On November 8, India’s prime minister, Narendra Modi, addressed his nation to announce that Rs 500 (approximately $7.25) and Rs 1,000 notes would be withdrawn from circulation. Indian citizens have until the end of 2016 to swap their holdings of old notes, effectively giving them just over 50 days to get rid of currency that is soon to be defunct.
As the news of Brexit rippled throughout the world, there was initial uncertainty regarding what this move may mean for the UK, and London’s future as Europe’s leading financial centre.
Zurich-headquartered Credit Suisse is moving away from its traditional business of investment banking as it expands its wealth-management activities.
Paying a fee to deposit money in a bank savings account is a concept most people cannot fathom, but German banks have begun to charge wealthier retail customers. Bank managers claim this is a result of the ECB’s negative interest rates, which penalize them for holding funds with the ECB.
On June 8, the European Central Bank (ECB) began its Corporate Sector Purchase Programme (CSPP), which was initially announced by the bank’s president, Mario Draghi, on March 10 as an addendum to the ECB’s quantitative easing (QE) program.