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Bank of America’s European banking unit in Dublin reported a 4.2% decline in pretax profit to $1.76 billion in 2024, impacted by an impairment charge and rising staff costs. Net interest income increased by 13% to $1.23 billion, driven by higher customer deposits, while net fee and commission income rose to $468 million. The bank set aside $90 million for potential bad loan losses, reversing a previous year’s provision release, as it continues to navigate a challenging economic environment.
Evenflow, a marketplace aggregator founded by former Uber executives Utsav Agarwal and Pulkit Chhabra, has secured $5 million in its Series A funding round, bringing its total funding to nearly $14 million. The investment, led by Venture Catalysts and angel investors, will be used to expand operations and enhance profitability across its portfolio, which includes brands like Xtrim, Yogarise, and BabyPro.
The Middle East is evolving into a strategic hub connecting Africa, Asia, and Europe, driving innovation and growth. HP's vision for 2025 focuses on empowering people through technology, emphasizing sustainability with goals like achieving net-zero GHG emissions by 2040 and promoting diversity and inclusion within the corporate landscape. The region's commitment to digital transformation is evident, with significant investments in technology and skills development, particularly in Saudi Arabia and the UAE.
Visa has proposed a $100 million deal to become Apple’s new credit card network partner, as reported by the Wall Street Journal. This offer includes an upfront payment typical for major card programs, with American Express also vying for the role of issuer and network. Following the end of Apple’s partnership with Goldman Sachs and Mastercard in November 2023, other financial institutions like Barclays, Synchrony Financial, and JPMorgan Chase have expressed interest in taking over.
In recent elections, Democrats found success in Wisconsin, maintaining control of the Supreme Court with Susan Crawford's victory, despite significant financial backing for her opponent from Elon Musk. Meanwhile, Republicans secured two House seats in Florida, expanding their majority, but Democrats showed resilience with improved fundraising and voter turnout, hinting at potential momentum for the midterms. The focus on Musk as a political adversary marks a shift in Democratic strategy, as they aim to capitalize on his declining favorability ratings.
Francesca Prym, CEO of UBS Asset Management Europe, highlighted Luxembourg's strategic importance following the successful merger of Credit Suisse Fund Management and UBS Fund Management in October 2024. The integration has positioned UBS AM among the top three fund management companies in Luxembourg, optimizing operations and enhancing market presence. Prym emphasized the need for agility in response to evolving European regulations and the firm's commitment to diversity and inclusion within its workforce.
Islamic wealth management is rapidly evolving, driven by ethical investing and fintech, with the global Islamic finance industry projected to exceed $6.67 trillion by 2027. This sector is diversifying beyond traditional sukuk and equity markets into private equity and venture capital, appealing to a new generation of investors focused on sustainability and social equity. Despite challenges like regulatory fragmentation and varying Shariah interpretations, advancements in technology, particularly blockchain, are enhancing transparency and efficiency, positioning Islamic wealth management as a key player in responsible investing.
The European Union is preparing countermeasures against the US in response to President Trump's planned tariffs, potentially targeting major American tech firms like Google, Amazon, and X (formerly Twitter). Options include increased regulation, financial transaction taxes, and restrictions on public contracts, with the Digital Markets Act also in consideration. While the EU is ready to retaliate, it remains open to negotiations to resolve trade barriers and enhance cooperation.
Morgan Stanley's Mike Wilson forecasts increased tariffs on Chinese imports and specific products from the EU and Asia, viewing current measures as a precursor to further negotiations. He predicts the S&P 500 could peak at 5,900 under stable conditions, with potential for 6,100 if earnings improve, but could drop to 5,500 with disappointing news. White House trade adviser Peter Navarro estimates tariffs could yield $600 billion annually, though economists like Mark Zandi argue the realistic figure is closer to $100-$200 billion.
UBS Group AG is set to reduce its Italian workforce by 180 jobs. The company operates across four main sectors: wealth management (49.4% of revenues), investment banking (22.1%), retail and corporate banking (18.8%), and asset management (6.4%). As of the end of 2024, UBS reported USD 745.8 billion in current deposits and USD 580 billion in current loans.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
bank of america europe reports profit dip amid rising costs and provisions
07:01 02.04.2025
Evenflow secures 5 million dollars in series A funding round
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empowering women through technology and driving sustainable innovation at hp
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ubs asset management strengthens market position through credit suisse integration
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ubs plans to cut 180 jobs in italy amid workforce reduction
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