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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.
Alvaro del Castano has been appointed co-head of Goldman Sachs Group Inc.'s business in Iberia, overseeing operations in Spain and Portugal. This promotion may signal the end of his role as a political op-ed writer critical of the current Spanish government. Del Castano has been with Goldman Sachs since 1993 and also leads private wealth management for the region.
Novo Banco has appointed Carmen Goncalves, a former director at Lloyds Banking Group, as chief risk officer following the dismissal of her predecessor for alleged misconduct. Goncalves, who has extensive experience in enterprise risk management, was previously head of Global Risk Management at Novo Banco since December. The bank is preparing for a significant IPO, with CEO Mark Bourke re-elected until 2028.
UBS has added Euronext NV to its "30 for 30" global equity focus list, citing its potential to benefit from increased European trading volumes and volatility. The investment bank highlights Euronext's strong financial performance, with a 15.1% rise in adjusted EBITDA in 3Q24, and its strategic initiatives aimed at achieving over 5% revenue and EBITDA growth through 2027. Bank Mandiri was removed from the list due to ongoing margin pressures in Indonesia.
UBS has added Euronext NV to its "30 for 30" global stock list, replacing Bank Mandiri, citing Euronext's potential to benefit from a recovery in European trading volumes and its strong financial performance, with a 15.1% increase in adjusted EBITDA in Q3 2024. The investment bank highlights Euronext's attractive valuation and growth initiatives, while noting risks related to market volatility and regulation. Other companies on the list include Microsoft, Alibaba, Meta Platforms, and Goldman Sachs, reflecting a focus on technology disruptors in rapidly transforming sectors.
London ranks last among major European cities for 5G service quality, attributed to limited spectrum availability, insufficient investment, and the impact of the Huawei ban. The UK's piecemeal spectrum auction process and reliance on outdated infrastructure have hindered the rollout, leading to a lack of perceived value in 5G. Experts emphasize the need for early spectrum allocation and strategic planning for future 6G development to avoid repeating past mistakes.
UBS has downgraded Air France-KLM to "Neutral" from "Buy," lowering the price target to €11.45 due to challenges including €160 million in expenses from the Paris Olympics and operational issues at KLM. Despite a strong fourth quarter limiting the full-year operating profit decline to €0.1 billion, the airline's current valuation reflects these difficulties. Additionally, Air France-KLM has proposed a €300 million takeover of Air Europa, assuming its €475 million debt, while also expressing interest in TAP Portugal, contingent on favorable terms.
A corruption investigation has revealed that Huawei's lobbyists allegedly funneled tens of thousands of euros to members of the European Parliament in exchange for political support. Key suspect Valerio Ottati is accused of orchestrating the scheme, which involved bribing up to 15 MEPs to sign a letter against excluding Huawei from 5G networks. Following police raids, Huawei representatives are now barred from the European Parliament, and its membership in the industry group Digital Europe has been suspended.
Morgan Stanley Investment Management has announced a portfolio management change for the Morgan Stanley China A Share Fund, Inc. In other news, Indian equities continued to rise, driven by gains in banks and energy stocks, while Citigroup adjusted its price target on Morgan Stanley to $125, maintaining a neutral rating. Additionally, Morgan Stanley raised its GDP growth forecast for China in 2025.
Aleksei Andriunin, CEO of the cryptocurrency market-making firm Gotbit, pleaded guilty to market manipulation and wire fraud in a Boston federal court. The 26-year-old Russian national was extradited from Portugal after being arrested in October 2024. Prosecutors revealed that Gotbit engaged in "wash trading" from 2018 to 2024, inflating token volumes and generating millions in sham trades. As part of the FBI's "Operation Token Mirrors," Andriunin faces a recommended sentence of up to two years in prison and will forfeit approximately $23 million in cryptocurrency, with sentencing scheduled for June 16.
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China EU relations face challenges amid economic pragmatism and political tensions
01:20 29.03.2025
goldman sachs promotes alvaro del castano amid political op ed controversy
15:54 28.03.2025
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13:46 24.03.2025
gotbit ceo pleads guilty to market manipulation and wire fraud
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