The stop to the repayments of the British Real Estate funds is spread in a domino effect that seems, at the moment, unstoppable. After Standard Life, it was the turn of Aviva and then, in the late afternoon of a difficult day for securities listed in the Real Estate, M & G headed by the Prudential Group. The threat now hangs over all the giants of the City investing in bricks and mortar. Commercial, for the moment at least.
Mishcon de Reya, a major UK law firm with over 400 lawyers worldwide, has launched a lawsuit advance against the British government to ensure that the legal process of activation of Article 50 of the Lisbon Treaty, a key to start the procedure withdrawal from the EU, are accomplished in accordance with law. The law firm has moved at the request of a group of companies whose names were not disclosed.
Italy is ready to challenge the European Union and unilaterally injected billions of euro in its banking system in trouble if you were to record serious systemic tensions. An article in today’s front page of the Financial Times, citing several anonymous sources between officials and bankers, said that Matteo Renzi, President of the Italian Council, is determined to intervene with public funds if needed despite warnings from Brussels and Berlin on the need to respect the rules stipulate that banks should be saved from creditors rather than by taxpayers.
"Now is the time to be pragmatic." Wolfgang Schaeuble, the German finance minister, chooses an interview with the Welt Am Sonntag to return to thunder against the EU Commission and, without naming it directly, its president, Jean Claude Juncker. "If you do not want to get all 27 together from the beginning, then we’ll start with a few. If the Commission is not part of it, then we will take matters into our own hands and solve the problems between the governments," Schaeuble said, noting that after the Brexit vote on this "is not the right time for big visions. The situation is so severe that you must stop playing the usual games of Europe and Brussels."
Argentina wants to take the path of economic recovery as soon as possible. The head of the Agency for Investment and International Trade, Juan Procaccini, in announcing an International Forum, a sort of mini-Davos, to be held in Buenos Aires in September with the presence of around 800 companies, has revealed that the Mauricio Macri’s government aims to attract investments of about one hundred billion dollars over the next eight years to revive the country’s economy.
From 12 to 15 September over 1,500 local and international investors, entrepreneurs and political leaders will have the opportunity to explore investment opportunities that Argentina has to offer.
Puerto Rico has been saved. The US president, Barack Obama, will sign a law that was passed by Congress and that will allow the restructuring of the debt of the American territory, which threatened to declare default in the coming days. A decision that opens the way for the restructuring of the debt of 72 billion dollars in bonds and the governor of Puerto Rico, Alejandro Garcia, had clearly stated that he could not honor the deadline of 1 July, amounting to $ 2 billion.
"I will put an end to free movement", it is the first point of the program Michael Gove, the British Justice Minister and candidate for the Tory leadership. "I will introduce a point system to the Australian and I will make the numbers" of immigrants.
Gove, in the presentation speech, commended the prime minister resigning David Cameron and the chancellor of the Exchequer, George Osborne that the UK economy "is based on solid foundations."
The investors race to be considered safe havens in times of uncertainty has increased the amount of sovereign bonds in circulation worldwide at negative yields. According to Fitch Ratings, until last Monday the total stood at 11.7 trillion dollars, an increase of 12.5% compared to the end of May. According to the rating agency, the thing to note is that investors are willing to hold them in the portfolio for a longer period.
