Getty Images The European Banking Risk Gameboard A few days ago, an article on CNBC's website covered the Italian bank UniCredit ( UNCFF , UNCRY ) and its tender offer to raise its stake in the German bank Commerzbank ( CRZBY , CRZBF ). This is one of the most intriguing moves in the European banking landscape. Anyone who has played the board game Risk knows the game, and that one wins by conqueri...
Getty Images The European Banking Risk Gameboard A few days ago, an article on CNBC's website covered the Italian bank UniCredit ( UNCFF , UNCRY ) and its tender offer to raise its stake in the German bank Commerzbank ( CRZBY , CRZBF ). This is one of the most intriguing moves in the European banking landscape. Anyone who has played the board game Risk knows the game, and that one wins by conquering territories and outmaneuvering the other players. For over a decade, since the sovereign debt crisis, the European Risk Board, so to speak, has been frozen in a stalemate. But things are now changing because consolidation is becoming a priority; the European Commission itself defines it as a necessary "prerequisite for strength" . If we think about it, three factors now drive this change. First, after years of recapitalization and balance sheet management caution, with most of the big banks now being either zero-NPL or close-to-zero ones, coupled with disciplined cost management (many banks are reducing their headcount while enhancing productivity, as banks are now among the clearest AI beneficiaries ). UniCredit is one of the banks with the highest CET1 ratio in the industry, with 14.8%, while the regulator requires 9%. Banks such as this one are not in survival mode and have excess cash that they can deploy either via buybacks or through consolidation activity. The second factor is that most banks now trade at more adequate multiples, having closed the gap to book value, which was the discount that investors demanded for the uncertainty around the industry's health. Finally, a political opportunity has appeared since the European Commission has talked about the need to have fewer and larger banks. UniCredit's Bid: The Path And The Reasons In this environment, we can approach UniCredit's bid for Commerzbank. But UniCredit is not the only one making moves. BBVA, for example, launched a hostile bid for its Spanish peer Sabadell. BNP Paribas is actively targeting bolt-on a...
Patricio Hernandez lives on the northern outskirts of Chile's capital Santiago, a hilly area below the Andes mountains which he and other residents fear could be devastated by a major Amazon data center complex. He and other residents tried to block the data center, arguing the permit did not take into account the potential construction of a high-voltage power line that they said would be needed...
Patricio Hernandez lives on the northern outskirts of Chile's capital Santiago, a hilly area below the Andes mountains which he and other residents fear could be devastated by a major Amazon data center complex. He and other residents tried to block the data center, arguing the permit did not take into account the potential construction of a high-voltage power line that they said would be needed to feed the site. Environmental authorities in early April ruled the data center could move ahead, saying that any plans for a power line should be assessed separately.
PGIM Fixed Income Executive Portfolio Advisor Michael Collins says this April jobs report locks in a stalemate at the Federal Reserve and means they are on hold for now. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)
PGIM Fixed Income Executive Portfolio Advisor Michael Collins says this April jobs report locks in a stalemate at the Federal Reserve and means they are on hold for now. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)
Rumens, whose column ran for nearly 20 years and developed a loyal readership, died this week aged 81 Carol was an excellent commentator on poetry, shrewd and deep-thinking but able to express her thoughts in plain English rather than academic jargon. Her taste in poems was eclectic and very original; one didn’t always share it, but it was never predictable or dull. Sheenagh Pugh, Shetland Continu...
Rumens, whose column ran for nearly 20 years and developed a loyal readership, died this week aged 81 Carol was an excellent commentator on poetry, shrewd and deep-thinking but able to express her thoughts in plain English rather than academic jargon. Her taste in poems was eclectic and very original; one didn’t always share it, but it was never predictable or dull. Sheenagh Pugh, Shetland Continue reading...
After months of protest, crackdown and war, on-the-ground reporting is more impossible than it has ever been. These challenges shape every aspect of how we report on what is happening in the country Support independent journalism today Iran is among the world’s most repressive countries for press freedom. But in recent months, I have seen first-hand how the work of telling the truth has grown more...
After months of protest, crackdown and war, on-the-ground reporting is more impossible than it has ever been. These challenges shape every aspect of how we report on what is happening in the country Support independent journalism today Iran is among the world’s most repressive countries for press freedom. But in recent months, I have seen first-hand how the work of telling the truth has grown more fragile, more improvised, and more dangerous than ever. We have been cut off from our sources. After the authorities imposed a nationwide communications blackout, the already fragile infrastructure of reporting has all but collapsed. Even when we can make contact, we are careful; a phone search at a checkpoint could put them in danger. We cannot cross-check events through local coverage or rely on familiar verification channels. Instead, we wait for the rare, precious moments when a reliable contact inside Iran manages to get online, navigating VPNs or risking Starlink, which the authorities have criminalised. The Guardian is committed to helping journalists inside repressive regimes across the world to share their stories. As part of our annual support campaign promoting the defence of the free press please consider backing our work today – or consider backing another independent outlet whose work you value. We’re hoping to get 60,000 new supporters, or acts of support by 21 May. Continue reading...
Iran does not believe the US has leverage to turn Beijing against Tehran, its ambassador to China said. Abdolreza Rahmani Fazli’s remarks came amid speculation Washington may offer Beijing trade concessions or tariff relief in exchange for pressuring Iran into accepting a peace deal during US President Donald Trump’s trip to China next week. “Iran and China … share very common views on issues such...
Iran does not believe the US has leverage to turn Beijing against Tehran, its ambassador to China said. Abdolreza Rahmani Fazli’s remarks came amid speculation Washington may offer Beijing trade concessions or tariff relief in exchange for pressuring Iran into accepting a peace deal during US President Donald Trump’s trip to China next week. “Iran and China … share very common views on issues such as security, peace, development in the region and in the world,” Rahmani Fazli said on Friday. “And...
Chipmaking giant Nvidia’s deepening partnership with US fibre optics maker Corning to replace copper links in next-generation rack-scale artificial intelligence systems is shining a spotlight on mainland China’s optical communications supply chain. The domestic optical value chain is also doubling down on AI scenarios, emerging as the global bedrock for the high-capacity components required to pow...
Chipmaking giant Nvidia’s deepening partnership with US fibre optics maker Corning to replace copper links in next-generation rack-scale artificial intelligence systems is shining a spotlight on mainland China’s optical communications supply chain. The domestic optical value chain is also doubling down on AI scenarios, emerging as the global bedrock for the high-capacity components required to power AI infrastructure. “The global optical fibre and cable market had entered a period of both rising...
Tesla (TSLA) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Tesla (TSLA) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Qualcomm stock rallied today on the launch of new Snapdragon mobile chips. But does that warrant buying QCOM shares at a year-to-date high of roughly $202? Let’s find out!
Qualcomm stock rallied today on the launch of new Snapdragon mobile chips. But does that warrant buying QCOM shares at a year-to-date high of roughly $202? Let’s find out!
Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up . As Europe struggles with soaring fuel costs due to the continuing conflict in the Middle East, Brussels unveiled a suite of measures aimed at bolstering the travel sector. To alleviate pressure on airlines, the EU responded to calls f...
Welcome to the Brussels Edition. I’m Suzanne Lynch, Bloomberg’s Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you’re signed up . As Europe struggles with soaring fuel costs due to the continuing conflict in the Middle East, Brussels unveiled a suite of measures aimed at bolstering the travel sector. To alleviate pressure on airlines, the EU responded to calls from the industry and allowed European carriers to use Jet-A fuel, as reported by Bloomberg earlier today . The move gives the aviation industry another option to ease a squeeze on supplies — Jet-A is the fuel standard normally used in the US, which differs from the Jet-A1 type used in Europe. Outlining the new fuel guidance this lunchtime, the Commission pointed to an update from the European Union Aviation Safety Agency, underlining that operators need to be aware of the differences in the two fuels, especially in terms of the freezing point. The Commission also confirmed that carriers won’t be penalized if they can’t use their slots because of issues like war-related fuel shortages. The measures aren’t all one-sided. To safeguard passengers, airlines have been warned that they can’t retroactively boost ticket prices after they’ve been purchased. Similarly, carriers will only be exempt from paying financial compensation due to extraordinary circumstances like local fuel shortages — not high fuel prices. Today’s announcement comes as Europe braces for a possible summer of discontent over the squeeze on jet fuel. Europe’s stockpiles of jet fuel could deplete at a rate of 230,000 barrels a day this quarter if the Strait of Hormuz remains largely shut, according to one estimate . Donald Trump insisted that the ceasefire is valid despite clashes between Iran and US naval destroyers in the Strait of Hormuz. The Latest The European Commission is proposing that money managers be exempt from a requirement to report ESG data on the assets they hold on behalf of clients. Following a ...
PJM Interconnection — which oversees the grid for some of the densest data center developments on Earth — wants to overhaul itself. Not everyone thinks it's up to the task.
PJM Interconnection — which oversees the grid for some of the densest data center developments on Earth — wants to overhaul itself. Not everyone thinks it's up to the task.