Singapore said Tuesday it had fined Credit Suisse and United Overseas Bank (UOB), a local lender, for breaches of the city-state's anti-money laundering laws relating to a corruption scandal at Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS), the country's central bank, said it also imposed lifetime bans on two bankers and a 15-year prohibition order on a third following a two-year review of lenders involved in 1MDB-related transactions.
MiFID II (Markets in Financial Instruments Directive II) aims to ensure financial stability in the European Union member states by improving accountability and transparency in the financial system. Just in few months it will be mandatory for every European Institution to comply with its regulations. Picking Alpha has talked to Karel Lannoo, CEO of CEPS, one of European leading think tanks on what markets can expect from MiFID II.
"Offshore", "tax haven" and more recently "Panama in the EU" are labels that Malta has done its best to shake off. The Institute of Financial Services Practitioners (IFSP) said on Thursday that the a series of “sensationalist” media reports in parts of the international tabloid press, referred to as the “Malta Files” contain several inaccuracies and false statements. “Maltese financial services practitioners operate within a legal and regulatory framework of the highest standards. Malta is a full member of the European Union and all its laws, including anti-money laundering rules, are fully aligned with European rules and best practice.
The crisis in the retail sector, briefly mentioned in Newsletter 161, is ironically speeding up as the sector loses steam if one views the consumer-driven American economy as a train pulled by a 19th century locomotive. The number of store closings may be more than 8,000 in 2017 if the rate current in Q1 continues. Hundreds of mall anchor stores are on schedule to be closed if the train runs on time.
Apple is reportedly working on a dedicated artificial intelligence chip that would power AI-related tasks on mobile devices, according to a report from Bloomberg’s Mark Gurman. The chip, which may be called the Apple Neural Engine, would be used to offload tasks that require sophisticated algorithms related to facial and speech recognition and augmented reality tasks that rely heavily on computer vision.
British Airways, owned by International Airlines Group (IAG), faces a potential multi-million pound bill for the delayed passengers. Three days of chaos caused by an IT glitch at Delta airlines last year was expected to cost the US carrier $150m in lost revenue. Many families have lost their holidays, while others have been forced to sleep on the floor of Britain’s two biggest airports since the computer crash on Saturday.
German Chancellor Angela Merkel on Sunday declared a new chapter in U.S.-European relations after contentious meetings with President Trump last week, saying that Europe "really must take our fate into our own hands." It was the toughest review yet of Trump's trip to Europe, which inflamed tensions rather than healing them after the U.S. president sparred with the leaders of Washington's closest and oldest allies on trade, defense and climate change.
Bitcoin prices skyrocketed last week and surged to all-time highs above $2.700, and this generated on the web a lot of articles about a possible bubble of this complex and strange asset. Like all the financial assets, also Bitcoin can be studied in Technical Analysis using charts. One of the most common errors I have noticed, is the lack of a proper representation of this asset on the graphs. In the chart below, you can see the BITCOIN/US DOLLAR FX SPOT RATE chart from 2011. It looks impressive but also misleading.
UBS is looking to debut a premium card later in May in a boost to its U.S. business and in a move to gain favor with wealthier Americans, as reported by Bloomberg News. The new card will be called the UBS Infinite card and bows next week on May 27. It has a $495 fee, which in turn, along with expenditures of $50,000, brings in a $500 annual airport lounge credit. The card provides an array of premium rewards, travel benefits and credits, including exclusive savings when users fly, stay, cruise or drive, and a rich earnings structure with rewards points that never expire while the card is open.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
Lo Shipbrokers and Shipagents Dinner è uno degli eventi più importanti nel panorama mondiale della
Within the framework of this presentation, Viktor Pershikov, MFTA, (a leading technical analyst in R
One of the biggest conferences in Switzerland, which brings together the private equity, venture cap
Within the framework of this presentation, Viktor Pershikov, MFTA (a leading technical analyst in Ru
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