Inflation in Germany has continued its downward trajectory, defying economists' expectations and presenting challenges to the European Central Bank's (ECB) inflation objectives. The latest data from the federal statistics office reveals that Germany's harmonized consumer prices increased by 6.5% annually in July, following a 6.8% increase in June. While this decrease is a positive...
Mercedes-Benz has increased its operating profit forecast for the year, with the automaker expecting its earnings before interest and taxes (EBIT) in 2023 to match that of the previous year, reaching an impressive €20.5 billion. The decision to raise the operating profit forecast comes in the wake of a robust second-quarter performance, where Mercedes-Benz surpassed...
In a mixed financial report, Ryanair has announced a reduction in its forecast for passenger growth due to ongoing Boeing delivery delays. Despite quarterly profits exceeding pre-pandemic levels, the airline is approaching the upcoming months with caution. During the months of May and June, Ryanair experienced a surge in passenger numbers, reaching a record high....
Deutsche Bank and its U.S. affiliates find themselves facing a significant fine of $186 million imposed by the Federal Reserve. The penalty stems from the bank's failure to address critical issues related to money laundering controls, as well as other concerns that had been previously identified by the central bank. Deutsche Bank's regulatory struggles have...
In a bold move to expand its presence in the Swiss banking sector, the Saudi National Bank recently attempted to increase its stake in Credit Suisse from 9.88% to a substantial 40%. However, the Swiss financial watchdog, FINMA, stepped in to prohibit the increase without disclosing the underlying reasons behind the decision. The attempted acquisition...
In a bold move to expand treatment options for arthritis patients and shake up the pharmaceutical landscape, Swiss company Sandoz has launched its biosimilar variant of the widely used arthritis treatment, Humira, by AbbVie Inc., into the US market. Named Hyrimoz, Sandoz's biosimilar drug is making waves with its competitive pricing strategy. Priced at 5%...
In a recent paper authored by a Federal Reserve economist, it has been proposed that both the Federal Reserve and the European Central Bank (ECB) consider scaling back a significant portion of the money they have injected into institutions over the past decade. The move is seen as a response to the current high...
UBS, under the leadership of CEO Sergio Ermotti, has successfully acquired its erstwhile rival, Credit Suisse. With the deal now officially closed, Ermotti seeks to reassure Switzerland about the new status of the bank and the bright prospects it holds for the future. With an optimistic outlook that extends beyond UBS's own fortunes, Ermotti underscores...
Santander, one of the world's largest banking groups, has announced the appointment of Pedro Castro e Almeida as the new regional director for Europe. Castro e Almeida will be taking over the position from Antonio Simoes, who has taken the position of CEO at Legal and General Group. This move comes as Santander shifts...
European stocks closed 0.2% lower on Friday, wrapping up a week of losses totaling 0.5%. Investors exhibited caution as they awaited updates from both the U.S. Federal Reserve and the European Central Bank (ECB), which are expected to provide crucial insights into future monetary policy decisions. One key concern that weighed on investor sentiment was...
