Europe Is Heading Toward a New Financial Crisis

Ruben Onsu

Photographer: Francesca Volpi/Bloomberg

Europe faces a predicament. Even as it struggles to contain the Covid-19 pandemic, it’s setting itself up for another crisis — this one financial. To ensure the viability of the common currency at the heart of the European project, the EU’s leaders will have to cooperate in ways they’ve so far resisted.

Adopting the single currency has yielded great benefits, from frictionless trade to improved global competitiveness. But the euro also obliged member states to relinquish the independent monetary policies that can help backstop national debts and financial systems.

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New Zealand introduces climate change law for financial firms in world first

Ruben Onsu

New Zealand, South Island, Te Wahipounamu, Fiordland National Park, Milford Track, river Arthur.

Dea / C. Dani I. Jeske | De Agostini | Getty Images

New Zealand has become the first country to introduce a law that will require banks, insurers and investment managers to report the impacts of climate change on their business, minister for climate change James Shaw said on Tuesday.

All banks with total assets of more than 1 billion New Zealand dollars ($700 million), insurers with more than NZ$1 billion in total assets under management, and all equity and debt issuers listed on the country’s

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4 Reasons You Shouldn’t Pay Off Your Mortgage Early

Ruben Onsu
  • Financial planner Brian Fry says there are four things to consider when paying a mortgage off early.
  • Your interest rate, tax incentive, cash on hand, and other debt should be part of the decision.
  • Each circumstance is different, so running the numbers and knowing your goals can help you decide.
  • Visit Personal Finance Insider for more stories.

If you have the extra cash, paying off your mortgage early may be the responsible thing to do. After all, the thought of being mortgage-free is a great feeling. But is it the right move if your goal is to build wealth? 

Financial

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Dunbar files complaint with state against Bronson over alleged campaign finance violations

Ruben Onsu

Anchorage mayoral candidate Forrest Dunbar is accusing opponent Dave Bronson of violating campaign finance rules.

In a complaint filed Monday with the state, Dunbar’s campaign asserts that multiple alleged infractions amount to tens of thousands of dollars in misreported campaign finances and illegally accepted contributions by Bronson’s campaign.

Dunbar’s campaign requested that the Alaska Public Offices Commission give the complaint expedited consideration because of the “voluminous and serious alleged violations,” the complaint states.

“Bronson’s approach to his campaign finances indicates either a gross fiscal incompetence or a willful disregard for the law and an intent to deceive the public,” Paula

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Trade Finance Searches For A New Way Forward

Ruben Onsu

The collapse of Greensill Capital was an uncomfortable reality check for the trade finance industry. While the supply chain finance firm’s downfall can be attributed to several factors, including a reported lack of transparency within the organization, it also speaks to its true technological capabilities and financial health.

But the case is also sparking concerns for the trade finance sector overall. Greensill’s downfall isn’t just bad news for the company itself, its lenders and its insurers, but also for its corporate customers that have become reliant on supply chain finance to fuel global trade.

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Brexit: UK Finance Regulators Seek ‘Ambitious’ Access to US Markets

Ruben Onsu

Photographer: Michael Nagle/Bloomberg

Britain’s financial markets watchdog is looking to upgrade its relationship with the U.S. and give U.K. firms permanent access to American securities and derivatives markets in the wake of Brexit.

The Financial Conduct Authority is working closely with the Commodity Futures Trading Commission about a “permanent footing” for U.K. trading venues to operate in the U.S., Nausicaa Delfas, the FCA’s executive director of international, said at a conference on Tuesday.

“If granted, this recognition will provide U.K. firms with the certainty they need to conduct their business in the U.S. with confidence,” Delfas said

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