Australian Symon Drake-Brockman is on the front line of a revolution in European finance. The former head of global debt markets at Royal Bank of Scotland (RBS.L) now runs Pemberton Asset Management in London's genteel Belgravia, several miles from the "Square Mile" City of London financial district where bankers work.
European banks Deutsche Bank, Barclays and UBS have seen their market share in foreign exchange trading slump in the past year, as U.S. banks led by Citigroup (C.N) grabbed business, according to widely watched industry rankings.
A string of reversals from sharp moves the previous day marked global financial market trading on Wednesday, with stocks and oil gaining ground and the U.S. dollar falling after its biggest rally in two years.
Amazon’s decision to change its tax-efficient European business structure could raise its tax bill by as much as $100 million a year but authorities will have to fight for additional money and any payments will be hidden from public view.
Oil fell below $65 a barrel on Tuesday, pressured by the possibility that U.S. shale oil producers could increase drilling activity and by a stronger dollar.
The European Central Bank must continue its asset-purchasing program to ensure that euro area inflation returns to target levels, despite signs that deflation fears have eased, ECB governing council member Ignazio Visco said on Tuesday.
Internet retailer Amazon.com Inc.'s (AMZN.O) main German operating unit paid just 11.9 million euros ($16 million) in tax in 2014, despite the group recording $11.9 billion in sales to German customers last year, regulatory filings show.
A senior German official said on Tuesday there was no reason to believe Greece would be in default after a 300 million euro payment to the IMF falls due on June 5.
Greece's financial crisis and signs of growing opposition to austerity in Spain sent the euro to its lowest level in a month on Tuesday, while shares and commodities took a knock as the dollar powered higher.
UBS is seeking to offload its private bank in Australia to the unit's management following a review of underperforming businesses at the Swiss bank, a source with direct knowledge of the matter told Reuters on Monday.
Central bankers should be aware of the potentially destabilizing effects of super-easy policy on financial systems, a top U.S. Federal Reserve official said on Monday, even if monetary policy should not be used as a main tool to prevent bubbles.
The dollar hit a one-month high against a basket of major currencies on Monday after stronger-than-expected underlying U.S. inflation bolstered the Federal Reserve's case for an interest rate hike later this year.
Crude oil futures edged lower toward $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted.
European shares fell in thin trade on Monday while the dollar powered ahead after U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates this year.
Italian media tycoon and former prime minister Silvio Berlusconi is still looking for a co-investor in AC Milan to help revive the fortunes of the Serie A soccer club which he has owned for nearly three decades.
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- Charter Communications nears $55 billion deal for Time Warner Cable - sources
- Russia to adopt tough position if Ukraine defaults: PM Medvedev
- Dollar hits one-month high as periphery woes weigh on Europe
- Troubled Malaysia Airlines to be completely revamped: new CEO
- ECB's Visco says deflation fears eased but asset purchases must go on
- Strong dollar hits Tiffany's quarterly sales
- Charter's $56 billion Time Warner Cable deal to face U.S. scrutiny
- Oil drops below $65 on U.S. shale outlook, dollar