French economist Thomas Piketty says wealth inequality will continue to rise over time.» Read More
STOCKHOLM, Oct 9- Little has been done to meet some European Union members' objections to a planned bank union, Swedish Finance Minister Anders Borg, who has criticised the plan, was quoted as saying on Tuesday. Sweden is outside the euro zone, but its banks are active in euro zone countries Estonia and Finland.
BRUSSELS, Oct 9- Belgian chemicals group Solvay. will create a joint venture for oilfield process chemicals with Russian petrochemicals group SIBUR, the company said on Tuesday. The unit, which will be owned in equal parts by both companies, will produce surfactants which are used in home and personal care products as well as the oil and gas industries, Solvay said.
SIENA, Italy, Oct 9- The chairman of Italy's third biggest lender, Banca Monte dei Paschi di Siena, said on Tuesday he aimed to keep the bank "totally and absolutely" independent.
LONDON, Oct 9- Jubilee Platinum PLC:. *Enters MOU for toll processing Dilokong Chrome mine's platinum-bearing. *Will be targeting a tailings processing rate of up to 50,000 tonnes per month.
Turkish President Abdullah Gul said on Monday the "worst-case scenarios" between his country and Syria were now playing out, fuelling concerns that the 18- month-old conflict in Syria may spread to other countries in the region.
ANKARA, Oct 9- Turkey cut its growth forecasts for this year and next on Tuesday and said budget deficits would be wider than previously thought, falling largely into line with independent economists as it moves into an election cycle.
PRAGUE, Oct 9- Czech September inflation data confirm the tone of the central bank's macroeconomic forecast regarding the anti-inflationary effect of the domestic economy, the bank said on Tuesday. The forecast assumes a further decline in interest rates in the next several quarters.
BELGRADE, Oct 9- Serbia's central bank increased its benchmark interest rate, already the highest in the region, by 25 basis points to 10.75 percent on Tuesday, reflecting concerns over rising inflation and debt.
AMSTERDAM, Oct 9- Policymakers should quickly empower the European Central Bank to supervise major lenders as a cornerstone of a strong banking union to underpin efforts to tackle the region's debt crisis, the Dutch central bank said.
*ING effectively pays Barclays to take UK online business. *Barclays shares nudge up 0.3 pct; ING down 0.1 pct. LONDON, Oct 9- Barclays' new chief executive set the course firmly towards retail banking on Tuesday with his first deal since replacing Bob Diamond- the takeover of ING's British savings and loan business and its 1.5 million customers.
STOCKHOLM, Oct 9- Telecoms gear maker Ericsson. Parents Ericsson and STMicroelectronics said earlier in the day they were working with an external advisor to determine the best course for ST-Ericsson. "We are looking at all possible solutions," Ola Rembe, head of media relations for Ericsson, said.
STOCKHOLM, Oct 9- Swedish engineering group Sandvik has looked at a possible sale of its Sandvik Materials Technology business but decided not to proceed with a deal, leaving the unit off the block for now, a company spokesman said on Tuesday.
LONDON, Oct 9- The board of Kazakh miner ENRC. is set to consider a proposal to beef up the role of its chairman, strengthening the hand of veteran banker Mehmet Dalman by handing him an executive position, a source familiar with the matter said.
The FTSE Small Cap index is broadly flat around midday, outperforming a 0.3 percent fall by the blue-chip FTSE 100 index and a 0.4 percent decline by the mid-cap FTSE 250 index. Power control components manufacturer XP Power is down 3.6 percent, having at one stage slumped by 7 percent, as it reports lower revenues.
ISTANBUL, Oct 9- Turkish vehicle production fell 10 percent year-on-year to 793,995 units between January and September, the Automotive Manufacturers Association said on Tuesday, as the impact of a shrinking export market in Europe and weaker domestic demand took their toll.
NEW DELHI, Oct 9- The U.S economy is now growing close to its potential, U.S Treasury Secretary Timothy Geithner said on Tuesday. Geithner also said during a visit to New Delhi that economic reforms in Europe "could take years and years to bear fruit". "We are very worried about risk of collapse in Europe...
LONDON, Oct 9- A new British carbon price floor may increase gas demand as rapid price rises eat into profits from burning coal, but the impact on power prices could affect political will to implement the policy.
LONDON, Oct 5- Royal Dutch Shell's Nigerian joint venture Shell Petroleum Development Company of Nigeria on Friday declared force majeure on its gas supply after an attempt to steal crude oil from a pipeline led to a fire, the company said in statement.
*FTSE 100 slips 0.2 percent in second day of losses. UK factory output shrank more than expected in August, and exports fell steeply versus the previous month, data showed, pointing to deterioration both in the domestic and the global economy.
LUXEMBOURG, Oct 9- Eleven European Union countries support the introduction of a tax on financial transactions, EU Tax Commissioner Algirdas Semeta told EU finance ministers on Tuesday, a number that exceeds the nine needed to legally launch the initiative. The new countries that joined the initiative are Italy, Spain, Slovakia and Estonia.