An opinion exists that London's euro-clearing hub works very efficiently and that making any alterations to current practices will hurt the EU economy. Therefore, it might be a purely political question rather than economic. What do you think on this matter? Why? I think London's clearing system does work pretty efficiently, but there are issues related to the clearing of euro-denominated securities taking place in the jurisdiction beyond the ECB's influence that will arise once the UK leaves the EU. A great concern is how the efficiency of the overall clearing system will be affected once euro-denominated clearing moves to somewhere in the EU, more precisely, in the Euro zone. Does it make sense for banks to have one part of their clearing infrastructure in London and another part somewhere in continental Europe? In my opinion, such system certainly becomes less efficient, but the issue is whether some banks and other institutions decide to move the entire clearing infrastructure to another part of Europe. I am not sure whether we have a complete parity over that yet, but it is certainly a problem that will come forward over the next two years
An advisor to Russian President Vladimir Putin is trying to raise as much as $100 million in an initial coin offering (ICO). The funding effort for the "Russian Mining Company" was revealed this week by Dmitry Marinichev, who serves as the internet ombudsman to Putin's office. According to a presentation published in tandem with the unveiling, the team behind the effort is planning to tap as much as 20 megawatts to power their mining farm, using chips developed domestically. Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, creating new tokens – 12.5 BTC, or roughly $42,000 at current prices – as a reward for the miner.
The U.S. is set for steady economic growth, while the U.K. and Russia appear to be heading for slowdowns, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development. The leading indicator for the U.S. was unchanged at 99.7 for the third straight month, signaling that its growth outlook has steadied, albeit at a weaker rate than normal. This is an improvement on indicators published in July, which hinted at a U.S. slowdown, and implies global economic prospects could be boosted as U.S. trade flows pick up.
France is Airbnb's second largest market and yet in 2016, the internet giant paid the country just €92,944 in taxes – equivalent to the amount paid by small and medium-sized enterprises (SMEs). With 350,000 listings, France is Airbnb's second-largest market after the United States, and Paris, the most visited city in the world, is its biggest single market, with 65,000 homes.
Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact. The pact will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks. In a notification and fact sheet published in its official gazette for introduction of “automatic exchange of information relating to financial accounts with India”, the Swiss government also cited decisions by other financial centres like Liechtenstein and Bahamas to enter into similar pacts.
RBS reported a half-year profit for the first time in three years as the largely taxpayer-owned bank revealed plans to use Amsterdam as its EU hub post-Brexit. The bailed-out lender made £939m in the first half of 2017, up from a £2bn loss a year ago. Despite the results, chief executive Ross McEwan warned that a full-year loss was likely. The bank has not made a full-year profit since it was rescued by the Government in 2008.
OpenFunds, the leading independent, partner-owned, Swiss fund placement agent, has entered into a collaboration with Anarosa Asset Management to distribute Anarosa Funds (Lux) - Gate of India (‘Gate of India Fund’), a Luxembourg SICAV UCITS V investing in Indian equities.
Switzerland rankek first among the world’s top innovation leaders, according to Innovation Indicator 2017, the annul research which analyzed the innovative strength of 35 national economies on behalf of acatech—the German National Academy of Science and Engineering—and BDI—the Federation of German Industries.
Booster Fuels, which operates a mobile gas station that functions via smartphone, on Tuesday announced a $20 million round from existing investors like Conversion Capital, which led the round, along with Maveron, Madrona Venture Group, Version One, Perot Jain LP, and RRE Ventures. New investors include Stanford’s StartX Fund, BADR Investments, and U.S. Venture Inc. Total funding to date is now $32 million.
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