Citigroup’s stock could double in value over the next three years as profits surge, expenses moderate, and the “most significant” reorganization in five decades improves management accountability, Wells Fargo analysts wrote in a note on Friday. The third-largest U.S. lender is the brokerage’s “dominant pick” among large-cap banks under almost any scenario, barring a recession. The […]
A U.S. bank regulator told banks to pause dabbling directly in crypto in 2022 and 2023, but did not order them to stop providing banking services to crypto companies contrary to industry complaints of widespread “debanking,” according to documents released on Friday. A judge ordered the Federal Deposit Insurance Corporation to provide versions of supervisory “pause […]
Swiss bank UBS is working with an independent ombudsman to shed light on Nazi-linked accounts, it said on Saturday, after the Wall Street Journal newspaper reported some accounts at collapsed bank Credit Suisse, which UBS bought in 2023, had not been disclosed in earlier investigations. The Journal cited a December 2024 letter from the ombudsman to […]
Taiwan’s Foxconn the world’s largest contract electronics maker, beat expectations to post its highest-ever revenue for the fourth quarter on continued strong demand for artificial intelligence (AI) servers. Revenue for Apple’s biggest iPhone assembler jumped 15.2% to T$2.13 trillion ($64.72 billion), Foxconn said in a statement on Sunday. It was also ahead of a T$2.1 trillion […]
South Korean IT services provider LG CNS started bookbuilding on Monday to raise up to $817 million in an initial public offering (IPO), according to a term sheet reviewed by Reuters. There are 19.37 million shares being sold in the deal in a price range of 53,700 to 61,900 Korean won, the term sheet said. […]
Oil prices slid on Monday amid a strong U.S. dollar, concerns over sanctions and ahead of key economic data by the U.S. Federal Reserve and U.S. payrolls later in the week. Brent crude futures slid 21 cents, or 0.3%, to $76.3 a barrel by 0445 GMT after settling on Friday at its highest since Oct. […]
Italy is in advanced talks with Elon Musk’s SpaceX over a 1.5 billion euro ($1.55 billion) deal for the company to provide secure telecommunications to the government, Bloomberg News reported on Sunday. Discussions are ongoing and a final agreement on the five-year contract has not been reached, but the project has already been approved by […]
Share markets were mixed in Asia on Monday ahead of a week brimming with economic news that should underline the relative outperformance of the United States and support the dollar’s ongoing bull run. Political uncertainty remained as reports suggested embattled Canadian Prime Minister Justin Trudeau might announce his resignation as early as Monday. Markets seemed to have priced it […]
The downing of a Russian SU-24 fighter jet by Turkish forces in November 2015 led to a swift embargo by Russia on Turkish goods and services, and provides a unique opportunity to study the effects of trade sanctions on firms. This column analyses the impact of the embargo using detailed administrative data covering all Turkish […]
Some artificial intelligence technologies are more data intensive than others. This column examines how data privacy regulation shaped the trajectory of AI innovation across countries, looking at patent applications from 57 countries across 76 industries between 2010 and 2021. Following the EU General Data Protection Regulation, patent applicants with greater exposure to EU markets increased […]
