• Bank of England keeps stimulus despite inflation woes

      Bank of England keeps stimulus despite inflation woes

      The UK central bank vowed to keep its stimulus measures in place despite mounting arguments linked to an increase of consumer prices across Britain. Earlier two BoE board members - Deputy Governor Dave Ramsden and Michael Saunders called for the end of the 900bn pounds worth bonds buying scheme but their arguments were dismissed, Reuters elaborated.

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    • Credit Suisse ends a spying scandal

      Credit Suisse ends a spying scandal

      Swiss bank Credit Suisse announced it had reached an agreement to end a spying scandal that involved its former employee Iqbal Khan. The allegations of spying had led to the resignation of the Chief Executive Tidjane Thiam, Reuters reported quoting a spokesperson for the bank. "Everybody involved has agreed to settle and this matter is now closed," Simone Meier said, confirming a report in Swiss newspaper NZZ am Sonntag said.

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    • IMF approves largest expansion to fight pandemic

      IMF approves largest expansion to fight pandemic

      The executive board of the International Monetary Fund approved on Friday a $650bn expansion in resources in an effort to support economically vulnerable nations as they battle the Covid-19 pandemic. As noted by IMF Managing Director Kristalina Georgieva, that the new support is the largest such expansion in the history of the 190-nation lending institution but it would be a “shot in the arm for the world.”

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    • UK swings global tax rules to exempt financial services

      UK swings global tax rules to exempt financial services

      UK scored a decisive win over the global tax rules, agreed at the G7 summit earlier last month, Reuters reported. London managed to earn an exemption for financial services from a new global tax system. The new global corporate taxation was planned to press multinational companies to pay more. However UK Treasury Secretary Rishi Sunak passed a deal for financial service firms to be exempt to help protect the City of London's largest banks from paying more tax.

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    • Greek rescue fund cuts stake in Alpha Bank to 9%

      Greek rescue fund cuts stake in Alpha Bank to 9%

      The Greek state rescue fund for troubled banks HFSF announced it had taken part in local Alpha Bank's 800 million euro share offering only partially and thus decreased its stake to 9% from previous 11%. The fund still remained the biggest stockholder in the financial institution, Reuters elaborated.

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    • Yellen urges Congress to waive debt limits

      Yellen urges Congress to waive debt limits

      US Treasury Secretary Janet Yellen urged Congress to lift further or disable the limit for federal debts, Reuters reported. She reckoned that there were potential catastrophic economic consequences ahead. Yellen warned that a delay in such actions could easily push the country to debt default. The deadline for legal amendments is earmarked by Yellen as soon as August.

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    • Spain's BBVA opens crypto-trading for Swiss clients

      Spain's BBVA opens crypto-trading for Swiss clients

      The Spanish BBVA announced it was starting trading with bitcoins as part of services offered to private banking clients in Switzerland, Reuters reported. The move follows several calls from customers interested in digital asset investment. The bank said the new business would include bitcoin trading and custody services, with the prospect of extending it to other cryptocurrencies. It would not offer advice on these types of investments, the statement said.

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    • US urges G20 to back minimum tax deal

      US urges G20 to back minimum tax deal

      US Treasury Secretary Janet Yellen is focusing efforts to gather support to back the minimum corporate tax deal after the agreement was approved at last week's G7 summit in Britain, Reuters reported. In her latest move Yellen debated on the tax deal with the Finance Minister of Mexico Arturo Herrera.

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