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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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Categorized | Economy

ECB’s Cœuré stresses barriers to Greek QE inclusion

Posted on November 28, 2016

Policymakers at the European Central Bank will have to make a series of judgements about the sustainability of Greece’s debt and the trajectory for its economic growth before deciding on whether to include the country in its bond-buying measures, one of its senior officials has said.

Stressing the hurdles that still exist before Greece can be eligible for the ECB’s quantitative easing measures, Benoît Cœuré, executive board member, said that any decision would be taken “in full independence”.

The ECB has said that any move to buy Greek government debt as part of its stimulus measures would be partially dependent on political decisions made by EU creditors on Athens’ bailout progress.

With the International Monetary Fund due to deliver its verdict on the thorny issue of Greek debt, Mr Cœuré said the ECB would likely carry out its own analysis of the country’s 180-per-cent-of-GDP debt pile before giving any green light for QE.

“The debt sustainability assessment of the institutions are an important input, but they are not the only ones”, said Mr Cœuré, speaking in Athens on Monday.

“The Governing Council will base its assessments also on internal analysis and will take into account other risk management considerations before making its final decision”.

Eurozone finance ministers will be meeting with IMF creditors next month to try and bridge their differences over the level of austerity demanded by Greece’s three-year bailout programme and to pin down measures to restructure the country’s debt after 2018. The IMF has been a fierce advocate of bold debt relief and less stringent budgetary surplus targets for the debtor economy.

In its latest economic outlook, the Organisation for Economic Co-operation and Development joined the calls for debt relief for Greece, arguing its liabilities “undercut confidence in the Greek economy”.

Earlier today, European Commission vice president Valdis Dombrovskis said talks with Greece’s left-wing Syriza government remained “on track”.