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(MENAFN - AFP) Britain's financial regulator on Wednesday launched a probe into Tesco after the troubled supermarket chain massively overestimated its half-year profits forecast.

Tesco said the Financial Conduct Authority (FCA) "has commenced a full investigation following the overstatement of expected profit for the half year" after the error was revealed last week.

The ...

 
(MENAFN - AFP) Crisis-hit France admitted it would suffer from slow growth and high budget deficits for the next three years at least, when it unveiled a gloomy annual budget on Wednesday.

Finance Minister Michel Sapin told reporters that France's budget deficit would stay above the European Union's maximum limit until 2017, blaming a sluggish eurozone economy and unusually ...

 
(MENAFN - AFP) Europe's biggest online fashion retailer, Zalando, made its high-profile debut on the Frankfurt stock exchange on Wednesday, with shares quickly slipping into the red.

After an initial lift on opening, shares in the German company were down 9.61 percent by 0745 GMT, at 21.76 euros ($27.45) with nearly five million shares having already changed hands.

The ...

 
(MENAFN - AFP) Confidence among major Japanese manufacturers improved in the last quarter after a precipitous drop in the previous three months, a Bank of Japan survey showed Wednesday, but analysts warned the economy was not yet back on track.

The surprise result followed a string of weak data -- including a fall in factory output and household spending -- that fanned fears ...

 
(MENAFN - AFP) The eurozone's manufacturing sector reported lacklustre activity in September, set back by a fall in production by powerhouse Germany, a survey showed on Wednesday, adding to clouds over the single currency zone.

The latest survey of leading indicators from manufacturing industries in the eurozone, the purchasing managers' index (PMI), gave a reading of 50.3 ...

 
(MENAFN - AFP) Germany's cabinet agreed on Wednesday to cap ballooning property rents in high-demand urban neighbourhoods in a law set to come into force early next year.

In order to keep city rents broadly affordable, landlords will be barred from raising them by more than 10 percent above the local average for new tenants.

The law aims to alleviate exorbitant rental ...

 
(MENAFN - AFP) Asian markets were mixed Wednesday, with Japan's Nikkei giving up earlier gains despite a surprise pick-up in business confidence and the dollar's breaching of the 110 yen level for the first time since 2008.

The dollar extended its run-up despite weak US indicators, but profit-taking in the afternoon saw it pare those gains. The euro continued to struggle ...

 
(MENAFN - AFP) Samsung on Wednesday rejected claims that its new oversized smartphone had a defect, after some customers posted pictures of a gap between the frame and display panel.

The South Korean electronics giant, which had poked fun at rival Apple over reports that its new iPhone model was susceptible to bending, said the "Gapgate" complaints concerning the Galaxy Note ...

 
(MENAFN - AFP) Chinese manufacturing growth stalled in September, authorities said Wednesday, as the world's second-largest economy continues to grapple with ways to address slowing expansion.

The official purchasing managers index (PMI) came in at 51.5 in September, the National Bureau of Statistics said in a statement.

The figure was unchanged from August and slightly ...

 
(MENAFN - AFP) Japanese business confidence improved in the three months to September after it sagged following a sales tax hike in April, a quarterly study from the Bank of Japan showed Wednesday.

The Tankan survey showed confidence among large manufacturers stood at plus 13, up by one point from the previous quarter, against the market forecast of plus 10.

The business ...

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