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  • LONDON/ FRANKFURT/ PARIS, Feb 22- French carmaker PSA Group expects its planned acquisition of General Motors' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros annually, sources said, adding that a deal could be finalised in early March. PSA also plans to make swift progress on technical convergence with GM's...

  • BERLIN, Feb 22- Germany's Social Democrats have drafted a law to discourage corporations from granting high pay packages to top managers by capping the tax deductions they can get through writing them off as business expenses. The SPD, which has veered to the left under its new leader Martin Schulz, presented a draft law on Wednesday to limit the tax deduction at...

  • LONDON/ FRANKFURT/ PARIS, Feb 22- French carmaker PSA Group expects its planned acquisition of General Motors' Opel division to lead to combined sales of 5 million vehicles by 2022 and save as much as 2 billion euros annually, as the talks advance towards a likely deal in early March, sources told Reuters. PSA also plans to make swift progress on technical...

  • PARIS— France's finance minister says a possible PSA Group takeover of General Motors' German subsidiary Opel could help both companies if it doesn't lead to job cuts. Germany's economy minister, Brigitte Zypries, is heading Thursday to Paris to discuss the possible deal. Opel employs 19,000 people in Germany, where politicians are concerned about job losses...

  • BERLIN— International Monetary Fund head Christine Lagarde said after talks with Chancellor Angela Merkel in Berlin that she sees no need for a "haircut" of Greek debt but that Athens needs to make "significant progress" on reforms. Athens agreed Monday to implement further reforms beginning in 2019, after the country's current third bailout has ended.

  • BERLIN, Feb 22- Greece doesn't need a debt haircut at the moment, International Monetary Fund Chief Christine Lagarde said on Wednesday, adding that debt restructuring and interest rate cuts on bailout loans were necessary. She said Greece should implement pension and income tax reforms demanded by the IMF as a condition for taking part in a bailout program.

  • LONDON, Feb 22- Eleven non- OPEC oil producers that joined a global deal to cut output to boost prices have delivered at least 60 percent of promised curbs so far, OPEC sources said on Wednesday, higher than initially estimated. "This meeting shows the seriousness of OPEC and non- OPEC in implementing the agreed cut," an OPEC delegate said. Two OPEC delegates said...

  • *Spain, Germany sell new debt. LONDON, Feb 22- The gap between short-dated German and U.S. government bond yields stood at its widest in nearly 17 years on Wednesday as the former fell to record lows and the latter nudged up in anticipation of rate increase signals. Bottlenecks caused by the European Central Bank's bond-buying program and upcoming regulatory...

  • South Korean treasurer went missing on Feb. 7. ZURICH, Feb 22- Swiss engineering group ABB fell victim to a "sophisticated criminal scheme" at its South Korean subsidiary, it said on Wednesday, with the chief suspect an executive responsible for ethics training. The executive, named by a source in South Korea as Oh Myeong-se, was treasurer and one of two integrity...

  • NEW YORK, Feb 22- Global stocks pulled back from record highs on Wednesday while the dollar rose ahead of minutes from the U.S. U.S. and German bond yields initially fell on safe-haven demand, stoked by jitters about the first round of the presidential election in France where polls showed anti-EU, anti-immigrant candidate Marine Le Pen leading.

  • LONDON/ FRANKFURT, Feb 22- French carmaker PSA Group aims to generate annual cost savings of between 1.5 billion and 2 billion euros from its proposed acquisition of Opel from General Motors, two sources told Reuters on Wednesday. The disclosure sparked concern for the future of GM's Opel and Vauxhall plants in Germany and Britain, home to most of the group's...

  • PARIS, Feb 22- Airbus called on Wednesday for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft, after taking a fresh 1.2 billion euro charge for Europe's largest defence project. This is unacceptable and puts a huge burden on Airbus and we need to do something about it, "Chief Executive Tom Enders said.

  • GENEVA, Feb 22- A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5 percent lift to the world economy by 2030 even as it faces renewed protectionism from the United States. World Trade Organization Director General Roberto Azevedo hailed the start of the pact, which he said was the "...

  • MONTE CARLO MC, Monaco _ Navios Maritime Holdings Inc. on Wednesday reported fourth-quarter net income of $28.2 million, after reporting a loss in the same period a year earlier. For the year, the company reported that its loss narrowed to $45.1 million, or 42 cents per share. This story was generated by Automated Insights using data from Zacks Investment...

  • *Banks hurt economy, Italy saddled with pile of bad loans. BRUSSELS, Feb 22- The European Commission warned Italy on Wednesday it risked disciplinary action if it did not adopt promised measures to cut its deficit, adding to pressure on a government facing possible early elections and rising euro-skeptic sentiment. Italy is set to increase its huge public debt...

  • *Kengeter faces German demands HQ move to Frankfurt. The $27- billion- plus deal to create Europe's biggest stock market was struck before Britain voted to leave the European Union. Brexit has prompted German politicians to demand that the merged company's headquarters move to Frankfurt, setting the scene for a clash with Britain as it seeks to safeguard...

  • The presidential candidate from the anti-EU, anti-immigration National Front party is all about national sovereignty and independence. She wants France to take control of its money, subject to a referendum that would lead France out of the European Union and its shared currency. But how would France pull off a euro exit, or "Frexit"?

  • *Spain, Germany sell new debt. LONDON, Feb 22- The gap between short-dated German and U.S. government bond yields stood at its widest in nearly 17 years on Wednesday as the former fell to record lows and the latter nudged up in anticipation of rate increase signals. Bottlenecks caused by the European Central Bank's bond-buying program and upcoming regulatory...

  • PARIS, Feb 22- Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft, after taking a fresh 1.2 billion euro charge for Europe's largest defence project. Chief Executive Tom Enders told reporters Airbus was paying for the "original sin" of striking an unrealistic deal when the plane was launched in...

  • SAO PAULO/ ESSEN, Feb 22- Thyssenkrupp AG has struck a deal to sell its loss-making Brazilian steel mill CSA to Ternium SA for 1.26 billion euros, ending a foray into the Americas that led to billions of euros in losses. Including debt, the deal announced by the two companies late on Tuesday gives CSA, the largest foreign investment project ever in Brazil, an...