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BYD is considering establishing its third European car assembly plant in Germany to enhance brand awareness, despite concerns over high labor and energy costs. Currently, the company is building two NEV plants in Hungary and Turkey, with production set to start in October 2024 and March 2026, respectively. The final decision on the new plant will depend on sales performance in Europe and the capacity utilization of existing facilities.
Banco Santander, CaixaBank, and BBVA are collaborating to create a unified instant payment system in Europe, inspired by Spain's Bizum. This initiative aims to integrate various national payment systems, enhancing security and facilitating seamless transactions across borders. Users may soon benefit from this innovative solution, which promises to simplify both peer-to-peer and commercial payments.
Phoenix Venture Partners has closed its $50 million Innovation Fund to bolster the MENA startup ecosystem, focusing on high-growth sectors like fintech, healthtech, edtech, and sustainability. The fund, backed by global investors, aims to drive innovation and entrepreneurship in the region, aligning with economic transformation goals. With this capital, PVPIF is set to accelerate investments and strengthen the venture capital landscape in MENA, supported by government initiatives promoting technology-driven economic diversification.
Phoenix Venture Partners has closed its $50 million Innovation Fund to bolster the MENA startup ecosystem, focusing on high-growth sectors like fintech, healthtech, edtech, and sustainability. The fund, backed by global investors, aims to drive innovation and entrepreneurship in the region, aligning with economic transformation goals. With this capital, PVPIF is set to accelerate investments and strengthen the venture capital landscape in MENA, supported by government initiatives promoting technology-driven economic diversification.
Sergio Ermotti is navigating the complex integration of UBS and Credit Suisse, with significant milestones achieved in 2024, including a $5 billion profit and a 30% dividend increase for shareholders. The combined bank has cut costs by $7.5 billion, reaching 60% of its $13 billion savings target by 2026. However, major job cuts are anticipated as the integration progresses, particularly with the migration of one million client accounts in Switzerland set to begin in 2025.
VP Bank is implementing drastic cost-cutting measures, including layoffs and the cancellation of executive bonuses, following a 58% drop in group profit for 2024. The bank aims to enhance revenue in 2025 by focusing on its core regions and launching growth initiatives, while also addressing the cleanup of customer relationships linked to Russia. Two new board members, Stephan Ochsner and Barbara Ofner, will be proposed at the upcoming General Meeting.
Phoenix Venture Partners has completed the second closing of its $50 million Innovation Fund, aimed at supporting early-stage startups in the MENA region. The fund will focus on high-growth sectors such as fintech, healthtech, edtech, and sustainability, reflecting strong investor confidence and alignment with regional economic initiatives. This milestone positions PVP to drive innovation and economic growth in the fast-evolving startup ecosystem.
On February 28, 2025, JPMorgan Chase Bank and its affiliates submitted a notification regarding Supplement - C-031121 to the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The document was received and published by the organization, with the last update noted on March 1, 2025.
A&O Shearman has advised UniCredit S.p.A. on a EUR1 billion Additional Tier 1 bond aimed at institutional investors. The perpetual notes feature a fixed annual coupon of 5.625% until June 3, 2033, after which the coupon will reset every five years based on the 5-year Mid-Swap rate plus a margin of 3.299%. The bond is part of UniCredit's EUR60 billion Euro Medium Term Notes program and is listed on the Luxembourg Stock Exchange.
Elon Musk has been ranked the world's richest person with a net worth of $419.4 billion, according to a new report. He significantly outpaces other billionaires, including Jeff Bezos at $263.8 billion and Bernard Arnault at $238.9 billion. The report highlights the wealth of 24 individuals, each with substantial real estate holdings.
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byd considers third european plant in germany amid tariff challenges
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10:46 17.03.2025
European banks unite for a revolutionary instant payment system
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Phoenix Venture Partners launches 50 million dollar fund to boost MENA startups
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vp bank outlines recovery plan after significant profit decline in 2024
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phoenix venture partners secures fifty million dollars to boost mena startups
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16:47 27.02.2025
Elon Musk tops list of world's richest with 419.4 billion dollars
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