Nordic Business Council Philippines (NBCP) issued its 2016 annual report on Philippine and challenges in the trade and investment sectors. Meanwhile the Central Bank expected a strong growth in the economy.
Finance/Venture
Breaking News
Labour Party said the government plan to cut budget for border force. Shadow Home Secretary Andy Burnham urged government to disclose the budget plan.
CEO Tidjane Thiam determine to pursue further restructuring in Credit Suisse. The Swiss bank will cut more 2,000 jobs and cut more of its business.
The analyst at Keefe, Bruyette & Woods believed the breakup would increase shareholders value by 57%. However, Citigroup has asked its shareholders to vote against the too-big-to-fail proposal.
Francesca McDonagh, head of HSBC's retail business in the UK, is astonished over the lack of female representatives in the banking sector. She is worried about the slow progress of female reps in senior posts.
The British central bank has voted on Thursday to maintain a low interest rate. The uncertainties regarding and weak global trade outlook has made the committee to decide to maintain low interest rate.
Following Valeant Pharmaceuticals' meltdown, S&P rating service puts Pershing Square Holdings Ltd on review. However, S&P acknowledged swift decision by the firm to strengthen its liquidity after a massive loss.
A huge slump in Valeant Pharmaceutical stocks on Tuesday made Pershing Capital to lose more than $1 billion in one day. Meanwhile Bill Ackman planned to take more active role in the drugmaker.
Two of the most prominent European stock exchange, Frankfurt and London has agreed to merge on Wednesday. The merger between them will create a new European trading powerhouse.
Shareholders of two U.S. prominent banks will vote later this year regarding the breakup plans for the banks. However shareholders are predicted to decline the plan submitted by liberal lobby activist.
In fear of Brexit, economists predicted British central bank will keep its interest rate low. While Bank of England Governor Mark Carney warned that Brexit will damage British financial stability.
U.S. stocks swung on Tuesday ahead of Fed statement. While Morgan Stanley and JPMorgan warned that similar to Europe and Japan, stimulus program may not be effective to stimulate growth.
Commercial banks in northern Europe criticized ECB for its four-year cheap loan policy and stimulus program. The policy was aimed to stimulate growth for banks that struggle in southern part of Europe.
South Korean venture capital firms are eyeing overseas biotech industry to accelerate investment goals. At the sametime, tech startups in Korea also began to flourish.
Global venture capital funding for financial technology companies hit $13.8 billion last year. The number is a double from previous year, indicating a serious impact of fintech to the financial services.
