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IMF Staff Country Reports-Belgium: 2019 Article IV Consultation
March 11, 2019--Summary:
Since the global crisis, Belgium has experienced nine consecutive years of economic growth. Per capita GDP has surpassed pre-crisis levels, and unemployment is at its lowest level in four decades. The financial sector has also undergone structural changes and increased its resiliency to shocks.
But some challenges remain, related to the high public debt level, a still fragmented labor market, sluggish potential growth, and rising cyclical financial vulnerabilities.
view the IMF Staff Country Reports-Belgium: 2019 Article IV Consultation
Source: IMF
Amun AG completes initial funding round bringing on board a number of experienced industry figures
March 11, 2019--Amun AG, a Swiss fintech aiming to facilitate access to crypto-asset investments,
has completed its first funding round, bringing on board a number of experienced industry figures including
Adam Draper, Founder of Boost VC, Graham Tuckwell, Founder of ETFS Capital, Greg Kidd, Co-Founder of
Hard Yaka as well as four family offices.
Amun is a technology platform for creating crypto indices and issuing crypto products, in addition to listing,
settling, and custody of physically-backed crypto products on public exchanges.
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Source: Amun.com
Lyxor-Our China A ETF is ahead of its time
March 11, 2019--Index provider MSCI recently announced its intention to increase the weight of onshore China A shares in its broad Emerging Market and China benchmarks using a 3-step inclusion process starting this May and ending in November. China A large-cap inclusion will ultimately increase from 5% to 20%, and China A mid-caps will also be added for the first time with a 20% inclusion factor.
Accordingly, on 22 March COB, the index of our physically replicated China A shares ETF will switch from the MSCI China A Onshore Net Total Return Index to the new MSCI China A Net Total Return Index. We believe this is the best reflection of how the future China A Shares building block will look post November 2019.
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Source: Lyxor
Amun AG choosing Solactive to provide Index Calculation for the World's First physically backed Bitcoin and Ethereum ETP
March 11, 2019--Solactive is pleased to announce that Amun AG, the issuer the first two physically-backed crypto-currencies single-coin exchange-traded products, Bitcoin (BTC) ETP [Ticker: ABTC] and Ethereum (ETH) ETP [Ticker: AETH], has chosen Solactive’s ETF Services Department to perform the IOPV calculation and Portfolio Composition File (PCF) creation.
These ETPs grant investors the opportunity to participate in the performance of both the world's most prominent cryptocurrency Bitcoin and smart-contracts platform Ethereum. The collaboration signifies Solactive’s ability to stretch beyond conventional index provider's capabilities to process exotic indices, which lie outside of traditional assets classes such as Equities and Fixed Income.
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Source: Solactive
IMF Policy Paper-Corporate Taxation in the Global Economy
March 10, 2019--Summary:
The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some respects now appears under stress.
With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities.
view the IMF Policy Paper-Corporate Taxation in the Global Economy
Source: IMF
Deutsche Bank begins talks over merger with rival Commerzbank
March 10, 2019--Union would form Europe's second largest bank and a rival to HSBC
Deutsche Bank has begun tentative merger talks with rival Commerzbank, which would create Europe's second biggest bank behind HSBC and fend off unwanted potential bidders such as French giant BNP Paribas.
Reports in Germany's Welt am Sonntag suggest that the banks have come under political pressure to consider a merger and avert a foreign takeover of Commerzbank, much the smaller partner in any deal.
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Source: theguardian.com
Monday Morning Memo: ESG a new paradigm for the European Investment Industry?
March 10, 2019--Following the news about product releases and trends in the European fund industry, one may get the impression sustainable investing is the new hot topic in the industry since there are funds with a sustainable investment objective launched every week.
Some observers may already see an inflationary use of the terms environmental, social and governance (ESG) and socially responsible investing (SRI). In addition to the specialist funds, an increasing number of asset managers state they have the so-called non-financial data integrated into their research and portfolio management systems so analysts and portfolio managers can use the data within their decision-making processes.
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Source: Refinitiv
Brexit fallout on UK finance intensifies-think tank
March 10, 2019--More than 275 financial firms are moving a combined $1.2 trillion (£925 billion) in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday.
UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement.
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IMF Working Paper-The Russian State's Size and its Footprint: Have They Increased? view the IMF Working Paper-The Russian State's Size and its Footprint: Have They Increased? New Invesco ETFs on Xetra offer Access to US Government Bonds Name: Invesco US Treasury Bond 1-3 Year UCITS ETF Dist
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Source: Reuters
March 8, 2019--Summary:
The short answer: The size of the Russian State has not increased much in the last few years, but its economic footprint remains significant. Concretely, the state's size increased from about 32 percent of GDP in 2012 to 33 percent in 2016, not far from the EBRD's estimate of 35 percent for 2005-10.
This is different from the mainstream narrative, which contends that the state's size doubled in the last decade. However, a deep state footprint is reflected in a relatively high state share in formal sector activity (close to 40 percent) and formal sector employment (about 50 percent). The deep footprint is also reflected in market competition and efficiency. Although sectors in which the state is present are more concentrated, concentration is large even in sectors where the state's share is low. This suggests the need to protect and promote competition, in particular in state procurement. Finally, state-owned enterprises' performance appears weaker than that of privately-owned firms, which may be subtracting from growth.
Source: IMF
March 8, 2019--Since Friday, four new Exchange Traded Funds from Invesco have been tradable via Xetra and B&ouul;rse Frankfurt.
With the four bond index ETFs, investors can participate in the performance of tradable government bonds issued by the US government.
-The securities are denominated in US dollars, have an investment grade rating of at least Baa3/BBB-/BBB- and an outstanding nominal value of at least USD 300 million. The Benchmark Index excludes inflation-linked and variable-rate bonds, STRIP bonds and treasury bills. Investors can choose between ETFs containing government bonds with residual maturities of up to one year, one to three year(s), three to seven years or seven to ten years.
Source: Deutsche Börse Group
