This Newsletter has repeatedly brought the attention of readers to the situation of the US dollar and the extreme indebtedness of Washington, which now practically has a national debt of 20 trillion without calculating all the other liabilities. Proposing a defense budget of almost 700 billion to maintain over 800 bases globally is going to help lead to national bankruptcy.
The U.S. Justice Department on Monday charged Deutsche Bank’s former head of subprime mortgage trading with civil fraud in connection with conduct dating back to the 2007-2009 financial crisis. According to an announcement from the Department of Justice, Paul Mangione, the former Deutsche Bank head of subprime trading, allegedly “engaged in a fraudulent scheme to misrepresent the characteristics of loans backing two residential mortgage-backed securities that Deutsche Bank sold to investors that resulted in hundreds of millions of dollars in losses.”
Chinese authorities are preparing to shut down the country’s bitcoin exchanges, according to people familiar with the matter, reflecting a growing unease with the virtual currency and its recent surge in value, as multiple Monday reports wrote.
Internet giant Google is appealing against a record 2.4 billion euro fine the European Commission handed down in June, 2017. The world's most popular Internet search engine, a unit of the U.S. firm Alphabet, launched its appeal two months after it was fined by the European Commission for abusing its dominance in Europe by giving prominent placement in searches to its comparison shopping service and demoting rival offerings.
The Master’s in Management (MiM) degree is a good way to increase your salary and gain an edge over competitors in your first job search after college. The MiM is a pre-experience program largely taken by those fresh out of undergraduate courses. Each year since 2004, the Financial Times has ranked the world’s best MiMs, this year on metrics such as salary increase, career progress, and value for money. On Monday, the FT released its latest ranking of the world’s 95 best MiM degrees. Switzerland’s University of St Gallen retained its top spot, the seventh consecutive year its MA in Strategy and International Management has come first. HEC Paris is in second place for the fourth year on the trot, while Spain’s IE Business School rose four places to third.
The finance ministers of France, Germany, Italy and Spain have written a joint letter to the European Union's presidency and Commission calling for taxes on tech giants' revenues, not just their profits. The four nations want the Commission to produce an "equalization tax" that would make companies pay the equivalent of the corporate tax in the countries where they earn revenue. France is leading a push to clamp down on the taxation of such companies, but has found support from other countries also frustrated at the low tax they receive under current international rules.
China’s e-commerce behemoth Alibaba Group is reportedly set to open its first brick-and-mortar department store in its hometown Hangzhou next April. The space, called “More Mall,” symbolizes the “New Retail” concept, which has long been advocated by the company. According to reports in the Chinese media, the new mall will occupy 40,000 square meters of space across five floors. It will curate brands that already have an established presence on Alibaba’s two major online platforms: Tmall and Taobao Marketplace.
Reinsurance giant Swiss Re said on Monday that it expects the impacts of recent catastrophe losses will be sufficient to stabilise reinsurance industry pricing. The Swiss company said that it intends to maintain its underwriting discipline, in the face of continuing pressures from low interest rates and excess capital in the sector. The firm believes that in this way it can be a more sustainable business and make it a more reliable underwriting partner for its clients.
At the end of 2016 (1), I wrote an article about the STOXX Supersector Europe 600 Health Care Index, pointing out that there were technical signs of a possible recovery. I indicated that the Index in July 2016 reached an important high at about 780, and I suggested that this was the level to overcome to have the first confirmation that the healthcare European equity market had regained its strength.
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