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Sweden is on track to see bankruptcy levels exceed 10,000 this year, the highest since the 1990s financial crisis. So far, 9,197 limited companies have declared bankruptcy, marking a 24% increase from last year and a significant 64% rise compared to two years ago, according to Creditsafe.
The Financial Services Authority (OJK) reports that the financial sector in Central Sulawesi remains stable with positive growth as of September 2024. Banking assets grew by 18.39% to IDR 73.58 trillion, while third-party funds increased by 14.74% to IDR 36.05 trillion. Additionally, bank loans rose by 23.30%, and sharia banking assets grew by 17.07%, reflecting a commitment to supporting small and medium-sized enterprises.
Northvolt, a leading Swedish battery manufacturer, has filed for Chapter 11 bankruptcy, burdened by over $5.8 billion in debt and significant production failures. Major creditors, including J. Safra Sarasin, Volkswagen, and Goldman Sachs, face substantial losses, with the latter expected to write down its nearly $900 million stake to zero. CEO Peter Carlsson has resigned to facilitate restructuring efforts amid the company's financial turmoil.
Investment banks are projected to lose up to $50 billion in annual revenue by 2027, primarily due to competition from private credit and electronic market makers. While they may recover $15 billion by increasing lending to illiquid private markets, this raises concerns about the risks associated with shadow banking, as highlighted by the Bank of England's recent stability report.
European policymakers are increasingly motivated to enhance investment dynamics, seeking to shift from reliance on bank loans to equity financing akin to the US model. ECB President Christine Lagarde advocates for a restructured regulatory framework and tax incentives to stimulate retail investment, while the nomination of Maria Luis Albuquerque as financial services commissioner raises hopes for a unified securitisation market. Despite challenges, a coalition of willing member states could foster a more attractive investment landscape, potentially reshaping perceptions of Europe as a stagnant market.
Simon Grossenbacher, a former UBS executive, has been appointed as Chief Operating Officer and Chief Financial Officer of Dutch private bank Van Lanschot Kempen in Switzerland, effective February 2025, pending regulatory approval. With over 27 years in the financial sector, including 25 years at UBS, Grossenbacher is expected to drive growth and enhance the bank's profile in Switzerland. Van Lanschot Kempen, founded in Zurich in 1995, manages nearly 140 billion euros in assets and aims to achieve new financial targets by 2027.
Investec has downgraded its target for RBL Bank to ₹170, citing a termination of its co-branding card arrangement with Bajaj Finance, which may lead to a moderation in credit growth. Meanwhile, Nomura maintains a buy call on Dixon Tech with a target of ₹18,654 per share, highlighting the company's potential in premium smartphone production. Nuvama also recommends a buy on Adani Ports, setting a target of ₹1,960 per share, driven by logistics advancements and strong volume guidance.
On November 21st, the U.S. Treasury imposed new sanctions on over 40 Russian banks, including Gazprombank, to tighten financial restrictions amid the ongoing conflict. Starting December 20th, European buyers of Russian gas will need to navigate alternative payment methods, complicating transactions and potentially impacting energy supplies.
JPMorgan Chase & Co. is distancing itself from the transition finance trend that many Wall Street firms are adopting. This approach, aimed at funding activities to reduce carbon emissions, operates in a regulatory gray area, despite the potential for significant investment opportunities in corporate decarbonization, estimated at $50 trillion by Apollo Global Management Inc.
Britain's banks are increasingly setting aside funds to cover potential bad loans due to uncertainty surrounding the country's unreliable labor market data. The UK’s Office for National Statistics has faced criticism for its inability to provide accurate employment trends, complicating lenders' efforts to assess default risks based on key economic indicators.
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