There is more hype around Facebook’s cryptocurrency Libra this week, as the People’s Bank of China (PBOC) announced that the digital currency must be under Central Bank oversight.
According to PBOC’s deputy director of the payment department Mu Changchun, the digital currency “won’t be sustainable without the support and supervision of central banks.”
Not only is China keeping a watchful eye over the creation of the new cryptocurrency, but the Indian government has also said that it is considering not allowing the currency to be traded at all, according to Bloomberg.
The German Bank will cut 18,000 jobs over a period of three years as part of a plan to reorganise the organisation.
"Today we have announced the most fundamental transformation of Deutsche Bank in decades. This is a restart for Deutsche Bank... In refocusing the bank around our clients, we are returning to our roots and to what once made us one of the leading banks in the world, “chief executive Christian Sewing said.
Speaking about how this plan will bring about growth, CFO James von Moltke said “we are reorienting the company towards its historical franchise strengths.
British retailers are panicking about how a no-deal Brexit on October 31 could damage the busiest shopping season of the year. They are worried about where to stock the extra items needed for Christmas, import delays and tariffs.
The companies that may be affected the most are those who sell toys and electronics, as a no-deal could mean that stocking these kinds of items may prove difficult, as many stockpiles are already at their limit.
The Labour Party and its leader, Jeremy Corbyn, plans to soon come to a position on Brexit and suggests that a second referendum should be held before the end of the month, according to Bloomberg.
During a session in parliament yesterday, Corbyn suggested that government “go back to the people and let them decide which way we go.” This position has been set due to the probability of a general election later this year, shadow chancellor John McDonnell said.
This possibility, he said, is due to the” instability of Boris Johnson in all aspects of his life.
The EU leaders chose Christine Lagarde to replace Mario Draghi as the head of the European Central Bank (ECB) yesterday. Lagarde, who is said to take over in October if the decision is backed up, will be the first woman to run the euro-area monetary policy.
This decision and the decision to fill another three important EU jobs was made after hours of talks.
The two largest economies in the world have been at a standstill when it comes to trade talks, as neither country was willing to give way. Now, after the conclusion of the G20 Summit in Japan, U.S President Donald Trump has commented on the startup of trade talks with China.
Referring to the two countries’ trade negotiators, Trump said “it has already begun. They are speaking very much on the phone. It actually began before our meeting.
Last night the European Union (EU) threatened to terminate its preferential treatment of Swiss stock exchanges as of midnight, according to Deutsche Welle. Therefore, as of today, the EU will no longer deem Swiss stock-exchange regulations as having the same privileges as their own.
As this is now the case, Switzerland has put together a protective plan which will not enable EU exchanges to trade in certain Swiss shares, in order to safeguard liquidity.
The annual G20 Summit, where 20 nations meet, is currently underway in Osaka Japan. The major issues on the agenda are the ongoing trade war between the two biggest economies in the world, China and the U.S and the rising tensions between the U.S and Iran. This tension could threaten global oil supplies.
According to Bloomberg the meeting may ‘set the direction for the global economy and make the difference between war and peace in geological hotspots.’
The meeting between U.S President Donald Trump and Russian President Vladimir Putin has already taken place.
Eng Research has stated that Singapore will probably experience a “shallow
technical recession” in the third quarter due to the continuation of US-China
war is most likely weighing on the state’s export activities, which is one of
the most important means of monetary flow for the economy. According to Maybank
Kin Eng Research, exports will see a rise of 1.3 percent this year, which is a
decrease from the previous forecast, which was 1.6 percent.
The Supreme Court rejected to hear a challenge to President Donald Trump’s tariffs on steel imports into the U.S. The case was brought forward by the American Institute for International Steel that did so on the grounds that a part of the law under which the duties have been imposed violates the U.S Constitution.
The decision to set steel tariffs on steel imports was imposed in March by the U.S Court of International Trade. According to Euronews ‘Trump imposed 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum in March 2018 based on national security grounds.