What Are Our Contingencies for Catastrophic Climate Change?
Arek Sinanian | The longer we delay the actions we must take, the more difficult it becomes to avoid the doom and the human and economic costs of adapting to climate change.
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Even Though Big Numbers, Funds for The One Belt, One Road Initiative Means 1% of China’s GDP
China’s President Xi Jinxing himself once called the One Belt, One Road Initiative, rooted in the Silk Road spirit of cooperation and connectivity, the ”project of the century“. But can it help drive away the clouds of economic doldrums and channel more positivity towards global economic growth? Allianz Gl tries to anwer this question.
Fitch Downgrades Banca Carige To Junk Bond Status Because Of Insolvency Risk
Next 26 October S&P will revise its rating on Italy, currently BBB with stable Outlook. It could directly lower the rating one level to BBB-. While we wait for whether this happens or not, another agency, Fitch, has cut Banca Carige’s rating from B- to CCC+ believing that the bank will have difficulties in reinforcing its capital ratios.
Spanish Banks Pending On Court Ruling About Legal Costs For Mortgages
Spain’s banking sector lost € 5.560 Bn in market capitalisation yesterday after the country’s Supreme Court decided they woud have to pay mortgages taxes and not the final client. Just 24 hours after, the Court announced they will review the decision. Morgan Stanley calculates that the effect of ruling could reach 12 billion euros.
The Recovery Of The Portuguese Economy: The Relationship Between GDP And Employment
One of the main characteristics of the recent economic recovery in Portugal has been the surprising progress of the labour market. In fact, between 2014 and 2017, the number of jobs grew by more than 351,000, which represents an average annual growth of 1.9%, slightly higher than the average GDP growth of 1.8% in the same period. CaixaBank Research details the main factors that are contributing to this change.
Merlin Properties Negotiates Acquisition Of Part Of Property Porfolio Of El Corte Inglés
Merlin Properties, one of the main property companies listed in the Spanish stock market, is studying creating alliances to buy part of the property portfolio of El Corte Inglés, Spain’s biggest retail group, which amounts 94 assets. The value of the portfolio is around €17.2 Bn, of which €15 billion euros are points of sale.
Spanish Corporate And Household Debt Falls To 155.7% Of GDP
J.L.M. Campuzano (Spanish Banking Association) | The ratio of company debt in Q2 was 94.9% of GDP, and that of families 60.8%. In the case of company debt, the rate falls to 76.3% if inter-company loans are excluded. In both cases, the levels are already close to the European average.
DIA Suffers 70% Fall In Sales So Far This Year: Take-Over More Likely After Profit Warning
The Board of the supermarket chain DIA has issued a profit warning because of the fall in the volume of sales and the increase in operating costs, which has caused it to revise its estimation of Ebitda for 2018 to between 350-400 million euros. This reduction of the forecast for 2018 does not include the potential impact of hyperinflation in Argentina, a country which accounts for 15% of sales.
Gold: Ready For A Move Higher To About US$1320/Oz
The yellow metal fell 4% in the three months from the end of June — a decline that analysts at Wisdom Tree do not believe is justified by the 11 basis-point rise in bond yields and 0.4% gain in the US dollar over the period. Rather, gold’s poor performance seems to have been driven by a collapse in sentiment.
Emerging Markets Refinancing Cost: Reality Is Better Than Perception
The rapid rise in US Treasury yields has led to concerns about the fundamental outlook for emerging markets (EM). In particular, investors fear that higher risk-free yields will translate into unsustainably high borrowing costs for EM companies. While analysts from Julius Baer acknowledge the headwind for the developing world, they also believe that perception is generally more negative than reality.