News

11.10.2016

Putin pushed up oil prices after output cut declaration

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.

 
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10.10.2016

Singapore: 2 former BSI bankers charged over 1MDB

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. 

 
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10.10.2016

UBS launchs a new robo-advisor service in UK

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.

 
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10.10.2016

Hart and Hollstrom won Nobel Prize in Economics 2016

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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10.10.2016

Oil prices fell over doubts on output cut agreement

Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years. They are nearly double their lowest level this year in January, with benchmark North Sea Brent futures ending last week at about US$52 per barrel. West Texas Intermediate (WTI) for November delivery rose 1.22% to $50.44 a barrel.

 
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10.10.2016

IMF: special status on greek debt's crisis

The International Monetary Fund (IMF) will not join the Greek bailout program but will accept a special role as advisory status with limited powers, according to Reuters’ sources. “A special advisory status with limited powers that keeps IMF at the table”, looks like the most possible scenario, Reuters reporting two senior sources.

 
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10.10.2016

Deutsche Bank - US Justice: mission failed

Deutsche Bank CEO John Cryan didn't find an agreement with the US Justice Department to close the investigation opened on subprime mortgages in the United States during a meeting in Washington, as Bild Sunday edition reported. The report noted that German lender and U.S. authorities haven't broken off their talks. Concerns about the bank's ability to pay a $14 billion opening settlement bid from the Justice Department sent the company's stock to a record low last month. Cryan has reportedly said he expects U.S. authorities to scale back the initial request.

 
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07.10.2016

Brexit negotiation to weigh on the pound?

The British currency suffered a massive temporary loss in value overnight, diving 10% against the dollar in just minutes – a so-called flash crash. It fell from around $1.26 to near $1.14 in trading in Asia before recovering somewhat by the time Europe woke up, it was the most aggressive move since the results of the Brexit vote emerged in June. With traders struggling to find whether it was a "fat finger error" or related to fears over Brexit, the Bank of England said in a statement: “We are looking at the causes of the sharp falls over night".

 
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07.10.2016

Romania: mortgages in Swiss francs is the key problem

Romania prepared to vote on a plan to convert Swiss franc mortgages to the domestic currency at the exchange rate applicable when they were issued, Reuters reported on Friday; romanian lawmakers are expected to pass a bill on Monday. There are about 50,000 loans still denominated in Swiss Francs and banks are on the edge to lose €540 mln, according to Romanian central bank’s estimates.

 
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07.10.2016

Valls kritisiert Deutschland

Der französische Regierungschef Manuel Valls dringt auf eine andere Wachstumspolitik in Europa und geht dabei auf Konfrontationskurs mit Deutschland.

 
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