In a battle with German's budget stores, Aldi and Lidl, Iceland introduces its food warehouse concept. The concept is an advancement of its old style format with cash-and-carry style.
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate. The bank shares have lost close to half of its value in the last 12 months.
European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Argentina government will market its $12.5-billion bond offer in North America by organizing road shows in New York, Washington and Los Angeles. The $12.5-bln bond offer will be marketed in the US and the UK.
Alipay is working on a plan to launch services in Europe this summer. The service will make it easier Chinese tourists to make transactions with European merchants using the app.
Glencore is possibly nearer to a deal with Canda’s largest pension fund to sell 40% stake in its agriculture business. CPPIB has agreed to pay $2.5 billion against a total valuation of $6 billion. However, there is no guarantee that the deal will surely take place.
Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
Following the leak of documents related to tax dodging by a Panamanian Firm, governments around the globe has initiated probe in this regard. Tax payers are righteous to know the state actions in unearthing the probable tax abating which has prompted the authorities to investigate. However, the leaked documents have provided an opportunity to earn penalty from the probable tax dodgers.
UK's financial chiefs are concerned about impact of Brexit, postponing their key decisions on hiring and investments. The British industry and business segments are in wait and watch mode until referendum on Brexit in June 2016.
In response to a letter from the Greek Prime Minister Alexis Tsipras, Christine Lagarde, the IMF chief, has binned the Wikileaks’ transcript. Since IMF doesn’t act on leaks, she decided to allow the IMF team to resume the postponed bailout review. She has stressed the need for a speedy conclusion of the bailout review just for the sake of the Greek people.
Elina Lepomäki, a right wing MP from National Coalition Party, has announced vying for party leadership with Alexander Stubb, the Finnish Finance Minister. In Finland, party leaders generally steps down from the cabinet membership, also following defeat in leadership challenge. NCP is scheduled to elect its new chair during the party congress in June.
After a series of setbacks, UK's Serious Fraud Office will start the third trial on Libor rigging case. Five former bankers in Barclays will stand accused as conspirators.
The third largest bank in France will continue its cost cutting plan. Through the year 2020 the bank will cut 550 jobs in its retail operation.
Cameron accused journalists are getting over excited to hunt news on political rift. While five of his cabinet members are opposing him, and one had resigned.
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