A Swiss appeal court has acquitted UBS in a historical money laundering case linked to Credit Suisse, overturning a 2022 conviction. The court determined that the death of a former employee, who had been convicted on related charges, made an appeal impossible.
18:59 28.11.2024
Apollo Global Management Inc. identifies a $50 trillion investment opportunity in the energy transition, signaling an impending "industrial renaissance." Leslie Mapondera, co-head of European credit, highlighted that Europe alone is expected to allocate approximately $1.8 trillion from 2025 to 2030.
The district of Oldenburg is grappling with significant financial difficulties, as expenditures far exceed income. To manage investments, the district is resorting to loans, highlighting a tense fiscal situation that raises concerns about sustainability.
Lebanon's foreign minister, Abdallah Bou Habib, stated that the government had no role in the decision to engage in war with Israel, emphasizing support for Hezbollah while opposing the conflict. He affirmed commitment to a U.S.-France brokered cease-fire and the implementation of UN resolution 1701, which aims to ensure Israeli withdrawal and control by the Lebanese Armed Forces. The ongoing conflict has severely impacted Lebanon's economy, with damages estimated at $8.5 billion, and the government is seeking foreign funding for reconstruction amidst significant challenges.
California has achieved a significant milestone with over 2 million electric vehicle (EV) sales, representing 26.4% of the state's new auto market. In the third quarter, EV sales accounted for 39% of the total U.S. EV sales, highlighting California's leadership in the sector despite a slight decline in overall vehicle sales. The state's robust charging infrastructure, bolstered by federal funding, is crucial for continued growth in EV adoption.
Zee Entertainment shareholders voted against the reappointment of Punit Goenka as a Director during the annual general meeting, with the proposal failing by a narrow margin of 50.4% to 49.5%. The company stated that the resolution did not achieve the required majority as per the Companies Act, 2013, and SEBI regulations. Analysts had previously indicated that institutional shareholders would be pivotal in determining Goenka's future at the company.
A surge in M&A activity has emerged in the UK, countering fears of a slowdown under the new Labour government. Aviva Plc has launched a £3.3 billion bid for Direct Line Insurance Group Plc, while Macquarie Asset Management is set to acquire Renewi Plc for approximately £701 million, as reported by Bloomberg News.
The Nifty 50 index has broken below the 24,000 mark, registering a 1.5% loss during the monthly F&O expiry on November 28. This decline follows a three-day consolidation and is marked by a long red candle on daily charts, indicating potential weakness. Key levels to watch include 23,600 for support and 24,100–24,200 for resistance.
The German government is set to invest approximately €2 billion in its semiconductor industry, following Intel's decision to halt plans for a €30 billion chip factory in Magdeburg. The funding aims to support chip companies in developing advanced production capacities that surpass current technologies, according to a spokesperson from the economic ministry.
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