Excess global debt is a major concern for J.P. Morgan‘s international chairman. Speaking at the World Economic Forum in Davos, Jacob Frenkel said: “My main concern is problems arise, always, when you are overly optimistic (and) when you take too much debt.” “This was the main lessons from all the previous crises,” he added. The […]
Read moreStripe, which four years ago said it would become the first major online payments platform to accept bitcoin for payments, is ditching the idea. The company said Tuesday that the cryptocurrency had almost become a victim of its own popularity — the time needed to complete a transaction has increased, meaning that payments sometimes fail. […]
Read moreCurrency, United States Finance
Australia is hopeful that the US will join TPP, finance minister says
Australia believes that the United States will end up joining the Trans-Pacific Partnership (TPP), its finance minister told CNBC on Wednesday. Mathias Cormann said this will happen when the U.S. recognizes the importance of the Asia-Pacific region for business. “We hope that over time the United States will want to be part of this. We’d […]
Read moreTreasury Secretary Steven Mnuchin said the U.S. is open for business and welcomed a weaker dollar, saying that it would benefit the country. Speaking at a press conference at the World Economic Forum in Davos Wednesday, he made a bid for investment into the U.S., saying the government was committed to growth of 3 percent […]
Read moreThe anti-China sentiment from Donald Trump’s administration is “detrimental” to the entire world, the president of Chinese internet giant Baidu told CNBC on Wednesday. Ya-Qin Zhang added, however, that Baidu’s research investment in the U.S. will ramp up in 2018. A number of Chinese firms have faced a tough time in the U.S. of late. […]
Read moreCurrency, United States Finance
The ECB should tighten its policy in a sustainable way, says Eurogroup president
The euro area is no longer the economic headache that it once was, but the reversal of the European Central Bank‘s monetary policy needs to be sustainable, the president of the Eurogroup told CNBC Wednesday. Given the clear economic improvement in the euro zone since the debt crisis, some economists and policymakers have blamed the […]
Read moreCurrency, United States Finance
Italy prime minister rules out coalition with Berlusconi's center-right bloc
Italy’s caretaker Prime Minister Paolo Gentiloni ruled out forming a coalition with Silvio Berlusconi’s center-right bloc after the forthcoming Italian election. Asked whether his center-left Democratic Party (PD) could support a government coalition formed with the center-right bloc made up of Forza Italia, the party of former Prime Minister Berlusconi, and Lega Nord (a Euroskeptic […]
Read moreCurrency, United States Finance
European banks must stop 'soul searching' and fix ongoing problems, ING CEO says
Europe’s economy will not be firing on all cylinders until its banking sector has resolved ongoing problems with non-performing loans (NPLs), according to the CEO of a major European bank. Speaking at the World Economic Forum (WEF) in Davos, Switzerland, ING chief executive Ralph Hamers told CNBC on Wednesday: “Some of them are still soul-searching. […]
Read moreThe potential to reach the vast Chinese investing public will eventually bring Saudi Aramco to list in Hong Kong, even if the oil giant skips over the special administrative region for its first public offering, said Charles Li, chief executive of Hong Kong Exchanges and Clearing. “A deal in Hong Kong with the possibility of […]
Read moreCurrency, United States Finance
US tax changes could add growth but mean nothing without structural reform, OECD's Gurria says
An overhaul of the U.S. tax system could help promote growth but structural reforms need to be made, the secretary general of the Organisation for Economic Co-operation and Development (OECD) told CNBC at the World Economic Forum in Davos, Switzerland. “On the face of it you’re talking about lowering corporate taxes, promoting repatriation (of taxes) […]
Read more