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Struggling European banks see light at end of low-rates tunnel

FILE PHOTO:  Offices in the financial district of Canary Wharf in London, Britain, January 19, 2017.  REUTERS/Kevin Coombs/File Photo

Rock-bottom interest rates hurt more big European banks in 2016 than in the previous year, but the worst could soon be over with the prospect of rising borrowing costs rippling from the United State to Europe. Low rates, money printing and a penalty charge for hoarding cash have been at the heart of attempts to reinvigorate the 19-country euro zone ...

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Australian banks narrow focus of Apple Pay collective bargaining request

FILE PHOTO : An employee uses an Apple Watch to demonstrate to reporters how to pay using the Apple Pay service at an Apple store in Beijing, China, February 17, 2016.  REUTERS/Damir Sagolj/File Photo

Australian banks seeking permission from the country’s competition regulator to bargain collectively with Apple Inc (AAPL.O) over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company’s contactless payment function, removing the fees Apple charges as a bone of contention. Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), National Australia Bank ...

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Eni CEO Claudio Descalzi charged with international corruption

Eni CEO Claudio Descalzi

Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive Officer of Eni from June ...

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SocGen beats with fourth-quarter earnings and raises dividend; profits up 15% in 2016


Societe Generale‘s fourth-quarter net profit fell by around two-fifths due to the negative impact of higher taxes and a unit sale, France’s third largest bank by assets announced on Thursday. However, the net profit figure of 390 million euros ($417 million) still came in ahead of analyst expectations of 354 million euros in a Reuters poll. Revenue also edged up ...

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Investments in European wind power hit $29.4 billion last year


Last year saw 27.5 billion euros ($29.4 billion) invested to finance the development of wind energy in Europe, a 5 percent increase compared to 2015, according to new figures from industry body WindEurope. In total, 12.5 gigawatts (GW) of capacity was added across the European Union (EU) – 3 percent less than installations in 2015 – with Germany installing 44 ...

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Euro, European bonds unnerved by French political jitters

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, February 1, 2017. REUTERS/Staff/Remote

European financial markets struggled with growing economic and political concerns on Tuesday as the euro neared its biggest fall this year and bond yield spreads over Germany reaching the widest in several years. The dollar sped higher toward its biggest gain in a month against a basket of major currencies after jumping against the offshore Chinese yuan on the fall ...

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UK economy to slow down this year and next, says think tank


The UK economy may slow down in the next couple of years, even while the world economy picks up, a report says. The National Institute of Economic and Social Research (NIESR) revised up its forecasts for UK growth to 1.7% this year and 1.9% in 2018. However, both would still be a slowdown from the growth rate of 2% recorded ...

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Germany is the top destination for companies relocating due to Brexit: EY


Global investors with operations in the U.K. looking to relocate have identified Germany as the top destination following Britain’s decision to leave the European Union, according to the latest EY study. Brexit has caused global investors to reassess their assets in the U.K., with 14 percent of foreign investors with a presence in the U.K. saying they now plan to ...

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Deutsche Bank fined $204 million by British regulator FCA for serious anti-money laundering control failings


The German lender Deutsche Bank has received a new $204 million fine for inadequate anti-money laundering controls. The British regulator Financial Conduct Authority (FCA) said Tuesday morning that Deutsche Bank exposed the U.K.’s financial system to the risks of financial crime between January 2012 and December 2015. According to the FCA, Deutsche Bank failed “to properly oversee the formation of ...

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Oil rises on dollar weakness, but ample supplies cap gains

FILE PHOTO: A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, India November 27, 2013. REUTERS/Rupak De Chowdhuri/File Photo - RTSXE0K

Oil prices rose on Thursday, driven up by a weakening dollar, though gains were capped by plentiful supplies and bulging inventories despite efforts by OPEC and other producers to cut output to prop up the market. Benchmark Brent crude was up 50 cents a barrel at $55.58 by 0900 GMT. U.S. light crude was up 40 cents at $53.15. Traders ...

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