BlackRock, Vanguard, and State Street have been sued by Texas and 10 other states for allegedly violating antitrust laws by manipulating electricity prices. The lawsuit claims these firms used their market power and climate group affiliations to pressure coal producers to reduce output, leading to higher power bills for residents.
At COP29 in Baku, countries made progress on carbon market rules under the Paris Agreement, particularly Article 6, but concerns remain over the quality of credits and transparency in emissions trading. The global goal on adaptation faced delays due to financial disagreements and a lack of consensus on implementation indicators. Meanwhile, the Lima Work Programme was renewed for another decade, focusing on gender-responsive climate policies despite pushback on human rights language from some nations.
Altice International has revised its earnings forecast downward, anticipating EBITDA of approximately €1.6 billion ($1.7 billion) for the 2024 financial year. This marks a decline from the previous estimate of €1.86 billion, reflecting ongoing challenges within the telecommunications sector.
Deutsche Bank AG has successfully sold nearly $1 billion in loans associated with US commercial real estate, effectively reducing its exposure to this challenging asset class. A spokesperson confirmed the completion of the sale, although specific details were not disclosed.
Lantheus Holdings (LNTH) experienced significant volatility following mixed quarterly figures and the impact of the recent US elections, leading to a sharp decline in share price. Analysts suggest a bearish outlook, recommending short selling if the price falls below recent lows, with a potential risk/reward ratio of 10:1. The market remains uncertain about the underlying causes of the drop, but current chart patterns indicate more favorable opportunities for short positions.
UBS has been acquitted by the Federal Criminal Court in a case involving allegations of facilitating money laundering for the Bulgarian mafia, a case inherited from Credit Suisse. This ruling eliminates potential fines and compensation claims totaling around CHF 40 million. In contrast, Credit Suisse was previously found guilty and fined CHF 2 million in 2022 for its role in the matter.
14:37 27.11.2024
The US economy grew at a robust annualized rate of 2.8% in the third quarter, driven by a significant increase in consumer spending, which rose by 3.5%, marking the highest growth this year. Steady business investment also contributed to this broad-based economic expansion.
UBS has been acquitted in the Bulgaria case, previously associated with Credit Suisse, after the Appeals Chamber of the Federal Criminal Court overturned the initial guilty verdict. The case involved a former CS employee's ties to the Bulgarian mafia and money laundering, leading to a CHF 2 million fine and asset confiscation. The ruling is not yet legally binding, and the Office of the Attorney General of Switzerland is considering further action.
14:34 27.11.2024
The National Council of ENPAF has approved the 2025 budget, highlighting a significant increase in spending on pensions, assistance, and integrated welfare, with expenditures rising to over 203 million euros for pensions and 7.6 million euros for integrated welfare. The institution's financial sustainability remains strong, with a robust pension balance of 93 million euros, ensuring continued support for members and their families. President Emilio Croce emphasized the commitment to welfare and the long-term viability of ENPAF's social security benefits.
In a lively session of Prime Minister's Questions, Kemi Badenoch challenged Keir Starmer on Labour's budget and tax policies, citing a significant petition for a new general election. Starmer countered by highlighting the Conservatives' lack of a coherent plan and reminded Badenoch of the previous government's EV mandates amid job losses in the auto industry. Ultimately, Starmer edged the debate, scoring 8/10 to Badenoch's 7/10, as he framed the Tories as out of touch while Labour focuses on governance.
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