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Europe News London

  • LONDON, June 23- Sterling gained by almost half a percent against the dollar on Friday, helped by a shift in expectations for interest rates that has some in the market backing the Bank of England to raise borrowing costs within months. Policy hawk, Kristin Forbes, in her last speech before leaving the bank, urged colleagues on Thursday evening to raise rates...

  • The source was quoting from a report on the impact of Brexit on companies and investors commissioned by the Association for Financial Markets in Europe, a banking industry lobby group, and compiled by the Boston Consulting Group. The report, due to be published next month and could still be changed, surveyed officials from more than 60 companies, most of which...

  • *Europe sitting on nearly 1 trillion euros of bad loans. PRAGUE, June 23- With little support for a European Union- backed bad bank to clean up the huge pile of soured loans in Europe, national authorities should at least get a common blueprint to deal with the problem, the banking sector watchdog's head said on Friday. It received a cool reception, including from EU...

  • LONDON, June 23- The cool shade of the hills above Lisbon will offer leading central bankers an escape from the summer heat in the coming week, but there is little they can do to get away from their differing monetary policy conundrums. The highlight of the European Central Bank's "Forum on Central Banking" in Sintra-- the old getaway of Portuguese monarchs-- is likely...

  • *Many U.S. shale drillers profitable at $40/ barrel- Cenkos. LONDON, June 23- Oil traded flat on Friday, hovering near a 10- month low in U.S. prices hit earlier this week, and remained on course for its biggest first-half decline in almost two decades as production cuts have failed to reduce oversupply. Brent crude futures were down 8 cents at $45.14 a barrel at 1337 GMT.

  • Deadly London tower blaze began in a Hotpoint fridge freezer, police say

    Police say the Grenfell tower cladding failed safety tests and are considering manslaughter charges.

  • *Moody's rates France Aa2 with stable outlook. LONDON, June 23- France's main government bond yield held near a seven-month low on Friday as some analysts predicted a boost for the country's credit rating at its first review since Emmanuel Macron won the presidency and a large parliamentary majority. One of the big three ratings firms Moody's is set to publish...

  • *Many U.S. shale drillers profitable at $40/ bl- Cenkos. Brent crude futures were up 14 cents at $45.36 a barrel at 1138 GMT. Bearish factors like higher output in Libya or Nigeria result in lower oil prices but bullish factors, like the really high OPEC commitment, are ignored, "said Frank Schallenberger, head of commodity research at LBBW in Stuttgart.

  • *Plans new overseas offices in Sydney, Luxembourg next year. CMB is planning to open new private banking offices in Sydney and Luxembourg next year, and Los Angeles, London and Vancouver over the next two-three years, Wang Jinggeneral manger of CMB's private banking department told Reuters. China's sixth-largest lender by assets already has a private banking...

  • BRUSSELS— The European Union and Britain on Friday tripped over the first item in their Brexit talks— protecting the rights of each other's citizens— highlighting the potential for trouble ahead in their marathon negotiations. The 27 EU leaders demanded many more details on the U.K. proposal to guarantee the rights of the 3 million EU citizens who now live in...

  • Pedestrians walk past the Bank of England in the City of London, Britain June 28, 2016.

    BOE policymakers that are pushing for a rate hike have been wrong for the past eight years and there's no sign of them getting it right no, HSBC's global head of foreign exchange strategy told CNBC.

  • FRANKFURT, June 23- The growing scarcity of German government bonds makes any major extension of the European Central Bank's asset buying scheme difficult and this will be a key consideration when policymakers decide whether to extend the buys, three sources told Reuters. The problem is that the ECB's self-imposed rules mean it can only buy up to one-third of...

  • LONDON— The Irish government has sold 25 percent of Allied Irish Banks' shares, eight years after nationalizing the firm amidst the financial crisis. The ministry of finance raised a total of 3 billion euros Friday after selling the shares for 4.40 euros each. Trading in the shares began Friday on the Dublin and London stock exchanges.

  • *FTSE 100 down 0.2 pct, mid caps up 0.2 pct. LONDON, June 23- One year on from Britain's shock vote to leave the European Union and cracks are starting to appear in the FTSE 100' s rally, as concerns on both political and economic fronts put UK shares on course for their third week of losses in a row. While the FTSE ended 2016 up more than 14 percent, fresh political concerns...

  • Residents of a public housing complex being evacuated in north London because of fire safety concerns say they are both angry and frightened about being forced from their homes. Expedited inspections heightened concerns about exterior insulation panels like the ones on Grenfell Tower, a high-rise where a June 14 fire killed at least 79 people.

  • FRANKFURT, Germany— The European Central Bank is asking for legal powers to oversee how transactions involving financial derivatives are settled— a hot topic in negotiations over Britain's departure from the European Union. Much of the activity in clearing euro-denominated derivatives is located in London and involves thousands of jobs in the financial...

  • *Gold resistance at $1,260/ oz, 55- day moving average. LONDON, June 23- Gold prices climbed to one-week highs on Friday, boosted by a lower dollar and economic and political uncertainty around the world, but the prospect of further interest rate rises in the United States limited gains. Allegations of ties to Russia have cast a shadow over U.S.

  • LONDON, June 23- For years the options market that companies and investors use to hedge against big swings in currencies viewed the euro as a bigger political and structural risk than Britain's pound. In the political and market turmoil immediately before and following Britain's decision last June to leave the European Union, financial market investors...

  • *Ireland sells 25 percent stake at 4.40 euros per share. DUBLIN, June 23- Ireland raised 3 billion euros by selling a quarter of Allied Irish Banks on Friday in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom. The initial public offering of 25 percent of AIB's shares at 4.40 euros each was the third largest...

  • Though growth eased slightly in June, financial information firm IHS Markit said Friday that the eurozone's second quarter overall looks like it will be its strongest since the first three months of 2011. "The latest reading needs to be looked at in the context of recent elevated levels," said Chris Williamson, IHS Markit's chief business economist.