ECB set to dial back stimulus one more notch
The European Central Bank is all but certain to dial back its stimulus one more notch. This is while pledging to keep supporting the financial system, by sticking to its long-held view that alarmingly high inflation will abate on its own. There is pressure mounting on the bank to follow its global peers in turning off the money taps. […]
Italy’s Fiat need not pay $30 MLN in back taxes
An adviser to Europe’s top court stated that Italian carmaker Fiat Chrysler need not pay 30 million euros ($33.95 million) in back taxes to Luxembourg. The Fiat case was part of European Competition Commissioner Margrethe Vestager’s crackdown on deals between European Union countries and multinationals. In this, the highest profile of which were Apple’s Irish […]
Siemens Gamesa looks to raise cash from wind farm business
Wind turbine maker Siemens Gamesa is expecting initial bids for the wind farm development unit. It is looking to sell as it focuses on returning its core business to profitability. A deal could be worth 300 million euros ($340 million) or more. Countries are clamouring for renewable energy infrastructure. This is for helping curb climate […]
Evergrande, Kaisa cut by Fitch to default
Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group. They stated that they had defaulted on offshore bonds. Also, Kaisa had started work on restructuring its $12 billion offshore debt. The downgrades to the restricted default status come even though Evergrande. And Kaisa have not officially announced defaults that could result in […]
Monzo valuation jumps to $4.5 BLN
British digital bank Monzo has completed a fresh funding round valuing the company at $4.5 billion. This is in a vote of confidence from investors in the loss-making lender. The high-profile neobank was founded in 2015. It has received the funding from investors in a round led by Abu Dhabi Growth Fund. The bank has closed the first $475 […]