ZURICH (Reuters) – Swiss financial regulator FINMA has specified the central elements of its regulatory requirements for the merged UBS and Credit Suisse, it said on Monday. The regulator also said it “welcomes UBS’s strategic focus, which foresees a rapid reduction of risk in investment banking,” in a statement after UBS formally completed its emergency…
BERLIN (Reuters) – The German economy could grow between 1.6% to 1.9% next year, Economy Minister Robert Habeck said on Monday. “We expected economic growth of 0.4% for this year … In 2024, we think we could get back to growth of 1.6%, 1.9%, so slowly reaching the normal rates again,” Habeck said in a…
SINGAPORE (Reuters) – Singapore lender DBS Group is stepping up its focus on the business of family offices, where its assets have surged in the last two years. Southeast Asia’s largest bank by assets is introducing a new investment platform tailored towards the needs of family offices, which are one-stop firms that manage the portfolios…
(Reuters) -Billionaire financier George Soros is handing control of his massive empire to his son Alexander, a Soros spokesperson said on Sunday. The spokesperson confirmed the details from an interview with Soros published in The Wall Street Journal on Sunday. A hedge fund manager turned philanthropist and major backer of liberal causes, Soros, 92, said…
BERLIN (Reuters) – Volkswagen’s supervisory board will meet on Tuesday to discuss a planned savings programme ahead of its capital markets day on June 21, two sources close to the company said on Monday. The board will discuss cost-cutting measures amounting to at least 3 billion euros ($3.22 billion) across the Volkswagen, Seat, Skoda and…
LONDON (Reuters) – Britain’s economy now looks likely to sidestep recession entirely this year but deep-rooted problems like weak business investment will persist, the Confederation of British Industry trade body said on Monday. The economy is on course to expand 0.4% this year and 1.8% next year, the CBI said, compared with its previous forecast…
LONDON (Reuters) – JPMorgan said on Monday it expects Turkey’s central bank to hike interest rates to 25% from the current 8.5% at its June meeting, adding this could come with forward guidance suggesting smaller hikes ahead if needed. June 22 is the first scheduled policy meeting after Hafize Gaye Erkan was appointed as central…
TAIPEI (Reuters) – Taiwan’s central bank is expected to leave its policy rate unchanged this week, according to most economists polled by Reuters, as inflationary pressures ease and the island’s export-driven economy faces weak external demand. The central bank is likely to keep the benchmark discount rate at 1.875% at its quarterly meeting on Thursday,…
COPENHAGEN (Reuters) -Danish drugmaker Novo Nordisk will invest 15.9 billion Danish crowns ($2.29 billion) to expand a production facility in Denmark for products to treat serious chronic diseases, the company said in a statement on Monday. The existing facility produces active pharmaceutical ingredient (API), the main biologically active components of medicines, and will be expanded…
LONDON (Reuters) -The Bank of England may need to raise interest rates more than once from their current level of 4.5% to bring inflation under control, Monetary Policy Committee member Jonathan Haskel said on Monday. “My own view is that it’s important we continue to lean against the risks of inflation momentum, and therefore that…
