Business

Reviving securitisation, the controversial banking mechanism linked to the 2008 financial crisis, will put taxpayers at risk without boosting lending, Finance Watch said. ADVERTISEMENT The EU’s hopes of boosting finance via the controversial practice of securitisation could prove futile, according to a report published on Tuesday by think tank Finance Watch.  Banks have argued they should once again be allowed to …

Banco Santander’s revenue increases, as the bank’s retail, wealth, consumer and payments branches all record strong growth. ADVERTISEMENT Banco Santander revealed its third quarter 2024 earnings on Tuesday, recording a revenue of €15.13bn, which was an increase of 2% from the same period last year. This was mainly due to its retail branch reporting strong performance.  Net operating income came up …

Germany’s consumer confidence inched upwards in October, marking its most optimistic point since April 2022, though challenges continue to weigh on sentiment. ADVERTISEMENT German consumer confidence continued its gradual recovery in October, reaching its highest level since April 2022, according to the latest GfK Consumer Climate report published by GfK and the Nuremberg Institute for Market Decisions (NIM).  The Consumer …

HSBC reported strong third-quarter earnings, driven by robust performance in wealth and personal banking, as well as investment banking, alongside the announcement of an additional $3bn (€2.8bn) share buyback plan. ADVERTISEMENT Europe’s largest bank, HSBC, announced an additional $3bn (€2.8bn) share buyback plan as it reported strong third-quarter earnings on Tuesday. This brings the total return to shareholders to $9bn …

A number of business leaders including Elon Musk have pledged their support for Trump during the 2024 US elections. Others, such as Reid Hoffman, the co-founder of LinkedIn are supporting Kamala Harris. ADVERTISEMENT As the US election inches closer and the battle between presidential candidates Kamala Harris and Donald Trump heats up, big business has begun throwing their hats into …

A Trump victory could bring sweeping US tariffs, including a 10% levy on EU imports and a hefty 60% on Chinese goods. Analysts warn this protectionist stance could strengthen the dollar while pressuring the euro, pushing the ECB to consider lower rates to support negative effects on growth. ADVERTISEMENT As the US presidential elections approach on 5 November, global financial …

Further talks are planned between Volkswagen and trade union leaders on Wednesday. ADVERTISEMENT Volkswagen’s management wants to close at least three plants, cut tens of thousands of jobs, and also slash pay by 10% for remaining staff, according to a statement from staff representatives. The manufacturer is also seeking to downsize all remaining plants, added the document. This will, it …

“We very often confuse availability with reliability,” says Kazakhstan’s minister for industry. ADVERTISEMENT According to a study by the Brookings Institution, in 2023, China was producing about 60% of the world’s rare earth elements. During the Covid pandemic, we witnessed the problems with relying on one single territory for supply and as the green transition spurs on, the need for …

A majority of lawmakers supported the proposition from the far-left LFI party, despite warnings from the incumbent government. ADVERTISEMENT French lawmakers on Friday voted in favour of a new levy that would tax assets above the €1 billion threshold at 2%. It would apply to anyone who is a tax resident in France or who has assets in France. The …

The DAX index rose during the end of the week as improved German business sentiment and positive private sector data rescued investor confidence. The Ifo Business Climate Index increased for the first time in six months, offering a light at the end of the tunnel. ADVERTISEMENT The German DAX index edged 0.2% up on Friday, lifted by growing investor optimism …