Tag Archives: finance

The Swiss National Bank (SNB) board members decided to cut the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.50% to 1.25%, following its quarterly monetary policy assessment on Thursday. This decision aligned with market expectations. In March, the SNB made a surprise 25 bps rate reduction to 1.50%, becoming the first major central bank to ease its tighter monetary policy. Summary of the SNB Policy Statement: Recent quarters have seen weaker momentum in the mortgage and real estate markets compared to previous years. The SNB remains ready to intervene in the foreign exchange market if necessary. Overall …

Secondo quanto annunciato da tempo, la Guardia di Finanza ha avviato controlli estesi su criptovalute e tasse. Sotto esame sono tutti quei contribuenti che nelle loro dichiarazioni dei redditi presentano possibili irregolarità fiscali. Questo inizio dimostra quanto sia importante per chi possiede criptovalute prestare attenzione e dichiarare correttamente i propri redditi. Questi controlli fanno parte di un programma di antiriciclaggio mirato a contrastare la criminalità che utilizza le criptovalute per il riciclaggio di denaro sporco. Alcuni sfruttano Bitcoin per evadere il fisco, evitando così di pagare tasse elevate. In altre parole, è iniziata la lotta contro l’evasione fiscale e la …

Millionaires are leaving the UK at a faster rate than any country except China, new data reveals, as the wealthy abandon London for destinations like Dubai, Paris, and Florida. According to the Henley Private Wealth Migration Report, 9,500 millionaires, defined in US dollar terms, departed the UK last year. Only China, which has more than twice as many individuals with seven-figure net worths, saw a higher number of millionaire exits. Henley stated, “This represents a new record outflow for the UK, with London expected to be particularly affected. The top destinations for millionaires leaving the UK include Paris, Dubai, Amsterdam, …

“Petrodollar” has become a prominent term in the financial world as the 50-year agreement with Saudi Arabia has concluded. This change allows the Kingdom of Saudi Arabia to accept local currencies from other countries for oil transactions. However, this process has a significant flaw: Saudi Arabia announced its readiness to accept local currencies two years ago. This is not a new development, as several countries have already paid in their local currencies for oil, bypassing the US dollar despite the petrodollar agreement being in place. So, will Saudi Arabia stop accepting the US dollar for oil now that the petrodollar …

UniCredit SpA is working on three significant risk transfer deals tied to up to €8.5 billion (RM42.95 billion) in loans to Italian and German companies, according to sources familiar with the matter. The Milan-based bank is arranging two synthetic risk transfers (SRTs) linked to €3.5 billion in leases with Italian companies and €2 billion in loans to Italian small and medium-sized enterprises (SMEs), the sources said, who requested anonymity as the details are private and the deal is not yet finalized. UniCredit also plans to issue SRTs tied to up to €3 billion in loans to German SMEs by summer, …

Lo scorso venerdì, il New York Times ha rivelato che Airbus e Boeing, i due principali produttori di aeromobili, avrebbero utilizzato titanio contraffatto. Queste componenti sarebbero state vendute con documenti falsi che ne attestavano l’autenticità. Questa notizia è particolarmente negativa per Boeing, che sta affrontando un periodo difficile a causa dei recenti problemi legati al Max e della scarsità di ordini ricevuti negli ultimi mesi. Tuttavia, anche il rivale Airbus è coinvolto. Pochi sanno che il titanio è utilizzato per realizzare alcune parti dei carrelli d’atterraggio e dei motori, rendendolo un materiale fondamentale nella catena di approvvigionamento dell’aviazione. Il titanio …

In recent weeks, there has been enthusiastic, perhaps overly optimistic, speculation about a potential takeover of the Swiss private bank EFG International by its competitor Julius Baer. However, financial industry experts attending the Private Banking Day in Geneva on Tuesday now unanimously agree that any deal is “dead.” The primary reason is the price. EFG International, controlled by the Greek-Swiss Latsis shipping family, is in a robust position. Its stock price has surged by 70 percent over the past two years, making it unlikely that they would accept an undervalued offer. Moreover, Julius Baer is grappling with its own challenges, …

“Abbiamo avuto un po’ di ritardo, ma inizierà a uscire tra il 10 e il 15 luglio,” ha dichiarato Dangote, l’uomo più ricco dell’Africa, riferendosi all’inizio della produzione di benzina presso l’enorme raffineria che ha avviato le operazioni a gennaio. “Entro la terza settimana di luglio, saremo in grado di immetterla sul mercato,” ha aggiunto Dangote in un video pubblicato dall’emittente nigeriana Channels TV. La raffineria ha iniziato a produrre carburanti nel gennaio 2024, segnando l’avvio di un impianto che ha subito anni di ritardi. “La raffineria Dangote Petroleum ha avviato la produzione di gasolio e carburante per l’aviazione,” ha …

The industry doubted it could work, but La Compagnie CEO Christian Vernet has proven them wrong, celebrating a decade of success. Here’s how he did it. On Monday evening, the French boutique airline La Compagnie marked its 10-year anniversary with a chic reception at the Amélie Maison D’art gallery in Soho, New York. Clients, investors, travel agents, and reporters gathered in stylish urban summer attire to mingle with CEO Christian Vernet, enjoying Dominique Ansel’s cronuts and flutes of champagne. The atmosphere was celebratory and somewhat vindicated, given the initial skepticism when the airline launched in 2014 with a Boeing 757-200 …

Saudi Arabia has become the latest nation to join a multi-country initiative focused on central bank digital currencies (CBDCs), reflecting the Gulf state’s growing interest in advanced forms of money. The Bank for International Settlements (BIS) announced on Wednesday that Saudi Arabia has joined Project mBridge as a “full participant.” This project aims to create a multi-central bank digital currency platform to facilitate cross-border payments, according to a press release. The BIS, a financial institution owned by its member central banks, promotes cooperation among central banks and serves as a bank for them. The central banks of Saudi Arabia, the …

Central bank digital currencies (CBDCs) are expected to become commonplace for international payments within the next five years, according to Anatoly Aksakov, Chairman of the Russian State Duma’s Financial Markets Committee. Speaking at the St. Petersburg International Economic Forum (SPIEF), Aksakov noted that while few countries have made significant progress in developing national digital currencies, he is confident that this will change in the near future. He predicted that by the second half of 2025, Russia might begin using the digital ruble for international transactions, although domestic testing will precede this move. Aksakov emphasized that widespread domestic use, including by …

Swiss Finance Minister Karin Keller-Sutter and Italy’s Minister of Economy and Finance Giancarlo Giorgetti have signed an amendment to the existing cross-border commuters agreement, according to the Swiss Federal Department of Finance (SIF). The amendment, which replaces the previous understanding agreement, does not alter the key aspects of the current regulation. As of the beginning of the year, cross-border commuters are allowed to work from home for up to a quarter of their working hours. This remote work arrangement does not affect which state taxes their income or their status as cross-border commuters. Under the cross-border commuter agreement that came …

The EU has become the second major global economy to reduce its lending rate this week, citing progress in addressing inflation. The European Central Bank (ECB) announced a cut in its main interest rate from a record high of 4% to 3.75%, following Canada’s decision on Wednesday to lower its official lending rate. This rate cut coincides with EU-wide elections over the next four days, where voters are expected to express their dissatisfaction with cost-of-living pressures. ECB President Christine Lagarde stated that the inflation outlook had “markedly” improved, enabling the rate reduction. However, she cautioned that inflation is likely to …

The allure of diamonds has dimmed in the eyes of consumers, and experts are raising concerns. Ankur Daga, CEO of the e-commerce jewelry company Angara, expressed grave concerns about the diamond industry’s state in an interview with CNBC. Prices of diamonds have plummeted by 5.9% this year, according to the Zimnisky Global Rough Diamond Price Index, and Daga predicts further decline. He anticipates a 15% to 20% drop in natural diamond prices over the coming year. Even industry titan De Beers, renowned for its “Diamonds are forever” slogan, experienced its worst performance in two decades. Its parent company, Anglo American, …

The Swiss judicial system is reportedly on the brink of collapse. An increasing number of cases is slowing down the processing of legal matters, causing significant issues. Whereas a few years ago, the prosecution and defense maintained completely opposing positions, they are now showing signs of coming together to prevent the system from collapsing. The Case – Among the many cases under scrutiny is a dispute over eight tulips valued at 20 francs, which ended up in court. For over two years, two women from Fribourg fought a legal battle because one of them had cut eight tulips from a …

The Bank of Canada (BoC) cut its key rate by 25 basis points to 4.75%, the first cut in four years, and said it expects further easing if inflation continues to decline. After holding interest rates at 5%, the highest in more than two decades, for almost a year, the BoC said underlying inflation indicators are looking increasingly positive. “With further and more lasting evidence that underlying inflation is slowing, monetary policy no longer needs to be so restrictive,” Gov. Tiff Macklem said in his keynote address following the announcement. The Bank of Canada, as well as the Swedish Riksbank …

Investors including BlackRock and Citadel Securities are supporting a group’s initiative to establish a new national stock exchange in Texas. James Lee, Chairman and CEO of TXSE, headquartered in Dallas, announced that the group has secured $120 million in funding from over two dozen investors, leveraging Texas’s flourishing economy and the robust economic and population growth in the southeastern states of the U.S. The Wall Street Journal previously reported on this venture, highlighting the exchange’s positioning as a “more CEO-friendly” alternative to the New York Stock Exchange and Nasdaq amidst increasing regulation and mounting compliance costs. One area of contention …

Digital bank Starling will not reapply for a European Union banking license and will instead focus on international expansion through its software business, according to the incoming CEO. This marks a shift in strategy compared to some of its competitors. Starling, one of the U.K.’s leading “neobanks” — digital-only banks with no physical branches — was founded in 2014. It has amassed 4 million customers and was last valued at £2.5 billion ($3.2 billion). The digital bank, backed by Goldman Sachs, has traditionally offered banking services such as current accounts and lending, primarily to U.K. customers. Starling had aimed to …

We are finally on the cusp of summer, and many Italians, among others, are beginning to book their vacations, almost exclusively online. In recent years, the travel world has changed significantly: flights have become much more affordable, whereas in the past, air travel was a luxury reserved for very wealthy families. Today, online offers dominate the market, replacing traditional travel agencies. DIY bookings are now widespread, and few people still turn to travel agencies, except for group trips or specific, potentially dangerous destinations where having a point of reference or a guide is useful. Booking online is undoubtedly very convenient, …

The BRICS summit, slated for October 2024, will welcome four new members: the UAE, Egypt, Iran, and Ethiopia, expanding the alliance to a nine-member bloc. This expansion was announced during the previous summit. The forthcoming BRICS 2024 summit is set to occur in Russia’s Kazan region and will be hosted by Vladimir Putin. Reports indicate that the alliance plans to extend invitations to numerous world leaders from developing nations. Notably, last year, France expressed interest in attending the BRICS summit, but both Russia and China rejected its entry, citing concerns about potential interference in internal affairs and disruption of the …

The European Economic Interest Grouping (GEIE) is a legal structure established by the European Union, inspired by the French GIE (groupement d’intérêt économique). The GEIE aims to facilitate international cooperation by pooling the knowledge and resources of businesses from at least two EU member states, enabling small and medium-sized enterprises to participate in larger projects than they could manage alone. Objectives and Purpose of the GEIE Although GEIEs can generate profits, their primary goal is not to make money but to support the activities of the participating enterprises through shared resources and expertise, and to access broader markets. Requirements and …

For diamond growers, the future appears promising, with a groundbreaking experimental method recently published. Scientists have successfully cultivated diamonds under standard Earth pressure conditions, eliminating the need for seed diamonds typically required in the process. Should this approach prove cost-effective for the jewelry industry, it could revolutionize synthetic and lab-grown diamond production methods. Moreover, its simpler setup for achieving high pressure may reduce costs compared to current techniques. If we can produce diamonds without mimicking their natural formation deep within the Earth, it raises intriguing possibilities for future applications. In this experiment, detailed in the peer-reviewed journal Nature, a team …

China is preparing to impose a record fine on PwC, the multinational auditing and consulting firm, for its role in the collapse of the real estate developer Evergrande, to which it provided audit services. According to Bloomberg, the Chinese Ministry of Finance could announce a fine of at least one billion yuan ($138 million) as early as this week, surpassing the 212 million yuan penalty imposed on Deloitte Touche Tohmatsu in 2023. Additionally, PwC might be required to cease operations in China, although the final decision has not yet been made and the terms could change. Chinese regulators have targeted …

La Cina si prepara a infliggere una multa record a PwC, multinazionale della revisione e consulenza aziendale, per il ruolo svolto nel crollo del costruttore immobiliare Evergrande, a cui aveva fornito servizi di audit. Secondo Bloomberg, il ministero delle Finanze cinese potrebbe annunciare questa settimana una sanzione di almeno un miliardo di yuan (138 milioni di dollari), superiore alla multa di 212 milioni di yuan imposta a Deloitte Touche Tohmatsu nel 2023. Inoltre, PwC potrebbe essere obbligata a interrompere le operazioni in Cina, anche se la decisione finale non è stata ancora presa e i termini potrebbero variare. I regolatori …

È un principio consolidato che le prestazioni lavorative svolte in ambito familiare si presumano gratuite, in quanto generalmente effettuate “affectionis vel benevolentiae causa”. Considerato che tali prestazioni si presumano gratuite, un possibile deterrente per ostacolare le rettifiche ispettive di questo tipo potrebbe essere l’adozione della cosiddetta “certificazione del contratto di lavoro”. Questo principio è spesso utilizzato dal personale dell’Ispettorato del Lavoro per disconoscere il rapporto di lavoro subordinato nei confronti dei familiari conviventi dei soci di S.r.l., anche se non possiedono la maggioranza delle quote. L’obiettivo è quello di ricondurre la prestazione lavorativa all’ambito dell’impresa familiare, attribuendo una causa gratuita …

The saying “diamonds are forever” has taken on new meaning thanks to a recent scientific breakthrough. South Korean researchers have developed a method to grow diamonds in the laboratory without the need for the extreme pressure and temperature conditions typically associated with their formation. By using a liquid metal alloy composed of gallium, iron, nickel, and silicon, and exposing it to methane and hydrogen gas at a temperature of 1,025°C, they managed to synthesize diamonds in just 15 minutes. This technique, detailed in Nature (link to the study), opens up potential advancements in various industrial sectors. The creation of synthetic …

Giovedì 23 maggio, i mercati asiatici hanno vissuto una giornata movimentata, con il Nikkei in rialzo grazie ai risultati positivi di Nvidia (+1,1% alle 7:30 italiane) e la Cina in difficoltà a causa delle tensioni commerciali con Stati Uniti e Unione Europea sulle auto elettriche e l’incertezza sulle mosse della Fed riguardo ai tassi di interesse. Hong Kong ha ceduto l’1,7% e Shanghai l’1,3%. Il T bond USA decennale rende il 4,43%, mentre i futures sul Nasdaq aumentano dello 0,9%, trainati dai solidi risultati trimestrali del gigante americano dell’AI, Nvidia, pubblicati dopo la chiusura di Wall Street. In Asia, la …

La Commissione Europea ha deciso giovedì 23 maggio di deferire l’Italia alla Corte di Giustizia dell’Unione Europea per non aver garantito la corretta attuazione della direttiva che istituisce un quadro per la pianificazione dello spazio marittimo (direttiva 2014/89/UE). Secondo Palazzo Berlaymont, gli Stati membri costieri avrebbero dovuto elaborare i piani entro il 31 marzo 2021 e comunicarli entro tre mesi dalla loro pubblicazione. Tuttavia, la Commissione ritiene che l’Italia non abbia adempiuto a questo obbligo. Nonostante una lettera di mora inviata nel 2021 e un parere motivato nell’aprile 2023, la Commissione ha deciso di rivolgersi alla Corte di Giustizia dell’UE. …

In the world of finance, derivatives play a crucial role in investment strategies, and one such derivative is the warrant. Warrants offer unique opportunities and benefits for both investors and companies, making them an essential financial instrument to understand. What Is a Warrant? A warrant is a type of derivative that provides the holder with the right, but not the obligation, to buy or sell a security—most commonly an equity—at a specified price before the warrant’s expiration date. This specified price is known as the exercise price or strike price. Unlike options, which are typically issued by market participants, warrants …

The financial landscape is evolving, and non-bank financial intermediation (NBFI) is emerging as a critical player in this transformation. The NBFI ecosystem, a diverse and dynamic set of financial activities, entities, and infrastructures, is reshaping how savings are managed and how the real economy is financed. Understanding the NBFI Ecosystem Non-bank financial institutions (NBFIs) encompass a wide range of entities, including investment funds, insurance companies, pension funds, and other financial intermediaries. Each of these institutions operates under unique business models, balance sheets, and governance structures, and they are regulated differently across various jurisdictions. Investment funds, for example, pool resources from …