INVESTMENT
New York (AFP) - Archegos founder Bill Hwang will go on trial Monday for alleged securities fraud and market manipulation, prosecutors said, following the fund's spectacular 2021 implosion that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shock waves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley an...
AFP
In recent years, Uzbekistan has become a focal point for foreign investment, thanks to significant governmental reforms initiated in 2017. The Third Tashkent International Investment Forum showcased the country's burgeoning appeal to global investors. Participants from over 90 countries convened to discuss business prospects and inked contracts valued at billions of dollars. Notable figures such as Marco Arcelli, CEO of ACWA Power, lauded Uzbekistan's rapid embrace of decarbonization, citing the nation's ambitious agenda as a catalyst for investment. ACWA Power further solidified its commitmen...
Euronews (English)
Chinese and Serbian flags were hoisted in Belgrade on Tuesday for the arrival of Chinese President Xi Jinping. Coming after a stop Paris, Xi's state visit to Serbia coincides with the 25th anniversary of the 1999 bombing of the Chinese embassy in Belgrade, which was hit by a US Air Force strike during NATO's campaign in Kosovo in 1999. The bombing was eventually acknowledged by Washington as a mistake, but it remains a sore point in Sino-American relations. "To some extent, the memory [of the bombing] is kept artificially alive, so that it can be solicited whenever it is deemed necessary, to p...
Euronews (English)
In plans aimed at revolutionising healthcare and other life sciences, Novo Holdings is investing DKK 1.4 billion (€188 million) in building a hub of start-ups focused on new technologies including quantum computing. Quantum computers, capable of making scientific calculations that would otherwise take most computers thousands of years, can potentially speed up the development of pharmaceuticals and other life sciences. Novo Holdings is the parent company of Europe's most valuable firm, Novo Nordisk, known for its weight-loss medication Wegovy and Ozempic, a diabetes drug. "Quantum technologies...
Euronews (English)
There are 44 countries in Europe and across all of them there’s an estimated 32 million active enterprises, according to 2022 data from the European Commission. However, growth has been pretty bleak in the past few years. The European Central Bank (ECB) estimated growth in 2023 to be 0.6%, and is only projecting a marginal improvement of 0.8% in 2024. To put that in context, in the USA GDP increased at an annual rate of 3.3% in the fourth quarter of 2023 and both Reuters and the World Bank have put China’s 2023 growth at 5.2%. So what is Europe doing wrong? In this episode of The Big Question,...
Euronews (English)
Last year saw the creation of an average of 70 very wealthy investors every day and this is a trend that shows no sign of slowing down. The world's ultra-wealthy population rose by 4.2% and the number is expected to climb 28% during the five years to 2028, according to real estate consultancy firm Knight Frank. Their latest Wealth report found that the number of ultra-high-net-worth individuals or UHNWIs - someone with a net worth of $30 million (€27.6 million) - or more across the globe swelled to 626,619, from 601,300 a year earlier. This was due to increased investment in shares on the hope...
Euronews (English)
Deutsche Bank has recorded a first quarter net income of €1.45 billion, 10% more than the total made during the same period last year. The figure came in above analysts' expectations and also marks the group's highest first-quarter profit since 2013. Net revenues, meaning earnings made before deducting expenses, grew 1% year on year to €7.8 billion, which was primarily driven by growth in commissions and fee income. Meanwhile, revenue at Deutsche Bank's investment wing was up 13%, at €3 billion. This was boosted by a 7% increase in trading of fixed-income assets such as bonds. Origination and ...
Euronews (English)
The share price of the UK banking giant Barclays surged nearly 5% after the lender reported higher than expected profits for the first three months of this year, as it carried out an ambitious plan to get back into the investors' good books. The pre-tax profit was £2.3 billion (€2.68 billion), slightly more than the expected £2.2 billion, however, down from £2.6 billion a year ago. The group income was also slightly above expectations, £7 billion (€8.16 billion), but again, a drop of 4% year-on-year, while the operating expenses increased by 2% to £4.2 billion (€4.9 billion). "Barclays has sho...
Euronews (English)
The survival of the European Green Deal could rest on the upcoming European Elections, Green MEPs have warned. They say that if right-wing parties make significant gains in June, plans to protect nature and mitigate climate change could be watered down or even disappear completely. Speaking at a briefing on Tuesday before his last session in the European Parliament on Wednesday, co-president of the Green group of MEPs Philippe Lamberts called out the “absolute bullsh*t” of politicians claiming to fight for climate action while doing the opposite. He criticised centrist politicians who he claim...
Euronews (English)
Fund managers are meant to be focused on value creation, and paid to make decisions that financially benefit the firm they invest in and, by consequence, the fund they manage. Yet, recent research suggests that’s not always the case and that, in the United States at least, their decisions can actually be driven by political motivations. What’s more, these managers then look to hide that bias by engaging in “signal jamming” to avoid any potential backlash for breaching their fiduciary duties. Not all behaviour is as expectedThis conclusion is based on an analysis of the proxy voting behaviour o...
Euronews (English)
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