Forex

UBS: decision on the seat of UBS Europe by the end of year

UBS wants to create a European bank focused on the administration asset: UBS will have the name of SE Europe, by grouping different units in the EU. Writes the Handelszeitung (HAZ), adding that the venue will be in Frankfurt and that the departure is scheduled in the fourth quarter.

When contacted by the agency AWP, a spokeswoman for UBS confirmed in essence the plans, stating that the venue has not yet been selected and the decision will be made later this year.

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OECD Gurria says job insecurity pushed UK to Brexit

The Brexit "will have an impact, is already having an impact in virtually all countries, for transmission chains of the financial markets, interest rates, stock market prices, currency values, spreads, decisions on jobs, but above all, it will have a major impact on Britain. "

This was stated by the Secretary General of OECD, Angel Gurria, during a press conference, stressing that "We’re at almost 10 years after the onset of the financial crisis and large numbers of people are willing to vote for some vision of change", OECD Secretary General Angel Gurria said in an interview in Paris, his first since the Brexit vote. "You just have to look around to see the fragmentation of political systems."

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Brexit isn’t a problem for italian banks

Brexit doesn’t scare Italian banks; this is the concept expressed by Giovanni Sabatini, General Manager ABI, during the presentation of the Global Institute of International Affairs outlook, according to which "the market seems to have changed everything, but if we look at the fundamental Italy and the system Italian bank are less exposed than the Brexit risk ".

"The exposure of the banking sector to financial institutions in Britain is absolutely limited and in any case less than France, Spain and Germany, but for the markets is not so. It looks as if Italy after the vote has been overwhelmed by a huge problem. "

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LSE-Deutsche Borse, the merger is closer

Brexit doesn’t brake the merger London – Frankfurt: nowadays, the shareholders of the London Stock Exchange Group (LSE Group), the company that manages the London list and which also controls the Milan Stock Exchange, voted with a favorable opinion to the proposed merger with Deutsche Boerse. By July 12, they will have to vote on the transaction also members of the German company, through the postal vote.

As stated by Hufeld, the chairman of the German markets (BaFin), the only constraint is that the headquarters of the largest European stock exchange, which would arise from the merger, will not be in London, outside the European Union.

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ECB, the new 50 euro note will be presented on 5th July

The introduction of the new 50-euro banknote will be shortly. The European Central Bank (ECB) and the national central banks (NCBs) of the euro area, which together form the Eurosystem, will present the bill in the series "Europa" on 5th July while its entry into service is scheduled for spring of 2017.

"The Eurosystem and its industry partners have launched a timely preparations for the introduction of the new banknote of 50 Euros, to ensure that companies are ready and the public can use the new notes everywhere and without any problems from the day of putting them into circulation, "said Ton Roos, head of the Directorate Banknotes ECB.Among the banknote denominations in the euro from 50 euro is the most widely used. Over 8 billion euro banknotes, or about 45% of the currently outstanding, belong to this denomination.

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Lagarde gets tough in the debate Brexit

Brexit hot topic, even more after the killing of Jo Cox in Leeds and the director of the IMF Christine Lagarde, during a speech in Vienna, made an appeal to the British people to vote against the Brexit.

In a speech entitled "Unity in Diversity: A European Support", Lagarde said that "EU membership has made the UK’s richest economy." "As in all countries, there are people who are in difficulty in this new environment, but for the majority of citizens has been a great success story," she added.

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The SNB is facing a complex situation

Nothing surprising came out of this SNB meeting. The increase in the oil price is the main explanation of the upward revision of the inflation outlook. However, the effects of oil are short-termed. In a couple of months, this should disappear. The SNB sounds a bit too optimistic, in our view, on the US and European outlook, which will be also key to its monetary policy. Things might be slower than what the SNB displays.

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New proposal by Germany to the EU to combat money laundering

The EU could soon introduce a regulation on payments in cash, by the Fourth Directive to combat money laundering by 2017. Brussels could impose at European level a ceiling for cash transactions of 5,000 euro. The proposal came from the German Finance Minister, Wolfgang Schaeuble, who believes that establishing a European threshold, beyond which it would be forbidden to pay cash, would be the best solution.

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