Press play to listen to this article By JACK BLANCHARD Send tips here | Subscribe for free | View in your browser Good Wednesday morning from the Scottish island of Bute. The Playbook summer tour is at its halfway point. DRIVING THE DAY ALL THE PRESIDENT’S MEN: Donald Trump faces the biggest crisis of his presidency after two legal blows overnight. His personal lawyer and fixer Michael Cohen pleaded guilty to breaking campaign finance laws for the “principal purpose of influencing [the] election,” telling the court he did so at the direction of his old boss. And minutes later in a separate trial, Trump’s former campaign chief Paul Manafort was found guilty on eight charges of tax fraud, bank fraud and failing to disclose foreign banks accounts. The twin blows sparked speculation Trump will face impeachment proceedings if the Democrats win back control of the House this autumn. Cohen turned: The decision of Trump’s longtime confidante … [Read more...] about POLITICO London Playbook: All the president’s men — Postcard from Bute — Choose your Brexit adventure
All you need to know about forex trading
AmEx FX.Oh man, this story about American Express Co.’s foreign-exchange business is so elemental, so basic, it ought to be a business-school case study, or an ethics question on financial licensing exams:Here’s how it worked, according to current and former employees: Salespeople would often tell potential clients that AmEx would beat the price they were paying banks or other financial institutions to convert currency and send money abroad. The salespeople didn’t inform customers that the margin, a markup that AmEx tacks on to the base currency exchange rate, was subject to increase without notice, they said. Prospective clients with certain AmEx cards also were accurately told they could earn points for the transactions, they added.Some time later, salespeople would increase the margin without informing the customers, the current and former employees said. To spot the change, customers generally would have to log in to their accounts and compare the rate AmEx was … [Read more...] about Nobody Pays Attention to FX Fees
The term 'BRIC' was coined by a Goldman Sachs economist in 2001 to describe four emerging powers, Brazil, Russia, India and China, which were expected to rival the G7 countries in terms of GDP. The countries were quick to capitalize on the format when their leaders met in 2008 on the sidelines of the G8 meeting in St. Petersburg. They invited South Africa to join the club in 2010. Today, the five countries account for over 40% of the planet's population and more than 20% of its GDP. BRICS will hold its 10th summit in Johannesburg, South Africa from 25 to 27 July. The meeting will wrap up with a "Johannesburg Declaration", which is expected to include joint commitments by the member states for the following year. Informal Group With Solid Agenda BRICS doesn't have a secretariat, charter, or other official norms like other similar organizations such … [Read more...] about Top 5 Things You Need to Know About BRICS Ahead of the 10th Summit
KNOWING the right time to buy your holiday euros can be tricky as the exchange rate goes up and down. Here's our guide to the current state of the market, and how to get the best price when you swap your cash. What is today's pound to euro exchange rate? This afternoon a pound was being traded for 1.134 euros, down around a tenth of a cent from yesterday. It means one euro is worth approximately 88p. The rate has remained relatively stable for the past two months following a more volatile period earlier in 2018. Sterling had dipped below 1.12 euros on March 7 and it reached almost 1.16 on April 17. Analysts said the market was static thanks to a range of factors including uncertainty over Brexit. News of Britain's stalling housing market was thought likely to hit the pound. But that was balanced by rumours of political divisions in Europe which are said to make it more likely the UK will get a bespoke trade deal. Last August the rate briefly plunged under 1.08 euros, the lowest for … [Read more...] about Pound to euro exchange rate – what’s today’s rate, where’s the best place to buy currency and what affects the price?