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Raiffeisen Bank's Russian unit has facilitated transactions for firms supplying materials to Russia's military, generating significant profits despite sanctions. Documents reveal that Unichim, a chemical company, provided acids for military systems, while Raiffeisen processed payments linked to sanctioned entities. The bank faces pressure to exit Russia amid regulatory scrutiny, yet it remains entangled in the war economy, accumulating stranded capital.
[Bloomberg]
Raiffeisen Bank International AG has profited from Russian firms supplying the military, with its Russian unit earning over 62 million rubles ($620,000) in fees from a chemical company last year. This company provided materials to a sanctioned entity involved in military system production.
Concerns are rising as Halifax, Lloyds, and Bank of Scotland customers face overdraft warnings amid economic pressures. Meanwhile, banks are increasing savings rates, with some offering rates above the Bank of England's interest, while Santander alerts customers with £1,500 in their accounts. Additionally, Barclays plans to cut rates on savings accounts, and water bills in England and Wales are set to rise significantly.
Russia has imposed a one-month ban on the import and transit of animal products from the EU due to an outbreak of foot-and-mouth disease in Germany. This ban affects products already under a longstanding food embargo, although certain items with veterinary certificates, including breeding animals, may still be imported. Meanwhile, the Dutch Agriculture Minister has lifted a sector-wide ban on transporting veal calves after inspections cleared most animals imported from Brandenburg.
The Swiss stock market is set for gains as Wall Street experiences a record chase fueled by Trump’s business-friendly rhetoric and strong corporate balance sheets. Oil prices fell following Trump's call for OPEC to lower prices, while GE Aerospace surged 6.5% on robust demand forecasts. In contrast, Electronic Arts shares plummeted 17% due to a lowered financial outlook.
Honor CEO Zhao Ming has resigned due to health issues, with former Huawei executive Li Jian appointed as his successor. Under Zhao's leadership, Honor became a leading mobile phone brand in China and Russia, despite challenges following US sanctions on Huawei. Li Jian's extensive experience in strategic management is expected to guide Honor's future growth.
Rostin Behnam, chair of the CFTC, will resign on January 20 after advocating for stronger crypto regulations during his tenure, which included a $4.3 billion settlement with Binance. In Russia, authorities are seizing $10 million in Bitcoin from a former official convicted of bribery, while the IMF urges Kenya to update its crypto laws to enhance consumer protection and address financial crime risks. Additionally, New York Attorney General Letitia James has filed a lawsuit to recover over $2 million in stolen cryptocurrencies from a job scam that misled victims into investing under false pretenses.
The Sensex plummeted by over 1,000 points, closing at 76,330, driven by unfavorable global cues, significant FII sell-offs, and a historic low for the rupee against the dollar. Rising Brent crude prices and concerns over inflation further dampened market sentiment ahead of the upcoming Union Budget 2025.
Asian stocks declined on Monday, following a drop in U.S. markets amid inflation concerns spurred by positive job market news. With Japan's markets closed for a holiday, U.S. futures fell, while oil prices surged over $1 a barrel after the Biden administration imposed significant new sanctions on Russia's energy sector due to its ongoing war in Ukraine.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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