will commit 91 billion euros in exchequer funding over the 10 years to 2027, increasing the average capital spend per year to 9 billion euros from an average of 4.6 billion euros since spending began to be cut in 2009.
What the U.S. bond market appears to be reacting to as well is a different kind of worry, notably trillions of dollars worth of extra debt supply to digest from a U.S. administration that has cast aside fiscal restraint with tax cuts and new spending. Faced with robust U.S. growth and now a sudden huge amount of fiscal stimulus in the pipeline, the Federal Reserve is likely to raise interest rates three times in 2018, with rising speculation around a fourth hike before the year is out. Part of that ongoing sharp divergence in policy of course is because the U.S. economic expansion is more mature.
Toys R Us UK faces crashing into administration at the end of the month unless it can find new investors prepared to shoulder a £15m tax bill. Sky News has learnt that advisers to Britain's biggest standalone toy retailer are racing to secure a rescue deal for the business by the middle of next week, just days ahead of a 27 February deadline to meet a mammoth VAT demand. Sources said the company, which employs more than 3,000 people in the UK, would work through this weekend in an effort to progress talks with potential bidders.
Uber has moved to bolster its image through a series of measures to "enhance" passenger safety in the UK. The ride-hailing app, which is facing threats to its operating licences in a number of UK cities including London, said it would now proactively work with police when incidents are reported and introduce a 24-hour customer support hotline. It said customers would also get access to more information on its 50,000 UK drivers - including the person's licensing authority and private hire number.
World shares were set for their best week of gains in six years on Friday after two consecutive weeks in the red, shrugging off a rise in global borrowing costs while the dollar hit its lowest since 2014.
Uber has moved to bolster its image through a series of measures to "enhance" passenger safety in the UK. The ride-hailing app, which is facing threats to its operating licence in a number of UK cities including London, said it would now proactively work with police when incidents are reported and introduce a 24-hour customer support hotline. It said customers would also get access to more information on its 50,000 UK drivers - including the person's licensing authority and private hire number.
Britain's government is ready to push for the kind of Brexit plan for financial services that the City of London has long favoured, but which has already run into opposition in Brussels, two government officials said on Friday. London is expected to signal in the next few weeks that it wants a mutual recognition system to regulate financial services after Brexit, in the hope of preventing a hit to the City of London's access to the bloc, they said.
British Prime Minister Theresa May travels to Berlin on Friday to meet Angela Merkel, with frustration in Berlin and elsewhere growing over Britain's failure so far to spell out what it wants from a future ...
Oil slipped below $64 a barrel on Thursday as record U.S. production and rising inventories outweighed a weak dollar and Saudi Arabia's comments that OPEC and other producers were committed to their pact on cutting supplies. U.S. crude output hit a record 10.27 million barrels per day, the Energy Information Administration said on Wednesday, making it a bigger producer than Saudi Arabia. U.S. crude and gasoline inventories rose last week, U.S. data showed.
The 7.4 billion pound ($10.4 billion) hostile bid for British engineering group GKN from Melrose Industries (Frankfurt: 27MA.F - news) is "low price and high risk" and undervalues the company, GKN Chairman Mike Turner said in a letter to shareholders. Turner said Melrose has a short-term business model that is inappropriate for GKN, criticising a bid that has also attracted the attention of the British government because of the company's position as a leading engineering group and large employer.
Lloyd's of London insurer Lancashire swung to a loss in the fourth quarter, the costliest ever for insurers and reinsurers due to natural disasters, and said 2018 would be challenging. Lancashire's shares fell 5 percent after it reported a pretax loss of $3.2 million for the three months to the end of 2017, below market consensus of a profit of $6.75 million.
Is France, as Emmanuel Macron would say, finally back? Today's jobless data show the unemployment rate falling below nine percent for the first time since 2009 and registering the sharpest quarterly drop since the 2008 financial crisis. The Irish nationalist party Sinn Fein will set out its position today after talks to kickstart Northern Ireland's power-sharing government collapsed again yesterday.
The German chamber of commerce said on Wednesday that U.S. import tariffs on steel could trigger a trade war with major trading partners, which analysts say could cut growth in Europe's largest economy by up to 1 percentage point. U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminium imports that he said were unfairly hurting U.S. producers, including tariffs and quotas. Trump's comments were the strongest signal in months that he will take at least some action to restrict imports of the two metals, delivering on his election pledge to put America first and protect U.S. workers from increased foreign competition.
There have been two great maxims of English football in recent times - the national team was destined to lose on penalties, and the Premier League would always sell its rights for more than it had done previously. With (Other OTC: WWTH - news) five of seven broadcast packages sold , the Premier League’s auction for domestic rights has brought in around £4.5bn.
U.S. consumer prices likely increased solidly in January, boosted by rising gasoline and rents, but annual inflation growth is expected to have slowed as the large price gains from last year drop out of the calculation. Despite the anticipated moderation in the annual inflation rates, Wednesday's report from the Labor Department will probably not change expectations for an acceleration in price pressures this year. A surge in annual wage growth in January ignited inflation concerns, sparking a sell-off on Wall Street and lifting benchmark U.S. Treasury yields to a four-year high.
English Premier League clubs have paid 134.2 million pounds ($187 million) in wages to injured players so far this season, with Manchester United (NYSE: MANU - news) topping the list by shelling out more than 15.8 million, according to a study. Insurance broker and risk consultant JLT Specialty, which compiled the study, said the cost of injuries was on track to surpass last year's total of some 175 million pounds for the season as a whole, raising concerns about demands on players even though the number of injuries is down. "With (Other OTC: WWTH - news) many of the soft tissue injuries being down to fatigue, these figures will raise questions about fixture pile-ups, especially with the rising costs involved," said Duncan Fraser, head of sport at JLT Specialty.
U.S. Treasury yields rose on Monday, with benchmark 10-year yields hitting a four-year high and those on 30-year bonds climbing to an 11-month peak, as a stock rally and improving risk appetite diminished the safe-haven appeal of government debt. U.S. 10-year yields, which move inversely to prices, have risen in three of the last five sessions. The yields' outperformance overall, though, was being led by U.S. 7-year and 5-year notes.
Tata Steel (BSE: TATASTEEL.BO - news) will finance the repair of a blast furnace at Britain's largest steelworks in Port Talbot, Wales, extending its life by seven years and soothing concerns about its commitment to Europe's steel sector, four sources told Reuters. India's Tata Steel signed a preliminary deal last year to merge its European steel assets with those of Germany's Thyssenkrupp (IOB: 0O1C.IL - news) in a move driven chiefly by a need to address steelmaking overcapacity in Europe.
Britain's pound edged up against the dollar on Monday, with a weaker U.S. currency helping sterling rebound from a three-week low reached last week after the EU's chief Brexit negotiator warned a transition deal was far from assured. Last week sterling suffered its biggest falls against the dollar since October, hit first of all by broad strength in the U.S. currency amid a sharp stock market sell-off and then by worries that Britain could leave the European Union in a disorderly manner, triggered by Michel Barnier's warning. Markets moved to price in a 70 percent chance of a rate hike in May after the meeting, and sterling jumped by more than 1 percent against the dollar and euro, but its gains were shortlived.
Emerging stocks bounced off 1-1/2 month lows on Monday, snapping a seven-day losing streak as developed equity markets steadied, while South African markets gained ahead of a meeting set to decide President ...
Budget retailer Aldi has been voted Britain's favourite supermarket in a poll by consumer group Which?, knocking Waitrose off the top spot. The annual customer satisfaction survey found that shoppers were impressed by Aldi's "fantastic prices", awarding it a five-star rating in value for money and an overall satisfaction score of 74%. Waitrose, which has held the top position for the past three years, dropped to fourth place as consumers branded it "a bit pricey".
It was a brutal week for world markets: More than $6 trillion in stock market capitalization lost in a selloff, the biggest one-day spike in the market's "fear gauge", and burned investors who ...
A Mexican tequila maker, a Vietnamese mall operator and Indian life insurers were just some of the stockmarket debuts that enticed sovereign investors to take chunky stakes in record numbers last year, and the trend shows no sign of stalling. In data just released, the Sovereign Wealth Fund Institute data put the number of initial public offerings (IPOs) "anchored" by SWFs at a record 26 in 2017, with some $826 million committed, up from $196.7 million in 2016. Taking an anchor or cornerstone stake means investors commit to a hefty investment in advance of the listing, de-risking the process.