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  • The immigrant success story that led Spanish police to a Chinese banking behemoth

    CHINA, 2017/08/02 In Spain's Chinese community, Gao Ping was the ultimate immigrant success story. He was a young man at the same time as he arrived additional than two decades ago and took a job as a cook in a Chinese restaurant. By 1997 Gao had opened an import business and begun building a commercial empire that would make him the highest-profile Chinese in Spain. He became a patron of the arts and cultivated political ties in Spain and in his native Zhejiang Province. In 2007, Chinese media carried a picture of him with Spain's King Juan Carlos I. And in interviews he was quoted saying he wanted to become a bridge between the two cultures.

  • Werner Hoyer re-appointed as EU investment bank chief

    LUXEMBOURG, 2017/07/29 Werner Hoyer, a former German liberal MP, was re-appointed on Thursday as president of the European Investment Bank (EIB) for six years, with his new mandate starting on 1 January 2018.

  • Riksbank Unlikley To Follow Ultra Loose Policy Amid Rising Core Inflation

    SWEDEN, 2017/07/15 Sweden's central bank is unlikely to continue its ultra-loose policy in the coming months of this year, as rising underlying inflation points to further krona strength, Stephen Brown, an economist at Capital Economics, said. Data released before this week showed that consumer price inflation held steady at 1.7 % in May, just above Riksbank's forecasts for a slowdown to 1.6 %. However, the CPIF inflation excluding energy, the measure that the Riksbank has recently placed most significance on at the same time as discussing trends in underlying inflation, increased from May's 1.6 % to 1.9 % in June.

  • Crimea: Circumventing Trade Sanctions Via Novorossiysk

    ARMENIA, 2017/07/08 Despite trade sanctions, Crimea is maintaining connections to international markets. Crimean traders are performing some logistical gymnastics to skirt sanctions, in particular transiting goods through the Russian port of Novorossiysk. On paper, of course, Crimea is experiencing a severe trade crisis. Official statistics indicate that Crimea’s import volume in 2016 shrank by a full third compared to the 2015 level, a drop of $33.6 million. Exports fell by $31.8 million, a 40-% decline from 2015. The city of Sevastopol, which is not formally part of the Republic of Crimea, reported a 12.6 % fall in its imports and 66.8 % fall in its exports in the same period, with volumes shrinking to $33.4 million and $5.9 million, respectively.

  • ECB sticks with stimulus and low interest rates

    EUROPEAN UNION, 2017/06/20 THE European Central Bank made a small step toward phasing out its extraordinary support for the economy yesterday — but left its stimulus programs and record low interest rates unchanged despite a spreading recovery in the 19 nations that use the euro. In its statement announcing its policy decision, the central bank dropped wording that it could lower interest rates further, a sign of better confidence in the economy, which is growing at a two-year high. The ECB did not otherwise change its views in its statement, and all eyes will turn to the news conference by its president, Mario Draghi, for further hints about next policy moves.

  • Mozambique: Manuel Chang Signed Loan Guarantees

    RUSSIA, 2016/10/19 Guarantees for $2 billion secret loans were signed by the again Finance Minister Manuel Chang, according to @Verdade (11, 12 Oct) which published pages from the agreements. The guarantees were in 2013 to Credit Suisse and in 2014 to the Russian national-owned bank VTB.

  • Softbank CEO: ARM M&A began 2 weeks ago, £24B deal made ‘regardless of Brexit’, pound decline

    UNITED KINGDOM, 2016/07/24 Just next Softbank confirmed plans to acquire UK semiconductor company ARM Holdings for $24.3 billion in cash before today, people began to wonder if it was the result of the pound falling in the wake of the Brexit referendum vote. Not so, said Softbank’s CEO and founder Masayoshi Son. In a press conference any minute at this time next the news broke, Masayoshi said that he only began acquisition discussions with ARM two weeks ago, from presently on the price was reached not with consideration for Brexit or the decline in the sterling currency, but Softbank’s interest in investing in IoT.

  • Kazakh Kazkommertsbank to buy Belarusian bank

    BELARUS, 2016/07/23 Kazakh Kazkommertsbank will purchase 50 percent of the ordinary shares in Belarusian BTA Bank. Kazakhstan’s antimonopoly committee granted its permission for the purchase deal, Kazakh Economy Ministry said July 22. The deal should be completed within one year from the date of issuance of the antimonopoly committee’s permission.

  • Investec appointed to manage $670M fund for infrastructures in Africa

    SOUTH AFRICA, 2016/05/16 South African assets manager Investec Investment management has been appointed to manage a $670 million fund of Emerging Africa Infrastructure Fund (EAIF), a public-private partnership backed by the governments of UK, Holland, Sweden and Switzerland to finance infrastructure projects in sub Saharan Africa.

  • Norway uses money from its ’rainy day’ fund

    NORWAY, 2016/03/06 The withdrawal took place in January at the same time as 6.7 billion Norwegian krone ($780 million) was used to pay for public spending, according to newspaper Dagens Naeringsliv. The $826 billion wealth fund, called the Government Pension Fund World, was set up twenty years ago. The purpose is to share the wealth from oil and gas production with next generations. The fund is invested abroad in stocks, bonds and real estate.
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