The European Union’s executive arm recommended on Wednesday that the bloc open membership talks with Ukraine, an encouraging step for the government in Kyiv in what remains a long and arduous joining process, the New York Times reported. The recommendation comes with the caveat that Ukraine must take steps to address corruption, protect minorities and limit the power of oligarchs. “Ukraine continues to face tremendous hardship and tragedy provoked by Russia’s war of aggression,” said Ursula von der Leyen, the president of the European Commission, the body’s executive branch.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Signa Holding GmbH replaced founder Rene Benko with a restructuring expert as a financial crunch threatens the troubled €23 billion ($25 billion) real estate group that co-owns New York’s Chrysler Building and the Selfridges department store in London, Bloomberg News reported. As concerns mount that a messy collapse could reverberate across European property markets, investors in the Innsbruck-based company agreed on Wednesday to name German auditor Arndt Geiwitz chairman of the advisory board and shareholder committee.
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UBS’s first loss in nearly six years shouldn’t make investors take their eyes off the road. While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading, the Wall Street Journal reported. Yes, the one-off gain of $29 billion that resulted from UBS buying its rival Credit Suisse at far-below book value is now in the rear window, having been recorded in the second quarter.
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Germany's economy will shrink by 0.4% this year and grow only by a relatively modest 0.7% next year, the government's panel of independent economic advisers forecast Wednesday, the Associated Press reported. The panel joined several other forecasters in revising downward its outlook for Europe's biggest economy. Its prediction for this year was in line with one issued by the government about a month ago, but next year's forecast was considerably gloomier than the 1.3% the government expects.
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Poland’s central bank left interest rates unchanged, unexpectedly halting its easing cycle in the first decision since the country’s pro-European opposition secured a majority in last month’s election. The zloty gained, Bloomberg News reported. Governor Adam Glapinski and the rate-setting Monetary Policy Council kept the main rate at 5.75%, defying a majority of economists surveyed by Bloomberg, who predicted a quarter-point reduction. The move comes as declining inflation remains above target — and the opposition under Donald Tusk prepare to take power after eight years of nationalist rule.
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Spain's stock market supervisor said on Wednesday it had opened its first case relating to a possible infringement of recent rules governing mass advertising campaigns for cryptoassets, Reuters reported. The supervisor also said separately that it was analysing some advertisements carried on social media platform X, formerly known as Twitter, which was taken private by Elon Musk, for potential infringements. X did not immediately reply to a request for comment.
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Russia's biggest bank Sberbank expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday, Reuters reported. Gref said that the bank's mortgage issuance for the whole of 2023 was expected to reach 4.6 trillion roubles ($50.1 billion). "Despite the fact that we will most likely see a serious cooling in the near future, 2023 can still be called a successful year for the Russian mortgage market," he said at a financial forum in Moscow.
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Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening demand for its farm machinery, predominantly in South America, sending its shares plummeting, Reuters reported. The company also announced a restructuring plan that will entail trimming 5% of its salaried workforce costs and reducing its total workforce expenses by 10% to 15%. Shares were down 7.7% on the NYSE. Trading for the manufacturer was repeatedly halted in Milan due to volatility after the company revised its sales outlook for the year.
Europe has nowhere to hide from U.S. plans to mandate clearing of U.S. Treasuries transactions that will need to be carefully introduced over time, a global derivatives industry body said on Tuesday, Reuters reported. Wall Street is waiting for the U.S. Securities and Exchange Commission to finalize its rules for clearing much of trading in the $25 trillion Treasuries market, one of the world's deepest and most liquid markets, to bolster stability and resilience.