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Banco Santander is set to close 95 branches in the UK, impacting up to 650 employees, as part of a restructuring plan aimed at adapting to changing customer needs amid increasing digitalization. The bank will maintain 290 full-service branches and implement new service strategies, ensuring 93% of the population retains access to banking services. Despite rumors of a potential sale, Ana Botín emphasized the UK market's importance and the subsidiary's profitability, while growth is expected to be driven primarily by operations in the Americas.
HSBC chair Sir Mark Tucker stated that "globalisation as we knew it may have now run its course," citing trade and geopolitical tensions that could reshape economic ties among regional groups and trade blocs. He emphasized that while the world won't regress into de-globalisation, new opportunities will arise, particularly among the expanding Brics group, which now includes additional countries like Iran and the UAE. Tucker noted that economic connectivity between Asia and the Middle East is expected to increase significantly in the coming years.
DLocal has partnered with ecommerce platform Temu to enhance payment options in 14 emerging markets across Africa, Asia, and Latin America. This collaboration addresses challenges posed by limited payment options and high unbanked populations, aiming to reduce cart abandonment rates that can exceed 70% in these regions.
US fintech company Tala has secured a $150 million debt facility from Neuberger Berman to enhance its operations in Mexico, where it serves over 3 million clients. The initial financing of $75 million can be increased to $150 million, aimed at expanding services for small-business owners. Tala has issued more than $500 million in loans in Mexico in 2024, with plans for potential regional expansions in the future.
Brazil and South Africa are facing persistent inflation, while India and Indonesia may maintain lower rates. The OECD forecasts Saudi Arabia's GDP growth to rise to 3.8% in 2025, with stable inflation at 1.9%. Global growth is projected to slow due to trade tensions and policy uncertainty, with advanced economies particularly affected.
Banco Santander's CEO, Hector Blas Grisi Checa, has been awarded ordinary shares as part of the Digital Transformation Award for 2019. The shares, granted free of charge, will be delivered on March 14, 2025, at an opening price of MXN 130.94, highlighting the company's commitment to digital innovation.
UBS anticipates that US tariffs will have a limited impact on the global economy, primarily causing temporary volatility. In its base case, it expects positive performance across equities, bonds, commodities, and gold, while cautioning that prolonged tariffs on Canada and Mexico could lead to recession in those countries. The bank assigns a 35% probability to a downside scenario with aggressive tariffs, which would negatively affect risky assets, and a 15% chance for an upside scenario that could boost equities.
Elon Musk's net worth has dropped by approximately $110.8 billion, following a significant decline in Tesla's stock price, which closed at $272.04 after Donald Trump's announcement of new tariffs on goods from Canada, Mexico, and China. This marked a loss of $1.5 billion in just one day, with Tesla's stock hitting its lowest point since Trump's election. Despite the setback, Musk remains connected to Trump and may find new opportunities, such as potential deals involving Starlink.
US stocks declined amid new tariffs on Mexico, Canada, and China, raising inflation risks and complicating the Federal Reserve's monetary easing path. While volatility is expected, resilient earnings and AI-driven growth may support equity gains, with the S&P 500 projected to reach 6,600 by year-end. Concerns over tech supply chains and retaliatory tariffs from Canada and China add to market uncertainty.
The euro is gaining traction, trading above 1.07 dollars, following a significant financial package agreement between CDU/CSU and SPD. Investors are optimistic about economic stimulus in the eurozone, while concerns over U.S. tariffs and inflation weigh on the dollar. The ECB's upcoming meeting and U.S. labor market report are key events to watch.
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Banco Santander to close 95 UK branches affecting 650 employees
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15:57 25.03.2025
globalisation may be ending as trade tensions reshape economic ties
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07:17 25.03.2025
dLocal and Temu enhance payment solutions in emerging markets across continents
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Tala secures 150 million dollar debt facility to expand in Mexico
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global economic outlook highlights inflation trends and growth projections for 2025
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Banco Santander CEO awarded shares for digital transformation leadership
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euro gains momentum as financial package boosts eurozone economic outlook
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15:58 05.03.2025
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