Germany, Europe’s biggest economy, has lost more than $1 trillion over the last six years as a result of the COVID-19 War, the Ukraine War, and President Donald Trump’s tariffs against the country, according to data from the German Economic Institute.
Paris-based Amundi, with about €2.38 trillion in assets under management, is shrinking its exposure to the U.S. dollar and telling clients to steer clear of investments denominated in the currency.
Spanish bank Banco Santander has agreed to pay about $12.3 billion in cash and stock to take over Webster Financial, a Connecticut bank with roughly $80 billion in assets and 177 branches throughout the New York City region and in Massachusetts and Rhode Island.
Stellantis – the Amsterdam-based conglomerate that owns Chrysler, Dodge, Jeep, Maserati, Ram, and 11 other passenger vehicle brands – is writing down the value of its electric vehicle (EV) operations by €22.2 billion for 2025, or about $26.5 billion as its transition to electric mobility has stalled out.
International business services giant KPMG negotiated a lower fee for its annual audit, arguing that the auditor used artificial intelligence and therefore faced less expense in carrying out the complex task, people familiar told the Financial Times.
Chinese customers are once again shopping in the country’s luxury boutiques, but they are fewer in number and spending less, The Wall Street Journal discovered.
Closures continue to hit the retail and restaurant industry due to rising costs and declining demand.
Layoffs in January were the highest to start a year since 2009, according to outplacement firm Challenger, Gray and Christmas.
By a 5-4 vote, Bank of England (BoE) officials held the central bank’s interest rate untouched at 3.75 percent last week, as economists had expected.
The European Central Bank rate-setting committee (ECB) left the bank’s key interest rate at 2 percent last week.