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Tuesday, 22 July 2014

EMEA

Hugo Dixon

Hugo Dixon: What is EU capital markets union?

21 July 2014

Jean-Claude Juncker, the European Commission’s president-elect, has embraced the goal of creating such a framework. But so far it is more of a slogan than a set of policy actions. Here’s an attempt to flesh out the idea.

Tourists stand on a beach near the Club Med resort in Saint-Anne

Club Med organisers can welcome latest arrival

22 July 2014

Andrea Bonomi’s Investindustrial is offering 790 mln euros for the all-inclusive holiday group. This may not be a five-star price but it blows a rival Franco-Chinese bid out of the water. And investors have spent years in the wilderness. This is an offer the board can recommend.

The logo of Swiss bank Credit Suisse

Credit Suisse cost cuts mask uneven performance

22 July 2014

The Swiss bank’s fixed income arm offset private bank weakness in the second quarter – the opposite of the first. Credit Suisse’s cost savings helped it shrug off a big U.S. fine, and exiting commodities makes sense. But at some point top-line strength needs to replace tinkering.

Miners walk at the end of their shift at the Anglo Platinum's Khuseleka shaft 1 mine in Rustenburg, northwest of Johannesburg, January 15, 2013.

Anglo may struggle to make clean platinum break

21 July 2014

The UK-listed miner’s South African unit wants to sell high-cost mines that account for a quarter of platinum production and half of the workforce. It’s a sensible move for Anglo, but the politics are fraught. If the buyer gets into trouble, Anglo might end up back on the hook.

Maurice Levy, French advertising group Publicis Chief executive

Publicis advertises its standalone weakness

22 July 2014

The ad giant’s first results since a merger with Omnicom collapsed were unexpectedly poor. Publicis shares tumbled. Claims the deal was about “opportunity, not necessity” ring increasingly hollow. Pressure to find a successor for CEO Chairman Maurice Levy is rising. 

Two women walk past a BBVA bank branch in Madrid

Crisis a distant memory in BBVA’s Catalonia buy

22 July 2014

The Spanish bank won an auction for the bailed-out Catalunya Banc. BBVA was willing to sacrifice 55 basis points off its capital ratio to double market share in rich Catalonia. The price reflects government guarantees, and confidence that banks have turned the corner.

President of the German federal reserve (Deutsche Bundesbank) Jens Weidmann poses next to an euro logo

Clever Bundesbank recruits labour as a policy tool

21 July 2014

Even in thriving Germany, no one has figured out how to push up wages enough to reverse disinflationary pressure. The central bank is trying something new: encouraging unions to fight harder for pay rises. It may have enough authority to incite some healthy inflation.

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