The European Commission will launch a procedure next Wednesday to fine Italy over its 2019 draft budget, according to EU officials. Rome has proposed a 2.4% budget deficit for next year, triple the amount planned by the previous government. (Reuters)
ECB President Mario Draghi expects the euro-zone economy to continue its expansion despite a slowdown in the third quarter. The central bank’s bond-buying program is set to end next month, he confirmed.
Thanks to higher tax revenue, Germany’s 16 states increased their joint budget surplus to €19.6 billion in the first nine months, up more than 50% from the same period last year.
Deutsche Bank’s spun-off asset management arm, DWS, will retain a worldwide presence, keep Frankfurt as its base and needs to work more efficiently, new CEO Asoka Wöhrmann told staff.
Euro-zone consumer prices rose 2.2% in October, the fifth straight month inflation was above the ECB’s mid-term target of “close to but below 2%.”
After losing several court cases, Swiss bank Sarasin decided to pay back €50 million to drugstore owner Erwin Müller, who had lost most of the sum after Sarasin had invested it on his behalf in dubious tax-evasion deals with stocks.
Japanese bank Mitsubishi UFJ Financial Group is interested in buying a €1 billion portfolio of loans to air transport companies from DZ Bank. The banks declined to comment. (Reuters)
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