The EUR/USD currency pair confirmed an upward trend on Thursday, as the US economic reports failed to provide sufficient support for the Greenback. The Euro gained 0.17% against the US Dollar to continue a side move above the 1.1890 mark until the Friday morning session. The National Association of Realtors revealed that pending home sales in the United States fell 0.8% over the month of July, as the property market kept facing hurdles form a limited supply of available houses, which pushed prices up.
The Trump administration on Thursday announced it has chosen four companies to build concrete prototypes of the president's much-touted border wall. Construction of the prototypes, to take place in San Diego, is the first step in fulfilling Trump's campaign promise of building a "big, beautiful" wall stretching along the 2,000-mile Mexico border.
When charted, bitcoin's rapid gains resemble how stocks surged into the tech bubble before collapsing. CNBC has talked to Informa Financial Intelligence strategist David Ader who reckons the five-fold rise in the price of Bitcoin this year is a little over the top: "This is the price chart for an overly frothy market, in my opinion. I just don't see anything quite as comparable to this in bubblelicious terms," said Ader, a former top-rated bond market strategist.
Several major banks have joined a project called Utility Settlement Coin (USC) that is intended to facilitate the issuance by central banks around the world of currencies using Blockchain technology. Six international banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined up with UBS to develop a new digital cash system using the blockchain. BNY Mellon, Deutsche Bank, Santander and the blockchain company Clearmatics joined the project back in 2015.
Wells Fargo is now saying 3.5 million customers were impacted by its fake accounts scandal, a dramatic increase from the 2.1 million accounts it originally estimated. In the weeks and months after the bank acknowledged in September 2016 that its employees opened 2.1 million accounts without getting customers' permission, the bank agreed to look for fake accounts going back an additional two years to 2009. This was because news reports showed that problems at Wells started before 2011, which is what Wells originally admitted.
Swiss banks' overall operating income fell last year for the fist time since 2012, Switzerland's banking lobby said on Thursday, as the Alpine nation's lenders grapple with negative interest rates and rising regulatory costs. Switzerland's banks, already hit by a clamp-down on tax evasion which has dampened the country's position as a tax haven, saw aggregate operating net income fall 3.2 percent in 2016 to 62.5 billion Swiss francs ($65.1 billion). "2016 was once again a difficult year for the banks in Switzerland," the Swiss Bankers Association (SBA) said while publishing its annual banking study.
The Swiss franc’s recent weakening against the euro is a positive development but the trend was “fragile”, Swiss National Bank governing board member Andrea Maechler said on Thursday. “Overall, the trends are pointing in the right direction for the Swiss franc, but it is too early to say whether these trends are sustainable,” Maechler told an economic conference in Yverdon-Les-Bains.
Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L'Express reported on Wednesday.
If you're going on a certain kind of holiday, the price of a drink might take precedence over certain other factors, but even if you're not planning on wearing a bright pink polo with a lurid slogan printed on the back, knowing the price of a pint is always useful. The study, carried out by UK based FX comparison site Travelex, who produced an International Beer Index for 2017, looked at the average price of half a litre of beer in 32 countries which are popular holiday destinations for British holidaymakers.
Switzerland, Germany and Austria have the highest proportion of people renting a home rather than buying, accounting for over 45% of their populations, a new report shows. At the other end of the spectrum, in Croatia, Macedonia and Romania less than 10% of the population rent, according to the research from real estate firm Savills. Switzerland is the only country where more people rent than buy, with almost 60% doing so, while in Germany it is almost 50% and in Austria it is just over 45% while in Turkey and Denmark it is just under 40%.
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