The European Central Bank (ECB) said it will set up an instant payment system across the eurozone allowing consumers and firms to send money "within a matter of seconds". The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. It said the new network "will allow citizens and firms to make payments via their bank anywhere in the euro area within a matter of seconds", and is scheduled to come into operation in November 2018.
Nomura picked Frankfurt as the headquarters for its European Union operations after the UK leaves the bloc, Bloomberg reported. Japan’s biggest brokerage will start preparations this month to form a base in the German financial centre, one of the people said, asking not to be identified as the matter is confidential. The decision will necessitate regulatory approval along with securing the requisite office space before transferring fewer than 100 employees from London to the city, according to the person.
Mrs May will head to Brussels for her first European summit since losing her Commons majority in the general election. It comes the day after measures to enable Brexit dominated the Queen's Speech and with the Conservatives still trying to secure the Commons support needed to pass their programme.
Switzerland's foreign trade surplus increased in May, as exports grew faster than imports, figures from the Federal Customs Administration showed Thursday. The trade surplus climbed to CHF 3.4 billion in May from CHF 1.9 billion in April. In March, the surplus was EUR 3.0 billion.
Online pharmacy Zur Rose Group plans to raise up to around 230 million Swiss francs ($236.6 million) in an initial share sale, the Swiss company said on Thursday, with the cash to help grow operations including its DocMorris unit in Germany. The IPO, with a price range of 120 francs to 140 francs per share, would value the company at between 780 million francs and 870 million francs, Zur Rose said.
Angola’s capital Luanda has overtaken Hong Kong to become the costliest city in the world for expats, Mercer’s annual survey said Wednesday. According to Mercer’s 23rd annual Cost of Living Survey, Luanda was the costliest city, driven by cost of goods and security, followed by Hong Kong and Tokyo at the second and third places, respectively. Others in the top 10 include Zurich at the 4th place, Singapore (5th), Seoul (6th), Geneva (7th), Shanghai (8th), New York City (9th), and Bern (10th).
Uber CEO and co-founder Travis Kalanick tells The New York Times that he has resigned. Kalanick, who just last week announced he was taking an indefinite leave from the company he co-founded, was forced out after investors decided the company needed a change in leadership, according to a letter sent to Kalanick and obtained by the Times. “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said in a statement given to the Times.
MSCI announced it would add China A-shares to its MSCI Emerging Markets Index after rejecting China's previous three attempts. MSCI plans to add 222 Chinese shares to its Emerging Markets Index, with an initial weighting of 0.73 percent. The full inclusion of domestic Chinese stocks in the widely tracked MSCI Emerging Markets Index could pull more than $400 billion of funds from asset managers, pension funds and insurers into mainland China's equity markets over the next decade, according to analysts.
From the growth point of view, Brexit can affect the economy in two ways. In the near term, uncertainty from Brexit and rising inflation from the reduction in Sterling trade since the vote could cause a modest demand-side shock. But that effect has been much smaller than expected. In fact, the economy has outperformed the non-Brexit scenarios. Of course, we do not know how the economy would have performed had the UK not voted to leave. That seems to be an absence of the short-term demand-side shock. I am confident that the UK can continue to enjoy a broad-base expansion over the next couple of years. I see probably 2% real GDP growth this year followed by 1.7% next year.
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