June, 2018

• 11 June

  Actually, Italy can expect the full Brexit treatment

  

  Italy’s new Prime Minister Giuseppe Conte is eager to talk to the European Commission about running a higher deficit, he told his country’s parliament this week. He’s about to find out that the rest of the EU isn’t ready to listen. Brussels is ready to take the same hard-line approach with Rome’s populist rulers as it has with Britain’s Brexit ...

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• 11 June

  Amazon just might be retail’s new secret weapon

  

  For years now, it’s been a common view in the retail world that a win for Amazon.com Inc. is a loss for some old-school retailers. But these days, that’s not necessarily the case. Traditional brick-and mortar chains are starting to strike some innovative partnerships with their arch-competitor, turning to unconventional arrangements in the hopes of getting more shoppers back into ...

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• 11 June

  There’s a better answer than electric cars

  

  Erich Sixt, chairman and chief executive officer of the Pullach, Germany-based global car rental company that bears his family’s name, recently described electric cars as a “costly political error” given their still inferior range, long charging times and the huge investment necessary to expand the charging infrastructure. It may have been a self-serving statement, but he may also well be ...

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• 11 June

  US stocks open higher as intense week kicks off

  

  Bloomberg US equities opened tentatively higher and European stocks rose as investors eased into a hectic week, during which three major central banks set interest rates, President Donald Trump meets North Korea’s leader and Brexit returns to the fore. The S&P 500 Index gained a bit at the start of trading, led by financials, while the dollar rose with Treasury ...

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• 11 June

  Cryptocurrencies lose $42 billion after S Korean bourse hack

  

  Bloomberg The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent. Some observers pinned the latest retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come ...

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• 11 June

  BofA taps brakes on risk-taking spurring banker departures

  

  Bloomberg The message came from one of Bank of America Corp’s (BofA) most powerful board members across large video screens: “We’re not going to do anything crazy to the customer — and we’re not going to do anything crazy for the customer.” The declaration by Frank Bramble Sr. kicked off the firm’s shareholder meeting in April. It wasn’t just for ...

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• 11 June

  HSBC’s $17bn plan falls flat on investors

  

  Bloomberg HSBC Holdings Plc Chief Executive Officer John Flint’s plan to pour as much as $17 billion into expanding its key Asian markets and improve technology failed to inspire investors. In his first wide-ranging plan since taking the helm four months ago, Flint said the bank would roughly invest two thirds of that amount by 2020 to build its presence ...

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• 11 June

  Pakistan devalues rupee for 3rd time since Dec

  

  Bloomberg Pakistan’s central bank devalued the rupee for a third time since December amid a worsening economy and speculation the country will need support from the International Monetary Fund. The managed currency dropped as much as 5.1 percent to 121.5 per dollar in trade, according to bank foreign-exchange traders who asked not to be identified as they are not authorised ...

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• 11 June

  UBS: Chinese banks yet to feel the worst of deleveraging pain

  

  Bloomberg China’s banks have managed to sidestep the severest curbs on their shadow banking activity, suggesting the real pain of the deleveraging process lies ahead, according to a report by UBS Group AG. A squeeze on their interbank borrowing was mitigated through extensive use of a short-term funding instrument called negotiable certificates of deposit, the report by UBS analysts led ...

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• 11 June

  Swiss reject plan that would have revolutionised banking

  

  Bloomberg Switzerland dismissed a proposal to radically change the way banks lend money, a victory for the financial establishment including central bank chief Thomas Jordan. Vollgeld, as the plan is known in German, was the latest in a string of national ballots in recent years that critics argued were reckless and would make Switzerland unattractive for businesses. Swiss National Bank ...

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