Headlines

European Central Bank president Mario Draghi has thrown his weight behind French president Emmanuel Macron’s call for fiscal transfers between eurozone member states to bolster the long-term future of the single currency, the Financial Times reported. In an interview with the FT, Mr Draghi said higher government spending was “more urgent than before” to counter the global slowdown. He also said that a long-term commitment to fiscal union was essential for the eurozone to compete with other global powers.

Minister for Finance Paschal Donohoe was briefed by his officials to warn the new governor of the Central Bank to keep a close eye on costs, according to documents released under freedom-of-information legislation, The Irish Times reported. The warning came in advance of the Minister’s meeting with Gabriel Makhlouf, who paid a two-day visit to Ireland ahead of taking up his role full time on September 1st. “It is understandable that the cost base of the [Central] Bank has risen with the increase in regulatory reach and powers.

Neutrals and fanatics are united by the belief that getting Brexit done will bring an end to the current chaos, The Irish Times reported. Closure is an overused word but it is often deployed by those who are either bored, terrified or angry about Brexit. Even some Remainers now think that a negotiated exit, soon, is the only way to allow the UK to move on. This belief is a dangerous delusion. For all of the understandable fury with the language used this week by Boris Johnson his strategy is logical.

The IMF has urged Greece and its EU partners to agree to ease its fiscal target in order to support the country’s fragile economic recovery and increase social spending, the Financial Times reported. In its annual assessment of the Greek economy the IMF called on Athens and its European partners to “build consensus around a lower primary balance path” for 2020. The IMF’s position contrasts with the stance of the European Commission which argues the high fiscal target is necessary to keep Greece’s debt load sustainable.

A fleet of supercars said to have been seized by the Swiss authorities in a money-laundering investigation from the son of the leader of Equatorial Guinea was auctioned on Sunday in Switzerland, the International New York Times reported. The vehicles were among 25 luxury cars sold for more than $27 million at Bonhams auction house, according to The Associated Press, in what Bonhams called a “very special sale.” Beforehand, the cars had been estimated to bring in more than 12 million euros, or $13 million.

Argentina’s presidential front-runner Alberto Fernandez said that if elected next month, he would aim to avoid haircuts on bond payments and seek a moderate “Uruguay-style” debt restructuring, music to the ears of the country’s creditors, Reuters reported. Investors are closely watching Fernandez’s comments on debt after the South American nation was forced to announce plans to renegotiate around $100 billion in bonds after a sharp market crash in August pushed the country toward default.

The British government is hiring. Requirements: A candidate who can keep markets calm, put up with criticism from politicians and deftly respond to an unprecedented economic event as Britain tears itself away from the European Union, while the rest of the world economy stutters, the International New York Times reported. Send applications to: Unknown. The person who succeeds Mark Carney as leader of the Bank of England will have to brace for a challenge. When Britain voted to leave the European Union, Mr.

Between August 2017 and September 2017, HDFC had sold over 28 lakh pledged equity shares of Religare for a net value of Rs 12.81 crore and 10 lakh pledged shares of Fortis Healthcare for a net value of Rs 14.53 crore, The Financial Express reported. The Supreme Court on Friday agreed to hear HDFC’s appeal seeking to initiate insolvency proceedings against RHC Holding, an entity promoted by billionaire brothers Malvinder Mohan Singh and Shivinder Mohan Singh for recovery of `41 crore.

India’s top mutual funds risk running afoul of the country’s securities regulator for granting more time to media mogul Subhash Chandra for repaying nearly a billion dollars in debt, Bloomberg News reported. Shares of the group’s flagship Zee Entertainment Enterprises Ltd. have steadied since hitting a five-year low Monday after the group said the money managers had agreed to extend the repayment timelines on obligations due by September-end. What’s unclear is how the extension will be looked at by the regulator, who in June invalidated pacts between funds and their borrowers.

Germany’s Condor, which is owned by British travel operator Thomas Cook, said on Thursday that a Frankfurt court had begun investor protection proceedings that should allow the airline to be restructured, Reuters reported. Thomas Cook, the world’s oldest travel firm, collapsed this week, sparking a scramble for survival among many of its subsidiaries. Germany said on Tuesday it would guarantee a 380 million euro ($419 million) bridging loan for Condor to enable it to continue flying and save jobs.