Conflict in the Middle East has pushed inflation higher for the first time in 2025 and weakened confidence in the eurozone, according to data released Friday, the Wall Street Journal reported. Consumer prices were 0.8% higher in France and 2.2% higher in Spain in June than a year earlier compared with 0.6% and 2% in May, respectively, according to European Union harmonized data.
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Resources Per Country
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- Gibraltar
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The ECB should abandon targeting headline inflation and focus instead on price growth in discretionary spending to protect the bloc's poorest, a paper to be presented to policymakers at the bank's preeminent research conference argued on Friday, Reuters reported. The ECB targets inflation at 2% and a soon-to-be-concluded review will not even discuss the definition of the target as policymakers have long argued that using a different measures, like underlying inflation, or figures incorporating housings costs, could sow confusion.
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Eleven executives from companies including Japan's Mitsubishi and Luxembourg-based International Chemical Investors (ICIG) were convicted for contaminating nearly 200 square kilometres (77 square miles) of drinking water as well as soil through the Miteni plant in the northeastern city of Trissino, France24.com reported. The court sentenced them to prison terms ranging from two years and eight months to 17 years, in the case of two executives at now-folded Italian firm Miteni.
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The head of a construction company has been disqualified as a director for 11 years after his four companies reclaimed almost £400,000 in VAT they were not entitled to, ConstructionNews.co.uk reported. Hassan Waqar, who is now based in Dubai, submitted falsified documents to HMRC and failed to provide supporting evidence for VAT repayment claims, the Insolvency Service said.
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Global payments processors Visa and Mastercard's default multilateral interchange fees which are charged to retailers infringe competition law, a London tribunal ruled on Friday in the latest round of the long-running legal saga, Reuters reported. London's Competition Appeal Tribunal unanimously ruled that Visa and Mastercard's multilateral interchange fees breach European competition law, in a ruling in linked lawsuits brought by hundreds of merchants.
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A supplier of military microelectronic components in Stavropol, Russia, has not been providing Moscow with important parts for its aircraft as the Kremlin cannot pay enough, its leadership said, the Kyiv Post reported. The company, Optron-Stavropol, reportedly was being paid so little by the Ministry of Defense for its orders that it suffered losses and mounting debts so great as to suspend production earlier this year.
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Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.
Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.
Austrian anti-corruption and economic crime prosecutors have wrapped up their initial investigation into the collapse of the Signa property empire and filed a report so that a decision on potential prosecutions can be made, they said on Tuesday, Reuters reported. In a statement, they said there were four new strands, including an investigation into Signa founder Rene Benko and persons unknown on suspicion of favourable treatment to a creditor over a roughly 15 million euro ($17.4 million) repayment relating to a loan to Signa Prime at a time when that Signa unit was insolvent.
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