New Zealand central bank shifts to neutral tone and warns of growth risks

New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions. As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020. The central bank removed a line from its previous statements that its


New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions. As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020. The central bank removed a line from its previous statements that its
New Zealand central bank shifts to neutral tone and warns of growth risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: mark coote, bloomberg, getty images
Keywords: news, cnbc, companies, global, zealand, economic, tone, risks, neutral, growth, central, bank, ocr, cut, shifts, warns, trade, rate, inflation


New Zealand central bank shifts to neutral tone and warns of growth risks

New Zealand’s central bank struck a neutral tone as it marked two full years of steady policy on Thursday, saying its next move would depend on how the economy fared and cautioned of downside risks to growth from global trade frictions.

The New Zealand dollar rallied briefly and bonds sold off as the markets priced out any chance of a near term rate cut and instead focused on when New Zealand would join some of its global counterparts in raising rates.

As widely expected, the Reserve Bank of New Zealand kept the official cash rate (OCR) at 1.75 percent, where it has remained since late 2016, and reiterated it expected to hold rates into 2020.

“The timing and direction of any future OCR move remains data dependent,” Governor Adrian Orr said in a statement, and in a press conference later in the day he refused to rule out a rate cut if economic conditions deteriorated.

The central bank removed a line from its previous statements that its next rate move could be either up or down, but noted both upside and downside risks remained to growth and inflation projections.

“We don’t agree that the RBNZ needs to maintain the fence-sitting dual approach to policy,” said Citibank economist Paul Brennan.

“While our own forecasts show a near-term moderation in GDP growth, we expect CPI inflation to exceed the RBNZ’s latest forecasts and maintain the view that the OCR will need to rise from Q3 next year.”

A run of stellar economic data including a surprise drop in third-quarter jobless rate to 10-year lows, better-than-expected growth and inflation numbers over recent months, has given the RBNZ some breathing room.

However, Orr pointed to temporary factors for the pick-up in second-quarter economic growth and cautioned of headwinds to growth.

“Weak business sentiment could weigh on growth for longer. Trade tensions remain in some major economies, raising the risk that trade barriers increase and undermine global growth.”

The New Zealand dollar hit a fresh three-month high of $0.6820 immediately after the rate decision but quickly retreated from those levels to last hover around $0.6785.

Government bonds were sold off for a second straight day as investors priced out the risk of a cut with yields on the long-end of the curve up about 5 basis points.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: mark coote, bloomberg, getty images
Keywords: news, cnbc, companies, global, zealand, economic, tone, risks, neutral, growth, central, bank, ocr, cut, shifts, warns, trade, rate, inflation


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Oil prices drop as focus shifts to oversupply

The global benchmark is on course for a weekly loss of over 4 percent. Saudi Arabia’s OPEC governor said on Thursday that the oil market could face oversupply in the current quarter. U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week. Falls in stock markets have roiled oil prices this week as Wall Street had its biggest daily decline since 2011. Despite this, Fitch Solutions


The global benchmark is on course for a weekly loss of over 4 percent. Saudi Arabia’s OPEC governor said on Thursday that the oil market could face oversupply in the current quarter. U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week. Falls in stock markets have roiled oil prices this week as Wall Street had its biggest daily decline since 2011. Despite this, Fitch Solutions
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Company: cnbc, Activity: cnbc, Date: 2018-10-26
Keywords: news, cnbc, companies, weekly, week, barrel, rising, fitch, crude, prices, oversupply, focus, drop, shifts, loss, global, market, oil


Oil prices drop as focus shifts to oversupply

Oil prices fell on Friday and were heading for a third weekly loss, pulled down as Saudi Arabia’s OPEC governor said the market may become oversupplied soon and after a slump in global equities clouded the outlook for demand.

Brent crude futures were down 51 cents, or 0.7 percent, at $76.38 a barrel by 0331 GMT. The global benchmark is on course for a weekly loss of over 4 percent.

U.S. crude was down 64 cents, or 1 percent, at $66.68 a barrel. The U.S. benchmark is set for a 3.5 percent loss this week.

“Bearish sentiment could force a re-test of support in the low $70.0 per barrel range,” Fitch Solutions said in a note on Friday.

Saudi Arabia’s OPEC governor said on Thursday that the oil market could face oversupply in the current quarter.

“The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Adeeb Al-Aama told Reuters.

Saudi Arabia Energy Minister Khalid Al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said this week.

Falls in stock markets have roiled oil prices this week as Wall Street had its biggest daily decline since 2011.

“The near $10 per barrel drop in Brent crude seen over October is a spillover from the global sell-off in equities and broader risk-off sentiment in the market,” said Fitch Solutions.

Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, and economic concerns in Italy.

There are also signs of a slowdown in global trade, with container and bulk freight rates dropping away after rising for most of 2018.

Despite this, Fitch Solutions said “fundamentals in oil … remain broadly bullish”, largely because of the U.S. sanctions against Iran’s oil exports, which start on Nov. 4.

Washington is putting pressure on governments around the world to stop importing oil from Iran.

Most, including its biggest customer China, are falling in line, and Iran has turned to storing its unsold oil on its tanker fleet in the hope that it can sell the crude off quickly once the sanctions are lifted again.


Company: cnbc, Activity: cnbc, Date: 2018-10-26
Keywords: news, cnbc, companies, weekly, week, barrel, rising, fitch, crude, prices, oversupply, focus, drop, shifts, loss, global, market, oil


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Trump tone shifts on Khashoggi, raising prospect of sanctions on Saudi Arabia

Several top Republicans in Congress have called for swift sanctions on the longtime U.S. ally in retaliation for Khashoggi’s death. Turkish officials have reportedly identified 15 Saudi officials they believe carried out the extra-judicial killing, several of whom work directly for Crown Prince Mohammed bin Salman. “It will have to be very severe,” Trump told reporters at Andrews Air Force Base. Pompeo visited both Saudi Arabia and Turkey this week, but returned with few answers about what actua


Several top Republicans in Congress have called for swift sanctions on the longtime U.S. ally in retaliation for Khashoggi’s death. Turkish officials have reportedly identified 15 Saudi officials they believe carried out the extra-judicial killing, several of whom work directly for Crown Prince Mohammed bin Salman. “It will have to be very severe,” Trump told reporters at Andrews Air Force Base. Pompeo visited both Saudi Arabia and Turkey this week, but returned with few answers about what actua
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Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: christina wilkie, jonathan ernst
Keywords: news, cnbc, companies, death, officials, raising, trump, tone, turkish, saudi, shifts, sanctions, prospect, told, arabia, congress, khashoggi, khashoggis


Trump tone shifts on Khashoggi, raising prospect of sanctions on Saudi Arabia

Trump: It ‘certainly looks like’ Jamal Khashoggi is dead 4:17 PM ET Thu, 18 Oct 2018 | 00:56

Trump emphasized that his administration would “find out who knew what, when and where” about Khashoggi’s fate. He also said Congress will be involved “very much” on what the next steps would be in the U.S.-Saudi relationship. “I will very much listen to what Congress has to say,” Trump told reporters.

Several top Republicans in Congress have called for swift sanctions on the longtime U.S. ally in retaliation for Khashoggi’s death. But Trump has voiced concerns both publicly and privately about the potential risk of upending the longstanding military and diplomatic relationship.

Even as Trump refuted reports that Secretary of State Mike Pompeo received intelligence about Khashoggi’s death from the Turkish government, it was evident Friday that there was a shift in the president’s attitude toward Saudi Arabia, a longtime U.S. ally in the Middle East.

Trump appeared to dismiss the claims underpinning blanket denials coming from Saudi officials, who insist they know nothing about Khashoggi’s disappearance.

Representatives of the ruling Saudi royal family have yet to offer any alternative to their initial version of events, which was that Khashoggi entered the Saudi consulate on Oct. 2, and he walked out a short while later.

On Thursday, Trump said for the first time Khashoggi had most likely been killed. The president did not, however, say how he had reached this conclusion. Turkish officials have reportedly identified 15 Saudi officials they believe carried out the extra-judicial killing, several of whom work directly for Crown Prince Mohammed bin Salman.

Asked by a reporter whether Khashoggi was dead, Trump replied, “It certainly looks that way.”

The president also took a harder line Thursday on what potential consequences Saudi Arabia might face if they are shown to have been involved in the dissident journalist’s death.

“It will have to be very severe,” Trump told reporters at Andrews Air Force Base. “It’s bad, bad stuff,” Trump said, before tacking on his preferred caveat: “But we’ll see what happens.”

Turkish officials have reportedly said they are in possession of tapes proving that Khashoggi was tortured to death and that his body was later dismembered. So far no U.S. officials have confirmed that they’ve seen the alleged tapes.

Pompeo visited both Saudi Arabia and Turkey this week, but returned with few answers about what actually happened. Saudi Arabia claims it is conducting an internal investigation into Khashoggi’s disappearance, but it has yet to present any results.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: christina wilkie, jonathan ernst
Keywords: news, cnbc, companies, death, officials, raising, trump, tone, turkish, saudi, shifts, sanctions, prospect, told, arabia, congress, khashoggi, khashoggis


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Hong Kong housing price correction expected in 2019: Analyst

Hong Kong housing price correction expected in 2019: Analyst9 Hours AgoAlva To, vice president and head of consulting for Greater China at Cushman & Wakefield, says he believes there will be a correction in Hong Kong’s housing market in 2019 as a result of trade tensions, policy shifts and rising interest rates.


Hong Kong housing price correction expected in 2019: Analyst9 Hours AgoAlva To, vice president and head of consulting for Greater China at Cushman & Wakefield, says he believes there will be a correction in Hong Kong’s housing market in 2019 as a result of trade tensions, policy shifts and rising interest rates.
Hong Kong housing price correction expected in 2019: Analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-26
Keywords: news, cnbc, companies, expected, correction, kong, hong, wakefield, tensions, vice, trade, 2019, rising, analyst, shifts, housing, price


Hong Kong housing price correction expected in 2019: Analyst

Hong Kong housing price correction expected in 2019: Analyst

9 Hours Ago

Alva To, vice president and head of consulting for Greater China at Cushman & Wakefield, says he believes there will be a correction in Hong Kong’s housing market in 2019 as a result of trade tensions, policy shifts and rising interest rates.


Company: cnbc, Activity: cnbc, Date: 2018-09-26
Keywords: news, cnbc, companies, expected, correction, kong, hong, wakefield, tensions, vice, trade, 2019, rising, analyst, shifts, housing, price


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China shifts to Iranian tankers to keep oil flowing amid US sanctions: Report

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. The United States is trying to halt Iranian oil exports to force the country to negotiate a new nuclear agreement and to curb its influence in the Middle East. A ban on Iranian oil purchases will start in November. Last month, those tankers loaded about 23.8 million b


Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States. The United States is trying to halt Iranian oil exports to force the country to negotiate a new nuclear agreement and to curb its influence in the Middle East. A ban on Iranian oil purchases will start in November. Last month, those tankers loaded about 23.8 million b
China shifts to Iranian tankers to keep oil flowing amid US sanctions: Report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-20  Authors: imaginechina, ap images
Keywords: news, cnbc, companies, sanctions, china, sources, amid, shifts, iranian, oil, crude, insurance, iran, flowing, report, month, tankers


China shifts to Iranian tankers to keep oil flowing amid US sanctions: Report

Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States.

The shift demonstrates that China, Iran’s biggest oil customer, wants to keep buying Iranian crude despite the sanctions, which were put back after the United States withdrew in May from a 2015 agreement to halt Iran’s nuclear program.

The United States is trying to halt Iranian oil exports to force the country to negotiate a new nuclear agreement and to curb its influence in the Middle East. China has said it is opposed to any unilateral sanctions and has defended its commercial ties with Iran.

The first round of sanctions, which included rules cutting off Iran and any businesses that trade with the country from the U.S. financial system, went into effect on Aug. 7. A ban on Iranian oil purchases will start in November. Insurers, which are mainly U.S. or European based, have already begun winding down their Iranian business to comply with the sanctions.

To safeguard their supplies, state oil trader Zhuhai Zhenrong and Sinopec Group, Asia’s biggest refiner, have activated a clause in its long-term supply agreements with National Iranian Oil that allows them to use NITC-operated tankers, according to four sources with direct knowledge of the matter.

They spoke on condition of anonymity as they were not allowed to speak publicly about commercial deals.

The price for the oil under the long-term deals has been changed to a delivered ex-ship basis from the previous free-on-board terms, meaning that Iran will cover all the costs and risks of delivering the crude as well as handling the insurance, the sources said.

“The shift started very recently, and it was almost a simultaneous call from both sides,” said one of the sources, a senior Beijing-based oil executive.

In July, all 17 tankers chartered to carry oil from Iran to China are operated by NITC, according to shipping data on Thomson Reuters Eikon. In June, eight of 19 vessels chartered were Chinese operated.

Last month, those tankers loaded about 23.8 million barrels of crude oil and condensate destined for China, or about 767,000 barrels per day. In June, the loadings were 19.8 million barrels, or 660,000 bpd.

In 2017, China imported an average of 623,000 bpd, according to customs data.

Sinopec declined to comment on the change in tankers. A spokesperson with Nam Kwong Group, the parent of Zhenrong, declined to comment.

NIOC did not respond to an email seeking comment. An NITC spokesman said it would forward a request from Reuters for a comment to the country’s Ministry of Culture and Islamic Guidance.

Not the first time

Iran used a similar system between 2012 and 2016 to circumvent Western-led sanctions which were effective in curtailing exports because of a lack of insurance for the shipments.

It was not immediately clear how Iran would provide insurance for the Chinese oil purchases, worth some $1.5 billion a month. Insurance usually includes cover for the oil cargoes, third-party liability and pollution.

“This is not the first time companies exercised the option… Whenever there is a need the buyers can use that,” said another of the sources, also a senior Beijing-based oil executive.

Term buyers of Iranian submitted their plans to NIOC earlier this month of how much crude they will lift in September, said two trade sources.

It typically takes about a month for Iranian crude to reach China.

With the new shipping arrangement, Iranian oil cargoes to China are expected to stay at recent levels through October, said the four sources with knowledge of the tanker changes.


Company: cnbc, Activity: cnbc, Date: 2018-08-20  Authors: imaginechina, ap images
Keywords: news, cnbc, companies, sanctions, china, sources, amid, shifts, iranian, oil, crude, insurance, iran, flowing, report, month, tankers


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3 mindset shifts for frustrated, overwhelmed new leaders

That means there’s probably change occurring in your life and there’s a good chance you’re changing with it. If there were, it probably wouldn’t be ethical, and wouldn’t feel satisfying in the long term. That said, it’s easy to get impatient with yourself and forget that change is difficult. What you’re feeling: Alone and isolatedYour action plan: Seek gratitudeIt’s easy for leaders to feel isolated. Understanding the ‘why’ can help you worry about what’s most important and more easily forget ot


That means there’s probably change occurring in your life and there’s a good chance you’re changing with it. If there were, it probably wouldn’t be ethical, and wouldn’t feel satisfying in the long term. That said, it’s easy to get impatient with yourself and forget that change is difficult. What you’re feeling: Alone and isolatedYour action plan: Seek gratitudeIt’s easy for leaders to feel isolated. Understanding the ‘why’ can help you worry about what’s most important and more easily forget ot
3 mindset shifts for frustrated, overwhelmed new leaders Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-20  Authors: elle kaplan, caiaimage sam edwards, caiaimage, getty images
Keywords: news, cnbc, companies, good, learning, change, shifts, probably, mindset, forget, frustrated, help, wouldnt, theres, overwhelmed, leaders, ted, youre


3 mindset shifts for frustrated, overwhelmed new leaders

Frustrated? Overwhelmed? Good. That means there’s probably change occurring in your life and there’s a good chance you’re changing with it. Often during challenging times we do the most learning and growing.

There’s no shortcut to success. There is no cheat sheet, no springboard allowing you to dive straight into your completed goals. If there were, it probably wouldn’t be ethical, and wouldn’t feel satisfying in the long term. As the old saying goes, the ends don’t always justify the means.

That said, it’s easy to get impatient with yourself and forget that change is difficult. In tough moments, consider that every great leader and innovator felt the same doubt and impatience you are feeling. The key is learning how to cope when those feelings arise so you can move forward.

Here are three ways to change your mindset and when things get tough.

What you’re feeling: Alone and isolated

Your action plan: Seek gratitude

It’s easy for leaders to feel isolated. But remember: No one ever achieved greatness alone. Consider the employees, colleagues, clients, and customers who help you every day and who helped get you where you are. Take a moment to be thankful for everyone who supports your mission.

Let the thought of the people you’ve invested in refocus you. In Simon Sinek’s TED Talk on “Start with Why” in 2009, one of the most popular TED Talks of all time, he says, “People don’t buy what you do; they buy why you do it.” Remind yourself why those around you believe in you and your mission. Find a way to tap into why you and your team are all working so hard. Understanding the ‘why’ can help you worry about what’s most important and more easily forget other distractions stealing your attention.


Company: cnbc, Activity: cnbc, Date: 2018-08-20  Authors: elle kaplan, caiaimage sam edwards, caiaimage, getty images
Keywords: news, cnbc, companies, good, learning, change, shifts, probably, mindset, forget, frustrated, help, wouldnt, theres, overwhelmed, leaders, ted, youre


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Housing market shifts to buyer’s market

02:54 | 10:32 AM ET Mon, 14 May 2018


02:54 | 10:32 AM ET Mon, 14 May 2018
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Housing market shifts to buyer's market

02:54 | 10:32 AM ET Mon, 14 May 2018


Company: cnbc, Activity: cnbc, Date: 2018-08-16
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‘Alive and kicking’: German economy shifts into higher gear

The German economy picked up more steam than expected in the second quarter, driven by higher household and state spending, data showed on Tuesday, suggesting that Europe’s biggest economy is powering ahead despite trade-related business uncertainties. The office also revised up the quarterly growth rate for the first three months of the year to 0.4 percent from 0.3 percent. “Despite all of the prophecies of doom, the upswing is not only alive; it’s also kicking,” Bankhaus Lampe economist Alexan


The German economy picked up more steam than expected in the second quarter, driven by higher household and state spending, data showed on Tuesday, suggesting that Europe’s biggest economy is powering ahead despite trade-related business uncertainties. The office also revised up the quarterly growth rate for the first three months of the year to 0.4 percent from 0.3 percent. “Despite all of the prophecies of doom, the upswing is not only alive; it’s also kicking,” Bankhaus Lampe economist Alexan
‘Alive and kicking’: German economy shifts into higher gear Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-14
Keywords: news, cnbc, companies, traderelated, office, united, kicking, krueger, higher, economy, unlikely, 04, uncertaintiesgross, upswing, alive, german, shifts, second, gear


'Alive and kicking': German economy shifts into higher gear

The German economy picked up more steam than expected in the second quarter, driven by higher household and state spending, data showed on Tuesday, suggesting that Europe’s biggest economy is powering ahead despite trade-related business uncertainties.

Gross domestic product expanded by 0.5 percent quarter-on-quarter, the Federal Statistics Office said. That compared with a Reuters forecast of 0.4 percent.

The office also revised up the quarterly growth rate for the first three months of the year to 0.4 percent from 0.3 percent.

“Despite all of the prophecies of doom, the upswing is not only alive; it’s also kicking,” Bankhaus Lampe economist Alexander Krueger said.

“For the time being, the upswing is unlikely to be stalled by the global trade dispute or overheating,” Krueger said. But he added that the conflict with the United States over tariffs was clouding the outlook for the second half of the year.


Company: cnbc, Activity: cnbc, Date: 2018-08-14
Keywords: news, cnbc, companies, traderelated, office, united, kicking, krueger, higher, economy, unlikely, 04, uncertaintiesgross, upswing, alive, german, shifts, second, gear


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Pope shifts church teaching on the death penalty, says it’s never acceptable

Pope Francis has changed church teaching about the death penalty, saying it can never be sanctioned because it “attacks” the inherent dignity of all humans. The Vatican said Thursday that Francis had changed the Catechism of the Catholic Church — the compilation of official Catholic teaching. Previously, the catechism said the church didn’t exclude recourse to capital punishment “if this is the only possible way of effectively defending human lives against the unjust aggressor.” The new teaching


Pope Francis has changed church teaching about the death penalty, saying it can never be sanctioned because it “attacks” the inherent dignity of all humans. The Vatican said Thursday that Francis had changed the Catechism of the Catholic Church — the compilation of official Catholic teaching. Previously, the catechism said the church didn’t exclude recourse to capital punishment “if this is the only possible way of effectively defending human lives against the unjust aggressor.” The new teaching
Pope shifts church teaching on the death penalty, says it’s never acceptable Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-02  Authors: alberto pizzoli, afp, getty images
Keywords: news, cnbc, companies, dignity, catechism, francis, worldwide, pope, changed, penalty, catholic, death, shifts, teaching, acceptable, church


Pope shifts church teaching on the death penalty, says it's never acceptable

Pope Francis has changed church teaching about the death penalty, saying it can never be sanctioned because it “attacks” the inherent dignity of all humans.

The Vatican said Thursday that Francis had changed the Catechism of the Catholic Church — the compilation of official Catholic teaching. Previously, the catechism said the church didn’t exclude recourse to capital punishment “if this is the only possible way of effectively defending human lives against the unjust aggressor.”

The new teaching says the previous policy is outdated and that there are other ways to protect society: “Consequently the church teaches, in the light of the Gospel, that the death penalty is inadmissible because it is an attack on the inviolability and dignity of the person, and she works with determination for its abolition worldwide.”


Company: cnbc, Activity: cnbc, Date: 2018-08-02  Authors: alberto pizzoli, afp, getty images
Keywords: news, cnbc, companies, dignity, catechism, francis, worldwide, pope, changed, penalty, catholic, death, shifts, teaching, acceptable, church


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Deutsche Bank shifts large part of euro clearing to Frankfurt from London

Deutsche Bank has begun clearing a “large part” of new euro-denominated derivatives trades in Frankfurt instead of London, a spokesman confirmed on Monday as a key Brexit battleground in financial services heats up. The shift by Germany’s largest bank is will help Deutsche Boerse’s efforts to attract a large part of the euro clearing market from London as Britain exits the European Union. The move is largely symbolic and was widely expected given that Deutsche Bank’s home base is in Frankfurt, w


Deutsche Bank has begun clearing a “large part” of new euro-denominated derivatives trades in Frankfurt instead of London, a spokesman confirmed on Monday as a key Brexit battleground in financial services heats up. The shift by Germany’s largest bank is will help Deutsche Boerse’s efforts to attract a large part of the euro clearing market from London as Britain exits the European Union. The move is largely symbolic and was widely expected given that Deutsche Bank’s home base is in Frankfurt, w
Deutsche Bank shifts large part of euro clearing to Frankfurt from London Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-30  Authors: kai pfaffenbach
Keywords: news, cnbc, companies, clearing, large, frankfurt, bank, jobs, spokesman, european, eurodenominated, deutsche, euro, shifts, london


Deutsche Bank shifts large part of euro clearing to Frankfurt from London

Deutsche Bank has begun clearing a “large part” of new euro-denominated derivatives trades in Frankfurt instead of London, a spokesman confirmed on Monday as a key Brexit battleground in financial services heats up.

The shift by Germany’s largest bank is will help Deutsche Boerse’s efforts to attract a large part of the euro clearing market from London as Britain exits the European Union. Clearing ensures a transaction is completed, even if one side of the deal goes bust.

The worry for the City of London is that if chunks of clearing move elsewhere, other activities like trading and jobs could follow, eating away at Britain’s biggest economic sector.

London Stock Exchange’s LCH division has long dominated clearing of euro-denominated derivatives like interest rate swaps used by companies to cover themselves against unexpected moves in borrowing costs. LSE had no immediate comment.

The move is largely symbolic and was widely expected given that Deutsche Bank’s home base is in Frankfurt, where the bank is also transferring some other activities due to Brexit.

The Deutsche Bank spokesman said no jobs were being transferred and that the bank was effectively pushing a different button to route the clearing to Eurex, Deutsche Boerse’s clearing division.

International banks with European bases in London have already been opening hubs in the EU to avoid Brexit disrupting their business.


Company: cnbc, Activity: cnbc, Date: 2018-07-30  Authors: kai pfaffenbach
Keywords: news, cnbc, companies, clearing, large, frankfurt, bank, jobs, spokesman, european, eurodenominated, deutsche, euro, shifts, london


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