Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The embattled leader is expected to outline a timetable for her successor to be chosen.Europe Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Assets under management at Swiss private bank Julius Baer rose 12% in the first four months of 2019 to a record 427 billion Swiss francs ($425.34 billion).Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Despite the economic challenges facing Turkey that have sent the lira on a dramatic fall, the country remains a "great" market that BNP Paribas has no intention of exiting, the French bank's chairman said on Friday.
"We should calm down all these comments. Turkey is great. They face difficulties, I hope and I'm sure they know how to face the difficulties," he said in response to a question about whether the bank would consider pulling out of Turkey given that many challenges the country faces won't go away anytime soon.
BNP Paribas has one of the largest exposures to Turkey among European banks, according to Reuters, which cited one investment in particular: The French lender controls 72 percent of the Economy Bank of Turkey, partly through a local joint venture.
Turkey's troubles came into the limelight last month after the lira depreciated sharply. The country's central bank on Thursday increased interest rates by 6.25 percentage points to 24 percent in an attempt to stem further declines in its currency. According to Lemierre, that was the right move to take.
"They have taken a bold, and serious, and an extremely important decision," he said. "Turkey has to react, and they have reacted, and I think they have taken the right measures at a time when the currency was weaker and weaker."
The problem in Turkey has exacerbated fears that an economic fallout in the country could spill over into other emerging markets at a time when investors increasingly favor American assets due to a stronger U.S. dollar.
The Russian ruble and the South African rand have been two of the biggest losers among emerging markets' currencies, both depreciating by close to 20 percent against the U.S. dollar so far this year. In Asia, the Indian rupee and the Indonesian rupiah fell by 12 percent and 9 percent, respectively, against the greenback.
But aside from "tensions" in countries such as Turkey, Lemierre said, many emerging economies are on a sound footing.
"I do not believe that we see or we face emerging market crisis. There are tensions against some countries, we know them: Turkey, Argentina. There are tensions on some countries but this is not an overwhelming crisis, especially in Asia — I do not see any specific difficulty in Asia," he said.