Traders look to cenbanks for guidance
The dollar has bounced off recent lows and was firm in choppy trade. It is ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook. The euro fell 0.3% overnight. There are still expectations that the European Central Bank (ECB) will stay dovish. The euro last bought $1.1598. Other moves […]
BNP beats Q3 expectations
France’s biggest listed lender BNP Paribas posted a better-than-expected third-quarter profit. This is on lower provisions for pandemic-related loan losses. BNP Paribas thrived on the economic rebound. This is to release cash set aside for pandemic losses. BNP Paribas reported a 32.2% rise in net income from a year ago to 2.50 billion euros. This […]
Commodity currencies at multi month highs, sterling firm on BoE
Commodity currencies stood near multi-month highs on strong raw material prices. This is while the improved mood chipped away at demand for the safe-haven U.S. dollar. This has been supported by expectations of Federal Reserve tapering. Sterling was also riding high on firming perceptions the Bank of England (BoE) will raise interest rates. Yukio Ishizuki, senior strategist […]
German tax takes surges, ministry optimistic growth
The German Finance Ministry said that the tax take has risen dramatically this year. adding that there were signs that strong growth would resume next year, when inflationary pressures would also moderate. Tax income rose 23.1% to 78.2 billion euros. This is good rate when compared to the pandemic’s devastating impact on Europe’s largest economy, over the […]
US drops tariff threat in digital tax transition deal
The United States withdrew its threat of tariffs against five European countries over their digital services taxes. This is as a part of a deal to manage the transition to a new global tax regime for large highly profitable corporations. Austria, Britain, France, Italy, Spain will get to keep their digital taxes in place until […]
Lawmakers probe timeline of NatWest money laundering investigation
British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest for failing to prevent the laundering of nearly 400 million pounds. This took place after the lender pled guilty. The bank admitted three criminal charges of not adequately monitoring customer accounts. This is the first time a bank in […]
Italy faces capital demand of more than $8 BLN to offload Monte dei Paschi
Italy has been asked to provide more than 7 billion euros in capital to UniCredit to strike a deal over Monte dei Paschi and offload as much as possible of the state-owned bank to the stronger rival. UniCredit agreed to discuss buying selected parts of Monte dei Paschi (MPS) from Italy’s Treasury. Under the terms […]
Yellen calls for strong action to boost data integrity at IMF
U.S. Treasury Secretary Janet Yellen called for strong action by international financial institutions. This is to protect data integrity and to prevent misconduct in the wake of a World Bank data-rigging scandal. Yellen, in a statement to the steering committee of the International Monetary Fund, also called for moves by international financial institutions. This is to enhance […]
Consumer’s creditworthiness awareness set to drive change in dealer finance
When it comes to financing a used car purchase, 32% of people would not consider finance from a dealer, 31% of people would consider finance from a dealer, 33% of people would choose a High St Bank/Building Society. These numbers from MotoNovo’s recent Attitudes to Car Buying Research suggest a modest shift by consumers away […]
EU starts debate on budget rules
The European Commission opened a debate on how to reform the European Union’s fiscal rules. So that they can deal with a pandemic-induced surge in public debt and with the huge investment needed to fight climate change. European Economic Commissioner Paolo Gentiloni said that they are re-launching this review of their economic governance against a […]