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3 May 2016   European stocks slide 
 
(MENAFN - AFP) European stock markets slumped on Tuesday, dragged down by disappointing bank results, as the EU cut its forecast for eurozone growth.

But the euro still managed to reach an eight-month high against the dollar, which tumbled also versus the yen on dwindling prospects of a further hike in US interest rates any time soon, according to analysts.

Weak earnings ...

 
(MENAFN - AFP) The main whistleblower in the "LuxLeaks" scandal told his trial in Luxembourg on Tuesday that he was proud that leaking of thousands of secret documents had opened up the issue of tax avoidance in Europe.

Frenchman Antoine Deltour, a former employee of auditing firm PricewaterhouseCoopers (PwC), is on trial along with two other people over the leaks and faces ...

 
(MENAFN - AFP) Swiss banking giant UBS on Tuesday saw its share price plummet after jittery investors helped push its first quarter net profit down by nearly two thirds.

Switzerland's largest bank's share price fell 7.9 percent to 15.22 Swiss francs a piece in late afternoon trading as the Swiss stock exchange's main SMI index slumped 1.3 percent.

The steep fall came ...

 
(MENAFN - AFP) The New York Times Co. on Tuesday reported a slump in advertising revenues for both print and digital, dragging the newspaper group into the red for the first quarter.

The prestigious US daily posted a loss of $8.3 million in the quarter, narrower than the $14.3 million deficit in the same period a year ago.

Overall revenues dipped 1.2 percent to $380 ...

 
(MENAFN - AFP) Halliburton reported a $2.4 billion loss in the first quarter Tuesday following hefty costs for its failed merger bid for Baker Hughes and large asset write downs.

Revenues at the US oilfield services giant were $4.2 billion, down 40 percent from a year ago.

The loss was driven in large part by $2.8 billion in costs to downgrade assets whose value has ...

 
(MENAFN - AFP) Dutch electronics giant Philips announced Tuesday it was floating its lighting arm on the stock market in a "historic" initial public offering, after failing for over 18 months to find a buyer.

Philips said it aimed to spin off at least a quarter of Philips Lighting division's shares, in a move described by some analysts as "born out of necessity".

"The ...

3 May 2016   Banks rattle European stocks 
 
(MENAFN - AFP) European stock markets slumped on Tuesday, dragged down by disappointing bank results, as the EU cut its forecast for eurozone growth.

But the euro still managed to reach an eight-month high against the dollar, which tumbled also versus the yen on dwindling prospects of a further hike in US interest rates any time soon, according to analysts.

Weak earnings ...

 
(MENAFN - AFP) Australia on Tuesday unveiled a further push to crack down on tax avoidance by multinational companies, imposing a 40 percent penalty rate on firms that shift profits offshore.

The revenue-raising measure, which is similar to the so-called "Google Tax" introduced by Britain last year, was a key part of the nation's annual budget.

It is forecast to raise ...

 
(MENAFN - AFP) Philippine presidential favourite Rodrigo Duterte's vague economic plans and threats to kill thousands of criminals are spooking the financial markets, with one business leader warning Tuesday the trash-talking politician would bring anarchy.

The key Philippine Stock Exchange index fell on Tuesday for the fifth consecutive day, a stretch that began after Duterte ...

 
(MENAFN - AFP) The EU cut Tuesday its eurozone growth forecasts for this year, warning that global risks including the slowdown in China and the danger of Britain leaving the bloc were harming the economic recovery.

The European Commission, the EU's executive arm, also warned that major member states France, Spain and Italy were on course to break the bloc's rules on public ...

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