Commodity currencies at multi month highs, sterling firm on BoE
Commodity currencies stood near multi-month highs on strong raw material prices. This is while the improved mood chipped away at demand for the safe-haven U.S. dollar. This has been supported by expectations of Federal Reserve tapering. Sterling was also riding high on firming perceptions the Bank of England (BoE) will raise interest rates. Yukio Ishizuki, senior strategist […]
German tax takes surges, ministry optimistic growth
The German Finance Ministry said that the tax take has risen dramatically this year. adding that there were signs that strong growth would resume next year, when inflationary pressures would also moderate. Tax income rose 23.1% to 78.2 billion euros. This is good rate when compared to the pandemic’s devastating impact on Europe’s largest economy, over the […]
US drops tariff threat in digital tax transition deal
The United States withdrew its threat of tariffs against five European countries over their digital services taxes. This is as a part of a deal to manage the transition to a new global tax regime for large highly profitable corporations. Austria, Britain, France, Italy, Spain will get to keep their digital taxes in place until […]
Birkin bag maker Hermes shrugs off China slowdown
Sales at Birkin bag maker Hermes grew by 31%. This has beaten the market expectations, even though, the rebound from the fallout of the pandemic slowed down. Analysts had expected comparable revenues at the French luxury group. This is according to a consensus cited by UBS. Revenues at the end of the quarter stood at […]
Lawmakers probe timeline of NatWest money laundering investigation
British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest for failing to prevent the laundering of nearly 400 million pounds. This took place after the lender pled guilty. The bank admitted three criminal charges of not adequately monitoring customer accounts. This is the first time a bank in […]
Carrefour Q3 sales slow
Carrefour ended talks over a possible tie-up with unlisted rival Auchan. They said it remained on the offensive as it kept a guidance for 2021 net free cash flow above 1 billion euros. Europe’s largest retailer said revenue growth slowed in the third quarter. This is reflecting the weaker sales in the core French market. […]