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ORO Labs has raised $1.5 million in a pre-seed funding round led by 468 Capital, aiming to innovate gold trading through a tokenized protocol on Solana. The startup plans to transform gold into a liquid, income-generating asset, allowing users to earn yield and trade gold-backed assets with instant settlements.Additionally, ORO Labs signed a Memorandum of Understanding at the Abu Dhabi Global Market, highlighting its expansion plans in the UAE, a major hub for gold trade with over $100 billion in annual transactions.
The Left Party has criticized the early extension of Bafin President Mark Branson's contract until 2029, which was approved by the German government just before a Swiss report on Credit Suisse's collapse was released. Janine Wissler, a Bundestag Finance Committee member, expressed concerns over the lack of objective reasoning for the swift decision made shortly after the new finance minister took office.
Commerzbank reported a 20% increase in annual profit, reaching 2.68 billion euros, and announced a new share buyback of 400 million euros while raising its dividend payout to 0.65 euros per share. The results come amid speculation of a potential takeover by UniCredit, which has increased its stake in Commerzbank to 9.5%. CEO Bettina Orlopp emphasized the bank's commitment to enhancing capital returns through profitability and growth initiatives.
Germany's Finance Minister Jörg Kukies criticized UniCredit's aggressive bid for Commerzbank, emphasizing that hostile takeovers in systemic banks are typically unsuccessful. Despite UniCredit's significant stake and ambitions for consolidation, the German government remains cautious, with concerns over job losses and market stability.
Unicredit's investment in Commerzbank sparked significant political reactions in Germany, with the government expressing surprise over the move. A letter from the Federal Ministry of Finance revealed numerous contacts between government officials and Unicredit representatives prior to the stake purchase, including discussions about the bank's existing shares. Despite the lively exchanges, Chancellor Olaf Scholz and Finance Minister Christian Lindner were not involved in these communications, raising questions about the government's decision to sell the entire stake to Unicredit rather than multiple investors.
Jörg Kukies
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