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German lawyer Eckart Seith, a whistleblower in the cum-ex scandal, is on trial in Zurich for economic espionage and violations of the Banking Act. He is accused of obtaining and sharing internal documents from Bank J. Safra Sarasin with German investigators, amid tensions between Germany's tax evasion efforts and Swiss banking secrecy. Seith's case highlights the fallout from the controversial cum-ex transactions, which led to significant tax losses across Europe and were banned in both Germany and Switzerland.
VP Bank demonstrated stable performance in late 2024, with a share price of EUR 82.75, reflecting a monthly increase of 1.22%. The bank, with a market capitalization of EUR 497.7 million and a P/E ratio of 13.96, is focusing on expanding its presence in Luxembourg and enhancing digital innovation. Recent analyses indicate a pressing need for action among shareholders regarding investment decisions.
The European Investment Bank is lending Sateliot €30 million to expand its low Earth orbit network with 16 additional nanosatellites by 2025. The Spanish startup has secured €45 million in a Series B funding round, aiming for a total of €70 million, and plans to deploy 250 satellites for global connectivity, targeting markets like agriculture and mining. Despite funding delays, Sateliot has signed agreements covering nine million devices across 50 countries, projecting over $250 million in annual recurring revenue.
Daniel Raemy, with extensive experience in private banking, partnered with Panattoni to establish the Newport Logistics Fund, focusing on high-quality logistics properties across Europe. Since its inception, the fund has successfully invested in eight projects, with Fund III launched in September 2024, targeting 300 million euros in equity for at least ten new logistics developments. Investors can expect a competitive yield of 15 percent net per year, benefiting from a robust market position and strategic partnerships.
Europe faces a critical decision regarding its steel industry, caught between the need for decarbonisation and the pressures of overcapacity and imports. The carbon border adjustment mechanism, while a step forward, requires significant strengthening to ensure fair competition and protect domestic production. Urgent action is needed to address imports and enhance the CBAM's effectiveness, as the future of European steelmaking hangs in the balance.
ING Bank in Luxembourg has seen a significant decline in its customer base, dropping from 124,000 to around 86,000 due to a strategic shift towards high net worth individuals and corporate clients. Many customers with basic banking needs have closed their accounts, with 18,000 transitioning to BGL BNP Paribas. The destinations of the remaining customers remain unclear, as other local banks have not disclosed their account transfers.
UBS has selected Clearstream to manage fund distribution support for its former Credit Suisse business, aiming to streamline operations and reduce costs. The partnership will leverage Clearstream’s Fund Centre platform, enhancing compliance and regulatory adherence while allowing UBS to focus on its core capabilities. Philippe Seyll, CEO of Clearstream Fund Centre, expressed enthusiasm for the collaboration, which positions UBS for growth in the evolving market.
ArcelorMittal has received a reaffirmed Buy rating from UBS, maintaining a price target of €26.5, following updates on its decarbonization projects in Europe. The company is awaiting clarity on European environmental policies before finalizing investment decisions, emphasizing the need for full visibility to ensure competitiveness amid rising production costs.
UBS has reaffirmed its Buy rating on ArcelorMittal, maintaining a price target of €26.5, following the company's update on its decarbonization projects in Europe. The firm notes that Mittal is awaiting clarity on European environmental policies before finalizing investment decisions, which is crucial for maintaining competitiveness amid rising production costs.
UBS has reaffirmed its Buy rating on ArcelorMittal, maintaining a target price of €26.5, following the company's update on decarbonization projects in Europe. The group is awaiting clarity on European environmental policies before finalizing investment decisions, emphasizing the need for full visibility to ensure competitiveness amid rising production costs.
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