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Bail in risk – €4 Trillion Italian banking system at risk as referendum looms Sunday according to Financial Times Concerns of multiple bank failures – Eight banks at risk of failure and bail ins Monte dei Paschi di Siena, third largest by assets and mid-sized banks Popolare di Vicenza, Veneto Banca and Carige and four smaller banks Italy’s banks have €360 billion of problem loans Contagion poses risks to Unicredit, […]

Monday 11:30 GMT. Overview The dollar is cooling after its sustained run higher, with the index tracking the world’s reserve currency against six of its rivals down 0.5 per cent, although it is holding the 100-point mark at 100.940. Stock markets in Europe are slipping back, led by losses for embattled Italian financials. Hot topic Oil is likely to loom large over the week before Wednesday’s Opec […]

TOKYO Oil prices tumbled on Monday on fears that producer countries may fail to agree an output cut, pressuring U.S. stocks and the dollar as traders reversed their “Trumpflation” trade as weak oil prices would reduce pressure on U.S. interest rates to rise. That gave some relief to Asian shares, which had underperformed on worries about capital flight to higher-yielding U.S markets in the weeks since Donald […]

In these volatile times, gold is more important than ever. Bonner & Partners’ Bill Bonner explains in this two-part series, the importance of ‘real money’ and why you need it now… Many years ago, before the invention of modern money or capitalism, people still had wealth – although limited. And they still had ways of keeping track of it. The principle of “fair trade” seems to be […]

Farmers in India are enjoying a privilege denied to the rest of their countrymen–permission to use old 500-rupee currency notes to buy seed. Prime Minister Narendra Modi earlier this month announced the replacement of high-denomination bank notes worth 500 rupees ($7.33) and 1,000 rupees ($14.66), to get rid of corruption, eliminate counterfeit money and make people pay taxes. The move has led to a cash shortage, with […]

November 27, 2016 by: Kiran Stacey in New Delhi and David Keohane in Mumbai Indian banks will have to deposit as cash all the extra money they have been given as a result of demonetisation with the Reserve Bank of India, the central bank announced this weekend. The RBI made its sudden move after the country’s banks, flush with cash, went on a bond-buying spree, bringing down […]

Hotel demand will outpace supply by 2020, according to STR’s client relationships director Sarah Duignan. She made the pronouncement at the Accommodating growth in the Middle East presentation at the Hotelier Express Summit 2016, held on November 23 in Dubai. Duignan said Middle East hotels’ revenue per available room (RevPAR) levels had peaked in October 2009 at AED1,300 ($353.9) and today current average rates over the last […]

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DUBAI, June 10 (Reuters) – Qatar’s central bank plans to issue 4 billion riyals ($1.1 billion) worth of local currency government bonds next week, it said on Tuesday, including a new seven-year tranche to build a longer yield curve. The debt, to be auctioned on Sunday, will include 2.1 billion riyals worth of three-year conventional bonds and 950 million riyals each of five- and seven-year tranches, the […]

Here are the big questions we are asking at FT Markets into the week when the calendar flips over into December. Will Opec deliver a meaningful production cut? All eyes are on Vienna and Opec’s annual gathering with a keenly awaited decision on production levels. An Opec deal on Wednesday that delivers a concrete supply reduction of at least 1m barrels a day, with non-members such as […]

Payday lenders asked a federal judge in Washington, D.C., for emergency relief to stop what they called a coordinated effort by U.S. regulators to stop banks from doing business with them, threatening their survival. In Wednesday night filings, the Community Financial Services Association of America (CFSA) and payday lender Advance America, Cash Advance Centers Inc said a preliminary injunction was needed to end the “back-room campaign” of […]

U.S., Peru seize $30 million in fake dollars, biggest bust ever | Reuters ‘+Reuters.inlinevideo.title+’ ‘+Reuters.inlinevideo.length+’ ‘); } WASHINGTON U.S. and Peruvian agents have seized a record $30 million in counterfeit dollars in the biggest netting of fake greenbacks ever by the U.S. Secret Service, the agency said on Thursday. The stash was discovered when more than 1,500 Peruvian police, along with Secret Service agents, carried out searches […]

DUBAI, June 10 (Reuters) – Qatar’s central bank plans to issue 4 billion riyals ($1.1 billion) worth of local currency government bonds next week, it said on Tuesday, including a new seven-year tranche to build a longer yield curve. The debt, to be auctioned on Sunday, will include 2.1 billion riyals worth of three-year conventional bonds and 950 million riyals each of five- and seven-year tranches, the […]

KUALA LUMPUR Malaysian Prime Minister Najib Razak said on Sunday that he will “not necessarily” call a snap election next year, amid talk that he would seek an early vote as splits in the opposition have hobbled efforts to oust him over a long-running financial scandal. The multi-ethnic Southeast Asian country is due to hold an election by August 2018, and a government official has told Reuters […]

Prime Minister Narendra Modi’s request for feedback on his move to scrap large denomination notes has sent his app to the top of the charts. Mr. Modi on Tuesday asked users of his app, which allows citizens share their views and get news about the leader of the world’s largest democracy, to rate his decision to replace 500 and 1000-rupee notes that was aimed at cutting corruption […]

Amid increasing social unrest, a collapsing currency (against the dollar), and an economy at a standstill, there has been another growing fear in India that has spooked many around the world. The rumors and speculation of an Indian gold import ban (or even an outright ban on gold ownership) have sparked panic-buying of the precious metal sending retail premia soaring at local jewelers. In an effort to […]

Nov 25, 2016 11:33 am IST Another day, another set of late-evening twists in India’s experiment in warp-speed currency replacement. Indians can no longer exchange their voided 500- and 1,000-rupee bills for newly minted currency at banks and post offices, after the Ministry of Finance tightened its crackdown on cash Thursday night. Ever since Prime Minister Narendra Modi abruptly invalidated the big bank notes this month, millions […]

Iraq’s prime minister said the country is willing to cut some of its own production, in a move that could smooth the way to a supply deal when Opec, the oil cartel, meets next week. Haider al-Abadi said Iraq would “shoulder responsibility” for some of the planned reductions of the 14-member group’s output to bolster the oil price, according to comments reported by Reuters. The price of […]

Nov 25, 2016 12:35 pm IST We’re going to be live on Facebook at 9.30 a.m. India time Monday discussing India’s ongoing cash crunch and want your questions. The government’s crackdown on the hoarding of notes has left many Indians hungry for cash, and some with sackfuls of large bills they are unable to spend or deposit. Others have found inventive ways to get around the shortage. […]

“This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency.” —Indian Prime Minister Narendra Modi. For the first time, Indian patriot and defender of the common man, Narendra Modi, appears to be in over his head. Practically, the unintended (?) consequences are nothing short of a crushing blow to those his efforts are said to protect. The […]

The dollar broke new ground in its post-US election surge against the yen on Friday as the market eyed a potential ¥3.8tn ($34bn) deluge of yen selling by life insurers.  Tokyo’s morning session saw speculators pushing the dollar into the high ¥113 zone — an eight-month peak and a move that is underpinned by more unwinding of long yen positions built ahead of what big Japanese investors […]

US stock funds continue to pull in investor’s cash after the US election, as Donald Trump’s rhetoric over renewed growth for the economy shows no sign of abating. Just over $5.1bn flowed into US stock funds for the week ending November 23, according to data from EPFR. It was a lighter intake than the previous record-setting week, but still accentuated the rotation out of bond funds and […]

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks advanced on Friday as the Thanksgiving break in the United States helped slow a relentless surge in the dollar that has sucked capital out of most emerging markets. The respite for Asian assets may be short-lived, however, with U.S. Treasury yields resuming their climb after the holiday as investors bet that President-elect Trump will adopt policies that increase spending […]

Hopes of a fix to the collateral squeeze facing the eurozone’s €5tn short-term funding markets were boosted this week after reports emerged the European Central Bank will consider ways to ease rules on how it lends its stockpile of sovereign debt. A lack of good quality collateral, which market participants use to secure loans, has crippled the single currency area’s short-term funding (“repo”) markets. One big reason […]

The relentless rise of the dollar scorched emerging market currencies on Thursday, sending China’s renminbi to its weakest level in eight years, while India’s rupee plumbed a record low. Broad currency weakness against the dollar came as the bond market fully expects policy tightening by the Federal Reserve at its December meeting. Investors are also looking to next year and trying to gauge the extent of further […]

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