European

European state rail firms face scrappy new competitors
incomerevealed.com

THE opening of Britain’s Liverpool and Manchester Railway in 1830 marked several firsts in rail history. It was the world’s first inter-city line. It was the scene of the first widely reported passenger fatality. And it was also the first where all trains were hauled by the track owners. Previous lines had seen competition between […]

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European firms are increasingly tackling the scourge of bribery
incomerevealed.com

ONE of the more extreme recent cases of corporate bribery is that of LafargeHolcim, a giant Swiss-French cement-maker which was accused in 2016 of funnelling money to armed groups controlling roads and checkpoints around a factory in Syria. The firm still cannot be sure who pocketed its payoffs, via middlemen, that were intended to keep […]

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For European firms, resisting American sanctions may be futile
incomerevealed.com

“DONALD TRUMP is the sort of guy who punches you in the face and if you punch him back, he says ‘Let’s be friends’. China punched back and he retreated. The Europeans told him how beautiful he was, but they got nothing.” This is how an American official-turned-executive describes the latest twists in the Trump […]

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European universal banks can succeed. But can Deutsche Bank?
incomerevealed.com

AFTER just 18 days as Deutsche Bank’s chief executive, Christian Sewing had two tasks to perform on April 26th. The easy one, inherited from his ousted predecessor, John Cryan, was to report predictably glum first-quarter results. Net profit dropped by 79%, year on year, to only €120m ($147m). Harder was indicating where he might lead […]

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Why do European companies bother to hire ex-politicians?
incomerevealed.com

THIS month Gerhard Schröder starts a new job. Shareholders in Rosneft, a Russian energy giant with a market value of nearly $60bn, are set to appoint Germany’s ex-chancellor as a board director on September 29th. Russia’s government, Rosneft’s majority-owner, nominated Mr Schröder, who is pals with Vladimir Putin. Despite Western sanctions imposed on the firm […]

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The European Commission levies a huge fine on Google
incomerevealed.com

SHE was born to Lutheran ministers known to be both tough and principled. As a child, she thought it unfair that pupils were not allowed to sell fruit and milk in school and successfully lobbied for change. In her office in Brussels she keeps a statue of a raised middle finger, a gift from a […]

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An earthquake in European banking
incomerevealed.com

IN BRITAIN alone millions of people make formal complaints each year about their banks. For them, Sebastian Siemiatkowski, founder of Klarna, a Swedish payments startup, brings good news. New European rules, he says, will open the door to a host of innovative services that analyse transactions, so “an app could tell you there’s a cheaper […]

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European financial centres after Brexit
incomerevealed.com

“WHEN the vote took place,” says Valérie Pécresse, “it was an opportunity for us to promote Île de France”, the region around Paris of which she is the elected head. Two advertising campaigns were prepared, depending on the result of Britain’s referendum last June on leaving the European Union. The unused copy ran: “You made […]

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France’s PSA Group may plan to buy Opel, GM’s European operation
incomerevealed.com

AFTER sweeping past a significant milestone, drivers rarely slam their vehicles into reverse. Yet General Motors (GM), which last year joined Toyota and Volkswagen in an elite group that sells over 10m vehicles a year, may be on the brink of such a manoeuvre. On February 14th the American firm and PSA Group, which makes […]

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Italy presents the European Union’s new bank-rescue rules with their first big test
incomerevealed.com

ANOTHER blow to national pride: on January 13th DBRS, a Canadian rating agency, downgraded Italy’s sovereign debt, stripping the country of its last A rating. Government bond-yields rose; so will the cost of funding for Italian banks. Erik Nielsen, chief economist of UniCredit, Italy’s biggest lender, calls the extra €5bn ($5.3bn) or so banks will […]

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