Tag: jun 1 2021

China’s banking and insurance regulators have given preliminary approval to Goldman Sachs’ proposal to establish a wealth management service on the mainland in partnership with ICBC, one of the country’s largest banks. Goldman Sachs Asset Management will own 51 percent of the venture; the bank will own 49 percent. China has liberalized regulations governing foreign...

Turkey’s President Recep Erdogan has fired Oguzhan Ozbas, one of the deputy governors of the Central Bank of the Republic of Turkey, and replaced him with Semih Tumen, an economics professor and key Erdogan advisor. Ozbas is the third senior bank official that Erdogan has fired in the past two months.  He fired central bank...

Although the Bank of Canada has said private cryptocurrencies pose a vulnerability for the country’s financial system, “we don’t currently see a strong case” for issuing a national version of digital money in the near future, deputy bank governor Timothy Lane said in a panel discussion last week hosted by the country’s Chamber of Commerce....

As Europe’s restaurants and hotels reopen, customers are returning. Workers not so much. The lack of workers in the continent’s hospitality sector threatens to hobble the continent’s already weak economic recovery. Some business owners and managers say they may be forced to offer higher pay to staff their businesses. Some theorize that, as in the...

In a referendum in 1992, the citizens of Switzerland rejected joining the European Union.  However, it has negotiated 120 separate treaties with the EU that give Switzerland almost unfettered access to the EU’s markets. Because the country lacks both membership and a “framework agreement” with the union, every time the EU changes its regulations, any...

Milk prices could climb to record levels over the next 12 months as China’s demand for dairy surges, New Zealand-based Fonterra, one of the world’s largest milk exporting companies, predicted on 25 May.  A kilogram of milk solids – about 2.2 pounds – will leave dairy farms priced at about US$5.79 to US$6.34 over the...

Ford Motor Co. will increase its investment in electric vehicle (EV) development from $29 billion by 2025 to $30 billion and expects 40 percent of its total sales to come from EVs by 2030, the company announced on 26 May. Ford will reach that 2030 target through sales of its commercial E-Transit vans, the Mustang...

Spot prices for iron ore, steel’s main ingredient, have zoomed from around $70 a metric ton a year ago to a record $233.10 in late May under rising demand from China, luring investors to back an array of new mining ventures. Chinese companies are planning one of the world’s biggest iron ore pits, this one...

China’s renminbi currency traded domestically at 6.4052 to the dollar on 25 May, its strongest performance since June 2018.  The high mark came on the same day that China’s CSI stock index rose 3.2 percent to reach its highest value since last July. The renminbi has gained more than 10 percent against the greenback over...