Finance


    • Major banks invited to join new EU blockchain initiative

      Major banks invited to join new EU blockchain initiative

      The European Commission (EC) has invited five banks to join a new European association to promote the use of blockchain technology. Called International Association for Trusted Blockchain Applications’ (IATBA), the goal of the association is to reportedly garner support from private blockchain and distribued ledger technology (DLT) experts to contribute to outline the EU’s strategy regarding these technologies.

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    • Study sees $240bn Southeast Asia internet economy by 2025

      Study sees $240bn Southeast Asia internet economy by 2025

      Southeast Asia’s internet economy is expected to exceed $240bn by 2025, a joint study by Google and Temasek Holdings shows. Figure represents a fifth more ($40bn) than a previous estimate the companies made - as more consumers use their smartphones to go online. The study, first published in 2016, encompasses ride-hailing, e-commerce, online travel and online media in Southeast Asia’s six largest economies - Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The latest report released on Monday adds new sectors such as online food delivery, as well as subscription music and video on demand.

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    • China invests $327bn in infrastructure in 9 months

      China invests $327bn in infrastructure in 9 months

      China’s total fixed asset investment in transport infrastructure hit $327bn in the last 9 months - from January to September this year, up 1.4 percent from a year earlier - government data shows. Moreover, the value of fixed-asset investment projects approved in the third quarter of this year is more than four times the amount during the April-June period, figures prove.

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    • Top banks guilty of multi-billion tax fraud

      Top banks guilty of multi-billion tax fraud

      Giant tax-scams operated by some of the EU's top banks cost treasuries over €55bn, according to a cross-border investigation. The so-called “biggest tax robbery in European history” involved the largest lenders in Germany and Spain, Deutsche Bank and Santander.

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    • Venezuela's 2019 inflation to hit 10m percent

      Venezuela's 2019 inflation to hit 10m percent

      Consumer prices in Venezuela have risen by nearly 500,000 percent over the past year, with the International Monetary Fund (IMF) warning that inflation may reach 10m percent in 2019. The central bank stopped releasing figures on inflation nearly 3 years ago, but Angel Alvarado, a member of the opposition-run congress, told media that hyperinflation reached 488,865% in the 12 months ending in September.

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    • ILUNION receives €35m under the Juncker Plan

      ILUNION receives €35m under the Juncker Plan

      The European Investment Bank (EIB) is providing Spanish social enterprise ILUNION with €35m in financing with the objective of creating jobs for people with disabilities and investing in improving energy efficiency. This is the first loan made by the EIB to a social economy enterprise in Spain and it receives the backing of the Investment Plan for Europe, the Juncker Plan. 

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    • Deutsche to shift assets to Frankfurt after Brexit

      Deutsche to shift assets to Frankfurt after Brexit

      Deutsche Bank is considering shifting large volumes of assets from London to Frankfurt after the UK's planned exit from the EU next year to meet demands from European regulators, a person close to the matter said. Deutsche will also transform its UK arm into a ringfenced subsidiary after Brexit and reduce the size and complexity of its British operations.

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    • Hourly labour costs rose by 2.2% in the euro area: Eurostat

      Hourly labour costs rose by 2.2% in the euro area: Eurostat

      Eurozone labour costs rose at their steepest rate in almost six years in the second quarter of 2018, Eurostat, the statistical office of the European Union announced. Figures show that hourly labour costs rose by 2.2% in the euro area (EA19) and by 2.6% in the EU28 in the second quarter of 2018, compared with the same quarter of the previous year. In comparison, in the first quarter of 2018, hourly labour costs increased by 2.1% and 2.8% respectively. The increase was the highest rate since the third quarter of 2012.

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