Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

Continue Reading


Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

Continue Reading


Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

Continue Reading


Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

Continue Reading


Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

Continue Reading

Categorized | Economy, Property

Wolfgang Schäuble doubles down on EU spending rules

Posted on November 18, 2016

The eurozone should not deviate from its strict debt and deficit rules, Germany’s influential finance minister has said, criticising Brussels’ latest attempts to boost growth by easing up on austerity.

Wolfgang Schäuble, Berlin’s veteran finance chief, said the European Commission’s push to loosen the bloc’s fiscal stance by 0.5 per cent of GDP next year was evidence of it acting “politically” and “beyond its mandate”, according to Reuters.

Mr Schäuble said governments should stick to the eurozone’s “Stability & Growth Pact” which limits public debt at 60 per cent of GDP and budget deficits of no more than 3 per cent of GDP. The rules were toughened up in the wake of the eurozone crisis to rein in public finances in high spending countries.

Speaking at an event hosted by Süddeutsche Zeitung on Friday, the Christian Democrat politician warned the commission had “no authority” to give member states greater discretion over national spending.

Instead, Berlin has supported an attempt to set up an independent fiscal body to monitor public finances in the 19-country bloc rather than handing more oversight to the commission.

After years of low growth and low inflation, Brussels has said “there is a case for a significantly more positive fiscal stance for the euro area”.

“While there has been significant progress in recent years in the euro area, the recovery is still not accelerating, there is still significant unused capacity in labour and capital and uncertainty is high”, the commission said in its latest budgetary outlook this week.

Mr Schäuble added the world was moving towards the next economic crisis and asset price bubble “if we don’t watch out”.

Image courtesy of DPA