economics

Business conference pushes for intensified privatisation in Croatia

As long as the state authorities pay high bills, this means that the government has not yet seriously delved into the privatisation of state-run companies, although their sale can alleviate the pressure on the state budget, a business conference in Zagreb heard on Tuesday.

Monsanto shareholders approve 66-billion-dollar Bayer merger

German pharmaceutical giant Bayer on Tuesday cleared a major hurdle in its quest to swallow up US titan Monsanto, as the controversial agriculture giant's shareholders voted in favour of a merger worth 66 billion dollars.

Italy's UniCredit announces recapitalization, bad loan sale, job cuts

Italy's biggest bank by assets, UniCredit, unveiled Tuesday a major restructuring plan hinging on a 13-billion-euro (13.8-billion-dollar) recapitalization, the sale of 17.7 billion euros' worth of bad loans, and more aggressive job cuts.

Currency chaos in Venezuela as bills pulled over "attack"

Venezuelans rushed to trade in their 100-bolivar bills ahead of a Wednesday deadline after President Nicolas Maduro said he was eliminating the nation's highest currency denomination in an attempt to fight speculation and currency hoarding.

Singapore Airlines and Lufthansa cleared for joint venture

Singapore's competition watchdog cleared a proposed joint venture by Singapore Airlines and Germany's Lufthansa on Monday.

Italy's UniCredit raises 3.9 billion euros with Pioneer asset sale

Italy's biggest bank by holdings, UniCredit, said Monday it was going to cash in 3.86 billion euros (4.1 billion dollars) from the sale of its asset management firm, Pioneer, to France' Amundi, in a deal announced on the eve of a major restructuring plan.

Oxfam names world's worst tax havens

Multinational corporations rob developing countries of 100 billion dollars every year by using tax avoidance schemes, global charity Oxfam said in a report released Monday.

Iran and US firm Boeing sign massive deal

Iran's state airline Iran Air and US aeroplane producer Boeing on Sunday signed a deal for the purchase of 80 aircraft valued at 16.6 billion dollars.

World's longest tunnel railway tunnel opens to public in Switzerland

The first scheduled train to pass through the world's longest railway tunnel arrived in the Swiss city of Lugano more than 30 minutes faster than usual Sunday thanks to a shortcut that took 12.2 billion Swiss francs (12.3 billion dollars) and 17 years to build.

Greek parliament approves 2017 budget

The Greek parliament approved the government's 2017 budget on Saturday evening, the parliamentary steering committee reported.

Other countries join OPEC to cut oil output by 1.76 million barrels

The Organization of the Petroleum Exporting Countries (OPEC) managed to broaden its efforts to cut oil output on Saturday, when 11 countries outside this group joined a plan that is aimed at raising prices.

Greek ferry strike ends after eight days

A nationwide strike by Greek ferry workers that led to supply shortages on a several islands ended Saturday after eight days, a union leader said.

Sky accepts 18-billion-pound takeover bid by 21st Century Fox

The board of British broadcaster Sky has accepted a takeover bid worth some 18 billion pounds (22.6 billion dollars) from media tycoon Rupert Murdoch's US-based 21st Century Fox, the company said on Friday.

Pilots resume negotiations with Lufthansa in long-running pay battle

Pilots working for Germany's flagship airline, Lufthansa, have returned to the negotiating table with their employers, marking progress in a long-running pay dispute that has dogged the company with strike action.

One in six workers in EU earns low wages, according to report

Nearly one in every six employees in the European Union is earning the lowest of wages, according to the European statistics bureau Eurostat on Thursday, citing figures from 2014.

One third of big Australian companies pay no tax, tax office says

More than a third of the largest companies in Australia paid no tax in the previous financial year, according to data released Friday by the Australian Taxation Office (ATO).

Frankfurt airport test-runs new automatic immigration system

Frankfurt airport was testing out a new automatic immigration system on Thursday, the first time such a system has been tried out in Germany.

ECB meets overshadowed by threat of crisis in Italy

The European Central Bank met on Thursday to consider launching another round of monetary stimulus but the meeting was overshadowed by the threat of a political and banking crisis in Italy.

UniCredit sells stake in Polish bank Pekao to strengthen capital

Italy's biggest bank by assets, UniCredit, said Thursday it was going to sell a 32.8-per-cent stake in Polish subsidiary Pekao to insurance company PZU and state development fund PFR for 2.4 billion euros (2.6 billion dollars).

Ikea's yearly profits jump by almost one-fifth to 4.2 billion euros

Swedish furniture retailer Ikea's full-year net profit rose 19.6 per cent to 4.2 billion euros (4.5 billion dollars), the group said Wednesday, citing growth in both mature and emerging markets.

EU Commission fines trio of banks 485 million euros for rate fixing

Credit Agricole, HSBC and JPMorgan Chase must pay 485 million euros (520 million dollars) in fines for manipulating a key benchmark used to set lending rates, the European Commission said Wednesday.

Trump says Japan's Softbank will invest 50 billion dollars in US

US president-elect Donald Trump said Tuesday that Japanese telecommunications giant Softbank will invest 50 billion dollars in the United States.

German energy firms entitled to damages for nuclear shutdown policy

German energy companies are entitled to "appropriate" compensation for the government's 2011 decision to rush ahead with the shutdown of nuclear power plants, the country's top court ruled Tuesday.

Amazon tests checkout-free food store

Online retail giant Amazon is testing a new type of physical store in the US that promises no lines or checkouts, the company announced Monday.

BMW to repay record 72 million dollars to Australian car buyers

BMW will have to pay back 72 million Australian dollars (53.8 million US dollars) to car buyers in Australia who were misled into believing they could afford the luxury German vehicles, the country’s corporate watchdog announced Tuesday.

Eurogroup finance ministers agree to debt relief for Greece

Finance ministers from the countries that use the euro agreed Monday in Brussels to a series of relief measures for highly indebted Greece.

Greek ferry services remain disrupted as strike extended to Friday

Ferry services in Greece will remain disrupted through the week, after a seafarers' union extended an ongoing strike.

European investors shrug at Renzi resignation after failed referendum

European markets on Monday shrugged off this weekend's failed constitutional reform referendum in Italy with both shares and the euro ending the day higher.

Chinese firm building full-size Titanic replica for tourists

Construction has begun on the world's first full-size replica of the Titanic in China, a country that fell in love with the 1997 blockbuster movie about the doomed ocean liner.

Cambodia's brick factories plagued by 'modern slavery,' says NGO

Cambodia's brick factories are plagued by modern forms of slavery such as debt bondage and child labour, according to a report from a local rights organization released Friday.

EU agrees to let Germany introduce road toll, staving off legal feud

The European Commission has approved Germany's plan to introduce a road toll on its motorways, top transport officials from both sides said on Thursday.

Danish container shipping giant Maersk Line to buy German rival

Global shipping giant A/S Maersk Line of Denmark on Thursday announced plans to grow its business by buying German rival Hamburg Sued, the world's seventh largest container shipper.

EU, eurozone unemployment squeak to seven-year lows for October

Unemployment across Europe ticked down in October to its lowest rates in more than seven years, data released Wednesday showed, but differences between individual countries, as well as high youth unemployment, could have a long-term impact on economic growth.

Eurozone inflation hits two-and-half year high in November

Inflation in the 19-member eurozone rose to a two-and-half year high in November, helping to ease the pressure on the European Central Bank as it struggles to keep consumer prices in positive territory.

Vegans urge Bank of England to remove tallow from banknotes

British vegans have petitioned the Bank of England to remove tallow from its banknotes after the bank admitted its new plastic 5-pound (6.2-dollar) notes contain traces of the animal fat.

Oil prices jump as OPEC ministers expect to agree on production cut

Oil prices jumped Wednesday as members of the Organization of the Petroleum Exporting Countries (OPEC) voiced confidence that they could reach a deal to cut output for the first time since 2008.

Strike forces Lufthansa passengers to find alternative transport

About 98,000 Lufthansa passengers were forced to make alternative travel plans on Wednesday as a pilots' strike forced the German airline to slash 890 flights.

LinkedIn to create 200 new jobs in the Republic of Ireland

Professional networking website LinkedIn will create 200 new jobs at its regional headquarters in Dublin, the company and the Irish government said Tuesday.

Lufthansa flyers face travel chaos as pilots step up strike action

About 180,000 Lufthansa passengers are facing a round of travel chaos this week after the German airline was forced to ground more than 1,700 flights scheduled for Tuesday and Wednesday in the wake a strike by pilots.

Airbus says it will cut more than 1,000 posts

Airbus said Tuesday that it will phase out 1,164 positions and transfer 325 posts as part of an effort to increase efficiency.

Lufthansa slashes flights as pilots strike escalates

Lufthansa has slashed more than 1,700 flights scheduled for Tuesday and Wednesday, throwing into chaos the travel plans of about 180,000 passengers as the airline's pilots threatened to step up their strike action.Lufthansa said on Monday it had cancelled 816 short- and medium-haul flights scheduled for Tuesday, affecting 82,000 passengers.

WTO rules Boeing subsidies illegal in EU-US aircraft dispute

US aircraft manufacturer Boeing has received forbidden subsidies for its 777X wide-body passenger jet, the World Trade Organization (WTO) said Monday, deciding the latest round of the ongoing EU-US aviation trade spat in Europe's favour.

Italian banking shares tumble ahead of Sunday's referendum vote

Share prices for Italian banks fell sharply on the Milan stock exchange Monday, amid fears that a 'no' vote in a Sunday constitutional referendum could trigger a political and economic crisis.

Zimbabwe launches bond notes amid fear of massive inflation

 Zimbabwe’s central bank on Monday issued 10 million dollars’ worth of bond notes to address the country’s cash shortage, sparking fears that the move could trigger massive inflation.

OPEC officials optimistic about output cut, but markets uncertain

Members of the Organization of the Petroleum Exporting Countries (OPEC) voiced optimism Monday that they could reach a price-boosting deal this week to cut oil output, but markets were not convinced that the cartel can come up with a significant agreement.

Lufthansa pilots set to continue strike on Tuesday, Wednesday

Lufthansa pilots are set to continue their strike over salaries on Tuesday and Wednesday, the Vereinigung Cockpit pilots' union said late Sunday.

Lufthansa: 35 cancellations on Sunday despite end of strike

A four-day pilots' strike at German carrier Lufthansa ended Sunday, but the previous days' labour action is still causing cancellations.

Lufthansa: Possible cancellations on Sunday despite end of strike

A four-day pilots' strike at German carrier Lufthansa ends Sunday, but there may still be delays and cancellations, the company said in a statement issued Saturday.

Pilots reject latest Lufthansa offer, but strike to end Sunday

A new wage package is on the table from Lufthansa as it seeks to end an open-ended pilots' strike.

Ferrero cuts ties with Romanian supplier after child labour report

Italian confectioner Ferrero Rocher has cut ties to a Romanian supplier following accusations of child labour, slave wages and unhygienic conditions in the manufacture of its Kinder chocolate eggs, Ferrero's German subsidiary said in Frankfurt.

Amazon staff strike on pay and conditions in four German centres

Amazon staff at four distribution centres in Germany went on strike Friday over pay and working conditions, the internet retail company and trade union Verdi said.

Brits set to spend 2 billion pounds on Black Friday

British shoppers are expected to shell out a record 1.96 billion pounds (2.44 billion dollars) this Black Friday, according to research from VoucherCodes.co.uk and the Centre for Retail Research.

Lufthansa pilots' union says strike is indefinite

No end date has been set for the current round of strikes by Lufthansa pilots, a spokesman for the pilots' union said on Friday, as the strike entered its third day.

Philippines arrests 1,240 illegal Chinese workers

Philippine authorities arrested 1,240 Chinese nationals suspected of working illegally in a province north of Manila, authorities announced Friday. 

Lufthansa strike to hit weekend flights amid pay deadlock

Weekend flights operated by German airline Lufthansa are set to be disrupted after a pilots union said Thursday it would extend its strike action to a fourth day.

Think tank: British workers face "dreadful" decade of stagnant wages

British workers could be facing the longest period of wage stagnation since World War II as they are served up "an additional dollop of austerity," an economic think tank said Thursday.

Lufthansa cancels 830 flights on Friday as third day of strikes looms

The pilots’ strike at Lufthansa will result in the cancellation of 830 flights on Friday, affecting the travel plans of some 100,000 passengers, the German flagship carrier said on Thursday.

Chinese company Ctrip acquires Skyscanner for 1.74 billion dollars

China's top online travel agency Ctrip is planning to acquire British flight comparison website Skyscanner, the companies said on Thursday.

Shadow chancellor: Brexit secrecy will further damage British economy

Britain's economy will continue to suffer as long as Prime Minister Theresa May remains tight-lipped about her Brexit plans, the shadow chancellor insisted Thursday in response to a gloomy economic forecast.

Lufthansa cancels 912 flights as pilots strike enters second day

The strike by Lufthansa pilots in support of a pay demand went into its second day on Thursday, with the German flagship carrier cancelling 912 flights for the day, hitting the travel plans of some 100,000 long

Britain confirms economic slowdown amid Brexit limbo

The British government has abandoned its plans to reach a budget surplus by 2019-20, as official forecasts show a weakened gross domestic product and rising debt in the wake of the vote to leave the European Union.

Foreign banks based in Germany foresee “hard” Brexit

Foreign banks based in Germany are gearing up for Britain’s departure from the 28-member European Union to be a “hard Brexit” that will take effect over the next two or three years.

Lufthansa cancels 912 flights for second day of strike on Thursday

Germany's flagship airline Lufthansa has cancelled 912 flights scheduled for Thursday, the second day of a strike by its pilots in a long-running and costly pay dispute.

German court says pilots can strike at Lufthansa

A Frankfurt court has decided against Lufthansa's request for an injunction to stop a pilots' strike scheduled for Wednesday.

EU says tax officials can exchange bank account data across borders

Tax officials across the EU's 28 member countries will now be able to automatically share names and balances on bank accounts as part of the bloc's effort to fight tax evasion, according to new rules approved by the European Parliament on Tuesday.

Lufthansa takes legal action against pilots' strike

Lufthansa says it is seeking an injunction to stop a pilots' strike scheduled for Wednesday as part of a long-running battle with its employees over pay.

Swiss defend title of world's richest people

The Swiss are the richest people in the world, with an average wealth of 561,900 dollars per adult, Credit Suisse said in its annual global wealth report on Tuesday, confirming Switzerland's top ranking for the 16th year in a row.

Dozens of flights axed in Germany amid Eurowings cabin crew strike

Dozens of flights were cancelled in Germany on Tuesday as cabin crew at Lufthansa's budget carrier, Eurowings, walked off the job in Dusseldorf and Hamburg to protest pay and conditions.

Lufthansa pilots call 14th strike in salaries dispute

German pilots union Vereinigung Cockpit on Monday announced a strike at Lufthansa amid a salary dispute that has been ongoing for more than two years.

Facebook to open new London headquarters, creating 500 jobs

Facebook will open a new headquarters in London next year and create 500 jobs in the British capital, the company announced on Monday.

May urges Britain to use Brexit to build "stronger, fairer" economy

Prime Minister Theresa May on Monday urged business leaders to help her use the "historic opportunity" of Britain's exit from the European Union to revitalize the economy and spread wealth to poorer families.

Mexico's central bank: "Trump is no longer a category 5 hurricane"

US president-elect Donald Trump is no longer a "category 5 hurricane," the head of Mexico's central bank said in a Friday interview.

VW to cut 23,000 jobs in Germany, 30,000 in total worldwide

German carmaker Volkswagen is to cut 30,000 jobs worldwide by 2025, of which 23,000 cuts will occur in Germany, the company announced Friday at meeting in its headquarters in the western German town of Wolfsburg.

Singapore Airlines slashes pilot pool amid business slowdown

Singapore Airlines (SIA) has slashed its pilot pool by 12 per cent in the last five years amid a business slowdown.

Report: Deutsche Bank considers cancelling millions in bonuses

Troubled German lender Deutsche Bank is thinking about cancelling millions in bonuses set aside for top managers as it tries to right its financial ship, the Sueddeutsche Zeitung newspaper reported Thursday.

Google announces 24 million euros in European media project funding

More than 100 media groups and projects are set to share 24 million euros (25.7 million dollars) in grants handed out by internet giant Google Thursday in Berlin.

Cars in Europe pump out more CO2 than advertised, says tester

Vehicles on European roads pump out far more carbon dioxide (CO2) than advertised, the team of scientists who uncovered Volkswagen's diesel emissions scandal reported in a study released Thursday.

EU parliament, member states strike deal on 2017 budget

EU governments and the European Parliament reached a deal early Thursday on the bloc's 2017 budget, paving the way for 134.5 billion euros (144.1 billion dollars) in spending next year.

EU car sales flat in October, as demands falls in Germany and France

The market for new cars was flat in the European Union last month, as demand fell in the bloc's two biggest countries, the European Automobile Manufacturers Association (ACEA) reported Thursday.

EU takes aim at Italy's austerity-busting 2017 budget

Italy's 2017 budget looks set to breach EU debt and deficit rules, the European Commission warned Wednesday, while noting that it could grant some leeway to tackle migration flows and recent earthquakes, in an opinion closely watched by Rome.

EasyJet could operate EU flights from Ireland after Brexit - report

British budget airline easyJet is considering applying for a licence to operate from Ireland to ensure it retains access to routes between European Union nations after Brexit, the Irish Times said on Wednesday.

World's first pizza delivery by drone in New Zealand

Domino's Pizza has carried out the world's first pizza delivery by drone in a suburb of Auckland, New Zealand, according to a video posted on Facebook.

EU governments, lawmakers seek to hash out deal on 2017 budget

EU member states sought Wednesday to reach a deal with the European Parliament on the bloc's spending plans for 2017, with extra security and migration costs weighing on the traditionally fraught process.

Samsung acquires Canadian messaging technology specialist

The world's largest smartphone producer Samsung Electronics announced Wednesday that it has acquired Canadian messaging technology specialist NewNet Communication Technologies for an undisclosed price.

EU study: Trade deals could threaten European beef, rice farmers

Future EU trade agreements with countries such as the United States, Canada and Vietnam could threaten some European farmers, a report showed Tuesday, while underlining "significant gains" for other parts of the agricultural industry.