U.S. sanctions haven’t scared off international businesses from investing in the Russian Federation, the head of Russia’s investment fund said at the St. Petersburg International Economic Forum on Wednesday. “Existing restrictions don’t preclude from co-investing with us, from meeting with us,” Kirill Dmitriev, the chief executive of the Russian Direct Investment Fund (RDIF) told CNBC’s […]
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FEW firms have more power to heat up the cauldron of global geopolitics than Gazprom, the state-backed Russian energy producer. It supplies more than a third of the natural gas that Europeans use for power generation, heating and cooking, creating what many—especially Americans—see as an unhealthy dependence (see chart). It has used its strength to […]
Read moreFacebook CEO Mark Zuckerberg stayed pretty quiet during a meeting with members of the European Parliament, but the EU leaders sure didn’t. Zuckerberg was invited to meet with EU leaders on Tuesday to “clarify issues related to the use of personal data.” EU representatives pitched tough questions on shadow profiles, data tracking and Facebook’s market […]
Read moreCurrency, United States Finance
Russia's central bank governor touts Moscow alternative to SWIFT transfer system
Russia has developed its own system for financial transfers that would protect it from a potential shutout of the SWIFT global transfer system in the event of harsher U.S. sanctions, its central bank governor said Wednesday. But analysts have questioned the viability of Moscow’s transfer system. “There are risks in using the global financial networks, […]
Read moreUber has teamed up with French insurer AXA to provide insurance protection for its drivers across Europe. The partnership expands on a scheme the two companies announced last year, offering French drivers insurance for medical expenses and accident cover. On Wednesday, Uber announced the new scheme, Partner Protection, will cover drivers for a range of […]
Read moreSales of new U.S. single-family homes fell less than expected in April, but data for the last three months was revised lower. The Commerce Department said on Wednesday new home sales dropped 1.5 percent to a seasonally adjusted annual rate of 662,000 units last month. March’s sales pace was revised down to 672,000 units from […]
Read moreBanks need to start paying more attention to the technology sector as this is where their future competitors lie, the executive chairman of Spanish lender BBVA said Wednesday. Francisco Gonzalez said that it is tech firms, both large and small, that the banking industry should be monitoring – and not other financial institutions. “Our competitors […]
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AS A citizen, Dave Jones worries that climate change may imperil his two children, and theirs in turn. What exercises him, as California’s insurance commissioner, is the way in which a transition to a low-carbon economy might affect the financial health of his other charges—the state’s 1,300-odd insurers. On May 8th Mr Jones unveiled an […]
Read moreFacebook Chief Executive Mark Zuckerberg’s meeting with European lawmakers in Brussels on Tuesday has been criticized by political representatives for being too short and providing “no answers.” Zuckerberg’s appearance in the European Parliament was facilitated by Antonio Tajani, the parliament’s president, and consisted of around an hour of questions and less than 10 minutes of […]
Read moreA sharp rise in interest rates last week meant far fewer homeowners could benefit from a mortgage refinance. That was the primary driver behind a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 10.5 percent lower than a year ago. Refinance volume […]
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