G7 finance ministers progress on tax deal
Finance ministers from the Group of Seven said that they made some progress at reaching a joint position on a landmark global corporate tax deal, days before it needs to win over a wider international audience. The U.S. Treasury Department gave a statement that a common understanding was reached on some of the important open issues […]
Amazon to offer insurance to UK businesses
The technology giant’s first foray into business insurance in the country, broker Superscript said that Amazon is going to start offering insurance to small and medium-sized UK business customers. Members of Amazon’s Business Prime program will be able to buy cover from superscript such as contents insurance, cyber insurance and professional indemnity insurance. Superscript spokesperson […]
China encourages mainland insurers to sell catastrophe bonds
A notice was released by the China’s banking and insurance regulator. That encouraged the sales of catastrophe bonds by mainland insurers in Hong Kong. According to a statement of the China Banking and Insurance Regulatory Commission (CBIRC), the mainland property, casualty insurance companies and reinsurance companies can set up special-purpose entities in Hong Kong. This is for […]
ECB’s Lagarde, Panetta warn against tightening too soon
European Central Bank President Christine Lagarde and board member Fabio Panetta urged patience before tightening the ECB’s ultra-easy policy. This is as the euro zone economy emerges from a slump caused by the pandemic. The price pressures steadily building, from higher energy prices to supply bottlenecks. And so, the euro zone borrowing costs have risen recently. Because […]
Mastercard taps into buy now, pay later
Mastercard Inc launched a buy now, pay later service. This taps into a market that is threatening to chip away at the dominance of credit cards as a main source of payments. During this pandemic, the buy now, pay later sector got a boost. This is because of the ease of making part-payments for products […]
Bank of Spain to revise down 2021 GDP forecasts
The central bank governor Pablo Hernandez de Cos said that the Bank of Spain will revise down its latest economic forecasts for 2021. This is after the Spanish statistics institute downgraded its growth reading for the second quarter. on Tuesday. De Cos reiterated that he anticipates a gradual normalization of activity in the upcoming months. Spain’s second-quarter gross domestic […]
Rising treasury yields hit tech stocks
U.S. government borrowing costs advanced for a sixth week, hurting tech stocks. This is because the investors are betting on rising interest rates, while three-year high oil prices ignited the energy sector. The encouragement for investors came from an easing in Sino-U.S. tensions and Chinese authorities’ decision to pump in more cash to offset the […]
UBS verdict postponed in 4.5 BLN Euro French tax case
French judges postponed until Dec. 13. This is a ruling on UBS’s appeal against a landmark fine. And that too in a case in which the Swiss bank has contested allegations it helped wealthy clients stash undeclared assets offshore. Judges said that the decision had to be delayed. UBS said that it only took note of the […]
Bank of Ireland blames Irish pay cap
Bank of Ireland blamed state-imposed curbs on bankers pay. Chief Financial Officer Myles O’Grady would leave the bank and join Irish food group Musgrave. Ireland capped executive pay at 500,000 euros a year. This is during the euro zone’s costliest banking rescue, which was more than a decade ago. All forms of variable pay and fringe benefits were banned. Bank of […]
German inflation could stay above 2%
German inflation is likely to accelerate from its already high level. The Bundesbank said in a monthly report, that it will stay above 2% through mid-2022. Inflation has surged this year on a plethora of one-off factors from tax hikes to supply bottlenecks and commodity price rises, fueling a debate about the need for exceptionally easy […]