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Ethiopia has transferred ownership of 10 state-owned companies to its sovereign wealth fund to enhance their management. The firms include Ethiopian Electric Power, Ethiopian Railway Corp., and the Development Bank of Ethiopia, which are involved in major infrastructure projects like the Ethio-Djibouti railway and the Great Ethiopian Renaissance Dam.
Saudi stocks are lagging behind emerging-market benchmarks for the first time since 2020, yet investors are optimistic about a potential rebound next year. The kingdom is not facing the same trade tariff threats as countries like China or Mexico, making it a more attractive market. Although share valuations remain relatively high, they have decreased from earlier peaks this year.
DBS, Singapore's largest bank, is expanding its services for Russian clients by hiring client advisors from Swiss banks, including Credit Suisse and Julius Baer. With a minimum asset requirement of USD 20 million, DBS has become a key player for Russian clients in Asia, capitalizing on higher fees and a more lenient regulatory environment compared to Swiss banks, which face stricter sanctions. As a result, over one billion dollars in Russian assets have reportedly shifted to DBS since the onset of the Ukraine conflict.
Next week’s European Central Bank meeting is crucial as President Christine Lagarde aims to signal the end of restrictive monetary policy and prioritize recession avoidance. A 25 basis point cut is anticipated, reflecting the ECB's cautious approach amid the euro's fragile state, just above parity with the dollar.
International tickets can now be purchased via the SBB app, simplifying the booking process for Swiss travelers. However, users may encounter issues with the Half-Fare Plus payment option and face higher prices due to outdated exchange rates, which are only adjusted sporadically.
Deutsche Bank forecasts Spain's GDP growth at 3% for 2024, significantly outpacing the eurozone average of 0.7%. This optimism is attributed to a strong labor market and rising real wages, while the ECB is expected to cut rates to 2% by 2025. Despite global uncertainties, investment opportunities in fixed income and equities are highlighted, with a cautious approach recommended for 2025.
James Breiding, author of "Too Small to Fail," highlights the strengths of small nations like Singapore and Switzerland in navigating geopolitics. At the recent "Lucerne Dialogue," discussions emphasized Europe's need for innovation over regulation amid a bipolar world dominated by the US and China, with calls for greater independence and unity to enhance bilateral relations with Switzerland. Arancha González Laya urged Europe to seize global instability as an opportunity for new partnerships, advocating for a self-assured Europe to resist superpower pressures.
As France faces challenges, EU-Latin America trade negotiations approach a critical phase. The bloc's internal turmoil has hindered a unified strategy for security and trade, while discussions on investment screening rules aimed at limiting Chinese influence have seen significant compromises. Meanwhile, EU officials are urged to brace for potential early tariff actions from the Trump administration, as concerns grow over the seriousness of his threats.
Michel Barnier's tenure as prime minister is at risk as he faces a no-confidence vote due to his unpopular budget, which has failed to secure support from both the left and Marine Le Pen's far-right party. Despite his diplomatic experience and attempts to negotiate, Barnier's concessions were insufficient, leading to a political impasse and criticism of his leadership approach. The situation highlights the challenges of navigating France's fragmented political landscape, where compromise is elusive.
Michel’s cabinet chief is set to become Belgium's envoy to the US, while António Costa takes over as European Council president during a critical period for the EU. Amid budget constraints, the bloc plans to reduce embassy staff globally, focusing on key interests. Additionally, the EU is adopting a cautious approach to the Trump presidency, exploring options to mitigate potential trade tensions, including increasing purchases of American gas.

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