Economy

Thursday, February 21st 2019 - 09:18 UTC
Swiss bank UBS fined €3.7bn in France for helping clients launder proceeds of tax fraud

Swiss banking giant UBS has been fined €3.7bn (US$4.2bn) in a French tax fraud case. A court in Paris found that the bank had illegally helped French clients hide billions of Euros from French tax authorities between 2004 and 2012.
Thursday, February 21st 2019 - 09:05 UTC
Fed changes focus from interest rates to balancing reduction of the US$ 4 trillion it holds in assets

The United States Federal Reserve on Wednesday signalled they will soon lay out a plan to stop letting go of US$4 trillion in bonds and other assets, but policymakers are still debating how long their newly adopted “patient” stance on U.S. rates policy will last.
Thursday, February 21st 2019 - 08:44 UTC
Bolsonaro presents to Congress his pensions overhaul... Where are the necessary votes?

Brazilian President Jair Bolsonaro delivered his proposed pension overhaul to Congress on Wednesday, aiming to save over 1 trillion reais (US$270 billion) in a decade by changing tax rates, delaying retirement and creating individual savings accounts.
Thursday, February 21st 2019 - 08:34 UTC
Taiwan to the rescue of “socialist” Ortega with a 20-year US$ 100 million loan

Nicaragua's Congress on Tuesday accepted a US$ 100 million loan offered by Taiwan, giving a line of support to President Daniel Ortega's government, which has become increasingly isolated after a brutal crackdown on protesters last year.
Thursday, February 21st 2019 - 08:26 UTC
Theresa May's talks in Brussels scale down to “constructive” from “robust”

British Prime Minister Theresa May said she held “constructive” talks in Brussels on Wednesday as she sought concessions on Brexit from a sceptical European Union, her strategy further battered by the defection of three lawmakers.
Wednesday, February 20th 2019 - 10:23 UTC
British OTs Attorneys General Conference in Cayman, the last before UK leaves the EU

The two-day Overseas Territories Attorneys General Conference 2019 kicked off Tuesday morning, with AGs and other delegates from 13 jurisdictions gathering in Cayman to discuss issues of mutual interest. The issues scheduled to be discussed included Brexit, anti-corruption, natural disasters, criminal justice and human rights.
Wednesday, February 20th 2019 - 10:20 UTC
Macri invites Indian business people to invest in Argentina underlining its food power capacity

With the aim to reinforce existing business and explore new business opportunities between Argentina and India, President of Argentine Republic, Mauricio Macri addressed the India-Argentine Business Forum on Tuesday at Taj Mahal Palace Hotel.
Wednesday, February 20th 2019 - 10:16 UTC
UK supermarkets stockpiling ahead of Brexit on March 29; shortages and higher prices forecasted

Britons could face shortages of fresh food, price rises and less variety if the country leaves the European Union next month without agreeing trade terms, food industry officials say.
Wednesday, February 20th 2019 - 10:11 UTC
Argentine foreign minister gives India some advice on Chinese penetration

If India has to compete with China in Latin America, then it has to be “absolutely active” in the region, Argentine Foreign Affairs Minister Jorge Faurie said on Tuesday during the business forum in New Delhi.
Wednesday, February 20th 2019 - 10:01 UTC
Europe's biggest bank slower profits blamed on tepid growth in China and UK

HSBC warned it may have to delay some investments this year as Europe's biggest bank missed 2018 profit forecasts due to slowing growth in its two home markets of China and Britain. HSBC reported a drop in fourth-quarter revenue amid tumbling stock markets that sapped customer's confidence in investing.