July, 2016

• 13 July

  Traders leaving London would at least escape rain

    Mark Gilbert Have you heard? The platforms of London’s St. Pancras train station and the departure lounges of its airports are packed with anxious investment bankers, ordered by their employers to relocate following Brexit. Of course, that isn’t happening at all; the U.K. decision to leave the European Union hasn’t prompted an overnight exodus. But the banks that warned ...

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• 13 July

  Donald Trump’s trade talk shows a truth deficit

  

    James Gibney Donald Trump’s recent Trademaggedon speech has unleashed a lot of “elite” spluttering. He doesn’t understand economics! He gets his facts wrong! His remedies are wildly unrealistic and counterproductive! Which is all true. But just as important was one point where he got some of his facts right, because it highlights the difficulty of talking straight about trade ...

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• 13 July

  BOE opens Lehman playbook as rate cut eyed

  

    Bloomberg Mark Carney looks poised to repeat a strategy that served him well during the global financial crisis. As the Bank of England governor seeks to stave off any turmoil after Britain’s decision to quit the European Union, he has cited his experience at Canada’s central bank in 2008 as a guide. Acting early to prevent a deeper downturn ...

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• 13 July

  Banks, insurers shut S Sudan units

  

    Bloomberg The biggest banks and insurers in Africa, including Old Mutual Plc and Standard Bank Group Ltd, are temporarily closing operations and evacuating staff after violence between rival political factions in South Sudan’s capital, Juba, left at least 272 people dead. The fighting disrupted operations of Standard’s CfC Stanbic Bank in Juba and action had to be taken to ...

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• 13 July

  Report on ‘helicopter money’ raises concern among banks

  

    Cape Town / Bloomberg Mitsubishi UFJ Financial Group Inc led a rally in Japanese bank shares after the Sankei newspaper reported that policy makers are considering allowing the central bank to directly finance government stimulus spending. MUFG, Japan’s largest bank, closed 5.3 percent higher in Tokyo trading on Wednesday and was the best performer on the Topix Banks Index, ...

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• 13 July

  IMF spurs objections to Israel’s banking reforms

  

    Bloomberg Just as Israel is close to legislating major reforms to the banking industry, critical voices are starting to mount. A cabinet member echoed concerns of a credit crisis raised by the International Monetary Fund, days after the organisation said certain points of the government’s proposal contradict the lessons of the last financial crisis. “I would not ignore the ...

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• 13 July

  Malaysia’s new central bank guv makes first key rate cut in 7 yrs

  

    Bloomberg Malaysia’s new central bank governor Muhammad Ibrahim unexpectedly cut interest rates for the first time in seven years, joining Asian counterparts from Indonesia to Taiwan in easing policy as global risks mount. In his second rate-setting meeting since taking office two months ago, Muhammad lowered the overnight policy rate by 25 basis points to 3 percent, a decision ...

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• 13 July

  Google’s HQ plan survives after Silicon Valley land swap

  

    BLOOMBERG Google’s ambitious plan to build a new Silicon Valley headquarters, with soaring glass canopies, crane-like robots and movable walls, was given new life after a big land swap with neighbouring technology giant LinkedIn Corp. However, Google’s designs may not survive in their original form because the local government has new goals for the area that include more residential ...

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• 13 July

  Historic New Hampshire general store up for auction

  

    BATH / AP A historic general store and tourist attraction in New Hampshire that closed earlier this year is up for auction. The Brick Store in Bath was built in the late 1700s or early 1800s. It closed after several years of financial hardship, and is up for auction on Wednesday. The store is believed to be one of ...

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• 13 July

  Austria to dispossess owner of house where Hitler was born

  

    VIENNA / AP Austria’s Interior Ministry says the government has drawn up a draft law that would dispossess the owner of the house where Adolf Hitler was born. This move follows steadfast refusal by house owner Gerlinde Pommer to sell the empty building in the town of Braunau am Inn on the German border. The government has sought ownership ...

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