PARIS/BORDEAUX French presidential candidate Marine Le Pen told a political rally on Sunday that the euro currency which she wants France to ditch was like a knife in the ribs of the French people. The leader of the eurosceptic and anti-immigrant National Front (FN) also told the rally in the city of Bordeaux that the forthcoming election for president could herald a “change in civilization”. Encouraged by […]
Like many Hong Kongers with family and business ties in mainland China, Ceci Chong would often carry cash back across the border — until she was stopped last summer by a Chinese customs officer. She was caught bringing Rmb100,000 ($14,500) in family savings to Hong Kong — five times the cash limit imposed by China. Her case was part of a crackdown on “financial ants”, who smuggle […]
01 April 2017 Dubai’s trade performance has shown steady and sustainable growth over the last five years, with non-oil trade volumes in metric tonnes registering a compound growth rate of 6.1% according to figures from Dubai Customs. Despite a challenging macroeconomic environment which impacted global trade, Dubai’s trade volumes grew a healthy 8.2% in 2016, compared to the previous year, reflecting the resilience of the Emirate’s economy, and […]
01 April 2017 Kuwait: Kuwait Finance House (KFH) has introduced a foreign currencies ATM machine at the airport branch in collaboration with K-Net in efforts to meet customers’ aspirations by offering them the best banking services and the most convenient banking experience as per highest standards of quality. “This ATM enables KFH and non-KFH customers to withdraw up to 4 different currencies; Dollar, Euro, Dirham and Riyal […]
In a low-income area of Ecuador’s capital, followers of Lenín Boltaire Moreno sang along at his final rally to a quintessential Latin American revolutionary song, composed in 1973 by Chile’s Quilapayún: “The people united will never be defeated”. “I am here to celebrate in advance the triumph of Lenín Moreno, because he is the continuation of a project that started 10 years ago,” said Mónica Ortíz, a […]
President Jacob Zuma has sacked Pravin Gordhan, his finance minister, and eight other cabinet members, threatening turmoil for South Africa’s fragile economy and setting the stage for the biggest crisis yet for the ruling African National Congress under his leadership. Mr Zuma’s decision to fire Mr Gordhan as part of a late-night cabinet reshuffle sent the rand down 2 per cent on Friday, taking the currency’s decline […]
March 31, 2017 by: Nicholas Megaw in London South African president Jacob Zuma’s dismissal of his well-regarded finance minister Pravin Gordhan has left the country’s currency on course for its worst week since 2015 and hit prices in the country’s government bonds and its banking stocks. It has also left analysts expecting imminent downgrades to the country’s credit ratings. The firing of Mr Gordhan — which was […]
ISTANBUL Turkish state-run lender Halkbank’s operations and transactions fully comply with national and international regulations, it said in a statement regarding the arrest of its deputy general manager Mehmet Hakan Atilla in the United States. Atilla was charged on Tuesday with participating in a multi-year scheme to violate sanctions against Iran and conspiring with Turkish-Iranian gold trader Reza Zarrab, who is already on trial in a case […]
Friday 05.10 BST Overview Asian stocks were mostly positive on Friday as investors prepared to end a solid first quarter of 2017 and Wall Street closed in on record highs. Hot topic 1 South Africa’s rand was 1.2 per cent weaker in Asian trading in the wake of the nation’s finance minister, Pravin Gordhan, being dismissed on Thursday by President Jacob Zuma. The currency has shed a […]
BEIJING China does not have any policy to devalue its currency to promote exports, Vice Foreign Minister Zheng Zeguang said on Friday, ahead of President Xi Jinping’s first meeting with U.S. President Donald Trump amid lingering tensions over trade. In a briefing, he said China does not seek a trade surplus with the United States. This is Xi’s first meeting with Trump, who assumed office Jan. 20, […]
By Nichola Saminather | SINGAPORE SINGAPORE The dollar extended its overnight gains in early Asian trade on Friday on signs of strong U.S. economic growth, while the euro inched up after sliding overnight on data suggesting slowing growth in Europe. Stock markets in Asia were off a bit despite solid gains on Wall Street as investors awaited China’s official manufacturing purchasing managers index data for March. The […]
If President Jacob Zuma of South Africa wanted to know how markets would react if he sacked Pravin Gordhan as finance minister, he got part of the answer this week. The rand shed 4.4 per cent of its dollar value earlier this week after Mr Zuma ordered Mr Gordhan to cancel a roadshow with investors on the first day and fly home from London, without explanation. The […]
Thursday 08:35 BST What you need to know ● Stock markets mixed after Wall Street’s steady display● Shanghai Composite hits 6-week low amid liquidity concerns● Sterling holds above $1.24 as traders ponder Brexit implications● Dollar index above 100 as euro softens on ECB report● Oil prices add to Wednesday’s 2.1 per cent gain and gold dips——————- Hot topic Traders are keeping a wary eye on the action […]
Authored by Konstantin Richter via Politico.eu, Last weekend, European leaders gathered in Rome for the 60th anniversary of the Treaty of Rome. They discussed, not for the first time, how to get the EU back on track. And they told each other they are still committed to the Union and believe in its future. (We’ve heard that one before, too.) But let’s just suppose that, when the […]
TOKYO Asian shares edged up to near their highest in two years on Thursday, while the dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.2 percent higher in early trade, pushing against its loftiest levels since June 2015. Japan’s Nikkei stock index .N225 was down 0.2 percent, while […]
Oman is most likely to face a “forced currency devaluation” in coming years due weak oil prices and low financial buffers, according to a new report. In its report issued on Wednesday, BMI Research, a Fitch Group Company, said that the “probability of such a move is rising.” Oman’s crude oil price have declined to $45.9 per barrel driven by weakness in global energy markets since early-2017, […]
KUALA LUMPUR Malaysia briefly prevented a North Korean ship carrying coal from entering its port in Penang because of a suspected breach of United Nations sanctions, a port worker and Malaysian maritime officials told Reuters on Wednesday The KUM YA, was carrying 6,300 metric tonnes of anthracite coal, according to a worker at Penang Port who spoke to Reuters on condition of anonymity. It was later allowed […]
After nine months’ gestation, the Brexit process has started. Both sides of the referendum have political points; Brexiters can say the UK economy is growing and there has been no market implosion, while Remainers can say UK assets have drastically underperformed the rest of the world, and the costs of the historic sterling devaluation are yet to be counted. Now, it is time to work out what […]
Wednesday 04:40 GMT Overview Asian markets were mixed, with energy stocks benefiting from a recovery in crude oil prices, while the UK pound dropped after Prime Minister Theresa May dispatched the letter that will trigger Britain’s exit from the EU. Hot topic The pound weakened 0.3 per cent to $1.2409 in Asia trade, bringing its losses over the past two sessions to 1.2 per cent, in response […]
The triggering this week of Article 50 of the Lisbon treaty to facilitate Britain’s exit from the EU is undoubtedly a momentous event. At issue in the forthcoming talks will be whether Britain can win back control over immigration and lawmaking without wrecking trade relations in its biggest market and damaging London’s status as the pre-eminent international financial centre. A minimum of two years of difficult and […]
A Delhi businessman figured in the Panama papers has for over decade “represented” an Italian currency paper firm which has got several supply contracts in India including emergency contracts after demonetization. Citing fresh leads from Panama papers, The Indian Express reported that Delhi-based businessman Satya Prakash Gupta represented the Italian currency paper major Fabriano, which was among the nine companies that got contracts for emergency currency-paper supplies […]
Cuban president Raúl Castro is preparing to step down next year, Venezuela has cut millions of dollars in aid and Donald Trump’s election has cast a shadow over the nascent US-Cuba detente. Unnerved by the changes, Havana’s domestic reform drive has ground to a halt as the Communist party battens down the hatches. Marino Murillo, the senior official leading Cuba’s reforms, has not been heard in public […]
March 27, 2017 by: Roger Blitz in London and Eric Platt and Robin Wigglesworth in New York Financial markets shuddered on Monday as investors absorbed the collapse of US healthcare reform last week, with some fearing pro-growth policies like tax reform could be stymied by government inaction and a Republican party in disarray. Global stocks retreated, US banks slid into correction and the dollar index fell to […]
Barclays Bank on Monday launched the first exchange traded fund in east Africa when it listed the Barclays NewGold ETF on the Nairobi stock exchange. The product is a cross-listing of the $1.4bn NewGold ETF that sits on the Johannesburg Stock Exchange in 2004 and is also publicly traded on five other African markets. Its initial size in Kenya will be Ks500m ($4.8m) with capacity for expanding […]
