Hungary

OTP eyes three more banks, then break

Budapest Business Journal | Apr 15, 2019 at 1:30 PM
  • Csányi stressed that OTP is not putting an end to acquisitions.
  • Erdei earlier headed MKB Bank and is a former chairman of the Hungarian Banking Association.
  • Shareholders also approved amendments to OTPʼs articles of association at the AGM that give the board the power to separate the positions of chairman and chief executive officer “if necessary.

United States

Turkish Lira Tumbles On Soaring Unemployment, “Absolute Shitshow” Investor Meeting

Zero Hedge | Apr 15, 2019 at 1:28 PM
  • The collapse in the Turkish lira is accelerating this morning, with the USDTRY rising above 5.80 for the first time since last October and CDS pushing to September highs, as the Turkish economy continues to slide ever deeper into recession, with the country on Monday reporting that a whopping 366,000 people became unemployed in the last month, sending the country’s jobless rate to the highest level in a decade.
  • As Turkey faces growing headwinds both domestically, as the economy slides deeper into recession, and internationally where critical foreign capital is increasingly diverting to other emerging markets, locals are accelerating their shifting toward conducting business in hard currencies such as dollars and euros, and away from the Turkish lira.
  • The not so silver lining: this will likely not be the case for long.

United States

Cyclone Idai’s death toll over 1,000, hundreds of thousands displaced

Reuters | Apr 15, 2019 at 1:06 PM
  • Hundreds of thousands of people are still in need of aid after Cyclone Idai battered Mozambique, Zimbabwe and Malawi in March.
  • Cyclone Idai made landfall on the night of March 14, near the port city of Beira, bringing heavy winds and rains.
  • On March 16, the storm hit eastern Zimbabwe, where it flattened homes and flooded communities in the Chimanimani and Chipinge districts.

Ireland

Ireland still paying €14m a day in interest on national debt

Irish Times | Apr 15, 2019 at 1:06 PM
  • The Republic paid out €14 million a day or €5.2 billion last year in interest to service the national debt, new figures show.
  • While debt as a proportion of gross domestic product (GDP) has been falling – it dropped to just under 65 per cent in 2018 – the absolute level of debt has remained elevated since the crash, leaving the State vulnerable to sudden shocks.
  • The upward trend in tax and social contribution revenue continued with increases of €4.7 billion (+8.4 per cent) in taxes and €0.7 billion (+5.8 per cent ) in social contributions.

Australia

The top 5 women who could run Wells Fargo

Business Insider Australia | Apr 15, 2019 at 1:06 PM
  • The race to succeed former CEO Tim Sloan at Wells Fargo has taken on new urgency after the company provided sharply lower guidance on Friday.
  • Lake has taken firm reign of the mega-banks financial position, including driving the annual Comprehensive Capital Analysis and Review regulatory stress tests overseen by the Fed, as well as helping CEO Jamie Dimon devise strategy and capital allocation for the firm.
  • Prior to joining Citi, Desoer had a 35-year career at Bank of America, running Bank of America home loans which represents 20% of the US mortgage market, serving 14 million customer loans.