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  • Italian court bans unlicensed taxi services like Uber Tuesday, 26 May 2015 | 9:14 AM ET

    MILAN, May 26- An Italian court on Tuesday banned unlicensed car-sharing services such as those offered by Uber, in another setback for the fast-growing U.S. car service whose smartphone app summons rides at the touch of a button. The court in Italy's business capital Milan said the Uber POP service, which links private drivers with passengers through an...

  • EU COULD ACCEPT 1.0-1.5 PCT/ GDP GREEK PRIMARY SURPLUS, BUT ATHENS WOULD NEED TO TAKE MORE FISCAL STEPS TO REACH IT- OFFICIAL.

  • LONDON, May 26- Britain's top banks will be tested this year for their ability to cope with the type of market mayhem that followed the collapse of U.S. bank Lehman Brothers in 2008, the Bank of England said on Tuesday. Bank of England Deputy Governor Andrew Bailey, who also heads the central bank's Prudential Regulatory Authority, spoke last week of the need to look...

  • Varoufakis battles 'divorce lawyer' austerity talks Tuesday, 26 May 2015 | 8:33 AM ET
    Greek Finance Minister Yanis Varoufakis (L) talks with Dutch Finance Minister and president of Eurogroup Jeroen Dijsselbloem before an Eurogroup Council

    Greece's finance minister, Yanis Varoufakis, has blamed the euro zone's insistence on greater austerity measures as the real reason why talks with lenders are stalling.

  • Greece mulls levy on undeclared deposits to raise cash Tuesday, 26 May 2015 | 8:33 AM ET

    ATHENS, Greece— Greece is considering a 15 percent levy on undeclared foreign deposits, and double that rate on undeclared deposits in domestic banks, as an enticement for tax-dodgers to legalize assets. Finance Minister Yanis Varoufakis says he is also thinking of imposing a charge on cash withdrawals from bank ATMs and on over-the-counter transactions, to...

  • LONDON— A British prosecutor says a former Citibank and UBS trader motivated by greed served as the ringmaster of the alleged manipulation of a key interest rate, the London Interbank Lending Rate, or Libor. The charges against trader Tom Hayes, who specialized in products pegged to yen-denominated Libor, relate to the period from August 2006 to September 2010.

  • GRAINS-U.S. wheat eases as dollar curbs weather rally Tuesday, 26 May 2015 | 8:27 AM ET

    *Wheat market eyes USDA crop report for signs of rain damage. SINGAPORE/ PARIS, May 26- Chicago wheat futures edged lower on Tuesday as traders awaited a government crop update to assess any damage from heavy rain, while a rising dollar put pressure on U.S. commodities. Soybeans ticked up, steadying from their lowest in nearly eight months during the previous...

  • MADRID— Spain's Constitutional Court has struck down a decree by a regional government that tried to protect people in economic difficulty by allowing empty houses owned by banks to be temporarily confiscated for use as homes. The country's top court ruled Tuesday in favor of an appeal by Spain's conservative government, which argued that the southern...

  • Putin expects sanctions against Russia to be lifted Tuesday, 26 May 2015 | 8:02 AM ET

    MOSCOW— Russian President Vladimir Putin has encouraged businesses to expand domestically before Western nations lift economic sanctions, allowing once again the sale of many foreign goods in Russia. Russia's economy is expected to contract 3.8 percent this year in the World Bank's estimates, battered by the sanctions and capital outflows.

  • *Spain, Portugal bonds hit by Rajoy defeat in local vote. A battering in Sunday regional and local elections cast doubt on Prime Minister Mariano Rajoy's bet that an economic recovery will secure him a second term later this year and raised concerns in Portugal about the outcome. Portugal has been celebrated among Europe's elite as a model of how to reform an...

  • BRUSSELS, May 26- The European Commission said on Tuesday it would continue its investigation into Luxembourg's tax treatment of Amazon after reports the online retailer had changed its tax practices in Europe. We are examining the concerns that the tax ruling granted by Luxembourg to Amazon is providing the company with selective advantages, "said...

  • Europe shares mixed; BMPS tanks; Ryanair soars Tuesday, 26 May 2015 | 7:36 AM ET
    Greece's Finance Minister Yanis Varoufakis

    Europe markets were mixed with investors reacting to corporate earnings and concerns that Greece is finally about to default on its loan repayments.

  • LONDON, May 26- The next change to bank capital requirements in Britain is likely to be a tightening rather than a loosening as the economic recovery moves towards a peak, a Bank of England policymaker has said. Martin Taylor, a member of the BoE's Financial Policy Committee, said a global deal on banking standards was close and the industry in Britain was well...

  • Here's what's doing well from Greek jitters Tuesday, 26 May 2015 | 7:11 AM ET

    Safe-haven trades are back in play amid concerns about Greece's future and one currency that's appears to be benefiting the most is the Swiss franc.

  • Spanish and Greek concerns peg back European shares Tuesday, 26 May 2015 | 6:45 AM ET

    *Ryanair's shares rise after airline's profits surge. LONDON, May 26- European stock markets stumbled on Tuesday, as Greece's debt problems and a battering for Spain's government in local elections offset a rise in airline shares. Irish airline Ryanair surged 6.3 percent after posting higher profits.

  • DUBLIN, May 26- Ryanair trumpeted the success of its image makeover after soaring passenger numbers helped the Irish airline to post a 66 percent rise in full-year profit. The budget carrier, whose outspoken CEO Michael O'Leary softened his notoriously no-frills business model last year, said passenger numbers grew nearly three times faster than original...

  • LISBON, Portugal— Portuguese labor groups are vowing to keep up their fight against the government's privatization plans for public transport, as Lisbon subway staff walked off the job for the 43rd time in four years. Workers at the Lisbon bus company Carris and national railroad company Comboios de Portugal, both state-owned, have also staged dozens of...

  • FRANKFURT, May 26- German exchange operator Deutsche Boerse is set to unveil a joint venture with Shanghai Stock Exchange and China Financial Futures Exchange aimed at easing European investors' access to Chinese shares and ETFs, two people familiar with the plans said. "A central goal for Deutsche Boerse is to expand its cooperation with China," one of the people...

  • LONDON— Apple innovator Jonathan Ive says he's been promoted to the company's chief design officer, making him one of the most powerful people in the world's most valuable company. Two others were also promoted: Richard Howard will become head of industrial design and Alan Dye will be the head of user interface. The designer from northeast London has led Apple's...

  • BERLIN/ BRUSSELS, May 26- A senior German official said on Tuesday there was no reason to believe Greece would be in default after a 300 million euro payment to the IMF falls due on June 5. Separately, euro zone officials said deputy finance ministers would hold a teleconference on Thursday to follow up on days of negotiations between representatives of Greece and...