Financial News

Pound falls as doubts grow over chances of last-minute Brexit deal

Sterling fell in early London trading on Monday as investors grow increasingly concerned that Britain and the European Union were no closer to agreeing a Brexit withdrawal deal. Sterling traded…

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Bank analyst says Romania’s industry is in recession

Romania’s industry “undergoes recession”, Raiffeisen Bank’s chief economist Ionut Dumitru said at a conference, adding that other sectors perform comparatively better. The slowdown experienced by the local economy is to…

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About $4 billion Hong Kong deposits may have left territory due to protests

Hong Kong may have lost as much as $4 billion in deposits to rival financial hub Singapore between June and August as political unrest escalated in the Chinese city, Goldman…

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Europe third-quarter earnings outlook deteriorates as trade war, Brexit bite

European companies are heading for their worst quarterly earnings in three years as revenue drops for the first time since early 2018, according to the latest Refinitiv data, underscoring concerns…

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Kenyans rush to swap banknotes as cash ban looms

There is a rush in Kenya to offload old banknotes that within days would be worthless as the deadline looms before the Central Bank of Kenya bans all old edition…

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Loan agreement between Greece and the European Investment Bank

Greek Finance Minister Christos Staikouras (2-R) Minister of Infrastructure and Transportation Kostas Karamanlis (R), Vice President of EIB Andrew Macdowell (2-L) and Athens regional governor Giorgos Patoulis (L) shake hands…

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New Zealand announces plans to regulate conduct of banks, insurers

New Zealand announced that it plans to regulate the conduct of financial institutions with new measures including a ban on target-based sales incentives, following a review by regulators. The government…

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Record-breaking year in exports for the UK

Her Majesty's Revenue and Customs (HMRC) reveal overseas demand for British goods is increasing in every UK nation. The data shows that the benefits of global trade is being shared…

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EU countries lost €137 billion in VAT revenues in 2017, Malta registers large decrease in VAT losses

EU countries lost €137 billion in Value-Added Tax (VAT) revenues in 2017 according to a study released by the European Commission today. The so-called 'VAT Gap' - or the overall…

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Gradual slowdown in Irish services growth continues in August

Ireland’s services sector last month grew at its slowest rate since January, a survey showed on Wednesday, as the impact of rising uncertainty around Brexit was evident across a number…

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Pound falls on report Britain’s Queen could be asked to suspend parliament

Sterling fell on Wednesday after a BBC journalist said that Britain’s Queen Elizabeth could be asked as early as Wednesday to agree to suspend parliament. The pound, already trading lower…

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Barclays no longer banking cryptocurrency exchange Coinbase

Barclays is no longer providing banking services to cryptocurrency exchange Coinbase, sources familiar with the matter told Reuters, ending a relationship that started in March last year as the exchange…

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Oil prices fall amid worries about an economic slowdown

Oil prices dipped on Monday amid worries about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for oil demand. International…

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Sterling, UK stocks register drop

Sterling fell to a one-week low on Friday and British stocks sold off after the UK economy unexpectedly contracted in the second quarter. The pound fell to the day’s low…

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Bond spread soars and Milan Stock Exchange plunges amid Italian government crisis

The spread between Italy's 10-year BTP bond and the German Bund leaped up to 239 basis points on Friday after League leader and Deputy Premier Matteo Salvini said he was…

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HSBC Global Asset Management names Nicolas Moreau as CEO

HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement, adding that he will join in September. Moreau, former head of…

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China’s yuan slips to 11-year low

The Chinese yuan fell more than 1% on Monday, dropping below the 7-per-US-dollar mark for the first time since the global financial crisis. The dip came days after Beijing warned…

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Revolut launches free share trading in Europe

Digital finance business Revolut is launching a fee-free share-trading service in the UK and Europe on Thursday, seeking a slice of the brokerage-controlled market to continue the company’s rapid…

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Iran slashes four zeroes from currency

Iran is to remove four zeroes from its national currency, the rial, as the country struggles with soaring inflation. The oil-rich nation's economy has been hit hard by unilateral sanctions…

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BoE’s Carney warns of bankruptcy for firms that ignore climate change

Businesses that fail to adapt to climate change will go bust, warned Bank of England Governor Mark Carney. “Companies that don’t adapt - including companies in the financial system -…

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Libya’s central bank drops dollar purchase fees to 163%

Reuters reports that the Libyan Presidential Council on Tripoli of the Government of National Accord (GNA) announced on Tuesday that it will cut the fee on sales of dollars and…

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EU to strip five countries of some market access rights

The European Commission will deem that Canada, Brazil, Singapore, Argentina and Australia don't regulate credit ratings agencies with the same rigour as the EU, the Financial Times reported, citing a…

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India seems set to ban private cryptocurrencies

In a setback for cryptocurrency enthusiasts and start-ups, India seems all set to ban private cryptocurrencies after an inter-ministerial committee (IMC) suggested outlawing private cryptocurrencies, like Bitcoin, apart from declaring…

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UniCredit considering 10,000 redundancies

Italy's biggest bank, UniCredit, is considering making 10,000 staff redundant according to a new strategic plan that will be presented in December, Bloomberg News reported Monday, citing persons close to…

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Switzerland could lose billions in global corporate tax reform push

Switzerland stands to lose up to CHF10 billion ($10.2 billion) because of attempts by other countries to change how multinationals are taxed. Countries belonging to the G20 and OECD…

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Oil gains as Gulf tanker seizure raises tensions

Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude…

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Moody’s upgrades Malta’s credit rating to ‘A2 stable’

International agency Moody’s has upgraded Malta’s credit rating to A2 stable, the government said in a statement. It had been 11 years since this agency had upgraded Malta’s rating. In…

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PayPal launches international money transfer service Xoom across Europe

U.S. payments company PayPal is expanding further in Europe by launching its international money transfers service Xoom in 32 countries across the continent. Xoom allows customers to transfer money abroad…

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Photo Story: Preview of Bank of England’s new 50 GBP note

An undated handout photo made available by the British Bank of England on 15 July 2019 showing the new concept image design of the Bank of England's 50 GBP note…

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Bitcoin drops more than 10% as scrutiny of cryptocurrencies grows

Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin. Bitcoin…

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BOE believes British banks can cope with no-deal Brexit

British banks hold enough capital to cope with a simultaneous disorderly no-deal Brexit and global trade war, the Bank of England said on Thursday as part of its half-yearly assessment…

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Mexican finance minister resigns

Mexico's finance minister has quit over differences with the country's president Andrés Manuel López Obrador. In a letter, Finance Secretary Carlos Manuel Urzúa Macías said there were many economic "discrepancies".…

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Midday Dispatch – Financial and Corporate News

Deutsche Bank laid off staff from Sydney to London on Monday as it began 18,000 job cuts in a 7.4 billion euro “reinvention” which Germany’s largest lender said would mean…

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Cuba considering introduction of cryptocurrency

Cuba’s Communist government announced that it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by…

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Swiss stock exchange loses EU access

The Swiss Market Index rose 1pc in early trading on the first day since EU-based traders lost the right to trade equities in the country as a result of a diplomatic…

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Australian bank bans credit card use for gambling

An Australian financial institution, Macquarie, has announced that it will no longer allow its bank-issued credit cards to be used for making gambling or lottery purchases. The company insists that…

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Apple’s stock takes an $8 billion hit after the news that design chief Jony Ive will be leaving the company

Apple's valuation took a notable dip in after-hours trading after design chief Jony Ive announced he would be leaving the company. Upon news of Ives departure, Apple's stock dropped…

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Lego consortium buys Merlin Entertainments theme parks

A consortium led by the family that controls the Lego toymaking empire has agreed a £5.9bn takeover of Merlin Entertainments, the theme park operator which runs the Legoland attraction. Merlin,…

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France’s debt increases even more

The French national statistics bureau warned that the countries debt has slipped further into the red. The rise in the public sector debt was mostly due to central government spending,…

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Low level of Maltese debt held by foreigners

Eurostat on Friday reported that there were significant differences across the European Union (EU) regarding the sector in which government debt is held. The share of public debt held by…

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Gold prices touch levels not seen in almost 6 years

Gold prices gained for a second day in a row on Friday, touching levels not seen in almost 6 years. Gold prices surged a day earlier, after the U.S. Federal…

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De La Rue’s CEO to step down

Banknote and passports maker De La Rue Plc said on Thursday its Chief Executive Martin Sutherland would step down, after five years in the role. The company, in a separate…

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S&P and Fitch warn UK still faces no-deal Brexit risk

Ratings agencies S&P Global Ratings and Fitch Ratings kept open the possibility of a further cut to Britain's credit status because of the continued risk of a no-deal Brexit, despite…

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Brexit delay ushers more uncertainty for Sterling

Sterling fell by a third of a percent on Wednesday as investors remained wary about the prospects of the British currency as Prime Minister Theresa May requests a short…

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Marked slowdown in eurozone growth says ECB chief

Countries with high public debt like Italy should increase their efforts to cut it, European Central Bank Governor Mario Draghi. Italy has the highest debt in the eurozone after Greece,…

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France unveils the “tax of the 21st Century”

French Finance Minister Bruno Le Maire (photo above) has unveiled plans for what is being described as the "tax of the 21st Century." A new French tax on digital giants.…

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Cayman Islands property boom threatened by British anti-money laundering rules

The Financial Times takes a look at the current property boom in the Cayman Islands and how anti-money laundering laws in the UK are now a threat. Estate agents in…

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Business Weekly and Financial News Review

Good morning What follows is a selection of financial, corporate and business news which can be read on today's edition of The Malta Business Weekly. Local equities end positive year on…

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