In fear of Brexit, economists predicted British central bank will keep its interest rate low. While Bank of England Governor Mark Carney warned that Brexit will damage British financial stability.
Europe
George Osborne's £1bln budget boost for North Sea
Chancellor George Osborne has announced a £1-billion rescue package for trouble-hit North Sea oil industry. The government is also extending £730 million support for renewable electricity.
French Government Green Signals EDF To Go Ahead With Hinkley Point C Power Project
EDF has been witnessing a stretched balance sheet mainly due to lower power tariff. The French utility’s CFO has resigned this month protesting go ahead with the Hinkley project citing its indebted status. However, French government has assured of financial bailout for EDF to go ahead with the project considering future business prospect.
Reshaping French Telecom Market: Orange, Altice & Iliad To Acquire Bouygues For €10 Billion
Bouygues SA is probably going to be acquired through a multi lateral deal. Though the deal appears for €10 Billion in total, Altice will have to pay €4 Billion. The rest deal amount will be paid by Orange SA, SFR and Illiad SA.
UK's first potash mine unveils £2.5-bln investment plan amid concerns
Sirius Minerals has decided to execute a potash mine, Britain's first potash mine in 40 years, at an investment of £2.5-billion. Sirius is planning to raise funds from investors and banks. Environmentalists are raising concerns , however, about the project as it would have underground network of tunnels underneath North York Moors National Park.
Latest News
Two of the most prominent European stock exchange, Frankfurt and London has agreed to merge on Wednesday. The merger between them will create a new European trading powerhouse.
The winner of 2014 TechCrunch Disrupt Europe startup Battlefield announced its seed funding round. Crate announced the funding on Tuesday.
European legislators have started grilling multinational companies such as Google, Apple, Alphabet and McDonald's. European nations are feeling the heat of mounting political pressure to check tax evasion by foreign multinational companies.
Share prices of WPP have been witnessed to rise by 98% between 2011 and 2015. Acknowledging WPP CEO Sir Martin Sorrell’s efforts, the world’s largest ad firm is going to announce £60 million Pay Package for him. But the ad agency’s move may again face opposition from the shareholders following earlier precedence.
French energy company Electricité de France SA asked for financial support from French government. The company is facing problem in a £18 billion ($25 billion) nuclear power plant project in Sommerset, England.
Uber allows alternative measure of getting expensive taxi driving licenses and offers low cost ride to the lower income people. But Moscow, unlike some other countries with stricter transportation laws, prohibits such service. Moscow has been persuading for long and finally gets success in compelling Uber to sign agreement which limits its service to the licensed drivers only.
Commercial banks in northern Europe criticized ECB for its four-year cheap loan policy and stimulus program. The policy was aimed to stimulate growth for banks that struggle in southern part of Europe.
New York-based Avon Products Inc is shifting its headquarters to the UK. It's also in the process of reducing headcount by about 2,500 and investing in technology and innovation to enhance sales volume.
George Osborne has over-shoot the borrowing forecast due to weak economic outlook and poor tax receipts. In order to achieve his self imposed goal, he has been left with only two options for his 2016 budget- cut public expenses or increase taxes. However, the UK chancellor has hinted opting for reducing public expenses while addressing the BBC’s Marr Show.
