industryterm:investment bank

  • Know The Coin: Interview with #bitcoin Gold’s Communications Director Edward Iskra

    Hello everyone and welcome to another episode of Know The Coin with ChangeNOW! Today’s guest is Edward Iskra, Communications Director and Board Member in Bitcoin Gold, who was very nice to sit down with our marketing manager Pauline and talk about BTG, its history, features, and future updates!Hey there, Edward! Could you tell me a little bit about yourself and your background? Was the Bitcoin Gold your first sort of venture into the #crypto world?No, it wasn’t. I’m a little older than an average person in crypto. I got my computer science degree back in the early 90s. I was following the news about Bitcoin during its first peak over $1k value, before the Mt. Gox era. I wasn’t actively involved, though — no mining or investing — I was too busy working as an IT director in a small investment bank (...)

    #cryptocurrency #cryptocurrency-news #bitcoin-gold

  • I wanted to go deeper into #blockchain development. So I built a school.

    The most effective way to learn something new is to find an incentive to do it. I discovered that mine was building a school.Backstory4 years ago I quit my investment banking job to move into programming inspired by the ambition of facing new challenges and driven by the desire to build products.The path was very exciting but not easy. It wasn’t easy to get familiar with the basic programming concepts. It wasn’t easy to feel autonomous and complete a whole project alone. It wasn’t easy to fully understand the code I copy/pasted from StackOverflow.After 6 months of learning coding I built an online school ( to teach coding and other digital skills. The goal was to offer courses that reduce the amount of pain I experienced during my programming learning process.The school focused (...)

    #entrepreneurship #blockchain-education #blockchain-development #education

  • Egypt. 2 years after the loan agreement: What the IMF failed to anticipate | MadaMasr

    On November 11, 2016, the International Monetary Fund (IMF) and the Egyptian government finalized a US$12 billion loan agreement tied to an economic reform plan that included a series of austerity measures and the liberalization of the Egyptian pound.

    At the time, Egypt was facing a shortage in foreign currency reserves, and both the IMF and the Egyptian authorities made optimistic forecasts about the future of the Egyptian economy under the new economic program.

    Two years later, the crisis in foreign currency reserves has largely been alleviated and the IMF’s growth targets appear to be on track. Yet those achievements have been offset by soaring rates of inflation and foreign debt, along with the plummeting purchasing power of the local currency. Meanwhile, fuel subsidies, which were meant to be reduced to alleviate the government budget — a specific goal of the economic program — have instead increased as a result of the devaluation of the pound.

    A number of these unanticipated challenges now facing the Egyptian economy are highlighted in a new report by the investment bank Shuaa Capital, which was issued to its clients several days ago and of which Mada Masr has obtained a copy.

  • Saudi reserves dip below $500 billion

    Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds. The Saudi Arabian Monetary Authority, as the central bank is known, said Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion, the lowest level since 2011. That brings the decline this year to $36 billion.

    “Didn’t really see any major driver for such a huge drop, especially when accounting for the sukuk sale,” said Mohammad Abu Basha, a Cairo-based economist at EFG-Hermes, an investment bank. Even if the proceeds from the sale weren’t included, “the reserve decline remains huge,” he said.

  • French on course to be the world’s most commonly spoken language by 2050 | Daily Mail Online

    They’ve been defensive for decades in preserving the purity of the language of love from the threat of globalisation. 

    But now it seems all will have paid off for the French, whose language is set to become the world’s most spoken language by 2050, thanks to growing francophone populations in sub-Saharan Africa.

    While most eager English-language parents are hiring Mandarin-speaking nannies in a bid to ensure their children ahead of the game, a study by investment bank Natixis, says we should get back to the classroom and brush up on our French.

    #langue #Français

  • A Real-Life Trader Talks About “The Big Short” - Facts So Romantic

    Dimitri Otis/Getty ImagesAfter watching The Big Short, I felt I had a decent grasp on the causes of the 2008 financial crisis. The film, which is being released across the United States today, is based on the book by Michael Lewis, and describes how a few prescient financiers bet against the debt bubble and made millions. Still, nothing can replace the insight of someone who worked in the industry during the crisis. Bob Henderson, a physics PhD turned Wall Street trader, lost $200 million in a single month in 2008, while working at a major investment bank in New York. He details his story tomorrow, the 24th, in an exclusive Nautilus feature. Before we publish his feature, we wanted to get his opinion on The Big Short. What he had to say was illuminating, not only because of how he (...)

    • Do you think the collapse could have been stopped before it started?

      Sure. A bunch of a different things happened that all came together to create this crash. I could list eight or ten different contributors. Some of it is the #incentives of all the major actors: the mortgage brokers, the banks, the rating agencies, the regulators, the investors. If you altered any one or two of them, then you could see how the whole thing could’ve been avoided. If the rating agencies, for example, had just said we’re not giving this product a good rating because we’ve looked really closely at it, then the whole thing would’ve been shut down. Same thing with the investors. And if the bankers stood up and said, well, we don’t want to do this because we’ve looked at it too, and we’re going to be more thorough about it and not make as much money, that could’ve stopped it. So many people could’ve stopped this, so many different kinds of entities could’ve interfered with this whole thing, and they didn’t.

      #rating #banques

  • GOP Billionaires Can’t Seem to Buy This Election

    A few days after the election, New York hedge-fund manager Daniel Loeb, who’d helped finance Rove’s surge, tried to sue Crossroads and Fox News for misrepresenting the facts. “Loeb felt this was like an investment bank committing fraud on a road show,” a friend of his told me. After conferring with a securities lawyer, Loeb discovered that there are no investor protections in politics. He never filed a suit. (And Loeb declined to comment.)

  • New ranking of richest Ukrainians shows Poroshenko getting richer

    The latest rankings of the 100 richest Ukrainians, published by Novoye Vremya (New Times), a popular weekly magazine, shows that being in power has helped the fortunes of President Petro Poroshenko. The ranking was composed with the help of Dragon Capital investment bank.

    While the order of the very top names on the list hasn’t changed much since the 2014 ranking, the fortunes of the most have decreased. The fortunes are estimated in dollars, while the Ukrainian national currency hryvnia has lost 45 percent of its value against the U.S. dollar since the 2014 ranking.

    Poroshenko is the only businessman in the Top 10 who has increased his fortune in the past year.

  • Europe’s refugee crisis: Is #Frontex bordering on chaos?

    As Europe’s worst refugee crisis since the Second World War unfolded in May, hundreds of the continent’s overstretched border guards travelled to Warsaw for one of the highlights of their working year.

    With the costs of flights and hotels paid by hosts Frontex, the EU border agency, the 800 delegates relaxed for what has become an annual event in their calendars, the European Day for Border Guards.

    As the name suggests, it was a one-day affair and featured speeches from high ranking officials, important policy debates, films, exhibition stalls, dog handling displays and an impressive performance by the marching Polish Border Guard Representative Orchestra.

    –-> légende de la photo: Putting on a show: Polish Border Guard Representative Orchestra at Frontex’s annual European Day for Border Guards
    #asile #migrations #réfugiés #contrôles_frontaliers
    cc @reka

    • Sur l’#argent/#buget de Frontex :

      The expansion and evolution of Frontex’s remit has been mirrored by budget increases. In its first full year of operations it had a budget of €19m and that has grown to €143m in 2015, a rise of 46% on 2014.

      In total, it has received €862m of European taxpayers’ money since it was formed and in that time the number of people working at its Warsaw HQ has grown from 72 to 304.

      Frontex receives over 90% of its current budget from the Commission, while the UK, which does not sit on the organisation’s management board, contributes €570,000. Norway gave €2.2m this year and Switzerland €3m.

      The bulk of Frontex spending goes on its operations by paying countries for the equipment they lend, with ocean patrol vessels being its most costly items. However, these bills are relatively fixed in that they are determined by EU rate cards setting out what countries can charge for cars, personnel and fuel.

      A Bureau analysis of the reimbursements issued by Frontex shows that in the seven years to 2014, more than €350m was reimbursed to 43 countries – including Schengen area states and others such as Albania and Turkey – for personnel and equipment.

      Italy and Spain between them received more than €100m, reflecting the large number of boats and people they deployed to spot and rescue migrants and refugees in the Mediterranean.

      Greece was compensated €28.6m in the period, while Iceland, which currently provides two large coast guard ships and crew and one aircraft, was reimbursed €21.8m over the seven year period.

      Austria received €20m, while Germany and Portugal received €19m and €18m respectively. In contrast, the resources the UK provided for Frontex operations were worth €3.2m over seven years.

      When it comes to spending on itself – on its staff, headquarters, publicity and branding, for example – Frontex has more discretion.

      A Bureau examination of its accounts and contracts has found eyebrow-raising items.

      As with all other EU institutions, there is a high proportion of relatively more expensive senior expatriate staff.

      Of the 304 people employed in Warsaw on June 1 this year, 185 were non-Polish nationals.

      The total wage bill in Warsaw is about €20m, with €1.5m paid out each year for expatriation allowances, another €1.3m for “family allowances” such as school fees, while €165,000 was spent last year flying people home for their annual leave.
      Significant chunks of the Frontex budget is also reserved for parties and other social events.

      Last year, Frontex awarded a contract worth €22,000 for a staff Christmas party at the top class Palac Prymasowski restaurant in Warsaw where 350 employees and their spouses celebrated the year end.

      The Bureau also identified a contract worth €17,500 for eight chairs awarded to a furniture company in Finland in 2014. A Frontex spokeswoman said they were “black leather chairs with a trimension mechanism and a minimum warranty period of five years”.

      Over the past two years alone, Frontex has also budgeted €137,000 for ‘Corporate Identity’.

      This included one contract worth €38,500 to a Warsaw stationery company; according to the company’s invoice, Frontex paid €9,100 for 400 Parker pens and pencils, and another €5,160 for 4,000 Frontex logoed key rings.

      And last December, Frontex incurred at least €1.8m of additional costs when it relocated its entire headquarters operation into Poland’s newest landmark building complex – the glass-clad Warsaw Spire centre where office neighbours include a leading international investment bank.

      cc @albertocampiphoto @marty @daphne @simplicissimus

  • How Mongolia’s rollercoaster economy could be about to take off

    There’s a feeling of Mongolia being open for business again,” says Peter Morley of specialist emerging-markets communications consultancy EM.

    The key word here is ’again’. Mongolia was one of those hot markets that everyone wanted a piece of, but people ended up disappointed.

    Richard Adley, co-CEO of investment bank First Frontier, cautions that portfolio investment will lag with no arrangements yet for prospective investors to set themselves up with a global custodian.

    Adley’s company considers Mongolia a “pre-frontier” market, one step behind Vietnam and Bangladesh.

    Corruption is an unquantifiable problem. Gordon Turley of Mott MacDonald says it is “much better than it was” and that “we haven’t encountered it”.

    Bataa Tserenbat of the Mongolian Association in London believes it is growing. He said: “I can’t blame people who take money out – the system will have to change”.

    There are stories of parochial misdeeds such as the building in Ulaanbaatar seized because the developer committed a planning infringement and bought at auction by an official with planning responsibilities; of huge alleged scandals such as the belief Mongolia sells its coal to the Chinese at an uncommercial rate.

    Then there are anomalies such as the duplication resulting in 54 power stations for three million people.

  • Six years since the Wall Street crash - World Socialist Web Site

    Six years since the Wall Street crash
    15 September 2014

    On this day in September 2008, the collapse of the US investment bank Lehman Brothers sparked the greatest financial crisis since the Great Depression of the 1930s. Within days of the bankruptcy, the entire American and global financial system was on the point of disintegration.

    Reporting on the Lehman disaster on September 16, 2008, the World Socialist Web Site noted that it marked “a new stage in the convulsive crisis of American capitalism.”

    #crise #crise_financière #crise_bancaire #criminalité_financière

  • EU’s right to be forgotten: Guardian articles have been hidden by Google

    When you Google someone from within the EU, you no longer see what the search giant thinks is the most important and relevant information about an individual. You see the most important information the target of your search is not trying to hide.

    • Why has Google cast me into oblivion?

      Now in my blog, only one individual is named. He is Stan O’Neal, the former boss of the investment bank Merrill Lynch.

      My column describes how O’Neal was forced out of Merrill after the investment bank suffered colossal losses on reckless investments it had made.

      Is the data in it “inadequate, irrelevant or no longer relevant”?


      Most people would argue that it is highly relevant for the track record, good or bad, of a business leader to remain on the public record - especially someone widely seen as having played an important role in the worst financial crisis in living memory (Merrill went to the brink of collapse the following year, and was rescued by Bank of America).

      Le lien en question :

  • New tax man wants to turn Ukraine into investment bank

    Chief tax collector Ihor Bilous likens Ukraine to a huge investment bank whose main task is to turn a profit. 

    This is how the newly appointed head of Ukraine’s Tax Service addressed the relevance of his background in investment banking.

    His mission is to bring capital in from Ukraine’s murky black market where an estimated 40-60 percent of gross domestic product remains hidden. “Last year, a quarter of the country’s budget was stolen only through frauds involving value added tax,” he says of the legacy his predecessor, Oleksandr Klymenko. Klymenko is now wanted for corruption and his assets have been frozen in the European Union.

    There are a lot of platforms for money laundering that had been established by the previous tax authorities, Bilous adds. “We easily can see all the tax pits, as we have all the information,” he adds. All major state companies, including gas and oil monopoly Naftogaz, had been using these tax avoidance pits. More than 30 criminal investigations have already been launched.
    There are 48,000 Tax Service employees, of whom 7,000 are tax police officers. “It is a huge army,” Bilous admits, adding that the staff could be halved and still do the same amount of work.

    “That is why people live and work like it is their last day. They do not obey my orders,” laments the tax agency chief. According to Bilous, the agency’s work gets sabotaged from the inside, while it’s difficult to find new hires because the agency is undergoing changes.

    Il soigne sa popularité en interne…


  • Global finance: Where’s the next Lehman? | The Economist

    Where’s the next Lehman?

    Five years after the maelstrom of September 2008, global finance is safer. But still not safe enough
    Sep 7th 2013 |From the print edition

    THE bankruptcy of Lehman Brothers, an American investment bank, in 2008 turned a nasty credit crunch into the worst financial crisis in 80 years. Massive bail-outs from governments and central banks staved off a second Depression, but failed to prevent a deep recession from which many rich economies have yet fully to recover. Five years after that calamity, two big questions need to be answered. Is global finance safer? And are more crises on the horizon?

    The quick answers are yes, and yes. Global finance looks less vulnerable because reforms to the financial industry have made it more resilient, and because America, the country at the heart of the Lehman mess, has got rid of much of the excess debt and righted many of the imbalances in its economy. Today’s danger zones are elsewhere. They are unlikely to spawn a collapse on the scale of 2008. But they could produce enough turmoil to hit growth hard.

    In this section
    Fight this war, not the last one
    Where’s the next Lehman?
    Hunting tigers
    The man who showed why firms exist
    From dental braces to astronauts’ seats
    Related topics
    EU economy
    Central banking
    Public finance
    Economic crisis
    The three harbingers of the apocalypse
    The disaster of September 2008 had many causes, as the first of our series of “schools briefs” (see article). But, put crudely, Lehman’s demise spawned catastrophe because it combined three separate vulnerabilities. The underlying one was a surge in debt, particularly in the financial sector, brought on by a housing bubble. The ensuing bust was made more dangerous because of the second weakness: the complex interconnections of securitised finance meant that no one understood what assets were worth or who owed what. Lehman’s failure added a third devastating dimension: confusion about whether governments could, or would, step in as finance failed. A rule of thumb for spotting future disaster is how far those weaknesses—a debt surge, ill-understood interconnections and uncertainty about a safety net—are repeated.

    The overhaul of financial regulation since 2008 has made most progress on the first two. Under the new Basel capital standards banks are being compelled to hold more, and better, capital relative to their assets; the biggest “systemic” banks even more than others. Another strand of reforms, such as pushing derivatives trading onto clearing-houses, has tried to improve transparency. Least progress has been made on what to do when big banks fail—though new efforts to write global rules that would force banks to issue bonds that can be “bailed in” in the event of failure is a promising step.

    American finance has become safer. The country’s big banks have raised more capital and written off more dud assets than most others. At around 13%, their risk-weighted capital ratio is far above the new global norms and some 60% higher than before the crisis. American property prices have adjusted and households have cut their debts. Government debt has risen, but most of that rise is the sensible mirror-image of efforts by households to reduce theirs. Now that the economy is recovering, the budget deficit is tumbling. You can find bubbliness in bits of American finance, including the corporate-bond market, and some nasty off-balance-sheet liabilities like student loans and public-sector pensions, but America does not look like a source of imminent trouble.


  • A new downturn in the global economy
    27 October 2012

    There are increasing signs that the global economy is about to enter a new period of financial turbulence, coupled with deepening recession in a growing number of countries.

    In the immediate aftermath of the global economic breakdown that began in 2008, set off by the collapse of the US investment bank Lehman Brothers, governments around the world took on increased debt as they made available trillions of dollars to prevent a complete collapse of the financial system. Meetings of the Group of 20 were dominated by pledges there would be no return to the conditions of the 1930s and assurances that the lessons of history had been learned.

    The writings of John Maynard Keynes, the British economist of the 1930s who advocated increased government spending to counter depressions, were suddenly back in vogue. But a sharp turn came in June 2010, when a meeting of the G20 initiated a turn to austerity, emphasising the necessity to impose “fiscal consolidation.” The essence of this program was to claw back the money given to the banks through massive cutbacks to government spending, especially on social services.

  • Criminalité financière Finance Etats Unis Goldman Sachs

    US drops investigations of Goldman Sachs

    Les ETats-Unis abandonne les poursuites pénales contre Goldman Sachs

    By Barry Grey
    11 August 2012

    The US Justice Department announced Thursday evening it was ending a one-year criminal investigation and would not file charges against the giant Wall Street investment bank Goldman Sachs or any of its employees.

    In April 2011, the Senate Permanent Subcommittee on Investigations released a voluminous report on the role of major banks, federal regulators and credit rating firms in the collapse of the subprime mortgage market and ensuing financial crash of September 2008.

  • Barclays faces protests over role in global food crisis | Business | The Guardian

    Barclays will be targeted during its annual meeting on Wednesday by anti-poverty campaigners accusing it of playing a leading role in driving up food prices on global commodities markets.

    Barclays Capital, the investment banking arm of the high street bank, is the UK’s biggest player in food commodity trading, and one of the top three banking players globally, according to a new analysis for the World Development Movement.

    Along with Goldman Sachs and Morgan Stanley, BarCap has pioneered new kinds of financial products that have enabled pension funds and other investors traditionally barred from commodities exchanges to bet on food prices.

    #sécurité_alimentaire #commodities