Business

German finance minister Scholz says OECD tax agreement marks ‘colossal progress’

German Finance Minister Olaf Scholz on Thursday said an agreement by 130 countries backing a global corporate minimum tax marked the biggest breakthrough in global taxation in decades. “The race to the bottom in competition is over,” Scholz told reporters during a visit to Washington shortly after the agreement was reached in talks led by […]

Business

ECB should not tolerate inflation overshoot, Weidmann says

The European Central Bank should not start tolerating higher inflation under its new policy framework, as that could be taken as a sign that it is trying to bankroll indebted governments, ECB policymaker Jens Weidmann said on Thursday. ECB policymakers are in the middle of debating a new strategy, with many now backing the notion […]

Business

BoE sees no evidence yet to support climate capital charges on banks

The Bank of England (BoE) does not have evidence yet to force banks to hold more capital to cover risks from climate change, its Deputy Governor Sam Woods said on Thursday. The BoE is for the first time stress testing how banks and insurers would cope with meeting the United Kingdom’s net zero climate goals […]

Business

Fendi teams up with Thelios as LVMH focuses on eyewear

Fendi, part of France’s LVMH (LVMH.PA), said on Thursday it had struck a partnership deal with spectacle maker Thelios to create, produce and distribute the Italian fashion house’s eyewear collection. Thelios is a joint venture between LVMH and Italian spectacle maker Marcolin, in which the luxury group holds a 51% stake. The Autumn/Winter 2021 collection […]

Business

H&M returns to profit, China sales hit by boycott

Fashion retailer H&M’s (HMb.ST) global sales growth slowed in the second half of June and the Swedish company took a sales hit in China after its concerns over alleged human rights abuses in Xinjiang led to a social media inspired boycott by shoppers. The world’s second-largest fashion retailer on Thursday reported a stronger-than-expected profit for […]

Business

Construction spending unexpectedly falls in May

U.S. construction spending unexpectedly fell in May as gains in private homebuilding were offset by persistent weakness in outlays on nonresidential structures and public projects. The Commerce Department said on Thursday that construction spending dropped 0.3% after edging up 0.1% in April. Economists poll had forecast construction spending rising 0.4%. Construction spending, which accounts for […]

Business

UK aims to strengthen London as a global financial centre

Britain’s finance ministry set out reforms to capital markets on Thursday to sharpen the City of London’s global attraction after leaving the European Union. Below are details of what was announced to amend a welter of financial rules inherited from the EU: INSURANCE CAPITAL RULES The ministry said there is a compelling case to amend […]