Thursday , 22 October 2020


Deutsche Bank reaches $7.2bn settlement with US over mortgage misconduct

imago stock&people /

Europe’s biggest lender Deutsche Bank and the US Department of Justice have reached an agreement over its sale of toxic mortgage-backed securities before the 2008 financial crisis, according to the government agency. Deutsche has agreed to pay a $3.1 billion civil penalty and provide $4.1 billion in consumer relief to homeowners, distressed borrowers, and affected communities, the federal agency said, …

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Beijing warns against trade war and protectionism

Ruben Sprich / Reuters

In his debut at the World Economic Forum in Davos, Chinese President Xi Jinping defended globalization and warned that no one would win in a trade war. Xi said economic integration has powered global growth and improved the lives of millions. “It is true that economic globalization created new problems, but this is no justification to write off economic globalization …

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China’s shipbuilding giant charts new course

Dalian Shipbuilding Industry Company (DSIC), one of the largest shipbuilding companies in the country, is charting a new course to overcome decline in global demand. Based in Dalian in Northeast China’s Liaoning province, the State-owned company is shifting its focus away from conventional shipbuilding to high-end vessels such as very-large crude and ore carriers and bulk carriers. The shipping giant, …

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Inflation, not Trump or Brexit biggest headache for Russian central bank

Kirill Kallinikov / Sputnik

The Russian economy’s biggest woe is inflation and not Britain’s vote to leave the European Union or Donald Trump’s US presidential victory, according to Ksenia Yudaeva, first deputy governor of the Central Bank of Russia. “Brexit and Donald Trump’s US election victory were unexpected, but nonetheless, the Russian economy and financial markets were not significantly affected,” she told CNBC on …

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U.S. LIBOR Hits 8 Year High (video)

As global interest rates extend their climb on expectations of accelerating growth and inflation, the rate banks charge each other to borrow dollars for three months rose above 1 percent on Wednesday for the first time since May 2009. The London interbank offered rate, or LIBOR, for three-month dollars was fixed at 1.00511 percent. It is the highest level since …

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Golden dragon set to breathe fire on US dollar? (video)

In the third edition of Venture Capital, Katie Pilbeam explores the reasons why the world’s largest producer of gold, China, is buying up the shiny commodity in record quantities. This sudden gold rush is igniting speculation that the country is getting set to create a new gold standard for its currency. Also, the Eurozone breathed a sigh of relief this …

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