Latest news with #Commerzbank
Zawya
7 hours ago
- Business
- Zawya
UniCredit CEO says likely to withdraw offer for Banco BPM
ROME - The chief executive of UniCredit said in a newspaper interview on Friday the Italian bank was likely to withdraw its offer for smaller peer Banco BPM. Andrea Orcel told daily La Repubblica that his bank would continue to try to overcome the obstacles posed by the Italian government, under so-called 'golden power' conditions, and court appeals. "But if we don't manage to resolve (the problems), as is probable, we will withdraw," he said. Orcel said UniCredit was doing all it could to meet terms set by Rome for the bid to go ahead, including exiting its activities in Russia, something also requested by the European Central Bank, but this was no easy task. "We have done more than was requested by the ECB," he said, adding that no other bank had reduced its activities in Russia as much as UniCredit, and that no buyer had come forward that was acceptable "either to Russia or to the West." UniCredit has set aside capital to face potential losses should its Russian assets be nationalized, Orcel said. A bid for another UniCredit takeover target, Germany's Commerzbank, has met opposition from Germany's government as well as the lender itself, and Orcel said for now his bank would remain as an investor and "closely watch (Commerzbank's) transformation path." In the meantime, UniCredit would continue to outperform the rest of the banking sector regardless of mergers and acquisitions. "Our future is very bright with or without M&A," Orcel said. The UniCredit boss also said his bank had reported to market regulator Consob suspected anomalies in the government's sale of a 15% stake in Monte dei Paschi di Siena to a small group of investors in November. "We tried it take part (in the sale) but we could not manage," Orcel said. UniCredit flagged the fact that asset manager Anima participated while it was subject to a so-called passivity rule as a takeover target for Banco BPM, and Banco BPM bought stakes in a sale handled by its subsidiary Banca Akros. Milan prosecutors are looking into the matter, and have questioned Orcel as a witness, Reuters reported on Wednesday. In the La Repubblica interview, the CEO said he could not say anything about the investigation. (Reporting By Gavin Jones, editing by Alvise Armellini)
Yahoo
a day ago
- Business
- Yahoo
Swiss rate cut spotlights Europe's disinflation risk
The Swiss National Bank lowered interest rates to zero, spotlighting worries of falling inflation in Europe. The central bank's decision — along with a similar move by Norway — marks a contrast to peers across the rich world: The Bank of England held interest rates at 4.25% Thursday, while the US Federal Reserve also declined to cut rates the day before, amid uncertainty on the economic impact of Washington's tariffs and the Israel-Iran conflict. The continent largely expects both inflation and growth to slow, however, and the Swiss decision serves as 'a reminder of the disinflation risks in core Europe,' Commerzbank economists wrote in a note to clients, while European economic growth has 'never really recovered from the 2008 financial crisis,' a Center for European Reform paper warned. — Prashant Rao
Eyewitness News
2 days ago
- Business
- Eyewitness News
Oil edges down, stocks mixed but Mideast war fears elevated
HONG KONG - Oil prices slipped Wednesday following the previous day's surge but investors remained on edge fearing a US intervention in the Israel-Iran conflict after Donald Trump called for Tehran's "unconditional surrender". Iran and Israel exchanged missile strikes for a sixth day, with the US president's latest comments appearing to dent hopes that the crisis in the Middle East could be calmed. Leaving the G7 summit in Canada a day early on Monday, Trump said he was aiming for a "real end" to the conflict, not just a ceasefire. He later shared a series of social media posts that stoked speculation he could be planning to join Israel in its strikes on Iranian military and nuclear sites. Days after a senior US official said Trump had told Israel to back down from plans to assassinate top leader Ayatollah Ali Khamenei, Trump looked to reverse course. "We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now," he wrote on his Truth Social platform. Warning Iran against targeting US interests, he also posted: "But we don't want missiles shot at civilians, or American soldiers. Our patience is wearing thin." And in a later post wrote: "UNCONDITIONAL SURRENDER!" The comments sent oil prices spiking more than 4% Tuesday on fears an escalation of the conflict could hammer supplies from the crude-rich region. But while both main contracts slipped Wednesday, investors remain on edge over any negative developments. Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to a Commerzbank note. "Iran is reportedly ready to target US regional bases should Trump greenlight strikes on Iranian nuclear facilities," said Stephen Innes at SPI Asset Management. "Washington's refuelling jets are already en route, and if Fordow gets hit, expect the Strait of Hormuz to become a maritime minefield, Houthi drones to swarm Red Sea shipping lanes, and every militia from Basra to Damascus to light up American forward outposts." Equity markets Hong Kong, Sydney, Singapore, Mumbai, Wellington, Bangkok, Manila and Jakarta all sank, though Tokyo, Seoul and Taipei edged up. London gained in the morning even as data showed UK inflation slowed less than expected in May. Paris and Frankfurt also rose. The mixed day in Asian stocks followed a weak day on Wall Street, where a below-forecast reading on US retail sales for May - dragged by a slowdown in auto sales - revived fresh worries about the world's top economy. That came as another report showed factory output fell unexpectedly. Still, they did provide a little hope the Federal Reserve will eventually cut interest rates, with traders betting on two by the end of the year, according to Bloomberg News. Investors will be keeping track of the bank's latest meeting as it concludes later in the day, with most observers predicting it will stand pat. However, it is also due to release its rate and economic growth outlook for the rest of the year, which are expected to take account of the impact of Trump's tariff war. "The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East," said KPMG senior economist Benjamin Shoesmith. KEY FIGURES AT AROUND 0810 GMT West Texas Intermediate: DOWN 0.4% at $74.54 per barrel Brent North Sea Crude: DOWN 0.6% at $76.01 per barrel Tokyo - Nikkei 225: UP 0.9% at 38,885.15 (close) Hong Kong - Hang Seng Index: DOWN 1.1% at 23,710.69 (close) Shanghai - Composite: FLAT at 3,388.81 (close) London - FTSE 100: UP 0.2% at 8,850.28 Euro/dollar: UP at $1.1517 from $1.1488 on Tuesday Pound/dollar: UP at $1.3460 from $1.3425 Dollar/yen: DOWN at 144.99 yen from 145.27 yen Euro/pound: UP at 85.56 pence from 85.54 pence New York - Dow: DOWN 0.7% at 42,215.80 (close)
Daily Tribune
2 days ago
- Business
- Daily Tribune
Oil edges down, stocks mixed but Mideast war fears elevated
AFP | Hong Kong, China Oil prices slipped Wednesday following the previous day's surge but investors remained on edge fearing a US intervention in the Israel-Iran conflict after Donald Trump called for Tehran's "unconditional surrender". Iran and Israel exchanged missile strikes for a sixth day, with the US president's latest comments appearing to dent hopes that the crisis in the Middle East could be calmed. Leaving the G7 summit in Canada a day early on Monday, Trump said he was aiming for a "real end" to the conflict, not just a ceasefire. He later shared a series of social media posts that stoked speculation he could be planning to join Israel in its strikes on Iranian military and nuclear sites. Days after a senior US official said Trump had told Israel to back down from plans to assassinate top leader Ayatollah Ali Khamenei, Trump looked to reverse course. "We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there -- We are not going to take him out (kill!), at least not for now," he wrote on his Truth Social platform. Warning Iran against targeting US interests, he also posted: "But we don't want missiles shot at civilians, or American soldiers. Our patience is wearing thin." And in a later post wrote: "UNCONDITIONAL SURRENDER!" The comments sent oil prices spiking more than four percent Tuesday on fears an escalation of the conflict could hammer supplies from the crude-rich region. But while both main contracts slipped Wednesday, investors remain on edge over any negative developments. Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to a Commerzbank note. "Iran is reportedly ready to target US regional bases should Trump greenlight strikes on Iranian nuclear facilities," said Stephen Innes at SPI Asset Management. "Washington's refuelling jets are already en route, and if Fordow gets hit, expect the Strait of Hormuz to become a maritime minefield, Houthi drones to swarm Red Sea shipping lanes, and every militia from Basra to Damascus to light up American forward outposts." Equity markets Hong Kong, Sydney, Singapore, Mumbai, Wellington, Bangkok, Manila and Jakarta all sank, though Tokyo, Seoul and Taipei edged up. London gained in the morning even as data showed UK inflation slowed less than expected in May. Paris and Frankfurt also rose. The mixed day in Asian stocks followed a weak day on Wall Street, where a below-forecast reading on US retail sales for May -- dragged by a slowdown in auto sales -- revived fresh worries about the world's top economy. That came as another report showed factory output fell unexpectedly. Still, they did provide a little hope the Federal Reserve will eventually cut interest rates, with traders betting on two by the end of the year, according to Bloomberg News. Investors will be keeping track of the bank's latest meeting as it concludes later in the day, with most observers predicting it will stand pat. However, it is also due to release its rate and economic growth outlook for the rest of the year, which are expected to take account of the impact of Trump's tariff war. "The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East," said KPMG senior economist Benjamin Shoesmith. - Key figures at around 0810 GMT - West Texas Intermediate: DOWN 0.4 percent at $74.54 per barrel Brent North Sea Crude: DOWN 0.6 percent at $76.01 per barrel Tokyo - Nikkei 225: UP 0.9 percent at 38,885.15 (close) Hong Kong - Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close) Shanghai - Composite: FLAT at 3,388.81 (close) London - FTSE 100: UP 0.2 percent at 8,850.28 Euro/dollar: UP at $1.1517 from $1.1488 on Tuesday Pound/dollar: UP at $1.3460 from $1.3425 Dollar/yen: DOWN at 144.99 yen from 145.27 yen Euro/pound: UP at 85.56 pence from 85.54 pence
Iraqi News
2 days ago
- Business
- Iraqi News
Oil stabilises after surge, stocks drop as Mideast crisis fuels jitters
Hong Kong – Oil prices stabilised Wednesday after surging the previous day on fears of a US intervention in the Israel-Iran conflict sparked by Donald Trump calling for Tehran's 'unconditional surrender'. Iran and Israel exchanged missiles for a sixth day, with the US president's latest comments appearing to dent hopes that the crisis in the Middle East could be calmed. Leaving the G7 summit in Canada a day early on Monday, Trump said he was aiming for a 'real end' to the conflict, not just a ceasefire. He later shared a series of social media posts that stoked speculation he could be planning to join Israel in its strikes on Iranian military and nuclear sites. Days after a senior US official said Trump had told Israel to back down from plans to assassinate top leader Ayatollah Ali Khamenei, the US president looked to reverse course. 'We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there — We are not going to take him out (kill!), at least not for now,' he wrote on his Truth Social platform. Warning Iran against targeting US interests, he also posted: 'But we don't want missiles shot at civilians, or American soldiers. Our patience is wearing thin.' And in a later post wrote: 'UNCONDITIONAL SURRENDER!' The comments sent oil prices spiking more than four percent Tuesday on fears an escalation of the conflict could hammer supplies from the crude-rich region. But while both main contracts dipped Wednesday, investors remain on edge over any negative developments. Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to the Commerzbank note. 'Iran is reportedly ready to target US regional bases should Trump greenlight strikes on Iranian nuclear facilities,' said Stephen Innes at SPI Asset Management. 'Washington's refuelling jets are already en route, and if Fordow gets hit, expect the Strait of Hormuz to become a maritime minefield, Houthi drones to swarm Red Sea shipping lanes, and every militia from Basra to Damascus to light up American forward outposts.' Markets Hong Kong, Shanghai, Seoul, Singapore, Sydney, Wellington, Manila and Jakarta all sank, though Tokyo, Seoul and Taipei edged up. The losses followed a weak day on Wall Street, where a below-forecast reading on US retail sales for May — dragged by a slowdown in auto sales — revived fresh worries about the world's top economy. That came as another report showed factory output fell unexpectedly. Still, they did provide a little hope the Federal Reserve will eventually cut interest rates, with traders betting on two by the end of the year, according to Bloomberg News. Investors will be keeping track of the bank's latest meeting as it concludes later in the day, with most observers predicting it will stand pat. However, it is also due to release its rate and economic growth outlook for the rest of the year, which are expected to take account of the impact of Trump's tariff war. 'The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,' said KPMG senior economist Benjamin Shoesmith. – Key figures at around 0230 GMT – West Texas Intermediate: FLAT at $74.83 per barrel Brent North Sea Crude: DOWN 0.1 percent at $76.37 per barrel Tokyo – Nikkei 225: UP 0.7 percent at 38,791.80 (break) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 23,680.69 Shanghai – Composite: DOWN 0.4 percent at 3,373.49 Euro/dollar: UP at $1.1498 from $1.1488 on Tuesday Pound/dollar: UP at $1.3434 from $1.3425 Dollar/yen: DOWN at 145.15 yen from 145.27 yen Euro/pound: UP at 85.58 pence from 85.54 pence New York – Dow: DOWN 0.7 percent at 42,215.80 (close) London – FTSE 100: DOWN 0.5 percent at 8,834.03 (close)
