Posts belonging to Category Europe



Deutsche Bank mulls cutting 10,000 staff globally

City jobs in firing line

The City is braced for swingeing cuts at Deutsche Bank as the beleaguered banking giant considers cutting 10,000 jobs globally, equivalent to one in 10 of its staff, according to reports.

It is understood the redundancies will be focused in the German lender’s investment bank, which employs more than 8,000 people in the UK.

Globally the unit employs 40,000 of the lender’s total 97,000 workforce.

https://www.telegraph.co.ukcom/

Mark Zuckerberg ripped by European Parliament for dodging questions

Mark Zuckerberg’s big European test did not go well

The Facebook (FB) CEO apologized for the company’s mistakes but angered European lawmakers by dodging their questions. Zuckerberg was questioned on Tuesday by political leaders and lawmakers at the European Parliament in Brussels for about 80 minutes.

His replies left them mostly frustrated. They used the last few minutes of the meeting to complain and accused him of giving general answers. “I asked you six yes and no questions,” Philippe Lamberts, a Green party politician, said. “I got not a single answer.”

https://www.cnn.com/

Saudi Arabia is ready to increase its oil production

A war with Iran won’t affect global oil production

Saudi Arabia is ready to increase its oil production in response to the expected decline in Iranian crude oil for international markets following President Trump’s withdrawal from the Iran nuclear deal. That’s what an official from the Saudi energy ministry told local state news agency SPA.

Saudi Arabia supported Trump’s decision on the nuclear deal, unlike the United States’ allies in Western Europe: the heads of France, the UK, and Germany stated they are committed to upholding the Iran nuclear deal.

Russia and China—also signatories to the deal—have opposed Trump’s decision and are unlikely to make any changes to their economic relations with Iran following the U.S. withdrawal. While Russia is not a consumer of Iranian oil, China and India are—and they are unlikely to stop taking in Iranian crude despite the sanctions.

 https://www.oilprice.com/

BREXIT: Northern Labour MPs are rebelling against Jeremy Corbyn

MPs demand a second Brexit referendum

The row over Jeremy Corbyn’s approach to Brexit has exploded after five MPs from the party’s northern heartlands broke ranks and openly demanded a new referendum on the UK’s withdrawal deal.

The MPs from the Northeast – which heavily backed Leave in the 2016 referendum – said a new vote is essential because the true nature of Brexit is only just emerging.

Writing exclusively for The Independent, they warn plans to leave the single market will devastate family living standards as the future of major manufacturers and employers in their region is thrown into doubt.

 https://www.independant.co.uk/

Rebel Tories want to stay in Single Market

MPs to push Theresa May into staying in single market – if Labour backs it

Conservatives have told The Independent there would be enough of their party’s MPs to lock in full single market access afterBrexit, as long as Labour also backs it. But in a move set to enrage Labour politicians, Jeremy Corbyn’s front bench will on Tuesday refuse support for just such a proposal in the Lords – preventing it from being voted on in the Commons.

Mr Corbyn is now being warned he risks a major internal row and must explain to pro-EU party members why he is “throwing away a clear opportunity” to defeat Ms May’s plans to abandon the single marketIt follows reports that Tory chief whip Julian Smith has already told the prime minister she lacks numbers in the Commons to defeat rebel amendments aimed at keeping the UK in an EU customs union.

Tory rebels, who joined forces with Labour to shift the government towards closer customs relations with Europe, will now push Ms May towards remaining inside the European Economic Area (EEA) and the European Free Trade Association (EFTA) – which would deliver full single market access. They say up to 15 Conservative backbenchers are now certain it is the best way to ensure the UK’s economic strength, while also staying true to the 2016 referendum result.

EU Withdrawal Bill: Major defeat for Brexiters on plans to leave the customs union

UK’s House of Lords votes to amend Brexit bill over customs union

The House of Lords, the upper house of parliament, has inflicted two serious defeats on Theresa May’s government at it attempts to get its EU withdrawal bill passed into law. More defeats are likely.

The House of Lords voted 348 to 225 on Wednesday afternoon on an amendment to the EU Withdrawal Bill. It obliges ministers to explain by the end of October the steps they have taken to negotiate the UK’s continued participation in a customs union with the European Union.

In a second vote later in the day, the government lost by 97 votes on an amendment to the law which seeks to limit ministers’ powers after Brexit. The amendment is aimed at stopping the government from weakening existing EU rights on issues ranging from employment to health and safety when they are transferred to UK law.

http://www.dw.com/

Re-run of the Brexit referendum

Cambridge Analytica whistleblower Christopher Wylie : Brexit lacks ‘democratic mandate’

Chris Wylie, a former employee of Cambridge Analytica, shocked Andrew Marr when he called for a second referendum, to make sure the Leave vote was both legal and fair. Speaking earlier this morning, Mr Wylie called for assurances that the vote was made “fairly”.
His remarks came in response to Marr’s questions about the legitimacy of the 2016 Leave victory, which he followed up by asking whether Britain should “do it over again”. Mr Wylie became known as the Cambridge Analytica whistleblower last month after revealed how the company harvested the data of millions of Facebook users without consent.
 http://www.express.co.uk

Markets not panicking yet over trade war threat

Heavy sell-off in financial markets over the last week

The heavy sell-off in financial markets over the last week shows greater caution among investors, but moves into Japan and emerging market stocks suggest no mass panic yet about a full-scale trade war or tech meltdown.

A weekly compilation of fund flow data by Bank of America Merrill Lynch showed a big $19.9 billion redemption from equity funds, the largest outflow of the year from financials and a record move out of inflation-linked U.S. ‘TIPS’ bonds. The firm’s Bull & Bear indicator eased further away from a zone of exuberance.

http://www.reuters.com

Britain unveils new fintech plans, including cryptocurrencies

G20:  no consensus for global regulation of cryptocurrencies

Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets, such as bitcoin and other cryptocurrencies, as part of new plans to help fintech companies find more customers.

British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas.

“As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology,” Hammond told a fintech conference hosted by the finance ministry.

Investors have flocked to cryptocurrencies like bitcoin despite wild price swings.

Regulators have warned that investors could lose all their money, but see promise in the blockchain technology that underpins cryptoassets.

Britain’s announcement comes after finance ministers from the Group of 20 richest economies (G20) were unable this week to find enough consensus for global regulation of cryptocurrencies.

http://www.reuters.com

Machines have replaced human stock market traders

Impact on the next financial crisis could be devastating

The February sell-off in stocks demonstrated the impact of automated trading on markets, according to Charles Himmelberg, Goldman Sachs’ cohead of global markets research.
“In this new market structure, machines have replaced humans, and speed has replaced capital,” Himmelberg said in a note.
This new ecosystem dominated by machines has dried up the sources of liquidity that would be needed in the next major wave of selling, he said.
http://www.businessinsider.com