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Sign up to receive FirstFT by email here Emmanuel Macron, an independent centrist, won an emphatic victory in France’s presidential run-off against Marine Le Pen, the far-right Front National leader, on Sunday, taking 65.1 per cent of the vote, according to estimates. Mr Macron’s victory is a phenomenal achievement for the 39-year-old former Rothschild banker, who has never before held elected office and whose political movement En Marche! was […]

By Noah Barkin and Leigh Thomas | BERLIN/PARIS BERLIN/PARIS After a decade of slow growth, rising unemployment and dwindling competitiveness, France elected a president on Sunday who says he has a plan to pull the country out of its economic malaise.     Emmanuel Macron, a former investment banker who quit the government of Francois Hollande twice out of frustration with the slow pace of reforms, is promising […]

Live Feed from France 24: After an extraordinary election campaign full of twists and turns, Emmanuel Macron won dramatic victory over Marine Le Pen in the French presidential election, taking 65% of the vote, with Le Pen collecting roughly 35%, according to early estimate from four separate French pollsters. Macron, 39, will become the youngest president of France’s Fifth Republic. As BBG notes, the firms sampled real […]

By David Lawder | WASHINGTON WASHINGTON U.S. Commerce Secretary Wilbur Ross said on Saturday that threats of retaliatory trade actions from Canadian officials “are inappropriate” and will not influence final U.S. import duty determinations on Canadian softwood lumber. “We continue to believe that a negotiated settlement is in the best interests of all parties and we are prepared to work toward that end,” Ross said in a […]

Paraguay President, Horacio Cartes, has announced plans to open the country’s first commercial representative office in the UAE later this year, which will aim to boost trade and investment flows between the two countries. The announcement came during a recent meeting with a Dubai Chamber delegation in Asuncion, where he expressed his intention to build bridges between business communities on both sides. The meeting was held on […]

An eerie calm in capital markets is fuelling fears on Wall Street that a first-quarter rebound in trading revenues could prove a one-off. Big investment banks reported generally solid profits over the first three months of the year, as investors reset their portfolios to take account of higher base interest rates, and as companies front-loaded efforts to raise money. For all bar four of the top 14 […]

Monday UN focus on migrants The UN will meet in Geneva to address the “human rights of all migrants, social inclusion, cohesion and all forms of discrimination, including racism, xenophobia and intolerance”. Organisers say they are working towards an ambitious global policy on migration, an issue high on the political agenda after the Mediterranean migrants’ crisis and US President Donald Trump’s clampdown on migration into the US […]

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A coffee shop in New York has filed a $10 million trademark infringement lawsuit against Starbucks claiming that the latter copied its idea for the “Unicorn Frappuccino.” Starbucks’s Unicorn Frappuccino Starbucks’s blended beverage, which was offered in stores in the United States, Mexico, and Canada for a limited time last month was a hit, as suggested by the posts and images of the drink that many people posted […]

Invesco’s move to snap up Source, the London-based exchange traded fund provider, has thrust the US asset manager into the centre of an increasingly ferocious battle across Europe’s passive investment industry. European fund managers now face another formidable US competitor in addition to the existing heavyweights BlackRock and Vanguard, which are pursuing a cut-throat ETF price war as they expand their presence in Europe. Atlanta-based Invesco already […]

By Jonathan Cable | LONDON LONDON The fate of the European Union and the euro could hang on the outcome of Sunday’s French presidential election. The expected victory of centrist, pro-EU candidate Emmanuel Macron would be taken by markets as a sign that political risk in Europe is receding; a surprise win for far-right candidate Marine Le Pen would raise the risk that the euro zone’s number […]

May 7, 2017 by: Harriet Agnew and Michael Stothard in Paris The French go to the polls on Sunday to vote for their next president in a run-off election where they will pick between independent centrist Emmanuel Macron and Front National leader Marine Le Pen. They face a choice between two radically different visions for the eurozone’s second-largest economy. Mr Macron, a 39-year old rookie politician whose […]

Wall Street people underestimated how nasty and political the struggle over the post-Brexit fate of European clearing houses would become. This week the European Commission offered threats to London-based clearing houses and inducements for their customers to move their trade to the EU. €650bn Value of euro-denominated trades that clear through London each business day UK negotiators in turn demand that euro derivatives clearing should stay in […]

06 May 2017 Abu Dhabi, UAE – Emirates Metrology Institute (EMI), part of Abu Dhabi Quality and Conformity Council (QCC), participated in the half-yearly meeting of members of the Gulf Association for Metrology (GULFMET) hosted by Emirates Authority for Standardization & Metrology (ESMA) in Abu Dhabi. Held for the first time in Abu Dhabi since GULFMET’s establishment, the meeting drew the participation of representatives from leading National […]

A corner of Wall Street has been gripped by the unknown identity of a trader that has been buying up Vix call options priced at 50 cents each, swelling to account for nearly 10 per cent of the listed market. The FT has now reported that bankers with knowledge of the trades say the so-called “50 Cent” – a reference to the American rapper known for his […]

FRANKFURT Shareholder adviser Ivox Glass Lewis has called on Linde (LING.DE) investors to vote against signing off on the actions of its management and supervisory board due to problems in the handling of a planned merger with peer Praxair (PX.N). The all-share merger of equals would reunite a global industrial gases company that split in World War One and would create a market leader to rival Air […]

The U.S. job market saw a strong rebound in April, driving the unemployment rate to the lowest level in a decade. The economy saw 211,000 jobs added in April, according to new government data released on Friday, May 5. The job market boost dropped the unemployment rate to 4.4 percent, the lowest level since May 2007. The latest stats should calm some fears about the state of the […]

This post is a fictionalised thought experiment. YOU and YOU ALONE are in charge of what happens in this story. There are trade-offs, choices, and consequences. YOU must use all of your B.S.D. talents and much of your intelligence. Good luck. So… You’re the head of a trading desk, and you’ve felt a bit frustrated of late. Your desk trades government securities issued by the world’s largest […]

By Jonathan Stempel | OMAHA, Neb. OMAHA, Neb. Warren Buffett on Saturday faulted Wells Fargo & Co’s (WFC.N) previous management for failing to take action immediately upon learning that its employees were signing up customers for bogus accounts, causing a national scandal. Buffett spoke at the annual meeting of Berkshire Hathaway Inc (BRKa.N), which he chairs, and where he and Vice Chairman Charlie Munger are fielding five […]

Gold is once again losing its sparkle, poised for its biggest weekly decline since November. The precious metal is down 3.2 per cent over the week to $1,227.87 a troy ounce, after touching its lowest level in 7 weeks on Thursday. Gold is now set for its third consecutive week of declines. Diminishing demand for haven assets has been a key factor for declining gold prices, with […]

Earlier in the week we shared Pierre Andurand’s hedge fund note blame-casting his fund’s dismal drawdowns on “CTA flows eclipsing the gradual improvement in fundamentals.” The market sell-off is missing the larger picture, he proclaims. “Market participants remain extremely focused on micro developments like US crude inventories while the big picture has been telling us a different supply story for quite some time,” he wrote. “In fact, […]

Event opens with xx regional and international exhibitors showcasing Egypt’s mega projects such as The New Capital of Egypt and New El Alamein City 06 May 2017 H.E Sultan Butti bin Mijrin, Director General of Dubai Land Department, and in the presence of H.E. Dr. Mustafa Madbouli, Minister of Housing, inaugurated the 2017 Egypt Property Show (EPS) today (Friday, May 5, 2017) in Dubai World Trade Centre, […]

DUBAI // Almost 1,000 animals at Dubai Zoo will be relocated to the new Dubai Safari Park, which 4,000 creatures will call home when it opens. The 119-hectare park is tentatively due to open in late 2017 in Al Warqa 5. It will replace Dubai Zoo and offer animals a better quality of life. Timothy Husband, the park’s technical director, said that some of the animals will […]

The campaign team of French presidential candidate Emmanuel Macron said late on Friday night that it had been the victim of a “massive and co-ordinated” hacking operation. Nine gigabytes of data were posted online to Pastebin, a document-sharing site that allows anonymous posting, Reuters reported. It was not immediately clear who was responsible for posting the data. Voters are preparing to go to the polls on Sunday […]

May 6, 2017 by: Jeevan Vasagar in Singapore and Michael Peel in Bangkok Puma Energy, the fuel storage and petrol station business backed by Swiss commodities trading house Trafigura, wants to expand in Myanmar across a range of fuel and petroleum products after opening a $100m storage facility at the southern port of Thilawa. The new terminal, with a capacity of 91m cubic metres, opens the prospect […]

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