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Economy Minister Giancarlo Giorgetti emphasizes that the Structural Budget Plan prioritizes the sustainability of pensions and health care, while also enhancing family policies to support birth rates. Despite challenges like high public debt and international conflicts, Italy's economic outlook is improving, with a focus on prudent fiscal policies to manage debt and interest burdens effectively.
Glarner Kantonalbank (GLKB) recently awarded the Glarus Sustainability Award 2024 to Mugg Circus, highlighting its commitment to regional sustainability. On the same day, the bank's share price increased by 0.68% to EUR 22.30, reflecting positive investor sentiment. Additionally, GLKB's investment in photovoltaic systems and an attractive dividend yield of 5.09% make it an appealing option for investors.
Berner Kantonalbank (BEKN) demonstrates stability amid market volatility, maintaining a share price of EUR 244.50 and a market capitalization of EUR 2.3 billion. The bank offers an attractive dividend yield of 4.13%, reflecting confidence in its future business prospects, making it a viable option for investors seeking stability and regular income.
UniCredit's CEO Andrea Orcel is pursuing a cross-border merger with Commerzbank, aiming to create a major European banking entity. Despite securing a 21% stake, he faces significant political resistance from German leaders and employees, which could hinder the merger's progress. If successful, this move could reshape the European banking landscape and inspire further consolidation efforts.
EGYM has secured 180 million euros in a Series G funding round, achieving unicorn status with a valuation exceeding one billion euros. VoltStorage appoints Volker Schulte as CEO to lead its growth, while Enginsight raises 6 million euros to enhance cybersecurity for SMEs. Additionally, CARBIOS and Selenis form a partnership to produce sustainable PETG, and BIOVOX wins the prestigious Frankfurter Sprungfeder 2024 award for its innovative bioplastic technology.
UBS has revised its forecast for the Franco-German spread, now expecting it to reach 90 basis points in October, up from an earlier estimate of 70-80. The bank cites political and fiscal uncertainties as factors preventing OAT spreads from returning to previous lows, despite the resilience of French bonds due to disinflation and a strong institutional investor base. Clients in Paris express mixed views on the outlook for OATs, with a general consensus on the risk of further spread widening.
Martin Gilbert, Chairman of Revolut and founder of Abrdn, is reportedly interested in acquiring Banque Havilland's Monaco subsidiary after Andbank withdrew from a potential purchase. A consortium of private individuals has agreed to take over, pending regulatory approval, while Revolut may be eyeing Havilland's banking license. Meanwhile, the Liechtenstein subsidiary is facing liquidation, with EFG International emerging as a likely buyer.
Major brokerages, including Goldman Sachs and JPMorgan, anticipate a quarter-point rate cut from the European Central Bank at its Oct. 17 meeting, driven by recent economic data indicating weakness and slowing inflation. Market expectations now reflect a 90% chance of this cut, following reductions in June and September. Euro zone inflation fell below 2% for the first time since mid-2021, while business activity contracted sharply in September, prompting policymakers to prioritize growth over price pressures.
The Irish Data Protection Commission has fined Meta Ireland €91 million (approximately $102 million) for multiple GDPR violations due to the improper storage of user passwords in plaintext. In 2019, Meta disclosed that millions of passwords were stored unencrypted, prompting regulatory action. The fine addresses breaches of Articles 5, 32, and 33 of the GDPR.
The Swiss National Bank has implemented its third consecutive interest rate cut, driven by the strong appreciation of the Swiss franc and a notable decline in inflationary pressure. With inflation forecasts for 2025 revised down to a concerning 0.5 percent, the cut aims to alleviate pressure on the Swiss export industry and widen the interest rate differential with the eurozone and the US.

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