6th June 2019
The International Monetary Fund (IMF) lowered its 2019 growth forecast for China from 6.3% to 6.2% amidst the growing trade tension with the US. China's growth is also expected to slow to 6% by 2020 and 5.5% by 2024.
Piraeus Bank is to enter a new joint venture with a Swedish credit manager Intrum to service the lender's existing EUR 26.9bn NPE portfolio. Intrum holds 80% of the new company with a share value of EUR 328m.
31st May 2019
Greece's Eurobank saw a raise in stake by Prem Watsa's Fairfax Financial Holdings which makes the latter now the single largest shareholder of the bank. Fairfax currently amassed 1.22 billion Euros' worth of voting right in the bank's ordinary shares, or about 33%.
The world's biggest LNG exporter, Australia, may see herself importing LNG soon as the country struggles to fill a looming gas shortage. At least 6.9 billion dollars worth of new developments need to be met to meet gas demand and slash the cripplingly high prices to manufacturers. Just a year ago many though importing LNG to Australia would not come to fruition but shortages are expected as soon as 2022. There are currently five proposals on the table as of now.
29th May 2019
Maersk Line has just joined CMA-CGM and MSC as an equal shareholder in the container tracking company Traxens. The shipping giant has purchased some 50 000 tracking devices to be installed in their vessels. The devices will track the location of the vessel and the condition of it regardless of the operator or transport mode and offer 24/7 visibility on the cargo with the dashboard and application for at-a-glance up-to-date overview.
23rd May 2019
US tariffs levied on Chinese goods have been borne entirely by US importers, said the IMF. President Trump's claim on the benefit of the tariffs to fill the US coffers by USD 100 billion per year is on contrary to what is observed by IMF thus far. Apparently, according to the IMF, the trade deficit between China and the US remains "broadly unchanged" even with the imposed tariffs.
22th May 2019
The Chinese government has published data of the first four months showing a 47% drop on the year-to-year newbuilding rate. This is seen as a good news for the market.
The future of British Steel seems bleak as the company is in a precarious state of seeking an emergency bailout by the British government. The company plunged into insolvency in the month of March this year and has been ordered by the High Court to liquidate its assets. Currently, the company is being managed by the Government's Official Receivers amidst the liquidation process.
17th May 2019
Oil price has risen today again for the third consecutive time amidst the fear of supply disruption in the Middle East, heading to the biggest weekly rise in three months.
Barclays, Citi, JP Morgan, MUFG and RBS have agreed to pay a total combined fine of 1.07 billion Euros slapped onto them by the European Union for violating anti-trust laws. A five-year investigation by the EU anti-trust regulators found that 9 traders spread across the five banks have manipulated the spot foreign exchange market for 11 currencies.
Citi was hit the hardest with a fine of 310.8 million Euros, followed by RBS and JP Morgan with a respective fines of 248.2 million Euros and 228.8 million Euros. Barclays was fined 210.3 million Euros and finally MUFG was fined the remainder of 70 million Euros.