Business  November 26, 2014
Former Ferrari boss named new Alitalia head
Outgoing Ferrari president Luca Cordero di Montezemolo holds a press conference at the Paris Auto Show on October 2, 2014The former long-time head of Ferrari, Luca Cordero di Montezemolo, was Wednesday officially named as the head of Italy's national carrier Alitalia.The announcement follows a rescue deal between Alitalia and the Abu Dhabi-based Etihad Airways, which will take a 49 percent stake in the debt-laden carrier."I am proud to welcome our new board as we emb...  Full Story
Thomas Cook shares slump as chief executive quits
Former group chief executive of travel company Thomas Cook Group Harriet Green addresses delegates at the annual Confederation of British Industry (CBI) conference in central London on November 19, 2012Thomas Cook's share price tumbled by more than a fifth on Wednesday after the British travel group announced the exit of chief executive Harriet Green.Green has left with immediate effect and has been replaced by chief operating officer Peter Fankhauser, the group said in a statement to the London Stock Exchange.In reaction, shares tumbled 20.09 pe...  Full Story
OPEC mulls oil supply glut weighing on crude prices
The Lavan oil refinery quay on Lavan island off the south coast of Iran  on May 16, 2004OPEC ministers met Wednesday to try to work out a deal to tackle rising oil supplies that are weighing heavily on crude prices and the cartel's revenues."All the experts in the markets believe that we have an oversupply on the market and next year we will have more oversupply," Iran's Oil Minister Bijan Namdar Zanganeh said, ahead of a pivotal OPEC...  Full Story
ECB stimulus signal sends markets higher
A trader looks at screens showing stock exchange share index at the  French inter-dealer broker Aurel BGC in Paris on August 8, 2011 Europe's main stock markets rose Wednesday as the European Central Bank signalled it could begin purchasing government bonds next year, with sentiment also supported by upbeat US growth data.The Frankfurt-based ECB will be able to gauge early next year whether it needs to start buying sovereign bonds to stimulate the eurozone economy, its deputy pr...  Full Story
Asian stocks mostly up after US data
People walk on a bridge with a board showing stock exchange rates in the Lujiazui Financial District of Shanghai on November 25, 2014Asian markets were mostly higher Wednesday following better-than-expected US economic growth data and news that Germany had narrowly averted recession.The dollar struggled to resume its uptrend against the yen, with analysts forecasting the pairing were close to finding their plateau.Tokyo dipped 0.14 percent, or 24.04 points, to 17,383.58 but Sydn...  Full Story
British third quarter growth confirmed at 0.7%
BritainBritish economic growth slowed to 0.7 percent in the third quarter of 2014 from output in the previous three months, official data showed Wednesday, confirming the previous estimate.Economic output in the July-September period was propelled by consumer spending, the Office for National Statistics said in a statement.Household consumption grew 0.8 p...  Full Story
Profits squeezed at sanctions-hit Russian lender
People walk past a Sberbank sign in Moscow on October 8, 2008 Russia's biggest lender Sberbank said Wednesday its profits fell 10 percent year-on-year in the first nine months of 2014 as the sanctions-hit bank stepped up loan-loss provisions due to the slowing economy and falling ruble."The group's net profit in the first nine months of 2014 was 241.3 billion rubles, down 10.1 percent compared to the same per...  Full Story
Oil market oversupply to increase next year: Iran
The Lavan oil refinery quay on Lavan island off the south coast of Iran  on May 16, 2004A global glut of oil will rise further next year, Iran's oil minister said here Wednesday on the eve of OPEC's meeting to decide on whether to cut its output."All the experts in the markets believe that we have an oversupply on the market and next year we will have more oversupply," Iran's Oil Minister Bijan Namdar Zanganeh told reporters....  Full Story
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