Norway’s tax-cutting Conservative Prime Minister Erna Solberg declared victory on Tuesday after a parliamentary election, narrowly defeating a Labour-led opposition with her promises of steady management of the oil-dependent economy. The win is historic for Solberg, whose supporters compare her firm management style to that of German Chancellor Angela Merkel, because no Conservative-led government has […]
Read moreLeaders of the Senate Finance Committee on Monday demanded answers from Equifax about its major data breach, including pressing for more details about three Equifax executives who sold shares after the breach was discovered. The stock sales have added to the consumer backlash over the breach, which may have compromised the Social Security numbers and […]
Read moreFinancial institutions with exposure to U.S. properties hit by Hurricanes Harvey and Irma are tempering their loss estimates, as the damage to homes and businesses has been far less severe than expected. Late last week, before Irma hit Florida, reports that the vast majority of homeowners hit by Harvey had no flood insurance stoked fears […]
Read moreBritish inflation hit its joint highest in more than five years in August as households paid more for fuel and clothing, complicating the Bank of England’s job of explaining why it is not raisinginterest rates. The fall in the value of the pound since last year’s Brexit vote helped push up clothing costs which jumped […]
Read moreA Beijing court sentenced two men who directed a large Ponzi scheme to life imprisonment, state news agency Xinhua reported on Tuesday. Peer-to-peer lender Ezubao shut down last year after raising more than 50 billion Chinese yuan ($7.6 billion) from about 900,000 investors, Xinhua reported last year. By the time police made arrests, Ezubao had […]
Read moreTraditional European automakers are increasingly prioritizing the development of electric cars over combustion engines as they seek to gain market share in a space dominated by U.S. upstart Tesla. “It is quite clear the future will be electric,” Ralf Speth, Jaguar Land Rover chief executive, told CNBC on Tuesday. “We are going to deliver a […]
Read moreHuman Rights Watch accused the Saudi-led coalition fighting in Yemen of war crimes on Tuesday, saying its air strikes killed 39 civilians including 26 children in two months. The rights group said five air strikes hitting four family homes and a grocery store was carried out either deliberately or recklessly, causing indiscriminate loss of civilian […]
Read moreInsolvent Air Berlin said it is cancelling around 70 flights on Tuesday after pilots called in sick in unusually high numbers. Departures information on its website showed flights cancelled from a range of German airports including Berlin Tegel, Duesseldorf, Hamburg and Cologne. TUIfly was also forced to cancel flights last year after many pilots called […]
Read moreThe chief executive of German automaker Volkswagen says the current discussion regarding diesel cars is unjustified and that the diesel engine has a “great future” ahead. “The diesels we are offering today are clean. They comply with the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) requirements and they meet the requirements and needs of our […]
Read moreChina’s yuan weakened against the U.S. dollar on Monday after the government scrapped measures meant to prop up the currency. The central bank removed reserve requirements for financial institutions settling currency forwards, and for foreign banks holding yuan deposits offshore, reversing actions put in place a few years ago to quash depreciation pressures. The actions […]
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