The Bank of England introduced its first plastic 5-pound banknotes Tuesday in UK. They depict Winston Churchill, and are two and a half times more resistant than paper money, in use for over 300 years. Next year, the plastic £ 10 note with the English writer Jane Austen will go into circulation, and followed by the painter J.M.W. Turner £20 note by 2020. In a press release, the bank said it has printed 440 million of the "New Fivers," which will begin to show up immediately in ATMs and at bank counters.
FCA Us started a voluntary recall of more than 1.9 million vehicles worldwide to fix an air-bag defect linked to three deaths and five injuries. In particular, the US subsidiary of Fiat Chrysler Automobiles has set itself the goal of solving a defect that could prevent the proper functioning of airbags and pre-tensioner seat belts in an accident. The defect concerns vehicles equipped with a special control module and crash sensors with a specific design.
Deutsche Bank has received from the US authorities the request to pay $ 14 bn to close the case into mortgage-backed securities. As reported by the Wall Street Journal, the facts are previous to the outbreak of the 2008 crisis that led to the failure of Lehman Brothers. Certainly, if the figure is confirmed, it would not only among the highest paid to resolve similar issues but it would much over analysts' expectations of the German group.
The European Commission has announced that it started to work on the first EU list of "non-cooperative tax jurisdictions." It is a first step in a complex process that involves consultation of individual European states. At the time a preliminary assessment of all third countries implemented based on a set of key indicators was presented, the Commission explained in a statement.
In line with the Irish QIAIF and the RAIF within the Lux Rule books, Malta has now the Notified AIF (“NAIF”) regime in terms of the Investment Services Act (List of Notified AIFs) Regulations 2016. Such structure will make it easier for fund promoters to launch their investment vehicle as the timing to market is limited to 10 working days, i.e. the period required by the MFSA to include the AIF in the List of Notified AIFs. Needless to say, such period is subject to the completeness of the notification pack as required by the Authority.
The International Monetary Fund (IMF), after an year's delay, has approved a $1 billion aid tranche for Ukraine from its $17.2 billion bailout program. The IMF will disburse an additional $1 billion (889.3 million euros) to Kyiv, the fund's first aid package for the country since the $17.5 billion program was held up in August 2015. The latest decision brings the total amount of aid disbursed to Ukraine by the IMF to $7.62 billion. "The positive decision by the IMF is evidence that the world recognizes that reforms are happening in Ukraine, that real and positive changes are happening in Ukraine, and that the country is moving in the right direction," Poroshenko said in a statement.
The EU summit will begin tomorrow in Bratislava, but some key issues have already appeared on the table: "We need to protect our external borders but we must take joint responsibility", is the statement released to press by the German Chancellor Angela Merkel after the meeting with French President François Hollande in Paris.
Applications for unemployment benefits in the US in the week ended on September 10 grew slightly. Jobless claims rose by 1,000 to 260,000 from 259,000 the previous week. Analysts' forecasts were instead for an uphill 265,000. Applications have come in below 300,000 for 80 straight weeks, longest streak since 1970.
Twitter is entering the TV world. The social network is launching a new application for Apple TV, Amazon Fire TV and Microsoft Xbox One that will allow anyone with these devices to watch live programs, from sports to financial news. The main agreement that Twitter has signed is the one with the American National Footbal League: users can also watch the games via the new app, starting today, alongside multimedia content and "social" selected ad hoc. For example, real-time updates of the athletes, the fans, the team. The app is free and users will not need a Twitter account to watch the events, but they will be exposed to advertising from the social network.
The ECB did not announce changes to its monetary policy last week. Draghi also gave no indication as to possible future action, as he often used to do, and has categorically refused to comment on any potential evolution of the QE program (purchase of stocks, bank bonds or even helicopter money).
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ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.
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