Russia's central bank is weighing the introduction of temporary capital controls if the flow of money out of the country intensifies, according to two officials with direct knowledge of the discussions.
The measures would be preventative and used only if net outflows rise significantly, the people said, asking not to be identified because no decision has been made. They didn't give a timeline or a level that may force such a move, saying they are looking at all possible scenarios.
Ulster Bank has dramatically revised the scale of expected loan losses this year, betting that the rising economy and recovering house prices will boost its financial position.
Eurozone inflation slowed in September to the lowest level in five years, challenging European Central Bank (ECB) officials gathering this week to decide whether more measures are needed to avert deflation.
Enda Kenny emerged from the political wreckage of another bad day at the office yesterday to heap praise on a man who, by common consent and acclaim, is one of the chief architects of modern Ireland while also being older than the State itself.
Martin Wolf of FT: When should growing inequality concern us? This is a moral and political question. It is also an economic one. It is increasingly recognised that, beyond a certain point, inequality will be a source of significant economic ills.
The United States – both the most important high-income economy and much the most unequal – is providing a test bed for the economic impact of inequality. The results are worrying.
This realisation has now spread to institutions that would not normally be accused of socialism. A report written by the chief US economist of Standard & Poor’s, and another from Morgan Stanley, agree that inequality is not only rising but having damaging effects on the US economy.
The case for the prosecution has been made. At issue are separate tax opinions Revenue issued to Apple in 1991 and 2007. Both the Government and Apple have insisted there is nothing improper going on at all, but competition commissioner Joaquin Almunia doesn’t hold back. His preliminary assessment is damning.
Almunia finds that the two Revenue opinions gave Apple “selective advantage” which is obtained every year and ongoing. Such an advantage is illegal under European law. The company may yet be obliged to repay tax foregone dating back to 2003.
A repayment would deliver a short-term fillip to the Exchequer. But any uplift benefit would be outweighed in spades if the commission decides that Revenue has struck special deals behind closed doors with the world’s largest company.
This year has seen the largest number of new company establishments since 2007, with further falls in insolvency rates also noted.
Euro Topics: West's silence encourages Beijing: The West must help to dissuade Beijing from crushing the protests in Hong Kong, the Dutch daily De Volkskrant urges: "Until now the Western countries have held back for fear of harming their trade relations with powerful China. The danger is that China will see this silence as a licence to suppress the Umbrella protests with violence. ... The West must remind President Xi Jinping that Beijing will pay a high price if it crushes a democratic movement. Hong Kong's role as Asia's financial hub will be endangered. In addition, Taiwan will be convinced that the dream of joining up with China is an illusion ... Because it's becoming increasingly clear that unity does not bring freedom."
Mountain of debt leaves France with no choice: France's national debt rose above the €2,023 billion mark in the second quarter of this year, according to figures put out on Tuesday by the statistics institute Insee. The Catholic daily La Croix calls on the government to push ahead with its austerity programme: "In ten years France's mountain of debt has doubled in size, under both conservative and left-wing governments. Short-sighted decisions have been the order of the day. Today no one can shirk their responsibility by blaming the other side. The current government must not shy away from the planned cuts. It must weigh up where they are necessary and must not punish sectors that show promise, as these will have a long-term impact and make the country more dynamic. ... As for the people, they must think seriously about whether they can make the sacrifices being demanded of them now if it means securing a better future for their children."
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