Iraq has signed multi-billion deals with oil firms to boost output capacity to 12 million barrels a day in seven years. This could give Iraq the money to rebuild after decades of war, sanctions and economic degradation, opening opportunities to the banking sector in financing projects. Today, Iraqi banks are hardly lending to private companies…
Switzerland, at risk of losing its crown as the world’s top wealth management hub to Singapore, is seeking a deal on billions of dollars of untaxed money hidden at its banks, under pressure from cash-strapped foreign nations. Last year Europe and the US, hungry for tax revenues after numerous bank bailouts, forced Switzerland to weaken…
The Nikkei average clawed up 0.7 percent on Wednesday on window-dressing before the end of Japan’s financial first half, but it pared earlier gains as the yen’s strength revived and resistance held strong. An additional boost came from a poor December outlook in the Bank of Japan’s “tankan” survey of business sentiment, which some market…
The Lloyd’s of London insurance market revealed that record claims from disasters including the Chilean earthquake and US oil spill halved its profits, and said it saw no respite from a steady decline in prices. Lloyd’s, which traces its origins back 322 years to a London coffee house where wealthy merchants insured ships, has posted…
European workers have put aside $2.5trn less than they need to fund their retirement, condemning many to a penurious old age unless they start saving more, British insurer Aviva said. The shortfall is equivalent to one-fifth of the EU’s annual economic output and reflects savings habits that have failed to keep pace with lengthening lifespans,…
The European Commission has said it intends to use a its plan to reform financial markets to rein in speculation on commodities markets, notably by reinforcing controls and extend the market abuse legislation. The European Commissioner in charge of financial reform services Michel Barnier made the announcement in the opening speech of a conference on…
In a week in which French president Nicolas Sarkozy defended his country’s treatment and exportation of a substantial number of dislocated Romas, the same government has stirred controversy within the world of alternative investment. And much like the emigration situation, there are those comparing the Sarkozy administration’s attitude toward the proposed legislation as archaic and…
Iran’s central bank has agreed to open won accounts at two South Korean state-owned banks to avert disruption in bilateral trade despite international sanctions, Seoul’s finance ministry has announced. The Iranian central bank plans to open the accounts with the Industrial Bank of Korea and Woori Bank by the end of this month so that…
Potash Corp is trying to stitch together a consortium led by China to back a management buyout to trump BHP Billiton’s $38.6bn hostile offer, according to the Globe and Mail. Potash Corp has said ever since BHP launched its bid nearly a month ago that it was working to find a white knight, and worries…
At times like this, both can claim to have right on their side. The yuan’s rise against the dollar on September 14 to the highest level since it was revalued in July 2005 comes on the heels of another bumper trade surplus, which central bank deputy governor Hu Xiaolian recently identified as a major determinant…
