The Reserve Bank of Australia (RBA) has left interest rates on hold at an historic low of 1.5% as widely expected and flagged that some "slowing in the year-ended growth rate is likely" before picking up again. The RBA has cut rates twice this year, in May to 1.75 per cent and in August to its current historic low. The last time the official cash rate increased was November 2010. All 64 economists polled by Reuters expected the RBA to keep rates on hold at today's meeting, the last of the year.
The Financial Industry Regulatory Authority (FINRA) said on Monday it has fined Credit Suisse's U.S.-based securities business $16.5 million for ineffective anti-money laundering programs. According to FINRA’s action, Credit Suisse’s suspicious activity monitoring program was deficient on two fronts. Credit Suisse primarily relied on its registered reps to identify and escalate potentially suspicious trading, including in microcap stock transactions, but “high-risk activity was not always escalated and investigated as required,” FINRA states.
Amazon unveiled technology that will let shoppers grab groceries without having to scan and pay for them, eliminating the checkout line. The company is testing the new system at what it’s calling an Amazon Go store in Seattle, which will open to the public early next year. Customers will be able to scan their phones at the entrance using a new Amazon Go mobile app. Then the technology will track what items they pick up or even return to the shelves and add them to a virtual shopping cart in real time, according a video Amazon posted on YouTube.
The Eurogroup will have to wait and see what Italy’s next political steps are, what its government will do and what its president decides, President of the Eurogroup Jeroen Dijsselbloem said Monday. Attending a Eurogroup ministers’ meeting in Brussels, Dijsselbloem’s remarks came after Italian Prime Minister Matteo Renzi said he would resign after losing Sunday’s constitutional referendum.
Nestlé has announced the discovered a way to significantly reduce the amount of sugar that goes into its KitKat, Butterfinger and other candy bars, without affecting the taste of the novelty products. Scientists at the Swiss food giant said the breakthrough will allow the company to cut sugar content in the products by up to 40%, with the apparent sweetness of chocolate and other confectionery products being unchanged. “Our scientists have discovered a completely new way to use a traditional, natural ingredient,” said Nestle's Chief Technology Officer, Stefan Catsicas, in a statement last week.
Cristiano Ronaldo and Jose Mourinho could have been involved in a multi million-euro system of "tax evasion", according to leaked documents obtained by a number of media outlets. A group of 12 European newspapers said it intends to disclose over the next three weeks the results of investigations, based on 18 million documents of leaked data, into widespread alleged corruption at the heart of football under the banner "Football Leaks". Based on leaked documents obtained by German weekly Der Spiegel, the outlets claim that Real Madrid and Portuguese star Ronaldo could have "hidden 150 million euros in tax havens in Switzerland and the British Virgin Islands". "On this amount, the striker paid only 5.6 million euros in taxes, or barely four percent," added the report.
Credit Suisse is preparing a new cost-savings program that puts as many as 1,300 jobs in Switzerland on the line, according to Schweiz am Sonntag. The plan will be announced Wednesday, when the lender holds its investor day in London, the newspaper said, without saying where it got the information. Credit Suisse’s Swiss unit may slash an additional 1,000 to 1,300 positions, or about eight to 10 percent of the unit’s workforce, it said. Last week, Bloomberg reported that the group is cutting about 175 jobs in London to lower costs, part of its overhaul that sees the lender focusing more on wealth management.
The Swiss government plans to dramatically increase international cooperation on fiscal transparency, sharing private information about clients of the country's banks. The automatic exchange of information (AEOI) on bank accounts will be spread to 22 more countries, including Argentina, Mexico, Brazil, and Uruguay as well as India and South Africa, according to the Federal Department of Finance. The move aims to put an end to Switzerland's long-protected banking secrecy practices as well as stopping wealthy foreigners from hiding their undeclared income in the country.
Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euro zone's third-largest economy into political turmoil. In a late-night news conference, he said he took responsibility for the outcome, and said the No camp must now make clear proposals. With most ballots counted, the No vote leads with 60% against 40% for Yes.
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