Insight: ECB drops old philosophy but is short of new options
FRANKFURT (Reuters) – The European Central Bank’s vow last week to keep record-low interest rates “at present or lower levels for an extended period” is a big philosophical shift for a bank that used to insist it would not tie its hands.
Fiat says RCS Mediagroup investment is for the long run
TURIN (Reuters) – Italian carmaker Fiat Chief Executive Sergio Marchionne said the company’s decision to raise its stake in loss-making publisher RCS Mediagroup was a investment for the long term.
EU/IMF says outlook for Greek bailout program uncertain
BRUSSELS (Reuters) – The outlook for Greece’s bailout program remains uncertain, with differences still to be worked out between the Greek government and its creditors, the European Union and International Monetary Fun said on Monday.
Dollar at three-year high, bonds gain as Greek deal eyed
LONDON (Reuters) – The dollar climbed to a three-year high on Monday and gold was hovering near a three-year low after last week’s strong U.S. jobs data fed expectations that the country’s central bank could soon wind back stimulus.
Jaguar Land Rover, DHL say strike contingency plans in place
LONDON (Reuters) – Jaguar Land Rover (JLR) and logistics firm DHL said on Monday that plans are in place to minimize the impact on production at the carmaker’s British plants from a threatened strike by DHL staff.
Japan’s strong bank lending can’t mask economic challenges
TOKYO (Reuters) – Japanese bank lending marked its biggest annual increase in four years in June, though service-sector sentiment worsened for the third straight month, undercoring the challenges facing the government even as its sweeping stimulus poli…
S&P downgrades SoftBank to ‘junk’ status, shares slide
TOKYO (Reuters) – Standard & Poor’s cut SoftBank Corp’s debt rating two notches to “junk” grade, citing financial risks from its $21.6 billion purchase of U.S. wireless carrier Sprint Nextel Corp and Sprint’s proposed buyout of Clearwire Corp .
German exports fall at steepest rate since December 2009
BERLIN (Reuters) – German exports had their biggest fall since late 2009 in May while imports rose far more than expected, in a sign that Europe’s largest economy is struggling to sell its goods abroad though domestic demand is strong.
GSK examines Botox sales tactics used in China
SHANGHAI/LONDON (Reuters) – GlaxoSmithKline said on Monday it was investigating new allegations that its staff had used improper tactics to market Botox in China, but had so far found no evidence of bribery or corruption.
Compliance deadlines loom for U.S. global tax evasion law
WASHINGTON/HONG KONG (Reuters) – In one week, the United States is scheduled to begin registering foreign financial firms with U.S. customers for a new anti-tax evasion law, despite industry lobbying to secure another implementation delay.
