Record sales of non-performing loans are expected in Europe this year with a more urgent approach from policymakers driving increased activity, according to Deloitte. As much as €200bn of debt could be sold during 2017, almost double last year’s total of just over €100bn of sales, said the professional services group, which advises banks and investors on NPL transactions. Europe’s banking sector is weighed down by more […]
By Lisa Baertlein and Paul Ingram | NOGALES, Arizona NOGALES, Arizona For up to 16 hours a day, tomatoes, peppers, cucumbers and mangoes grown in Mexico flow north through a border checkpoint into Nogales, Arizona, helping to ensure a year-round supply of fresh produce across the United States. This is a city built on cross-border trade. Each year, some 330,000 trucks and 75,000 train cars carrying $17 […]
Joo Kim Tiah, the son of one of Malaysia’s wealthiest tycoons, sat on stage in the summer of 2013 as his new business partner announced their plans for a C$360m luxury condominium-hotel project on Vancouver’s most prestigious downtown thoroughfare. With characteristic salesmanship, Donald Trump bragged that the 63-storey glass tower on West Georgia Street would be “one of the great buildings, not only in Canada and the […]
After two days of questioning, Ramon Fonseca Mora and Jurgen Mossack were detained by prosecutors in Panama on 9 February. The pair have been denied bail as they have been deemed flight risks. They are being held as part of a probe into corruption and bribery allegations involving Brazilian construction group Odebrecht, which has admitted paying $1bn (£800m, €943m) in bribes to obtain contracts in 12 […]
Wednesday 14:30 GMT Overview Global equities were on track to close at all-time highs as Wall Street hovers near record levels in the wake of comments from Federal Reserve chair Janet Yellen. And Ms Yellen’s more hawkish than forecast rhetoric has been backed up on Wednesday by stronger than expected US retail sales and inflation data that are pushing up the dollar and bond yields, while leaving […]
By Babak Dehghanpisheh | BEIRUT BEIRUT Iran’s president must do more to improve the economy, Ayatollah Ali Khamenei said on Wednesday in a rare public criticism from the supreme leader three months before Hassan Rouhani runs for re-election. Unemployment, recession and inflation – issues that could win or lose an election – all remain major problems in the final month’s of Rouhani’s first four-year term, Khamenei said […]
Painting a relatively optimistic economic picture during Congressional testimony this week, Janet Yellen confirmed the Federal Reserve would raise interest rates gradually. It was clear in the sessions, though, that other factors would soon weigh on interest rates and markets. Fiscal policy could make the Fed more hawkish. Yet the political agenda of financial deregulation, coupled with President Donald Trump’s choices for several vacancies on the Fed’s […]
Submitted by Don Quijones via WolfStreet.com, Spain’s three biggest banks, Banco Santander, BBVA and Caixa Bank, have got off to a flying start this year having issued €8.6 billion in new debt, seven times the amount they sold during the same period of last year. The last time they rolled out so much debt so quickly was in 2007, the year that Spain’s spectacular real estate bubble […]
Your daily guide to community and cultural activities across the Emirates for February 15, 2017, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. Ellen Fortini rounds up 10 things to do today in the UAE. Want to see your event listed here? Email us with the details and contact information at [email protected] newslide Abu Dhabi Film screening Sign […]
After a day of chaotic communication, a stock sell-off and a $6.3bn writedown that may destroy one of Japan’s greatest industrial names, the Toshiba president’s bow of apology finally came. Satoshi Tsunakawa’s head nodded for just one perfunctory second on Tuesday. Most assume there will be much deeper, longer bows to come as Toshiba leads investors, customers, employees and Japan as a whole through the country’s first […]
As central bankers seek to wean markets off quantitative easing and exit the dangerous experiment of negative rates, they increasingly fret about the resilience of credit markets. How worried should they be? The US Treasury’s Office for Financial Research, the European Central Bank and the Bank of England have all issued warnings in their financial stability reports voicing concern over whether we might see fire sales that […]
Babies who were born prematurely and with extremely low birth weight may be at higher risk of developing mental health problems later in life. Low Birth Weight And Health Problems Later In Life Premature birth and fetal growth restriction are two main reasons why babies are born with low birth weight. In the United States, one in 10 babies are born prematurely. Researchers have long associated low birth […]
SoftBank’s billionaire founder Masayoshi Son, who has boasted of creating the “Berkshire Hathaway of tech”, has thrown himself into the world of private equity and hedge funds with a $3.3bn acquisition of US alternative asset manager Fortress Investment Group. The deal, which follows the Japanese group’s traditional focus on telecoms and internet, comes just as SoftBank is emerging as one of the world’s largest investors with the […]
When Federal Reserve chair Janet Yellen testifies before a Senate committee on the state of the economy on Tuesday, there will be plenty tuning in who believe the epitaph for the three-decade rally in the bond market has been rightly written. US president Donald Trump’s plan to ramp up government spending and axe corporate taxes threatens to accelerate inflation, push up interest rates and widen the deficit […]
Goldman Sachs shares shattered a 10-year record to reach a fresh closing high on Tuesday, buoyed by hopes that the Trump administration will bring a profit-boosting mix of higher interest rates, lower taxes and lighter regulation. All banks have rallied hard since November 8, when Mr Trump beat Hillary Clinton in the race to the White House. But only a handful have done as well as Goldman, […]
The reaction to a strike at the world’s largest copper mine underlines the sharp reversal in fortune in one of the world’s key metals over the past four months. Copper has jumped 5 per cent in the past two days to a two-year high after a strike at the Escondida mine in Chile raised supply fears about a market that has been starved of investment. The dispute […]
Texas Republican Michael McCaul, chairman of the House Homeland Security Committee, said Tuesday that “creating backdoors into secure platforms would be a huge mistake.” “Instead, we need to find a way to keep our countries safe while also keeping our data safe and secure,” McCaul said at the RSA Conference in San Francisco. The remarks, geared for the presumably pro-encryption audience of cybersecurity professionals, indicate that the […]
The US economy and fiscal policy face an uncertain path under the administration of Donald Trump, Janet Yellen warned on Tuesday as she declared “monetary policy is not on a preset course” but said it would be “unwise” to raise rates too slowly. Testifying before Congress on Tuesday, the Federal Reserve chair painted a picture of an economy with accelerating growth, higher inflation and a robust labour […]
Greece is planning to appoint Rothschild to advise on its debts as the country attempts to end a long-running creditor stand-off and avert default. Government officials hope to finalise the appointment before a gathering of eurozone finance ministers on February 20 that has been described as the last chance for Greece’s lenders to overcome their differences before European attention shifts to general elections in eurozone countries. Unless […]
PARIS France honored the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry’s biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50 technicians who will […]
Fed Chair Yellen will be appearing before Congress deliver her semi-annual monetary policy testimony (sometimes called the “Humphrey-Hawkins” testimony) today. Her prepared remarks are expected to sound similar to her most recent speech, noting that the labor market has tightened and wage pressures are increasing modestly. As BofA details, she will likely note that the Fed is making progress toward its mandate of full employment and price […]
Getty Images/iStockphoto Operating systems are the core of our digital civilization. Hack-proofing them means that billions of devices – PCs, network switches, IoT devices, drones and much more – are much more secure. That forces cybercriminals to move up to less common layers of the software stack. special feature Cyberwar and the Future of Cybersecurity Today’s security threats have expanded in scope and seriousness. There can now […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. The Tuesday morning news shows were dominated by word that Michael Flynn is out as national security adviser. “Stunning” was the call by the Trump home team at “Fox & Friends.” It proceeded to quote its usual media pinatas in […]
A few days before the retreat, I met up with the man who, perhaps more than any other figure in the conservative movement, had maneuvered the party toward complete and unbending opposition to Obamacare: Michael Needham of the Heritage Foundation. Needham, 35, is the chief executive of Heritage Action for America, a feral cur of a lobbying organization established by the venerable conservative think tank in 2010 […]
