BRUSSELS, Aug 27- Google, the world's most popular Internet search engine, rejected on Thursday European Union antitrust charges that it abused its market power, saying they lacked any economic or legal basis. "Economic data spanning more than a decade, an array of documents and statements from complainants all confirm that product search is robustly...» Read More
Patrick Honohan, Ireland’s central bank governor, on Wednesday put a “For Sale” sign over the country’s ailing banks, stressing that foreign ownership of the troubled sector was “not as far-fetched a scenario as it might appear to some”, reports the Financial Times.
The rumbling crisis over the integrity of the eurozone has entered a new and ominous phase, with economists and bond market investors questioning the ability of “peripheral” European economies to stay in the euro without yet another rescue package. The FT reports.
The United States should tax purchases of yen, yuan and euro used to import goods from those three economies. Set it at about 40 percent until the Gang of Three agrees to acceptable exchange rate reforms.
Some of the biggest trade finance providers, led by HSBC and Standard Chartered, are lobbying to have tough capital rules toned down, warning that if they are not, world trade could be severely hampered. The Financial Times reports.
José Sócrates, Portugal’s prime minister, has blamed an increase in government bond yields on “speculative movements”, saying growing pressure on the country’s borrowing costs had no economic justification. The Financial Times reports.
If Bush-era income tax cuts are extended and the deficit grows, the dollar could be further weakened — a prospect that worries U.S. allies and trading partners, the New York Times reports.
Investors disappointed with the yield on government bonds should look to good-quality companies with strong dividends such as Deutsche Telekom and Nestle, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday.
Germany is pushing to let hopelessly indebted governments do exactly that — admit they can't pay and hit bond investors with the costs instead of taxpayers.
The World Trade Organization, the EU and the United States said Tuesday they were pressing for solutions to concerns China may be exploiting its stranglehold on rare earth metals, crucial in the making of everything from portable phones to wind turbines.
The dollar may be set to rise as currency wars bring more controls on flows of capital and a rise in protectionism, David Bloom, currency strategist at HSBC, told CNBC.
The European Central Bank should worry less about the “phantom risk” of inflation and instead focus on the rising threat of deflation which could result from a currency war, economist Nouriel Roubini said in an article for Roubini Global Economics clients.
In France, the response to the government’s plan to raise the retirement age from 60 to 62 has sparked nearly a week of national strikes and protests. Click for photos.
The European Commission is preparing for a smoking ban across the European Union, with legislation introduced as early as next year, according to several media reports Tuesday.
Ireland has opened the door to a renegotiation with senior bondholders of its two nationalized banks despite previously opposing any such move. The FT reports.
A small rise in inflation may trigger a correction for the bond market, as too many investors have piled in, Roman Scott, managing director at Calamander Capital, told CNBC Monday.
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Europe faces an important challenge in creating greater awareness of the importance of a stable currency, but to achieve that goal, its citizens will need to grow more attached to the euro, Otmar Issing, former European Central Bank chief economist, told CNBC.
German car maker BMW said Friday it will recall 198,000 cars in the US because of potential problems with the brakes while press reports put the total number of vehicles recalled across the world at 345,000.
The parliament pushed through legislation that in effect grants a tax amnesty to millions of citizens, in a move at odds with organizations overseeing the country’s bailout, the FT reports.
Looking to rev up slumping sales in the beleaguered golf industry, Callaway announced today a strategic partnership with automaker Lamborghini in the quest to find the strongest, lightest and most durable materials.