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☆ Spanish economy minister explains why he's opposed to BBVA's hostile takeover bid of Sabadell
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpanish economy minister explains why he's opposed to BBVA's hostile takeover bid of SabadellCarlos Cuerpo, Spain's economy, trade and business minister, explains why the Spanish government opposes BBVA's hostile takeover bid of Banco Sabadell. Cuerpo also weighs in on the status of a European capital markets union.

Persons: he's, Sabadell Carlos Cuerpo, Cuerpo Organizations: Sabadell, Banco Sabadell

☆ Spain's BBVA announces $13 billion hostile takeover bid for Sabadell
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +1 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Spanish bank BBVA on Thursday presented a 12.23 billion euro ($13.11 billion) takeover bid for rival Sabadell directly to shareholders, even though Sabadell's board this week already rejected the proposal on the same terms. BBVA's decision follows Sabadell's board on Monday saying the unsolicited bid significantly undervalued the bank's potential and growth prospects. BBVA, Spain's second-biggest bank by market value after Santander, offered an exchange ratio of 1 newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Spanish banks have been looking for ways to increase revenue as a boost from high interest rates begins to fade.

Persons: Carlos Torres Vila Organizations: BBVA, Sabadell, Banco, Hostile, UBI Banca, Spain's, Santander Locations: Spanish, Madrid, Spain

☆ A rare hostile takeover bid in Europe's banking sector has shocked markets
▼ + stars: | 2024-05-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A logo outside the Banco Sabadell SA offices at the Banc Sabadell Tower in Barcelona, Spain, on Wednesday, May 1, 2024. Spanish bank BBVA caught markets by surprise on Thursday after it announced a rare hostile takeover bid for domestic rival Banco Sabadell, with one investment firm describing the situation as "very strange." The move comes shortly after a separate 12 billion euro ($12.87 billion) takeover offer from BBVA to Sabadell's board was rejected earlier in the week. BBVA said its takeover offer has the same financial terms as the merger offered to Sabadell's board. Shares of BBVA fell 6% at around midday London time on Thursday, while Sabadell's stock price rose more than 3%.

Persons: Carlos Torres Vila Organizations: Banco Sabadell SA, BBVA, Banco Sabadell, Banco Locations: Banc, Barcelona, Spain, Spanish

☆ Spanish bank Sabadell rejects $12.9 billion BBVA merger proposal
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +3 min

Sabadell's board rejected a merger proposal by larger rival BBVA for a 12 billion euro ($12.93 billion) all-share merger, the Spanish lender said on Monday. Last week, BBVA had offered an exchange ratio of one newly issued BBVA share for every 4.83 Sabadell shares, a premium of 30% over April 29 closing prices. Since the indicative offer was announced by BBVA, Sabadell have risen 8.8% while shares in BBVA have fallen 9.7%. Taking into account Monday's closing share price, the premium would just be equivalent to 7.8%, valuing Sabadell at around 11 billion euros. The combined entity would also overtake Caixabank as the biggest domestic lender in Spain with over 625 billion euros in assets in the country, compared with Caixabank's just over 574 billion euros.

Persons: Sabadell's, Carlos Torres, Caixabank, Caixabank's Organizations: BBVA, Banco Sabadell, Sabadell, Santander Locations: Spanish, Madrid, Spain, Sabadell

☆ Druckenmiller says he bought five Argentinian stocks, praises Javier Milei's policies
▼ + stars: | 2024-05-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

"The only free market leader in the world right now, bizarrely, is in Argentina of all places," Druckenmiller said. Milei took office in December, promising economic reforms after Argentina was hit hard by inflation. I bought all of them, we did some work on them, I increased my positions," Druckenmiller said. ARGT 1D mountain The Global X MSCI Argentina ETF rose on Tuesday morning. The Global X MSCI Argentina ETF (ARGT) , which includes many of the stocks listed above, rose more than 1% in premarket trading Tuesday.

Persons: Stanley Druckenmiller, Druckenmiller, Javier Milei, Milei, Soros, Duquesne, it's Organizations: Economic, Duquesne Family, Grupo, Arcos, Banco BBVA Argentina, Mercadolibre, Grupo Financiero Galicia, Banco Locations: Argentina, Davos, U.S, Americas

☆ Spain's BBVA takes aim again at $10 billion Sabadell
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: +2 min

The headquarters of the Spanish bank BBVA are seen in Madrid, Spain. Talk of a tie-up between Spain's second and fourth-largest banks comes almost four years after previous negotiations collapsed. The potential merger follows a period of consolidation in the sector as Spanish banks seek to cut costs and boost scale. For BBVA, a tie-up would boost its domestic business and increase lending to small and medium-sized companies, where Sabadell is strong. Spain's Economy Minister Carlos Cuerpo told Spanish news agency EFE that it was essential to preserve a competitive landscape in the financial sector.

Persons: BBVA's, Onur Genc, Carlos Torres, Joaquin Robles, JP Morgan, Carlos Cuerpo, EFE Organizations: BBVA, Sabadell, XTB, Unicaja, UBS, JPMorgan Locations: Spanish, Madrid, Spain, Santander's

☆ 2024 is already straining the seams of China and Russia's 'no limits' partnership
▼ + stars: | 2024-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

AdvertisementRussia's finance ministry has been discussing yuan loans with its China counterparts — but a delayed decision suggests the two countries' "no limits" partnership may be under strain. Russian Finance Minister Anton Siluanov told RIA state news agency in an interview published on Monday that Russia is discussing the issue with Chinese authorities. Russia's finance ministry did not immediately respond to a request for comment from Business Insider. However, two years after Russia started its ongoing war in Ukraine, Russia and China appear to be continuing to conduct business as usual. Three of China's Big Four state banks have halted payments from sanctioned Russian financial institutions, Russia's Izvestia news outlet reported on February 21.

Persons: Anton Siluanov, Siluanov, Vladimir Putin, Dong Jinyue, SCMP Organizations: China, Russian, Business, Beijing, Street, China Morning Post, BBVA Research, Russia Locations: Russia, China, Moscow, Ukraine, Madrid, Russian

The 2026 World Cup final will be played at the MetLife Stadium in East Rutherford, New Jersey, on July 19. AT&T Stadium in Arlington, Texas, which had hoped to host the final, has held the most matches of any venue with nine. Other U.S. sites are Gillette Stadium in Foxborough, Massachusetts; NRG Stadium in Houston; Arrowhead Stadium in Kansas City, Missouri; Lincoln Financial Field in Philadelphia; Levi’s Stadium in Santa Clara, California. Hard Rock Stadium will host this year’s Copa América final on July 14, while MetLife was the site of the 2016 Copa América final. Artificial turf will be replaced by grass in Arlington, Atlanta, East Rutherford, Foxborough, Houston, Inglewood and Vancouver.

Persons: Lumen, ___ Organizations: MetLife, FIFA, Miami, Mexico City’s Estadio Azteca, U.S, SoFi, T, Gillette, NRG, Arrowhead, Lincoln Financial, Levi’s, Estadio BBVA, Estadio Akron, NFL, Copa América, Azteca, Rose Bowl, Chicago’s Locations: East Rutherford , New Jersey, Mexico, Inglewood , California, SoFi, Miami Gardens , Florida, Toronto, Vancouver , British Columbia, Arlington , Texas, U.S, Foxborough , Massachusetts, Houston, Kansas City , Missouri, Philadelphia, Santa Clara , California, Monterrey, Guadalajara, Pasadena , California, Qatar, Russia, East, Central, West, Arlington , Atlanta, Inglewood, Vancouver, East Rutherford, Foxborough, Central Europe, Beijing

☆ 2026 World Cup final will be played at MetLife Stadium in New Jersey
▼ + stars: | 2024-02-04 | by ( ) www.cnbc.com time to read: +3 min

An interior view of the MetLife Stadium in East Rutherford, New Jersey. The 2026 World Cup final will be played at MetLife Stadium in East Rutherford, New Jersey, on July 19. Other U.S. sites are Gillette Stadium in Foxborough, Massachusetts; NRG Stadium in Houston; Arrowhead Stadium in Kansas City, Missouri; Lincoln Financial Field in Philadelphia; Levi's Stadium in Santa Clara, California. Hard Rock Stadium will host this year's Copa América final on July 14, while MetLife was the site of the 2016 Copa América final. Artificial turf will be replaced by grass in Arlington, Atlanta, East Rutherford, Foxborough, Houston, Inglewood and Vancouver.

Organizations: MetLife, FIFA, Miami, Mexico City's Estadio Azteca, U.S, SoFi, T, Mercedes Benz, Gillette, NRG, Arrowhead, Lincoln Financial, Levi's, Estadio BBVA, Estadio Akron, NFL, Copa América, Azteca, Rose Bowl, Chicago's Locations: East Rutherford , New Jersey, Mexico, Inglewood , California, SoFi, Miami Gardens , Florida, Arlington , Texas, Atlanta, U.S, Canada, Toronto, Vancouver , British Columbia, Foxborough , Massachusetts, Houston, Kansas City , Missouri, Philadelphia, Santa Clara , California, Monterrey, Guadalajara, Pasadena , California, Qatar, Russia, East, Central, West, Arlington , Atlanta, Inglewood, Vancouver, East Rutherford, Foxborough, Central Europe, Beijing

☆ Santander Q4 profit at record high on Europe, Brazil lending income
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

Strong lending income in Europe and Brazil helped Spain's Santander offset a loss in Argentina and post a record high profit for the last quarter of 2023, beating forecasts. Net profit for the quarter rose 28% year-on-year to 2.93 billion euros, above analysts' expectations for 2.64 billion euros, thanks to a 34% gain in net profit in Europe. For the whole of 2023, net profit rose 15% to a record 11.08 billion euros as revenues rose 10.5%. In Brazil, NII rose 12.3% against the same quarter of 2022 and 7.6% from the third quarter. Santander booked a loss of 20 million euros in Argentina, which accounted for 3% of the bank's total profit for 2023.

Persons: Ana Botin, NII Organizations: Banco Santander, Spain's Santander, Santander, BBVA Locations: London, Europe, Brazil, Argentina, America, Spain, South America

☆ BBVA chair: Will have rate decreases toward the end of the year
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBBVA chair: Will have rate decreases toward the end of the yearBBVA Chair Carlos Torres Vila says rate cuts in the second half of the year will hit growth in net interest income.

Persons: Carlos Torres Vila Organizations: BBVA

☆ Mexico-U.S. trade partnership will be unaffected by upcoming election, bank chairman says
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMexico-U.S. trade partnership will be unaffected by upcoming election, bank chairman saysCarlo Torres Vila, chairman of global bank BBVA, discusses the economy in Spain and the emerging markets they operate in, including Mexico — now the biggest trading partner of the U.S.

Persons: Carlo Torres Vila, Mexico — Organizations: BBVA Locations: Mexico, U.S, Spain

☆ ECB raises minimum capital requirements for Spanish banks
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. REUTERS/Heiko Becker/File Photo Acquire Licensing RightsMADRID, Dec 1 (Reuters) - The European Central Bank has raised the minimum capital requirements for Spanish lenders BBVA (BBVA.MC), Caixabank (CABK.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) as part of a supervisory review and evaluation process (SREP). The process provides an overall assessment of the challenges that face significant institutions, together with the corresponding solvency requirements and other supervisory measures that banks are expected to comply with for the year ahead. BBVA's capital threshold was also raised to 9.09% for next year from 8.72%. For Unicaja (UNI.MC), the supervisor however maintained its solvency threshold for 2024 unchanged at 8.27% compared to 2023.

Persons: Heiko Becker, Caixabank, Jesús, Emma Pinedo, Sharon Singleton Organizations: European Central Bank, REUTERS, Rights, BBVA, ECB, Spain's Santander, Thomson Locations: Frankfurt, Germany, Sabadell

☆ Exclusive: Four banks quit initiative assessing climate targets
▼ + stars: | 2023-11-29 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

LONDON, Nov 29 (Reuters) - Four major banks, including Standard Chartered Plc (STAN.L) and HSBC Plc (HSBA.L), have quit a United Nations-backed initiative to scrutinise climate targets set by corporations, according to people familiar with the matter. Many lenders say they should finance fossil fuels as long as economies depend on them. The spokesperson added that Standard Chartered was seeking alternative third-party validation of its climate targets and that it was setting science-based targets through the NZBA. It will still require them to cease the financing of fossil fuel projects that would weigh on their longer-term emissions targets. Credit Agricole (CAGR.PA), ING (INGA.AS), BBVA (BBVA.MC) and Swedbank (SWEDa.ST) told Reuters they remained committed to SBTi validating their emissions targets.

Persons: SBTi, SBTi's, Pietro Rocco, haven't, it's, Rocco, Tommy Reggiori Wilkes, Simon Jessop, Josie Kao Organizations: Standard Chartered, HSBC Plc, United, Societe Generale SA, ABN Amro Bank, Zero Banking Alliance, HSBC, Societe Generale, ABN Amro, Reuters, Credit, ING, BBVA, NatWest, Commerzbank, BNP, Allianz, Alliance, Zero, Carbon Trust, Thomson Locations: United Nations, Nations, Paris, U.S, decarbonising, London

☆ Argentina’s market rallied sharply on a historic election. How investors can play it
▼ + stars: | 2023-11-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Argentina last week held a historic election in which libertarian candidate Javier Milei came out victorious, sending the country's stock market surging. The Merval , Argentina's stock market benchmark, rallied 42% for the week. The trade Trading in Argentine stocks has historically been a volatile endeavor. That said, there are ways for investors in the U.S. to get exposure to the Argentine market if they think stocks can rise during Milei's presidency. Other U.S.-listed Argentine stocks include oil name YPF — which surged nearly 57% last week — and Banco BBVA Argentina , which is up 34% in 2023.

Persons: Javier Milei, Milei, Diego Pereira, –, Jorge Morgenstern, GlobalX Organizations: JPMorgan, Senate, HSBC, Argentine, Banco BBVA Argentina Locations: Argentina, Argentine, U.S, . U.S

☆ Bank of Spain seeks details on pre-Black Friday payment network crash
▼ + stars: | 2023-11-24 | by ( Jesús Aguado | ) www.reuters.com time to read: +1 min

MADRID, Nov 24 (Reuters) - The Bank of Spain has asked for detailed information after recent disruptions to the country's payments network, a source close to the central bank said. Customers complained on social media about failed ATM withdrawals and credit card payments on Nov. 18. "A technical incident has occurred which has caused temporary instability in the system responsible for processing payment transactions. The central bank is looking into both incidents, which come as European Central Bank (ECB) data shows cash payments in Spain fell by 18% between 2019 and 2022, a figure only surpassed in the euro zone by Cyprus, where transactions fell 23%. Redsys competes with another payment provider in Spain, which belongs to Cecabank and holds a market share of about 15%.

Persons: Redsys, Jesús Aguado, Emma Pinedo, Inti Landauro, Alexander Smith Organizations: Bank of Spain, BBVA, Central Bank, Redsys, Thomson Locations: MADRID, Santander, Spain, Cyprus

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ Hermoso hopes for positive change following kiss scandal
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO:Soccer Football - Liga MX Femenil - Monterrey v Pachuca - Estadio BBVA, Monterrey, Mexico - September 15, 2023 Pachuca's Jenni Hermoso after the match. Rubiales has been banned from all football-related activities for three years by FIFA following the allegedly non-consensual kiss he gave Hermoso at the final in August. Rubiales has repeatedly said the kiss was consensual, while Hermoso says it was forced on her. Hermoso scored a last-gasp winner against Italy in the Nations League last month on her return to the national team for the first time since the incident. "In the race to the Olympic Games, in my team in Mexico, in the national team.

Persons: Jenni Hermoso, Luis Rubiales, Hermoso, Rubiales, I've, Pearl Josephine Nazare, Peter Rutherford Organizations: Football, Pachuca, Estadio BBVA, Spain's, Spanish Football Federation, FIFA, Italy, Nations League, Olympic Games, Thomson Locations: Monterrey, Mexico, Spanish, Spain, Bengaluru

☆ ING announces new buyback programme, Q3 net profit beats estimates
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +2 min

ING Groep, the largest Dutch bank, on Thursday announced its second share buyback programme of the year, of up to 2.5 billion euros ($2.65 billion), following third-quarter net profits that more than doubled from the previous year. The bank, which serves more than 38 million customers, stressed that it remains vigilant as global economic growth is slowing. The net interest income (NII), a key measure of earnings on loans minus deposit costs, reached 4.03 billion euros in the quarter, below 4.12 billion euros expected in a company-compiled consensus. Net additions to loan loss provisions amounted to 183 million euros, lower than 322 million euros expected in the company-compiled consensus, partially due to what Chief Risk Officer Ljiljana Cortan described as "successful de-risking from Russia". The bank's net profit rose 103% to 1.98 billion euros between July and September, beating the 1.83 billion euros in the company-compiled consensus.

Persons: Banks, Steven van Rijswijk, NII, Jefferies, Ljiljana Cortan, That's Organizations: ING Groep, Treasury, Financial Markets, ING, HSBC, UniCredit, BBVA, Deutsche Bank Locations: Russia

☆ BBVA's Q3 net profit rises 13% boosted by Spain and Mexico
▼ + stars: | 2023-10-31 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

REUTERS/Jon Nazca/File Photo Acquire Licensing RightsSummaryCompanies Q3 net profit up 13% to 2.1 bln euros, slightly above forecastsQ3 NII up 22.5% to 6.4 bln euros, beating forecastsEnds quarter with capital ratio of 12.73%MADRID, Oct 31 (Reuters) - Spain's BBVA (BBVA.MC) on Tuesday posted a 13% rise in third-quarter net profit rose 13% buoyed by higher lending income in its main markets, Spain and Mexico. The third-biggest euro zone lender by market value booked a net profit of 2.08 billion euros ($2.20 billion) for the July to September period. The bottom line was slightly better than the 2 billion euros forecast by analysts polled by Reuters despite a 29% increase in loan loss provisions, which came in a bit above expectations. In Mexico, the bank's net profit rose 21% while NII climbed 30% supported by higher lending activity despite higher funding costs. In Spain, net profit rose 75%, while NII was up 62%.

Persons: Jon Nazca, NII, Jesús, Inti Landauro, Jason Neely Organizations: BBVA, REUTERS, Spain's BBVA, Reuters, Thomson Locations: Malaga, Spain, MADRID, Mexico, Europe

☆ Spain's state fund considers taking Telefonica stake after STC move
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Spanish Telecom company is displayed atop the company's building in Madrid, Spain, September 6, 2023. Acting Economy Minister Nadia Calvino has said Madrid will carry out a thorough evaluation before approving STC's stake, while acting labour minister Yolanda Diaz has called for the transaction to be blocked. Spain's SEPI said in a stock market filing on Tuesday that it was carrying out an "exploratory internal analysis over a potential acquisition" of a stake in Telefonica. STC declined to comment on any potential plans by SEPI. Caixabank, which owns 3.5% stake of Telefonica, said last week it would not raise its stake in response to STC's move, and would analyse with Telefonica any potential cooperation with the Saudi Arabian telecoms company.

Persons: Violeta Santos Moura, Spanish telco Caixabank, SEPI, Nadia Calvino, Yolanda Diaz, Spain's SEPI, Belen Gualda Gonzalez, Onur Genc, It's, Genc, Inti Landauro, Pietro Lombardi, Louise Heavens, Alexander Smith Organizations: Spanish Telecom, REUTERS, BBVA, Telefonica Bank, Telefonica MADRID, Telefonica, Saudi, STC, Saudi Arabia's, SEPI, Thomson Locations: Madrid, Spain, Spanish, Saudi Arabian

☆ AI is not just chatting with us. It's learning how to turn verbal communications into real-world insights.
▼ + stars: | 2023-10-30 | by ( Hazel Davis | ) www.businessinsider.com time to read: +6 min

New conversational AI tools are turning verbal communications into actionable insights for market research. With the advent of LLMs, increasingly sophisticated chatbots are relaying technical data in relatable, everyday speech. Avery is, in fact, a conversation bot made by market research firm Untold Insights, and is part of a new wave of transformative artificial-intelligence tools designed to turn verbal communications into actionable insights for business strategists. Avery not only processes and presents data but also personifies it, relaying data insights in a conversational Gen Z voice. "Generative AI cannot understand or manage technical data unless it is available in a unified business layer and given business meaning," Soto said.

Persons: —, Avery, Gen Zers, she'll, Avery isn't, Zers, Adelynne Chao, Steve McGovern, McGovern, Stratio, Oscar Méndez Soto, Ernesto Funes, Stratio BD, Soto Organizations: Business, Service, Santander, HSBC, BBVA Locations: relatable

☆ Morning Bid: Markets juggle 5% yields and 150 yen
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike DolanPartly unwinding pre-weekend safety hedges related to the Middle East conflict, world markets are back focused on some critical macro priced levels and milestones that may once again define the week. The dollar retained its bid as a result and continued to probe the 150 yen level many suspect the Bank of Japan will be keen to protect against with open-market yen buying. But even these megacaps are still in thrall to the worrying squeeze in U.S. bond markets and the breach of the 5% threshold on 10-year tenors on Monday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Goldman Sachs, thrall, that's, That's, Sergio Massa, Javier Milei, Maria Corina Machado, Hess, Berkley, Brown, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Bank of Japan, European Central Bank, Industrial, China, Goldman, Microsoft, Meta, Federal Reserve, Economy, Banco BBVA Argentina, Peronist, Massa, Venezuelan, Chevron, Exxon, Natural Resources, Brown, Cadence, Packaging Corp of America, Fed, Bank of Israel, Trade Organization, Treasury, Reuters, Thomson Locations: New York City, U.S, Gaza, China, Taiwan, outflows, 50bps, York, America, Venezuela, Geneva

☆ China ramps up yuan internationalisation under Belt and Road Initiative
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. And funding BRI projects has helped China revitalise the once-stalled process of yuan internationalisation. Another policy bank, the Export-Import Bank of China, signed a yuan-based loan agreement with Saudi National Bank, while Bank of China helped Egypt issue Africa's first yuan-denominated Panda bonds. Beijing also allocated an additional 80 billion yuan ($10.94 billion) to its Silk Road Fund for BRI projects. "Can you do this in a targeted way with MOUs with all BRI countries?

Persons: Thomas White, Vladimir Putin, Xi, Alicia Garcia Herrero, China revitalise, Malaysia's Maybank, Haoxin Mu, Natixis, Garcia Herrero, Samuel Shen, Tom Westbrook, Simon Cameron, Moore Organizations: REUTERS, Rights, Initiative, Forum, Asia Pacific, Natixis, China International Capital Corp, China Development Bank, BBVA, Export, Import Bank of China, Saudi National Bank, Bank of, Fund, Thomson Locations: China, Rights SHANGHAI, SINGAPORE, Beijing, Russia, Asia, U.S, Ukraine, Africa, Europe, Egypt's, BBVA Peru, Bank of China, Egypt

☆ The 'blue dollar' is booming: Argentina's lust for the buck pushed its black-market rate up 60,000% since peso parity ended in 2002
▼ + stars: | 2023-10-19 | by ( Anil Varma | ) www.businessinsider.com time to read: +5 min

For decades, the nation has been roiled by hyperinflation, sky-high interest rates, a growing mountain of debt, a string of sovereign defaults, and a cratering exchange rate. Rampant inflation has ravaged Argentina's currency over the years, wiping out much of its value against the dollar and ruining its appeal to consumers. The coveted bucks from the back alleys of Buenos Aires have their own price, even their own name: dólar blue, or the "blue dollar." AdvertisementAdvertisementUp 60,000% and going strongThe dollar's unofficial exchange rate smashed above 1,000 pesos for the first time last week, to hit levels almost three times as high as the official rate. That would almost certainly mean the blue dollar surging to new highs.

Persons: —, It's, Javier Milei, Manuel Cortina Organizations: Service, Spain's Santander Group, Cato Institute, Local, Argentine, Monetary Fund, BBVA Locations: Argentina, Buenos Aires, bluedollar.net, American, Brazil, Argentine, Spanish

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