U.S. retail sales unexpectedly rose in October as an increase in purchases of motor vehicles and a range of other goods offset a decline in demand for building materials, suggesting consumer spending remained fairly strong early in the fourth quarter. The Commerce Department said on Wednesday retail sales increased 0.2 percent last month. Data for […]
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Former ECB president calls for action over the amount of global debt
The current levels of global debt are concerning and demand action from policymakers, the former president of the European Central Bank (ECB) told CNBC on Wednesday. “Despite the fact that real growth is active, I wouldn’t say buoyant, but very satisfactory, we have some indicators on global leverage that are not that reassuring, in particular […]
Read moreU.S. buyout fund Cerberus has taken a 3 percent stake in Deutsche Bank, Germany’s flagship lender said on Wednesday. The investment makes Cerberus the fourth-largest shareholder after China’s HNA group, Qatar and money manager Blackrock . The move comes after the investor built a 5 percent stake in the country’s second-largest listed bank, Commerzbank, in […]
Read moreHomeowners took advantage of a pullback in interest rates at the beginning of last week, hoping to refinance before the next rise. That pushed total mortgage application volume higher by 3.1 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume remains 8.5 percent below a one year ago, when rates […]
Read moreRussia and Venezuela have signed a debt restructuring deal under which Caracas will pay Moscow back $3.15 billion over a 10-year period, Russia’s Finance Ministry said on Wednesday. Debt repayments would be minimal in the first six years, the ministry said. Venezuela borrowed from Russia in late 2011, but failed to keep up withpayments on […]
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Oversupply has 'fundamentally changed' the LNG market — but it won't last long
A global liquefied natural gas (LNG) supply glut may soon be offset by a rapid uptick in demand, Oil Search CEO Peter Botten said Wednesday. “The market has fundamentally changed in the past few years,” Botten said at the Abu Dhabi Petroleum Exhibition Conference (ADIPEC). “It has clearly been driven by oversupply but this won’t […]
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IT HAS been more than once that Gulliver has found himself putting the incorrect electrical plug into the wrong socket or dock at a hotel—whether it be for a smartphone, laptop or shaver. Since such gadgets have proliferated, the hotel industry too has been confused about what facilities they should offer to service weary travellers. […]
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German banks prepare for hard Brexit, in 'advanced' stages of relocating from London
German banks are preparing for a so-called “hard Brexit” and the spoils of the U.K.’s departure from the European Union could be shared by other European cities, according to German banking and finance officials. German central bank executive board member Andreas Dombret said that German banks were planning for a hard Brexit — that the […]
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European stocks seen lower on lower oil prices, focus on earnings and data
European equities are poised to open in the red Wednesday morning as market sentiment is curbed by weaker oil prices. The FTSE 100 is seen down by 7 points at 7,405; the DAX is seen lower by 32 points at 13,000 and the CAC 40 is set to open lower by 13 points at 5,303. […]
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Rising debt and low interest posing greatest market risks, IMF's Lipton says
The prolonged period of low central bank interest rates and rising debt in developed economies poses the greatest risk to financial markets in the medium-term, according to an International Monetary Fund (IMF) executive. David Lipton, the IMF’s first deputy managing director, told CNBC why the enduring trend of quantitative easing, implemented after the 2008 financial […]
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