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Julius Baer CEO calls for Swiss public register of rogue bankers to protect reputation

Julius Baer CEO calls for Swiss public register of rogue bankers to protect reputation

By Olivia Le Poidevin GENEVA, Feb 8 (Reuters) - Switzerland should maintain a public register of bankers who have violated their professional duties, as it continues to rebuild its reputation following the Credit Suisse collapse, the director of Zurich‑based private bank Julius Baer said in an

European Commission Approves €3 Billion Aid Scheme to Boost Clean Tech Production in Germany

European Commission Approves €3 Billion Aid Scheme to Boost Clean Tech Production in Germany

The European Commission has sanctioned a €3 billion state aid initiative by Germany aimed at enhancing the manufacturing capacity for clean technologies. This scheme is designed to support strategic investments in facilities that produce net-zero technologies and essential components, including the use of secondary raw materials. The initiative also encompasses the production of new or recovered critical raw materials necessary for these technologies. The support will be provided in the form of grants, tax advantages, and interest subsidies or guarantees linked to new loans, and is available to companies throughout Germany. The aid can be awarded until December 31, 2030, under the Clean Industrial Deal State Aid Framework (CISAF), which outlines conditions for EU countries to use public funding to support sectors related to a net-zero economy.

European Commission Demands TikTok Revamp to Address Addictive Design Concerns

European Commission Demands TikTok Revamp to Address Addictive Design Concerns

The European Commission has issued a demand for TikTok to overhaul its platform design, which is currently under scrutiny for its addictive nature, particularly affecting minors. This demand follows ongoing investigations into TikTok's influence on its users. The Commission has warned that failure to comply could result in fines up to 6% of TikTok's annual revenue. TikTok, represented by spokesperson Paolo Ganino, has strongly contested the Commission's findings, describing them as false and meritless. The platform is prepared to challenge these findings through all available legal avenues. The investigation into TikTok began in February 2024, focusing on the platform's addictive properties and transparency issues. The current inquiries are examining age verification processes and the algorithmic recommendation systems used by TikTok.

Analysis-ECB's safety net is part of EU plan to court new allies

Analysis-ECB's safety net is part of EU plan to court new allies

By Francesco Canepa and Balazs Koranyi FRANKFURT, Feb 6 (Reuters) - The ECB’s plan to make it easier for foreign central banks to secure funding in euros is the latest part of Europe’s emerging strategy to win trade and political friends and hold its own against the United States and China.

ECB's Kazaks says significant euro appreciation could trigger response

ECB's Kazaks says significant euro appreciation could trigger response

BERLIN, Feb 6 (Reuters) - A significant appreciation of the euro could trigger a monetary policy response from the European Central Bank, wrote ECB policymaker Martins Kazaks in a blog post on Friday.

Euro zone inflation to rebound to target next year, ECB survey shows

Euro zone inflation to rebound to target next year, ECB survey shows

FRANKFURT, Feb 6 (Reuters) - Euro zone inflation is likely to remain broadly on the same path as seen three months ago, dipping below 2% this year, then returning to target in 2027, the European Central Bank's Survey of Professional Forecasters showed on Friday.

Alphabet drags Wall Street lower as bitcoin, silver and gold drop

Alphabet drags Wall Street lower as bitcoin, silver and gold drop

Dropping technology stocks are dragging the U.S. market lower again, while prices for bitcoin, silver and gold fall sharply

Bank of England holds rates after narrow 5-4 vote, signals reduction ahead

Bank of England holds rates after narrow 5-4 vote, signals reduction ahead

By William Schomberg, David Milliken and Andy Bruce LONDON, Feb 5 (Reuters) - The Bank of England kept interest rates on hold on Thursday, but only after an unexpectedly narrow 5-4 vote, and it said it expected a future cut if a sharp fall in inflation due in the coming months proved not to be a

Bank of England votes narrowly to hold rates but signals reduction ahead

Bank of England votes narrowly to hold rates but signals reduction ahead

By William Schomberg, David Milliken and Andy Bruce LONDON, Feb 5 (Reuters) - The Bank of England kept interest rates on hold on Thursday, but only after an unexpectedly narrow 5-4 vote, and said borrowing costs are likely to fall if an expected drop soon in inflation is sustained.

European Central Bank Maintains Interest Rate Amid Economic Uncertainty

European Central Bank Maintains Interest Rate Amid Economic Uncertainty

The European Central Bank (ECB) has decided to keep its interest rate steady at 2%, as announced by ECB President Christine Lagarde. This decision comes amid concerns over the euro's appreciation against the dollar and its potential impact on inflation. The ECB's assessment suggests that inflation should stabilize at its 2% target in the medium term. The eurozone economy is described as resilient, supported by low unemployment, solid private sector balance sheets, and public spending on defense and infrastructure. However, the outlook remains uncertain due to global trade policy uncertainties and geopolitical tensions. Economists predict that the ECB will maintain this rate for the foreseeable future, with some expecting potential rate increases in the coming years to manage inflationary pressures.

Drops for tech stocks and bad news on the US job market hit Wall Street as bitcoin plunges

Drops for tech stocks and bad news on the US job market hit Wall Street as bitcoin plunges

More drops for technology stocks are yanking the U.S. market lower, while bitcoin’s price dropped by nearly half from its record set last fall

EU Orders TikTok to Revise Algorithm Over 'Addictive Design' Concerns

EU Orders TikTok to Revise Algorithm Over 'Addictive Design' Concerns

The European Commission has issued a directive to TikTok, demanding significant changes to its algorithm, which is accused of being 'addictive by design.' The Commission's findings, based on internal data and scientific research, suggest that TikTok's features like infinite scroll and autoplay contribute to compulsive user behavior, potentially harming users' mental and physical well-being. TikTok faces fines of up to 6% of its annual global turnover if it fails to comply. The decision aligns with broader European efforts to regulate social media platforms under the Digital Services Act.