The European Commission approved a €5.4 billion ($6.1 billion) state bailout of Italy’s Monte dei Paschi bank on Tuesday, allowing the Italian government to recapitalize and restructure the troubled lender. The gereen light came after the in-principle accord reached on June 1 by Economy Minister Pier Carlo Padoan and Competition Commissioner Margrethe Vestager. The European Union’s executive arm said in a statement that it had approved the capital injection into Banca Monte dei Paschi di Siena SpA, or MPS, under the bloc’s state aid and bank resolution rules after the lender agreed to undergo a drastic restructuring.
Indonesia and Switzerland have signed a joint declaration on Automatic Exchange of Financial Account Information (AEOI) yesterday. The signing was held at the Directorate General of Tax in Central Jakarta. At the signing ceremony, Indonesia was represented by Director General of Tax for the Finance Ministry Ken Dwijugeasteadi and Switzerland was represented by its Ambassador to Indonesia Yvonne Bauman. The signing was witnessed by Finance Minister Sri Mulyani Indrawati.
Swiss pensioners should be given the option to draw down higher levels of pension income on a time-limited basis, according to Willis Towers Watson. According to consultancy, the best option is the portion of pension savings capital that exceeds the minimum cover prescribed by law. It proposed the model in response to falling conversion rates, which are used to calculate how much pensioners can take as income from their pensions every year. It was pitched as a means of alleviating pressure on pension providers and offering flexibility and fairness for pensioners.
Technology and the solutions it can offer to the world of finance were among the hottest topics at FinDating. The event, which took place in Geneva on June 22nd, introduced a few new concepts with the keynote speakers who were invited. Among them, Kim-Andrée Potvin opened with a recounting of the experience of BNP Paribas in tackling technological and digital new challenges. Pavlos Christoforou, cofounder and partner at PointNine, explained «The regulatory challenge: Lessons learned after one billion trades processed», and regulation was again the topic touched by Yana Afanasieva, of Swiss Finance + Technology Association. Giacomo Zucco – BlockchainLab - went then in depth talking about blockchain technology.
Microsoft is planning layoffs as it refocuses its sales force on making the software colossus a pivotal part of businesses relying on cloud computing, according to media reports. While many reports forecast the changes would result in thousands of job cuts, Microsoft on Monday only confirmed to AFP that changes were on the way. "Microsoft is implementing changes to better serve our customers and partners," a Microsoft spokesperson told AFP.
What do you think of when you hear the words ‘sustainability’ or ‘being green’? Does it conjure images of long-haired hippy-types wearing brown sandals and hugging trees? Saving polar bears? Or recycling Coke cans and yoghurt pots? Environmental issues are often misunderstood and seen as someone else’s problem. Worse, they are even ignored and considered to be irrelevant to modern business.
Over 100,000 suspicious financial transactions were flagged in Italy in 2016, the Bank of Italy's Financial Intelligence Unit (UIF) said Monday. Of these, 619 transactions were flagged as possible terrorist financing, an 127 percent increase compared to 2015, Claudio Clemente, Director of the FIU reported this at the presentation of the Annual Report on the Unit’s activities in 2016. According to the report, 37% of the suspicious transactions were related to individuals under investigation or otherwise flagged by authorities, and about one-fifth were related to non-profit organizations that were "mostly linked to local immigrant communities".
Bitcoin has been on a historic tear in 2017. After ringing in the year at $1,000 on the very first day of January, bitcoin price reached an all-time high of $3,000 in mid-June. The remarkable rise amid an overall boom period for cryptocurrencies has seen skepticism from some observers who have pointed to inflated values amid accusations of a bubble. Others are looking at more bullish gains.
The International Monetary Fund, a key creditor in Greece’s bailout, will not participate in any further rescues of the debt—wracked country, Germany’s finance minister Wolfgang Schaeuble told a Greek newspaper today. “We have all acknowledged (eurozone and IMF) that the third Greek (bailout) payment will be the last with the participation of the IMF,” Schaeuble told Greek daily Ta Nea.
Germany's financial hub, Frankfurt, is trying to attract its share of the Brexit-driven banker exodus from London by appealing to "risk takers" working in the financial sector. The UK is widely expected to lose financial passporting rights after its EU exit, which would represent a huge blow to its financial services industry. The EU's passporting rules allow businesses to sell services across the union from anywhere within it and only require companies to be regulated in one country, rather than everywhere they operate.
The caspian week conference is a meeting point of visionaries, market leaders and experts with the f
The climate transition creates opportunities and risks, and financial institutions and corporations
Seit über 30 Jahren ist die ZfU International Business School Gastgeber für die angesehensten Inve
Over 150 Fintechs CEOs from all over the world will be in both panels & interviews and on this stage
From 2018 onwards, Switzerland’s financial fair will only be open to professional investors. This
Updates and news from MarketPlus