Greece has completed new economic reforms to receive the latest tranche from its 86 billion euro bailout fund. Euro zone ministers gave Athens a positive review of its reforms while withholding part of a new loan payment. They disbursed a €1.1 billion loan but postponed its decision on a further €1.7 billion payout to later in October.
Brexit could cost the government up to £66 billion a year in lost tax revenue, a draft cabinet committee paper seen by The Times. The document contains a warning that leaving the single market and switching to World Trade Organisation rules would cause GDP to fall anywhere between 5.4% and 9.5% within 15 years and it is based on a controversial treasury report published in April, which critics had dismissed as scaremongering by the treasury, the newspaper said.
Motorcycle market contracted in Switzerland. Sales of new motorcycles fell in the first nine months of the year to 24,464, a decrease of 880 units compared to the same period of 2015. The high-powered ones continue to be greatly appreciated. Motosuisse, the swiss motorcycle manufacturers association, announced in a statement that 2015 was a record year, with an increase in new registrations by 17%.
The STOXX Supersector Europe 600 Basic Resources Index, has been in the last years, one of the most underperforming indexes in the group of the 19 European Supersectors group. Since January 2008 he had a performance of -51,29%, and only the banking sector had a worse result with a -65,80%.
Falcon Bank has to close his branch in Singapore. The Monetary Authority of Singapore (MAS) announced on Tuesday it had ordered Falcon Bank to cease its operations in the city-state because of a "serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the head office in Switzerland as well as the Singapore branch".
Crude-oil futures on Monday posted their best close in more than a year as bullish comments from Russian President Vladimir Putin and Saudi Arabia’s energy minister set off a surge in prices amid a meeting of major oil producers in Istanbul to try to cement a cap on oil production.
Two former senior private bankers at BSI Singapore were charged in connection with Singapore's 1MDB probe, on Monday. Yak Yew Chee, 57, who was a senior vice president at BSI Singapore and Yvonne Seah Yew Foong, 45, a former director at the bank, were among six flagged by the Monetary Authority of Singapore (MAS) to the Public Prosecutor regarding "serious misconduct" and whether they had committed criminal offences.
UBS will launch a new robo-advisor service in the UK on November 21. The launch is part of a $1bn initiative to attract younger clients, with the firm’s wealth management business planning a follow-up advertising campaign in 2017. The Swiss bank will keep the minimum investment required for the new service to £15,000, while it usually requirs £2m to open a private bank account.
The Nobel prize for economics in 2016 was awarded to Oliver Hart and Bengt Holmström, for the "contract theory" developed by the two U.S.-based economists.Their studies have mapped out an overall framework to understand agreements like insurance contracts, employer-employee relationships and property rights.
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