Eurobank to open four branches in Cyprus
Greeec's Eurobank EFG said that it plans to open four branches in Cyprus over the next three months to focus on its wholesale business and servicing international customers.
Nikolaos Nanopoulos, Eurobank EFG Group CEO said an application has been submitted to the Central Bank of Cyprus to open a 100% subsidiary bank in Cyprus, adding that the Bank will aim to offer a different and high quality service to its clients here.
“We know that the Cyprus banking market is already well developed and the environment here is very competitive, but we know that we can make a difference by offering a better product, backed by our high quality service,” Nanopoulos told a press conference in Nicosia called for the official launch of operations here.
Nikolaos Nanopoulos, Eurobank EFG Group CEO said an application has been submitted to the Central Bank of Cyprus to open a 100% subsidiary bank in Cyprus, adding that the Bank will aim to offer a different and high quality service to its clients here.
“We know that the Cyprus banking market is already well developed and the environment here is very competitive, but we know that we can make a difference by offering a better product, backed by our high quality service,” Nanopoulos told a press conference in Nicosia called for the official launch of operations here.
YUKOS bankrupt's estate announced
Bankrupt's estate consolidated as part of the Russian oil company YUKOS's bankruptcy procedure amounted to nearly RUR877.064bn (approx. USD35.52bn).
Switzerland Takes Second Spot In WEF Competitive Index
The World Economic Forum's Global Competitiveness Report 2007-2008 has ranked the United States in first place in its competitive index, with Switzerland positioned in second place. “The United States confirms its position as the most competitive economy in the world," stated Xavier Sala-i-Martin, Professor of Economics at Columbia University, and Co-Editor of the Report. "The efficiency of the country’s markets, the sophistication of its business community, the impressive capacity for technological innovation that exists within a first-rate system of universities and research centres, all contribute to making the United States a highly competitive economy."
Hong Kong And Malaysia Launch Cross-Border Payment System
Bank Negara Malaysia and the Hong Kong Monetary Authority (HKMA) announced on Monday the implementation of a cross-border delivery-versus-payment (DvP) link between Hong Kong’s US dollar real time gross settlement (RTGS) system. The DvP link will help eliminate settlement risk for US dollar bonds issued and traded in Malaysia, by ensuring simultaneous delivery of US dollars in Hong Kong and US dollar bonds in Malaysia.
Japanese Stocks Climb After Federal Reserve Lowers U.S. Rates
Japanese stocks climbed after the Federal Reserve cut interest rates and the U.S. economy expanded at the fastest pace in a year and a half. Canon Inc., the world's No. 1 seller of digital cameras, rose the most in nine weeks on renewed confidence in the outlook for the largest market for Japanese goods. The Fed reduced borrowing costs by a quarter percentage point yesterday, saying it should help the U.S. economy withstand the fallout from this summer's credit-market turmoil.
Millionaires Mushroom In Hong Kong
Independent market analyst Datamonitor’s report, “Wealth Management in Hong Kong 2007”, forecasts that the number of dollar millionaires in the SAR is set to rise from 51,000 in 2006 to over 83,000 by 2011. The assets they hold will increase from USD$150 billion to almost USD$250 billion – an average annual increase of nearly 11%. Featuring relatively low taxes, simple business regulations and flexible labour market rules, Hong Kong is ranked by the 2007 Index of Economic Freedom as the world’s most free economy. “It is Hong Kong’s open economy that has seen its financial services industry thrive. Competition in the industry is saturated with many of the world’s largest financial institutions operating there,” says Datamonitor Financial Services Analyst and author of the report David Lalich. “The nation is heavily dependent on its services industry which accounts for almost 90% of its GDP.”
MiFid Set To Change EU Investment Landscape
The European Union's Markets in Financial Services Directive (MiFID), which enters into force on November 1, will play a central role in creating a robust, common regulatory framework for Europe's securities markets, the European Commission announced on Wednesday. MiFID is designed to increase competition among exchanges, multilateral trading facilities (MTFs) and investment firms, giving them a "single passport" to operate throughout the EU on the basis of authorisation in their home member state. According to the Commission, investors will not only have access to a greater number of trading venues, but also a more robust and comprehensive framework ensuring high levels of investor protection.
UBS Reports SF830 Million Loss on Debt Writedowns
UBS AG, Europe's largest bank by assets, reported its first quarterly loss in almost five years after declines in the U.S. subprime mortgage market led to $4.4 billion in losses and writedowns on fixed-income securities. The third-quarter net loss was 830 million Swiss francs ($712 million), or 49 centimes a share, compared with net income of 2.2 billion francs, or 1.07 francs, a year earlier, Zurich- based UBS said in a statement today. UBS shares fell as much as 1.9 percent after the loss exceeded analysts' estimates.
