19 May

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Ireland opposes much of EU corporate tax plan – minister By Reuters

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DUBLIN (Reuters) - Ireland will oppose much of the European Commission's plan for a more unified corporate tax regime across the bloc and believes it will be joined by many other sceptical member states, Finance Minister Paschal Donohoe said on Wednesday. The European Union's executive adopted the proposals on Tuesday. Its plans for EU corporate taxation rules have failed before, as setting tax rates is a jealously guarded prerogative of national parliaments, not least in low-tax Ireland. "Given my understanding of much of what has been proposed by the Commission, there is much...

19 May

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Tod’s Della Valle: if I ever decided to sell it would be to LVMH, but no plan for now By Reuters

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MILAN (Reuters) -The head of Italian luxury group Tod's said that if he ever decided to sell his company it would be to LVMH (PA:LVMH)'s boss Bernard Arnault but he added that he had no current plans to do so. Speaking at the Financial Times Luxury Summit, Tod's founder and chairman Diego Della Valle said LVMH's recent decision to raise its stake in Tod's to 10% was a message "that we like to stay together". He reiterated that if the right opportunity arose, the two groups might "do something together". Asked if that meant Tod's could...

19 May

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Marston’s, M&B expect crowds back in pubs as curbs ease By Reuters

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(Reuters) -British pub operators Marston's and Mitchells & Butlers (LON:MAB) said on Wednesday they expect to see more people at their outlets, as the easing of pandemic-led curbs encourages people to eat out after staying home for months. The companies reported bigger half-yearly losses as stringent restrictions through 2020 and earlier this year severely hit pubs and restaurants. Outdoor dining in Britain began reopening only in April, while indoor dining and drinking resumed this week. Marston's, the two-century old brewer of Pedigree, Hobgoblin and Lancaster Bomber beers, said about 1,000 pubs have reopened...

19 May

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BP, Eni in talks to merge Angolan oil and gas businesses By Reuters

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By Ron Bousso and Stephen Jewkes LONDON/MILAN (Reuters) -BP and Eni said on Wednesday they had entered into talks to merge their oil and gas operations in Angola to form one of Africa's largest energy companies. The two companies have signed a non-binding memorandum of understanding and are in discussions on a joint venture that will include their liquefied natural gas (LNG) facilities, they said in a statement. A business plan will be agreed to allow the companies "to capture future opportunities in exploration, development and possibly portfolio growth, both in Angola and regionally." Spinning off...

19 May

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China set to keep lending benchmark LPR unchanged for 13th straight month By Reuters

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SHANGHAI (Reuters) - China's benchmark lending rate is widely expected to stay unchanged for the 13th straight month at its May fixing on Thursday, a Reuters survey showed. Twenty-two traders and analysts, or 92% of all 24 participants, in a snap Reuters poll conducted this week predicted no change in either the one-year Loan Prime Rate (LPR) or the five-year tenor. One respondent expected an increase of 5 basis points to both tenors this month, while another predicted a 5 basis points rate cut to the one-year LPR. The one-year LPR was last at 3.85%, and...

19 May

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Property bubbles, corporate debt among Europe’s top risks: ECB By Reuters

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FRANKFURT (Reuters) - High debt levels and a property bubble are among Europe's biggest economic vulnerabilities, weighing on its recovery from a pandemic-induced recession, the European Central Bank said in a biannual stability review on Wednesday. Copious government subsidy kept much of the euro zone afloat during the pandemic but weaning the bloc off support will be tricky since that could boost bankruptcies and unemployment: a drag on growth and a risk to banks. "Governments face a delicate balance between prematurely adjusting support measures, which may contribute to triggering a wave of corporate insolvencies, and maintaining...

19 May

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European stocks fall as inflation concerns mount By Reuters

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(Reuters) - European stocks headed lower on Wednesday, tracking weakness on Wall Street, as investors grew wary of rising inflationary pressures increasing the chances of an early tightening of monetary policy. The pan-European STOXX 600 index fell 1.1% by 0711 GMT, trading less than 2% below its all-time highs. Euro zone stocks felt the pressure as the euro touched a four-month high, making exports more expensive. A jump in regulated electricity and gas bills and clothing and footwear prices saw British consumer price inflation more than double in April, data showed on Wednesday. While central bank...

19 May

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Bank of England policymaker questions market maker get-out clauses By Reuters

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By Huw Jones LONDON (Reuters) - Scrapping get-out clauses for market makers when trading turns rocky could avoid a repeat of the volatile 'dash-for-cash' seen at the start of pandemic lockdowns last year, a Bank of England policymaker said on Wednesday. The BoE and other central banks had to inject liquidity into markets to avoid a freeze as shuttering economies last March to fight COVID-19 triggered extreme bouts of trading volatility. Regulators across the world are now studying potential reforms to investment funds and how derivatives and other markets work to bolster market resilience and avoid...

19 May

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Court hearing begins in Orcel CEO job offer dispute with Santander By Reuters

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By Emma Pinedo MADRID (Reuters) - A hearing pitting Andrea Orcel against Santander (MC:SAN) over the withdrawal of an offer to make him chief executive kicked off on Wednesday with the Spanish bank's chairman Ana Botin and the Italian banker present at the Madrid court. One most public rows over a top banking job has ended up in court more than two years after Santander suddenly dropped plans to make Orcel its CEO after a disagreement over his pay package. The hearing is taking place in a conference hall instead of a traditional court room...

19 May

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Software company SUSE holds own in Frankfurt debut By Reuters

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By Arno Schuetze and Douglas Busvine FRANKFURT (Reuters) -Shares in enterprise software company SUSE held their own in a Frankfurt stock market debut on Wednesday, climbing just above their 30 euro issue price, giving the group a market cap of around 5 billion euros ($6.1 billion). Nuremberg-based SUSE had priced the deal towards the lower end of a 29 to 34 euros per share range with a view to securing a solid aftermarket performance, after volatile markets derailed a number of other European flotations. CEO Melissa di Donato, the first woman to lead a high-profile initial...

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News

Ireland opposes much of EU corporate tax plan – minister By Reuters

Tod’s Della Valle: if I ever decided to sell it would be to LVMH, but no plan for now By Reuters

Marston’s, M&B expect crowds back in pubs as curbs ease By Reuters

BP, Eni in talks to merge Angolan oil and gas businesses By Reuters

China set to keep lending benchmark LPR unchanged for 13th straight month By Reuters

Property bubbles, corporate debt among Europe’s top risks: ECB By Reuters

European stocks fall as inflation concerns mount By Reuters

Bank of England policymaker questions market maker get-out clauses By Reuters

Court hearing begins in Orcel CEO job offer dispute with Santander By Reuters

Software company SUSE holds own in Frankfurt debut By Reuters

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