Category: Economy

MPS fails EBA stress test, announces rescue plan For EU banking sector

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Event On July 29th Monte dei Paschi di Siena (MPS; total assets of €164.4bn) failed the EU-wide stress test of the European Banking Authority (EBA). MPS’s board approved an emergency plan to sell €27.7bn in gross non-performing loans (NPLs), some to…

World economy: EIU global forecast – 2016 begins in gloomy fashion

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For global financial markets, the opening days of 2016 played out like a reprise of the worst moments of 2015. China’s overvalued stockmarkets tumbled, exacerbated by misguided government intervention. Data showing soaring stocks and concerns about plentiful supply sent oil…

Venezuela Economic Minister Resigns

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Event The economy minister and “vice-president for the productive economy”, Luis Salas, has resigned. Analysis Mr Salas, a sociologist who was a surprise appointment to the Ministry of the Economy after disastrous mid-term legislative elections for the government in December…

U.S. Productivity: the problem plaguing the economy

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Productivity growth shapes the economy; it powers growth, boosts household incomes and improves living standards. However, the country is in the middle of a productivity slump, which has deepened since the 2008‑09 financial crisis. Even the technology boom has failed…

Grexit delayed, but not avoided

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European leaders have agreed measures with Greece to provide bridge financing and open discussions about an ESM package, subject to upfront conditions being met. The deal addresses most of the immediate risks, but we do not believe it removes the…

Saudi Arabia, partners turn down Chinese requests for extra oil

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* Kuwait, UAE also deny requests for more cargoes * Middle East crude flows to China down over 10 pct since January * Reductions come despite record Saudi exports, Chinese demand * Crude needed to meet rising Mideast refining demand By Chen…

Global Financial Operational risk ratings

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RATINGS CHANGES There were changes to risk scores in 34 countries during the latest monthly updating cycle of the Risk Briefing model. These led to upgrades of the overall score in only nine cases, but there were seven downgrades. In…