The European Central Bank on Thursday left interest rates unchanged at historic lows and said its bond-buying programme (quantitative easing, QE) would fall from the present rate of 60 billion euros a month to 30 billion from January to September. It will continue at 60 billion a month until December. The purchases would continue at least until September 2018.
Deutsche Börse chief executive Carsten Kengeter will step down days after a German court refused to approve a settlement with prosecutors over allegations of insider trading. The company said in a statement on Thursday that it had accepted Mr Kengeter’s resignation with “regret.” He will leave at the end of the year. The decision by the Frankfurt court earlier this week was a major blow to Deutsche Börse’s efforts to draw a line under the investigation into Mr Kengeter’s conduct on the eve of failed merger talks with the London Stock Exchange.
The wealth held by the world's billionaires jumped by nearly $1 trillion in 2016, and they now have more money than the GDP of the entire European Union, according to a new report. The population of billionaires rose by 145, or about 10 percent in 2016, to 1,542 billionaires, according to the report by UBS and PwC. The wealth held by those billionaires increased from $5.1 trillion to $6 trillion, according to the report. And Asia now has the most billionaires in the world, surpassing the U.S. for the first time with a new billionaire minted on average every other day in 2016.
Swiss watch exports to Singapore surged 90 per cent in September from a year ago, making the island Republic the biggest importer of luxury timepieces that month - after Hong Kong and the United States. Shipments to Singapore jumped from 94.5 million Swiss francs (S$130.41 million) in September 2016 to CHF 179.2 million last month, figures released by the Federation of the Swiss Watch Industry show.
Deutsche Bank on Thursday said its third-quarter profit more than doubled, beating analysts' expectations, despite a fall in revenue. The German bank said net income in the quarter was €649 million ($766.7 million) compared with €278 million in the same period last year, helped by lower operating costs and legal expenses. “While the revenue environment remained challenging, we have made significant progress on our key initiatives,” Chief Executive John Cryan said in a statement. Shares in Deutsche Bank were seen opening 2.5 percent higher in pre-market trade following the results.
China will issue 2 billion U.S. dollars worth of dollar-denominated sovereign bonds on Thursday, China's Ministry of Finance (MOF) said here on Wednesday. China will issue the sovereign bonds in the Hong Kong Special Administrative Region (HKSAR), including 1 billion U.S. dollars of five-year bonds and 1 billion U.S. dollars of 10-year bonds.
Malta is the only jurisdiction that can provide a robust financing structure (in terms of legal certainty) for maritime assets and those shipping groups that may be looking towards the capital markets would do well to consider securitisation as a potential option.
The Swiss consumption indicator remained slightly above the long-term average in September, data from the UBS investment bank showed Wednesday. The UBS consumption indicator rose to 1.56 points in September, signalling consumption growth slightly above the long-term average. The indicator was supported by significantly higher expectations in the retail industry, but UBS still projects consumer spending to grow 1.3 percent for the year overall.
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