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(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 ...

 
(MENAFN - AFP) The French government's contested labour reform bill finally reached parliament on Tuesday, having sparked two months of mass protests, but neither employers nor unions are happy.

The government says the bill is designed to unlock France's rigid labour market and cut stubbornly high unemployment of around 10 percent -- the issue that has dogged Socialist President ...

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 EU warned on Tuesday that uncertainty over Britain's referendum on membership of the 28-member bloc in June poses a "considerable" risk to the European economic outlook.

"Risks associated with domestic EU developments remain considerable, as for instance... the uncertainty ahead of the UK's EU referendum," it said in its spring economic forecast.

Britain's ...

 
(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 economic recovery.

Warning of increased global risks for the 19-country single currency area as it continues its sluggish recovery, the European Commission trimmed its 2016 forecast ...

 
(MENAFN - AFP) German automaker BMW on Tuesday said the road towards its full-year targets was clear after it clocked up record sales volumes and earnings in the first three months.

"The BMW group remains confident in achieving its forecast targets for the current financial year," said chief executive Harald Krueger.

"We reaffirm our targets for the full year. We forecast ...

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