At the start of January, when the Mexican Central Bank spent $2 billion to defend its currency in a rare intervention in the spot market, and which lasted just a few hours before the selling resumed, Goldman analyst Albert Ramos had some advice for Banxico: don’t use reserves to defend the Peso as Mexico would have greater need for them elsewhere. : Instead, Goldman’s advice was to […]
The International Monetary Fund’s description of Greek debt as potentially explosive has left negotiators in Brussels struggling to bridge the differences between Athens and its creditors before time runs out to avert default. With creditors unwilling to release the next tranche of bailout money needed to keep the country afloat, Greece is facing €7bn of debt redemptions in July that it cannot afford. Investors appear to have […]
Whatever route the government chooses for Brexit it will need to cooperate with other countries, especially our EU neighbours, to combat tax avoidance, tax evasion and money laundering. Yet the signs are not very good as the government seems to have chosen non-cooperation. It has snubbed the EU inquiry into the Panama Papers. Last year, a leak of 11.5m documents and 2.6 terabytes of information from the […]
European markets regulators are examining a potential loophole in share-trading rules, which they fear promotes lightly regulated, private networks rather than placing curbs on trade away from public exchanges. Concern is mounting that the rules, which take effect from next January, could be exploited by some banks and high-frequency traders (HTF), to sidestep policymakers’ determination to make share trading more transparent. In an effort to improve trading […]
PARIS French centrist politician Emmanuel Macron has lost ground to his closest election rival, conservative Francois Fillon, and might not make a May 7 runoff against far-right leader Marine Le Pen, an opinion poll showed on Tuesday. The poll gives Fillon the position of favourite to win the presidency – a position he lost in the aftermath of a fake work scandal that engulfed his campaign four […]
Ecuador will have to wait until later this week for the result of Sunday’s presidential election after the country’s electoral council deemed the vote too close to call following a knife-edge poll. It was the first time in recent memory that the winner has not been declared on election night. Lenín Boltaire Moreno, the leftwing protégé of President Rafael Correa, is in touching distance of the 40 […]
At least 180 Chinese listed companies will be forced to cancel or scale back planned rights offerings worth $97bn in response to regulations that target excessive fundraising used for dubious acquisitions and financial speculation. The rules come as Chinese regulators are increasingly concerned about the trend of “exit the real, enter the fake” — a phrase used to denote companies abandoning real economic activity in favour of […]
By Sumeet Chatterjee and Lawrence White | HONG KONG/LONDON HONG KONG/LONDON HSBC Holdings (HSBA.L) reported a 62 percent slump in annual pre-tax profit that fell way short of analysts’ estimates as the British bank took hefty writedowns from restructuring and pointed to brakes on revenue growth. HSBC shares slid more than 6 percent after the company reported revenues fell by a fifth from 2015, underscoring the challenge […]
Tuesday 08:45 GMT Overview European stocks are easing back after a mixed Asia session as Wall Street looks to re-enter the fray at record levels. The dollar is stronger and Treasury yields are moving up as expectations build of tighter US monetary policy, a scenario that is hurting gold. Hot topic European government bond markets remain a focal point for investors after an opinion poll showed Marine […]
Telstra has confirmed that its enterprise voice and data outage across New South Wales was caused by a faulty piece of hardware. The outage affected only enterprise customers on Tuesday morning until 1pm AEDT, with consumer fixed-line and mobile services not impacted by the hours-long outage. Earlier this month, Telstra also experienced an outage across fixed-line and mobile services due to a fire at its Chatswood exchange […]
21 February 2017 Dubai – Auerbach Grayson & Company, LLC, a New York-based brokerage firm specializing in global trade execution and exclusive in-depth research on developed, frontier and emerging markets, announced today that it has partnered with Dubai-based Arqaam Capital, the specialist emerging markets investment bank, to provide U.S. investors with greater access to the Middle East and South Africa. Through its exclusive partnership with Arqaam Capital, […]
By Michael O’Boyle and Ana Isabel Martinez | MEXICO CITY MEXICO CITY Mexico’s central bank faces difficult decisions as it balances a spike in inflation against an expected economic slowdown, Deputy Governor Alejandro Diaz de Leon said on Monday. “We are in an especially complex environment,” Diaz de Leon told Reuters in an interview. Diaz de Leon pointed to the heightened risk of inflation from a weak […]
One-off costs and multibillion-dollar writedowns have dragged down HSBC’s full-year profit 62 per cent year-on-year to $7.1bn, as the London-headquartered lender extended its share buyback programme by an additional $1bn. The British bank blamed slowing economic growth in its main markets of Hong Kong and the UK for the profit slide, as well as a $3.2bn impairment of goodwill to its private banking unit in Europe, and […]
Success for banks selling large blocks of stock in the European market this year points to a supportive environment for new listings in the months ahead, bankers say. There have been 70 such accelerated offerings so far this year according to Dealogic, worth €11.3bn, more than double the €5.5bn sold in the same period a year ago when anxiety about the state of China’s economy prompted much […]
HONG KONG Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds. Political concerns have been at the front and center of investors’ minds over the past week or so, with markets wary about the outcome […]
With US stocks in record territory and the S&P 500 index the most richly valued in more than a decade, some investors see dark clouds gathering on the horizon. The S&P 500, a broad measure of the stock prices of America’s largest companies, ended last week at a record high and has risen almost 10 per cent since the election of Donald Trump as president in November. […]
Trump Is Playing You Note: Soren K is a group of 4 writers to whom I contribute on commodity market posts-Vince Lanci Written by Soren K and MarketSlant. There is one thing Hillary and Donald agree on. You are idiots. She said it. He thinks it. In fact the voting populace is largely brain damaged. And those who aren’t quite vegetables yet will become pacified with iphones, slot machines, […]
The Panama Papers scandal is the mother of all corruption cases which continues to haunt Joseph Muscat’s Government till this day, Beppe Fenech Adami told the PANA committee today. The PANA committee is in Malta to investigate the Panama Papers scandal, which brought to light the fact that Minister Konrad Mizzi and OPM chief of staff opened companies in Panama. The full declaration of […]
Presidents Day 2017 is this Monday, Feb. 20, and many businesses and institutions are closed for the day. Schools, banks, post offices and more are not working today, but there are still plenty of businesses and services operating normally. Pictured here are the sculptured heads of the American presidents, from left to right, George Washington, Thomas Jefferson, Theodore Roosevelt and Abraham Lincoln, carved into Mount Rushmore, South […]
Pre-results jitters put Pearson among Monday’s sharpest fallers. Ahead of its full-year figures due Friday, Pearson faded 3.9 per cent to 642.5p. Since a profit warning in late January, the textbook publisher had rallied as much as 17 per cent amid hopes of another round of cost-cutting. But Pearson has already spent £610m on restructuring since 2013, to net cumulative savings of just £586m even before reinvestment, […]
Doha, 20 February 2017 Al Khalij Commercial Bank (al khaliji) Q.S.C. held its Annual General Assembly (AGA) and its Extraordinary General Assembly (EGA) meetings on Monday 20 February 2017. At the Annual General Assembly meeting, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2016 which reflect a Net Profit after Tax of QAR 427 million. His Excellency Sheikh Hamad Bin Faisal […]
Some of the world’s biggest sovereign wealth funds are increasingly striking their own private equity deals rather than relying on external fund managers, in a drive to cut costs and gain more control. With some $6.5 trillion in assets, sovereign investors already account for 19 percent of capital committed to private equity, according to data from research firm Preqin. But mega-funds such as the Abu Dhabi Investment […]
Here we go again. The premium investors are demanding to hold French over German 10-year debt has hit a fresh post-eurozone crisis high today – exceeding 0.81 percentage points for the first time since August 2012. The yield gap has swollen to its highest in over four years this month, reflecting investor jitters about France’s upcoming and unpredictable presidential elections in three months’ time. France’s 10-year bond […]
Submitted by Don Quijones via WolfStreet.com, Untouchable. Inviolable. Immunity. Impunity. These are the sort of words and expressions that are often associated with senior central bankers, who are, by law, able to operate more or less above the law of the jurisdictions in which they operate. Rarely heard in association with senior central bankers are words or expressions like “accused”, “charged” or “under investigation.” But in Spain this […]
