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An Italian assistant to MEP Fulvio Martusciello faces extradition to Belgium over Huawei-linked corruption charges, including money laundering and criminal association. Luciana Simeone is accused of distributing funds for MEPs to sign letters supporting 5G deployment, avoiding direct mention of Huawei. The investigation implicates several MEPs and intermediaries in a cash-for-influence scheme, with payments allegedly funneled through fake invoices.
Slaughter cattle prices in the EU continued to rise, with young bulls averaging €631.20/100 kg BW, a 0.7% increase. Notable price hikes were seen in Belgium (27% premium), Ireland (2.5%), and Spain (1.3%). Slaughter cows also saw a boost, averaging €532.84/100 kg BW, up 1.7%, with Austria and Belgium leading the increases.
AXA, Europe's leading insurance group, reports a sales breakdown of 62.7% from property-casualty insurance, which includes motor, home, and liability coverage, alongside assistance services. Life insurance accounts for 35.9% of sales, offering savings and health policies, while other activities, primarily banking, contribute 1.4%.
KBC Group has announced the availability of its 2024 annual report and the agenda for the Annual General Meeting scheduled for 30 April 2025. Shareholders can access these documents on the KBC website, along with additional information regarding the meeting. The annual report for KBC Bank, a subsidiary of KBC Group, is also accessible online.
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
KBC Group NV (OTCMKTS:KBCSY) saw a significant increase in short interest, rising 87.5% to 33,000 shares by March 15. Analysts have upgraded the stock, with Barclays moving it to a "strong-buy" rating, while Morgan Stanley maintains an "overweight" rating. The stock recently traded down 2.7% at $46.03, with a market cap of $38.44 billion and a P/E ratio of 10.23.
Anheuser-Busch InBev SA/NV reported Q1 earnings of $0.88 per share, surpassing estimates of $0.75, with revenues of $14.84 billion. Analysts expect a yearly EPS of 3.37, while the stock has a current average rating of "Buy" and a price target of $66.00. The company has a market cap of $111.45 billion and a debt-to-equity ratio of 0.85.
Amidst a complex geopolitical landscape, the EU is grappling with its relationship with China, particularly in the electric vehicle sector, where an anti-subsidy investigation has been launched against Chinese automakers. The Huawei corruption scandal has further strained ties, leading to increased scrutiny and calls for bans on its devices in EU institutions. Despite these tensions, China remains a significant trading partner for the EU, with a trade surplus that raises concerns about dependency and influence.
Belgian authorities have accused Huawei executives of approving bribes to EU lawmakers in 2021, involving €15,000 to an MEP and €1,500 to co-signers of a letter supporting Huawei. Four individuals have been arrested for corruption, while a fifth faces money laundering charges. The case raises concerns about EU corruption and Huawei's influence, as some member states restrict its equipment in critical infrastructure.
Huawei is set to report 2024 earnings of $118 billion, marking its highest revenue since 2020, driven by increased smartphone and AI server sales. Despite ongoing Western sanctions and efforts to remove its technology from communication networks, the company has successfully tapped into alternative markets, particularly in China. Meanwhile, an EU corruption scandal involving lobbying efforts to ease restrictions on Huawei's access to 5G networks is under investigation.
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huawei scandal implicates meps in alleged cash for influence scheme
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Valdis Dombrovskis
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