A.P. Moller-Maersk, one of the largest container shippers globally with a market share of around 17%, is often regarded as an indicator of global trade trends. Andia | UIG via Getty Images Copenhagen, DENMARK — Shipping behemoth Maersk proudly unveiled its inaugural container vessel powered by green methanol, marking a significant milestone for one of …
A customer leaves a Piraeus Bank branch in Thessaloniki, Greece, expressing frustration with banks prioritizing profits over people. This sentiment resonates with European savers who are dissatisfied with the lack of returns on their savings despite rising interest rates. While mortgage payments have increased due to the European Central Bank’s rate hikes, savings account rates …
Europe is currently confronting a “double crisis,” but according to Paolo Gentiloni, the European Commissioner for economic affairs, the region has the potential to overcome it and avoid a recession. In an interview with CNBC on Saturday, Gentiloni stated that the crisis stems from the geopolitical impact of Russia’s invasion of Ukraine and the subsequent …
Christine Lagarde, President of the European Central Bank (ECB), delivered a speech at an ECB press conference in July. Image Source: Picture Alliance | Picture Alliance | Getty Images August witnessed higher-than-expected inflation in the euro zone, presenting a challenge for the region’s central bank. Preliminary data from the European statistics office on Thursday revealed …
An employee in Dueren, western Germany works on assembling a brake caliper for an electric vehicle. Image Source: Ina Fassbender | Afp | Getty Images European business activity contracted once again in August, reaching its lowest level since November 2020. The euro zone’s flash composite Purchasing Managers’ Index (PMI), released on Wednesday, declined to 47.0 …
Italian Prime Minister Giorgia Meloni. Antonio Masiello | Getty Images News | Getty Images Italian Prime Minister Giorgia Meloni is making waves in her home country after successfully gaining support from her more moderate counterparts in Brussels. On August 8, Italy’s announcement of a 40% windfall tax on banks caused a 2.7% drop in Europe’s …
The chief financial officer of Commerzbank informed CNBC on Friday that the European Central Bank (ECB) is likely pausing its rate hiking cycle. In July, the ECB raised interest rates, completing a year of rate increases. ECB President Christine Lagarde suggested that the central bank may continue or pause rate hikes at its upcoming September …
The Bank of Japan (BOJ) shocked global financial markets by announcing “greater flexibility” in its monetary policy. This unexpected move loosened its yield curve control (YCC) and had wide-reaching implications. As a result, the Japanese yen fluctuated against the U.S. dollar, and Japanese stocks and government bond prices fell. The announcement also had a negative …
The European Central Bank (ECB) has made an announcement regarding a new rate decision on Thursday. Daniel Roland | AFP | Getty Images The ECB has increased its main rate by a quarter percentage point, bringing it to 3.75%. This rate hike marks the completion of a full year of consecutive rate increases in the …
Barclays bank released its second quarter earnings report on Thursday. Image Source: Bloomberg | Bloomberg | Getty Images Barclays achieved a net income of £1.3 billion ($1.68 billion) in the second quarter, meeting expectations despite a slowdown in investment banking. According to Refinitiv, analysts projected a net income of £1.4 billion for the quarter. In …