finance
Switzerland's largest bank UBS saw profits soar in its second quarter, up at $1.14bn (€1.04bn) and easily exceeding forecasts of $528m (€480m). Revenue was up by 15% at $6.053bn (€5.50bn), attributed mainly to its integration with one-time rival Credit Suisse. The results are the first since the formal merger was completed in May. UBS sets aside €800 million for investors hit by Greensill collapseUBS stock rises as banking giant launches €1.8bn share buybackGroup revenue for the April-June period also came in above forecasts at $11.904bn (€10.82bn) - analyst expectations were for $11.522bn (€1...
Euronews (English)
The EU Green Deal aims to build a Europe with clean energy and sustainable industries, with a target for climate neutrality by 2050. However, as the drive for clean energy continues so does the financing of fossil fuels, as a complete move away from oil and gas would lead to energy security risks. According to research, the world’s banks have given around €6.5 trillion to the fossil fuel industry since the signing of the Paris Climate Agreement in 2016. The Banking on Climate Chaos report claimed Barclays ranked 8th globally, as Europe’s biggest contributor. However, Barclays has pledged to pr...
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Following Friday's sharp sell-off in global markets, risk-off sentiment may continue to dominate market movements. However, investors might get a reprieve as economic data is relatively light this week. In Europe, major economies will release their final service PMIs, offering more insights into the region’s inflation trajectory. Additionally, Novo Nordisk, the largest European company, is set to report quarterly earnings alongside its US competitor, Eli Lilly. Several major trends in the financial markets are worth noting: The euro strengthened against the dollar on Friday, being seen as a ha...
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Some have called it the parenting tax: when caregivers are forced to pay for the privilege of sitting next to their children on a flight. But the charge may soon be banned. The US Department of Transportation is proposing a new rule which would mean American and foreign airlines have to seat children aged 13 or younger next to their parent or caregiver for free. “Flying with children is already complicated enough without having to worry about that,” U.S. Transportation Secretary Pete Buttigieg said. The Biden administration estimates the rule could save a family of four as much as $200 (€185) ...
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Dutch chipmaker ASML Holding experienced its most significant weekly drop since December 2002, plummeting by 17% last week. This sharp decline followed reports that the US administration is considering further restrictions on advanced chip exports to China. These measures would target even non-US companies using US-made technology, under the foreign direct product rule. US chipmakers have argued that these restrictions unfairly disadvantage them while other nations continue their business as usual, particularly with the US presidential election approaching. The proposed restrictions are expect...
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Wireless and fixed-network equipment maker Nokia on Thursday reported a double-digit fall in profit and sales in the second quarter (Q2) due to a continuing weak market as clients are holding off investments in 5G technology. The Espoo, Finland-based company reported a net profit of €328 million for the April-June period, down 20% from €409 million a year earlier. Net income attributable to shareholders was €325 million, down from €410 million a year earlier. Similarly to its Nordic rival Ericsson of Sweden, Nokia has suffered in the past year from operators cutting back on investments into 5G...
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UK minister Nick Thomas-Symonds is in Brussels today (15 July), after his Labour government was elected with a massive mandate to reset relations with the EU. Prime Minister Keir Starmer has pledged to fix a “botched” Brexit deal, promising to ease border checks for animals and touring musicians – but has remained relatively quiet about what he might do for the UK’s totemic financial services sector. The industry itself appears hopeful it could gain from warmer EU relations, but is still cautious about what can be achieved after so much Brexit heartache. “I hope there is a more positive and co...
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David Lammy, Foreign SecretaryA Member of Parliament (MP) for Tottenham since 2000, the 51-year-old Labour politician is poised to be Britain’s new Foreign Secretary and the first man of colour handling UK international relations at a time of unprecedented global tensions. Graduating from Harvard Law School in 1997, Lammy occupied ministerial positions under Tony Blair’s government between 2002 and 2005 covering health, culture, media and sport. In 2003, he endorsed Britain’s invasion of Iraq following the policy of the New Labour. In 2007, under Gordon Brown’s administration, Lammy covered in...
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In recent years, and especially after the Covid-19 pandemic, digital payments and online shopping have increased in the euro area, while cash has fallen as a total share of payments from 72% to 59% between 2019 and 2022 and the number of banknotes in circulation fell for the first time last year. Following this trend, in October 2021 the ECB launched a study phase on the possibility of issuing its own central bank digital currency (CBDC), the digital euro, to provide an additional form of public money in the euro area. In June 2023, the EU Commission proposed the legal framework that could pav...
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The European Commission is worried about the impact of using artificial intelligence (AI) in banking, insurance and securities markets, according to a consultation issued today (18 June). The EU has just passed a sweeping AI Act, becoming the first jurisdiction in the world to legislate to make the emerging technology safe and non-discriminatory. But officials are now asking if there's more guidance needed to make the rules fit into finance – a field that’s already subject to tough regulatory requirements, and where the cost of getting it wrong could be high. “The EU's AI Act and existing fina...
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