EFG International AG, the Swiss bank controlled by billionaire Spiro Latsis and his family, said it’s “behind where it needs to be” in meeting a profit target for next year after earnings grew 0.5 percent in 2013.
International Monetary Fund Managing Director Christine Lagarde will likely outline the lender’s reversal of its decades-old opposition to capital controls on a five-day tour of Latin American this week, even as Brazil says the new position doesn’t go far enough.
Newark Mayor Cory Booker began firing 15 percent of his police department today, illustrating the actions that cities in the second-wealthiest U.S. state are being forced to take to confront lower aid and tax revenue.
Iran has few policy options to end turmoil in its currency markets, as the U.S. and allies seek to inflict enough economic pain to force the Islamic republic into concessions over its nuclear plans, analysts said.
Bank of Israel Governor Stanley Fischer said he would prefer to deal with capital flows driven by efforts to boost U.S. output rather than face the consequences of stagnation in the world’s largest economy.
China’s exchange rate is undervalued by 20 percent against the dollar and Singapore, Switzerland and Taiwan should also be censured for intervening in foreign- exchange markets, according to an analysis by the Peterson Institute for International Economics.