Developers will begin construction next year on the TSX Broadway building in New York City's Times Square, a 46-story tower wrapped in LED screens. The building is expected to be home to retail showrooms and spaces for new product launches, interactive shopping and other experiences.
Investors have reacted mildly to US imposition of tariffs on an additional $200 billion in Chinese imports. Market watchers say the tariffs might have been priced in, as the Hang Seng and Shanghai Composite indices gain.
The need for a marketwide approach to replacing Libor is becoming clear, as clients wait for answers on how to repaper intercreditor agreements on loans, Lizzie Meager writes. Linked products could end up being based on different interest rates if initiatives remain independent, Meager writes.
Chinese Vice Premier Liu He, President Xi Jinping's leading economic adviser, has met with pro-change economists, signalling the government remains open to liberalisation. The meeting might calm concerns the Communist Party is readying a crackdown on private enterprise.
Anbang Insurance Group has sold a majority stake in unit Century Securities to two Chinese government-backed companies for 3.56 billion yuan. Anbang, formerly a strong performer, accepted a government takeover in February, and concerns have emerged since about solvency.
Threats of job automation and artificial intelligence are overstated, Bank of England Governor Mark Carney says. Carney acknowledges an impact on the economy but says that job losses will be lower than predicted and that replacement jobs will emerge.
The Singapore Exchange led the third funding round for startup Freightos, which raised an additional $44.4 million for the firm to expand its platform for price-comparison service for freight forwarders to include a daily assessment for container rates. Freightos has raised a total of $94.4 million from investors that include General Electric, ICV and Aleph.
Deutsche Bank will make Frankfurt, Germany, the primary booking hub for its investment banking clients next year after Brexit. "By definition this involves moving assets from London to Frankfurt, a process which is already underway with the full understanding of UK and EU regulators," the bank said.
The UK Financial Conduct Authority has clarified that the Treasury has no plans to put a temporary recognition regime in place after Brexit and that European Economic Area trading venues need to apply for recognition soon. FCA says venues have less than two weeks to meet the application deadline, which is set as six months before the recognition order would take effect.
NatWest Markets, formerly the Royal Bank of Scotland, will pay $750,000 to settle US Commodity Futures Trading Commission charges that the firm misreported data for hundreds of thousands of swaps transactions to a swap dealer repository.