Business

European shares seen lower as Renzi loses referendum, Italian banks in focus

European shares seen lower as Renzi loses referendum, Italian banks in focus

Published 05/12/2016

The German share prize index (DAX) board is seen at the trading room of Frankfurt's stock exchange (Boerse Frankfurt) during trading session in Frankfurt Germany, October 14, 2016. REUTERS/Kai Pfaffenbach

European shares were expected to open lower on Monday after Italian Prime Minister Matteo Renzi announced his resignation following a crushing defeat in a constitutional referendum.

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Euro chief Dijsselbloem sees London losing EU finance dominance

Euro chief Dijsselbloem sees London losing EU finance dominance

Published 05/12/2016

Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem gestures during a European Union finance ministers meeting in Brussels, Belgium, July 12, 2016. REUTERS/Francois Lenoir

The European Union cannot let London remain the main financial center for the euro zone after Brexit if Britain does not want to be bound by EU financial rules, Eurogroup President Jeroen Dijsselbloem said on Tuesday.

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Exclusive: ECB ready to buy more Italian bonds if referendum rocks market – sources

Exclusive: ECB ready to buy more Italian bonds if referendum rocks market – sources

Published 05/12/2016

The headquarters of the European Central Bank (ECB) are illuminated with a giant euro sign at the start of the ''Luminale, light and building'' event in Frankfurt, Germany, March 12, 2016. EUTERS/Kai Pfaffenbach/File Photo

The European Central Bank is ready to temporarily step up purchases of Italian government bonds if the result of a crucial referendum on Sunday sharply drives up borrowing costs for the euro zone's largest debtor, central bank sources told Reuters.

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Markets swing violently against Italy without clear idea of outcome

Markets swing violently against Italy without clear idea of outcome

Published 05/12/2016

The Bank of Italy logo is seen at the company's headquarters in Milan, Italy, January 19, 2016. REUTERS/Stefano Rellandini/File Photo

Speculators convinced the euro zone faces fresh instability have zeroed in on Italy's constitutional reform referendum on Sunday, amassing huge bets on a slump in Italian banks and bonds should Prime Minister Matteo Renzi lose the vote.

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`Big Short` adviser loses appeal in SEC case

`Big Short` adviser loses appeal in SEC case

Published 05/12/2016

Wing Chau exits the Jacob Javits Federal building in New York April 7, 2014. REUTERS/Brendan McDermid

An investment adviser featured in best-seller "The Big Short" failed to persuade a federal appeals court to shut down a U.S. Securities and Exchange Commission fraud case on the ground that the agency sued him in the wrong forum.

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Porsche targets 20,000 electric car sales a year: Automobilwoche

Porsche targets 20,000 electric car sales a year: Automobilwoche

Published 28/11/2016

CEO of German carmaker Porsche, Oliver Blume, poses prior to the company's annual news conference in Stuttgart, southern Germany March 11, 2016. REUTERS/Michael Dalder

Volkswagen's Porsche division expects annual sales of about 20,000 for its first all-electric car, the Mission E, the luxury carmaker's chief executive told a German magazine.

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Race-track rivalry moves to boardroom as VW brands battle for electric car jobs

Race-track rivalry moves to boardroom as VW brands battle for electric car jobs

Published 28/11/2016

Nick Tandy of Britain drives his Porsche 919 Hybrid number 19 ahead the Audi R18 e-tron quattro number 7 driven by Marcel Fassler of Switzerland, during the Le Mans 24 Hours sportscar race in Le Mans, central France June 14, 2015. REUTERS/Regis Duvignau/File Photo

Just as Porsche and Audi have fought for supremacy on the race track, the Volkswagen brands are now locked in a cut-throat battle to develop and manufacture the next generation of electric cars at a group embroiled in the "Dieselgate" scandal.

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Australia’s Telstra failing to plug earnings hole with myriad of investments

Australia’s Telstra failing to plug earnings hole with myriad of investments

Published 28/11/2016

A man and power lines are reflected in a Telstra poster adorning a public telephone in Sydney, Australia, August 13, 2015. REUTERS/David Gray/File Photo

The ability of Australian telecoms company Telstra Corporation (TLS.AX) to offset the fall in its traditional revenue streams by diversifying into a range of technology and other businesses is in doubt.

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U.S. shoppers spend less over holiday weekend amid discounting

U.S. shoppers spend less over holiday weekend amid discounting

Published 28/11/2016

Demonstrators block access to a store during a protest intending to disrupt Black Friday shopping in Chicago, Illinois, November 25, 2016. REUTERS/Joshua Lott

Early holiday promotions and a belief that deals will always be available took a toll on consumer spending over the Thanksgiving weekend as shoppers spent an average of 3.5 percent less than a year ago, the National Retail Federation said on Sunday.

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