The Swiss zero-rate squeeze on banks could lead to a bumpy ride for the borrowers
Analysts say that banks in Switzerland may look for ways to increase the cost of banking services or credit as they are affected by the introduction of zero interest rates. After the Swiss National Bank cut its benchmark interest rate to zero in June, the country's borrowing cost was at the lowest among major economies. It was even lower than the European Central Bank deposit rate of 2.0%.
Most G7 Members Ready to Lower Russian Oil Price Cap Despite US Engagement
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil URL-E to…
Brendan Nelson, chair of the audit committee at HSBC, is named interim group chairman
HSBC Holdings PLC announced on Friday that Brendan Nelson will be the interim group chairman after Mark Tucker retires from his role on September 30, following his retirement. Tucker will also resign as a member of the board on that date. The process of selecting the permanent HSBC Group Chair, led by Ann Godbehere (a senior independent director), is currently underway, the banking giant announced in a press release.
Egypt's EFG Hermes reports Q1 revenue down 34% from previous FX gains
The revenue of Egyptian financial services firm EFG Holding decreased by 34% annually in the first quarter due to a gain in foreign currency in the same period in 2024. The quarter saw revenue fall to 5.6 billion Egyptian Pounds ($112,45 million), and net profit before tax and minority interest fell 34% to 1,2 billion pounds. Egypt devalued in March 2024 its currency from 30 Egyptian pounds to 50 Egyptian Pounds…
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block International Monetary Fund assistance for certain Central African countries in order to protect billions of dollars oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand and Central African monetary authority on the other, who are trying to tighten capital controls in extractive industries so as to replenish depleted reserves.
US lawmakers block IMF Central Africa Support over Oil Fund Dispute
U.S. legislators have introduced legislation to block the International Monetary Fund's (IMF) assistance for certain Central African countries. This is in order to protect billions of dollars which oil companies are required by law set aside for environmental restoration. The bill highlights the standoff between foreign investment on one hand, and Central African monetary authority…
British stocks plunge in worst day for 2020 as US-China Trade War intensifies
Investors avoided risky assets on Friday after China's retaliatory duties against the United States raised fears of a global economic recession. The blue-chip FTSE 100 reached a three-month-low, down almost 5% – its biggest daily drop since March 2021, when the world markets plummeted due to COVID-19. The midcap index fell 4.4% and closed at a record low of 16 months. Investors rushed to government bonds and sold stocks…
US tech and retail stocks lead the rout following Trump's tariff blow
Apple, Walmart and Nike are among the U.S. megacap tech companies that led to a global meltdown after President Donald Trump announced new tariffs. The fears about a cost spike across many industries were heightened by these new tariffs. The tariffs threaten to disrupt the global trade order and upset businesses. This is a stark contrast to just a few short months ago, when the hopes for business-friendly policies from the Trump administration drove U.S.
US Businesses brace themselves for more pain when Trump imposes reciprocal tariffs
The U.S. president Donald Trump announced on Wednesday a number of reciprocal duties on trading partners, the latest of a long list of duties that have been imposed by him since he returned to the White House in early this year. From April 5, the U.S. is imposing a baseline 10% tariff on all imports into the country and will be increasing duties for several of its largest trading partners. Levies may be especially damaging to U.S.
US businesses prepare for more pain when 'Liberation Day" tariffs loom
Businesses all over the world are eagerly awaiting details about the new tariffs that President Donald Trump has imposed on his trading partners. This is the latest in an extensive series of duties that have been imposed by the U.S. since he returned to the White House at the beginning of this year. Trump is expected to announce the new duties at a ceremony on Wednesday at 4 pm Eastern Time (20:00 GMT), dubbed "Liberation Day".
Trump tariffs stymie M&As and IPOs during what was expected to be a record-breaking quarter
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion. The Asia Pacific region was largely responsible for this, where three…
M&A revenues fall as Trump pursues his tariffs. Global deal activity is disappointing
The global trade war started by U.S. president Donald Trump, and the subsequent market turmoil, has shattered bankers' expectations for a strong start to Wall Street deals in 2018. Dealogic data for the first quarter showed that mergers and purchases volume increased 12.6% from the year-ago period to $984.38 Billion. The Asia Pacific region was largely responsible for this, where three…
India's cenbank has revised its priority sector lending guidelines
The Reserve Bank of India issued revised guidelines for priority sector lending on Monday, in an effort to increase the loan limit and expand PSL coverage across all sectors. The RBI announced that the updated rules would take effect on April 1. They were based on a thorough review of current provisions and feedback from stakeholders. To increase the coverage of PSL, the central bank…
Australia shares gain for the second straight session, as energy and tech leads gains
Tuesday saw Australian shares rise for the second session in a row, boosted by energy and technology stocks. Rising oil prices, and Wall Street's positive lead, also helped to boost sentiment. By 2335 GMT, the S&P/ASX 200 Index had risen 0.6% to 7,904.2. The benchmark closed Monday 0.8% higher. The energy sub-index on the local exchange increased by 1.5%, as oil prices continued to rise due to escalating geopolitical conflicts in the Middle East.
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire…
UK court orders Barrick to pay Hannam $2 Million for the Randgold merger
The High Court of London ruled that Barrick Gold Canada must pay British dealmaker Ian Hannam’s firm $2 Million plus expenses for the work he did on the acquisition by Randgold Resources. Hannam, a former top rainmaker at JPMorgan, was nicknamed "the king of mining" because of his track record in brokering deals for the resources sector. This includes the merger which created BHP in 2001 and the merger between Glencore and Xstrata in 2012.
A letter from the industry says that over $13 billion worth of solar and wind investments are at risk in Vietnam.
Adani Green Energy, as well as more than two dozen other foreign and Vietnamese investors have warned that Vietnam's plans for retroactively changing rules on subsidised wind and solar prices could impact over $13 billion in investments. Investors expressed "deep concern" in a letter dated 5 March and reviewed by that the end of the favourable energy tariffs could threaten financial stability.
Libya announces the first oil exploration bid round in 17 years
Masoud Sulman, the acting chairman of the National Oil Corporation, announced on Monday that Libya will hold its first oil exploration bidding round in over 17 years. Libya is Africa’s second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries. Foreign investors are wary about investing in Libya. The country has been in chaos since Muammar Gadhafi was overthrown in 2011.
US Energy Secretary attacks "sinister" net zero goals and singles out Britain
Chris Wright, the U.S. Energy secretary, called Monday's pledge to reach net zero carbon emission by 2050 "a sinister goal" and criticized British efforts to meet clean energy targets. The former president Joe Biden has set an ambitious goal for 2021: to reduce emissions to zero by 2050 in order to combat climate change. This will be achieved in part through subsidies that encourage the expansion of clean energy sources and electric vehicles.
Macquarie, Australia's Macquarie Bank, has'very little exposure' in Trump's war on green energy
Macquarie Group, the top Australian investment bank, downplayed on Tuesday its exposure to U.S. green power sector that has been disrupted by executive orders issued by President Donald Trump. It posted a flat profit for the third quarter. The bank that makes a third its profit in Americas said it has reviewed its U.S. investments and found minimal exposure since Trump signed executive orders banning or freezing government benefits for sustainable energies.
