In July 2016, the Commission fined MAN, Volvo/Renault, Daimler, Iveco, and DAF a total of 2.93 billion euros for forming a cartel and colluding on truck prices for 14 years. The largest individual fine was on Daimler for 1.008 billion euros. DAF was hit with a fine of 752 million euros, while Volvo/Renault was fined […]
Read moreThe U.S. economy needs tax reform, infrastructure spending and better regulations to make sure the benefits of expansion hit everyone, according to the International Monetary Fund. Without mentioning President Donald Trump by name, the IMF’s recommendations dovetail for the most part with the White House’s economic goals. “The U.S. economic model is not working as […]
Read moreShares in Russian business conglomerate Sistema slumped by as much as 17 percent early on Tuesday, after a Russian court froze some of its assets as part of a legal dispute with oil company Rosneft. Rosneft is suing Sistema for 170.6 billion roubles ($2.9 billion) in damages following its purchase of oil producer Bashneft last […]
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Salesforce Chief Executive Marc Benioff told CNBC on Tuesday that despite an unprecedented rally among high-growth technology giants, some FANG stocks still remain undervalued. The so-called FANG technology stocks refer to Facebook, Amazon, Netflix and Google (through parent company Alphabet). Some investors also recognize Apple as an additional ‘A’ to the FANG acronym. “I think […]
Read moreU.S. Commerce Secretary Wilbur Ross has at the last minute pulled out of a trip to Germany on Tuesday, the German economy ministry said, not giving a reason for the cancellation which comes at a time of friction with Washington over trade policy. He had been due to meet German Economy Minister Brigitte Zypries and […]
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Uber’s tumultuous six months of scandal is likely to mark the first of many equality crises in the tech industry, according to Salesforce Chief Executive Marc Benioff. Speaking on the sidelines of the World Economic Forum in Dalian, China, Benioff warned that tech giants would need to take their capabilities to another level in order […]
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Italy’s convicted former Prime Minister Silvio Berlusconi may have regained public favour at a local level but he is “absolutely not” in line to make a return to frontline politics, Carla Ruocco of opposition party Five-Star Movement told CNBC. Berlusconi, who has served four terms as Prime Minister but was banned from office amid tax […]
Read moreQueen Elizabeth II’s income will almost double this year, royal accounts published Tuesday showed, amid an increase in the amount of taxpayer funds directed to the British royal family to cover extensive repairs at Buckingham Palace. Official figures show the Crown Estate, which owns much of London’s West End, made £328.8 million ($418.6 million) in […]
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President Mario Draghi of the European Central Bank said Tuesday that the central bank will have to be prudent to gradually adjust its monetary stimulus to the economic recovery. Speaking at the European Central Bank Forum in Sintra, Portugal, Draghi made it clear however that the current stimulus needs to remain in place as inflation […]
Read moreLife as a London renter has been a fairly miserable vantage point from which to watch the phenomenon of soaring house prices in the years since the financial crisis. Yes, it’s enriching to try local living in several of the capital’s quirky and charming “villages”, but the price of the flexibility to swiftly switch from […]
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