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The implementation of the Markets in Crypto Assets (MiCA) regulation in the EU aims to enhance oversight of crypto transactions but risks diminishing Europe's competitive edge in the global market. Tether's delisting from European exchanges due to non-compliance with new regulations may limit liquidity and trading options, pushing investors towards the Euro. As the U.S. prepares for a pro-crypto administration, Europe faces challenges in maintaining its appeal as a crypto hub, with venture capital investments expected to decline significantly in 2024.
Google is set to enforce stricter requirements for UK crypto advertisers, mandating FCA registration for crypto exchanges and software wallet providers starting January 2025. However, hardware wallets can advertise without registration if they only store private keys. This policy update, effective January 15, applies globally and follows a history of evolving regulations in the crypto advertising space. In late 2023, Google also announced that ads for “Cryptocurrency Coin Trusts” will be permitted starting January 29, coinciding with the SEC's approval of spot Bitcoin ETFs for trading.
Investors who put €10,000 into Raiffeisen shares a decade ago would now hold 841.751 shares, valued at €16,489.90, reflecting a 64.90% increase from the initial investment. The share price was €11.88 ten years ago and is currently €19.59, with Raiffeisen's market capitalization reaching €6.43 billion.
UBS analysts predict the dollar will weaken less than previously expected in 2025, following its recent strength against rivals and a hawkish stance from the Federal Reserve. While the euro may trade around $1.05 against the dollar in the first half of 2025, risks of a drop toward parity remain due to tariff threats and macroeconomic divergence. However, improvements in Europe's economic backdrop are anticipated in the second half of the year, potentially supporting a recovery in the EUR/USD exchange rate.
UBS analysts predict the dollar will weaken less than previously expected in 2025, following its recent strength against rivals and a hawkish stance from the Federal Reserve. While the euro may trade around $1.05 against the dollar in the first half of 2025, risks of a drop toward parity remain due to tariff threats and macroeconomic divergence, though improvements in Europe could support a rebound later in the year.
A parliamentary commission has criticized Credit Suisse executives for the bank's collapse, while also highlighting the Swiss financial regulator's ineffectiveness in preventing the crisis. The report, which spans 500 pages, attributes the downfall to management failures and calls for enhanced supervisory powers, including the ability to impose fines. Despite acknowledging shortcomings, it found no wrongdoing by Swiss authorities, who acted to avert a broader financial crisis.
The stock market faced significant losses as major indexes fell below key levels, influenced by a less-dovish Fed rate outlook and rising Treasury yields. FedEx surged on plans to spin off its Freight business, while Micron Technology and Vertex Pharmaceuticals plummeted due to disappointing guidance and drug study results, respectively. Despite a weak performance from Nike and other companies, a tame inflation report provided some relief on Friday.
UBS Group AG is considering job cuts in France due to a weakening economy and the ongoing integration of Credit Suisse. The bank's spokesman noted that the restructuring is linked to a less favorable market environment and follows a drop in French business confidence, with the economy expected to grow only 0.2% per quarter in early 2024. The plan is currently being presented to the works council, with support measures for affected staff to be developed in collaboration with employee representatives.
UBS Group AG is considering job cuts in France due to a weak economic outlook and the integration of Credit Suisse. The restructuring plan is being presented to the works council, with measures for affected staff to be developed in collaboration with employee representatives. France's economic growth is projected at only 0.2% per quarter in the first half of next year, amid political uncertainty and a recent credit rating downgrade by Moody's.
France’s financial regulator, the Autorité des Marchés Financiers (AMF), has authorized BPCE’s subsidiary Hexarq to provide cryptocurrency services, allowing it to operate as a crypto asset service provider (CASP). Hexarq will offer services such as custody, buying, selling, and trading cryptocurrencies, integrating these into BPCE’s banking networks, Banque Populaire and Caisse d’Épargne, by 2025. This approval positions BPCE as a key player in France's regulated crypto market, which currently has only four approved CASPs, reflecting the stringent regulatory environment.
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