It was in December 2010, more than two and a half years ago, that Canada’s competition watchdog launched its case against Visa and Mastercard, accusing the credit card giants of restrictive and unfair behaviour.
A ruling has been expected for nearly a year — after all, hearings at the Competition Tribunal wrapped up last July. Some observers are wondering if it will ever come.
At issue are contracts that merchants must sign preventing them from charging extra for customers who pay by credit card.
Berlin (AFP) - The escalating Greek crisis puts the European Central Bank in the eye of the storm, as the only body that can prevent a banking collapse or, in the worst case, manage the consequences of a "Grexit".
Heading into 2014, Michael Pettis at China Financial Markets remains adamant that growth estimates for China are too high and that rebalancing (while necessary), implies lower growth than most expect. Via email ...
Via Scotiabank's Guy Haselmann, Markets need to retreat from dependency on central bank stimulus which they falsely believe provides the magical elixir that fixes all economic and financial market woes. At some point during the past few years, central bank stimulus has gone from a net benefit to a source of financial market ailments. Investors who have rightly arrived at this conclusion have shifted from dip buyers in risk assets to sellers of up-ticks (see January 6th note ‘Down Side Up’).
As reproted previously, the biggest event of the day will be the meeting between Greek PM Tsipras and Germany's Merkel, which - with Greece having only days of access to liquidity left (and a negative solvency position already as confirmed by Tsipras' letter to Merkel saying it will be unable to repay its near-term debts) - means the fate of Greece will be d
Citi chief economist Willem Buiter, the the man who coined the term "Grexit," now thinks Greece leaving the eurozone is the most likely outcome, or Citi's base case, just three months after the bank said an exit was "unlikely."
Britain's banks face a financial black hole of up to £60bn from regulatory demands, hidden losses, and potential mis-selling costs that threaten to jeopardise future growth, the Bank of England has warned.
by Erin Davis
With many European banks trading at tiny multiples of book value and the word "Grexit" (short for Greek exit) now appearing in mainstream publications, investors may be asking themselves whether all of the bad news (and then some) has finally been priced into these banks' share prices and whether now is the time to buy. While we subscribe to Warren Buffett's credo, "Be greedy when others are fearful," we would exercise caution here.