World Bulletin / News Desk
EU competition authorities gave the formal green light Tuesday to the sale of Spain's Banco Popular to compatriot Santander, the first major test of Europe's new system for dealing with failing banks.
"The commission concluded that the transaction would not raise competition concerns in the European Economic Area," the commission said in a statement, referring to the 28 European Union nations plus Iceland, Liechtenstein and Norway.
An investigation by the commission found that the two banks' combined market share would be less than 25 percent, adding that "strong competitors will remain in all affected markets."
"Today's decision is the final step by the commission clearing the acquisition," it said.
The ECB had announced on June 7 that Banco Popular was "failing or likely to fail" and should therefore be sold to Banco Santander.
The Spanish government said that Popular would not have been able to remain open without the buyout, adding that it had both preserved people's savings and avoided the expenditure of any public funds in keeping the bank afloat.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July