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President Trump expressed anger at Putin's comments regarding Ukraine's Zelenskyy, threatening secondary sanctions and tariffs on Russian oil if a peace deal isn't reached. Meanwhile, Russian drones targeted Kharkiv, killing two and wounding many, as Ukraine reported intensified attacks and preparations for a new offensive by Russian forces. Zelenskyy accused Russia of prolonging the war to gain more territory.
Giorgia Meloni, Italy's first female prime minister, has achieved surprising political stability, becoming the fifth-longest-serving leader in the Italian Republic's history. With her party polling near 30%, she aims to strengthen Italy's role in Europe and align closely with the Trump administration, despite facing challenges in foreign policy, particularly regarding Ukraine and NATO defense spending. Meloni's tenure reflects a shift in Italy's political landscape, as she navigates both populist alliances and her authoritarian tendencies.
Vladimir Putin's pressure on Western companies has intensified, particularly affecting the Austrian Raiffeisen Bank International (RBI), which is entangled in a legal dispute with Russia over its attempt to exit the market. A Russian court has issued a temporary injunction preventing RBI from selling its Russian subsidiary, complicating its withdrawal plans. Despite criticism for its ongoing operations in Russia, RBI has significantly reduced its business there, facing threats from the U.S. to limit its access to the American financial system.
Raiffeisen Bank International (RBI) faces significant challenges as it attempts to withdraw from the Russian market, hindered by a Russian court's injunction against selling its subsidiary. Despite pressure from the U.S. and the European Central Bank to reduce its Russian operations, RBI remains one of the last Western banks active in the region, drawing criticism for its financial ties to the Kremlin amid ongoing geopolitical tensions. The upcoming Annual General Meeting on March 26, 2025, may provide insights into the bank's future strategies and the impact of its Russian business.
Raiffeisen Bank International (RBI) faces significant challenges as it attempts to withdraw from its Russian operations, hindered by a Russian court's injunction blocking the sale of its subsidiary. Despite severe restrictions on its Russian business, RBI remains one of the last Western banks operating in the region, drawing criticism and threats from the U.S. regarding its financial activities. The upcoming Annual General Meeting on March 26, 2025, may shed light on the impact of these Russian transactions.
Shortly before Russia's invasion of Ukraine, Raiffeisen Bank International reportedly facilitated cash deliveries totaling over nine billion euros, with some arriving as Russian troops advanced. This financial support has drawn criticism for potentially aiding the Kremlin's military efforts, as the bank continues operations in Russia despite the ongoing conflict.
Speculation about a potential merger between insurers Baloise and Helvetia has resurfaced, driven by major shareholder Cevian's influence. While Baloise shares have underperformed compared to Helvetia, analysts consider the merger scenario unlikely despite its intriguing nature. In financial markets, the US dollar strengthened against major currencies ahead of the Fed's interest rate decision, while oil prices fell due to rising US reserves. The SMI index struggled near the 13,000-point mark as investors awaited key interest rate announcements from both the Fed and the Swiss National Bank.
The Swiss forest has faced significant challenges over the past decade due to extreme weather events and pests. Meanwhile, Allianz experts predict a wave of bankruptcies globally, including in Switzerland, as the economy braces for potential turmoil. In financial news, FINMA's director suggests that tightening capital requirements for UBS could be phased in over several years, emphasizing the need for a careful approach. The treatment of UBS is deemed appropriate given its substantial role in the Swiss economy, and the decision on capital requirements will ultimately rest with parliament.
Goldman Sachs has revised its Brent Crude price forecast down by $5 to a range of $65-80, citing medium-term risks skewed to the downside due to tariff wars and increased OPEC+ supply. The bank anticipates a surplus in the oil market this year, with a projected 200,000-bpd excess, as demand growth lags behind supply. Meanwhile, HSBC echoes these concerns, predicting a surplus in the coming years as supply growth outpaces demand.
Russia is seeking to collaborate with Elon Musk on a potential joint mission to Mars, with discussions expected soon, according to Kirill Dmitriev, a special envoy for President Putin. This initiative aims to enhance the capabilities of Russia's space agency, Roscosmos, and its nuclear corporation, Rosatom, amidst ongoing geopolitical tensions. Dmitriev emphasized the importance of creative progress and the need for international cooperation in space exploration.
Vladimir Putin
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Trump criticizes Putin over Ukraine comments and threatens sanctions on Russia
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meloni's unexpected political stability reshapes italy's future and international relations
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