Monte Paschi calls shareholder meeting to vote on scrapping voting cap
MILAN – Banca Monte dei Paschi di Siena said on Thursday its board had decided to call a shareholder meeting to vote on the scrapping of a 4 percent ceiling on voting rights.
GE makes concessions seeking EU regulatory approval of Avio deal
BRUSSELS – U.S. conglomerate General Electric has offered concessions to try to win EU regulatory approval for its $4.3 billion proposed purchase of Italian plane components maker Avio, a deal intended to boost its global supply chain.
Bank of England, ECB Keep Rates Unchanged
LONDON – The European Central Bank kept its main interest rate on hold at a record low 0.5 percent on Thursday as it waits to see whether early signs of stabilization in the euro zone will blossom into an economic recovery. Economic data improved in May and ECB President Mario Draghi said this week he still sees “a very gradual recovery” starting later this year, taking pressure off the ECB to act again, as it had promised to do if necessary after cutting rates in May. “This can be seen as a reaction to the slight improvement in the purchasing managers indices (PMIs), which seem to signal that the worst is over in the euro zone,” said David Kohl, chief economist for Germany at Julius Baer.
Pages Jaunes shareholders reject Wyser-Pratte board seat
PARIS – Shareholders in French directories company Pages Jaunes on Wednesday resoundingly rejected activist investor Guy Wyser-Pratte’s attempt to get himself and an ally named to its board as independent directors. Wyser-Pratte, who has been critical of U.S. private equity firm Cerberus’s role at the directories company, received just 16 percent of shareholders’ votes, while his colleague Pierre Nollet got only 5.5 percent.
Wall Street Rallies as QE Fears Subside
FOX Business: Capitalism Lives Here The markets rebounded after dour performance late last week after a round of weak manufacturing data eased fears that the Federal Reserve will begin paring back its quantitative easing program very soon. Today’s Markets The Dow Jones Industrial Average rallied 138 points, or 0.92%, to 15254, the S&P 500 climbed 9.7 points, or 0.59%, to 1640 and the Nasdaq Composite advanced 9.5 points, or 0.27%, to 3465.
Stocks Climb; U.S. Economy in the Spotlight
FOX Business: Capitalism Lives Here The markets ticked higher on Monday as traders digested disappointing data on the U.S.
Stock Futures Rebound After Friday’s Retreat
FOX Business: Capitalism Lives Here U.S. stock-index futures rallied on Monday after a steep selloff at the end of last week as traders eyed bargains and awaited a key report on the American manufacturing sector. Today’s Markets As of 8:03 a.m
Economic mood in euro zone brightens again in May
Copyright Reuters 2013 BRUSSELS – Confidence in the euro zone’s economy improved more than anticipated in May, data showed on Thursday, offering a glimmer of hope for a recovery later this year. Economic morale in the 17 countries using the euro increased by 0.8 point to 89.4, the European Commission said.
ECB needs to come to euro zone’s rescue again – OECD
Copyright Reuters 2013 BRUSSELS – The European Central Bank, which shored up the euro zone last year, needs to act again to lift the bloc out of recession, the OECD said on Wednesday, calling for bold steps beyond just interest rate cuts. The 17-nation euro zone is suffering its longest economic downturn since its creation in 1999, weakened by public debt and banking crises that have nearly shattered the currency area