Sberbank announced the sale of its Austrian subsidiary Sber Vermоgensverwaltungs AG in Abwicklung but did not specify the amount of the transaction. “The sale of our European subsidiary Sberbank Europe AG to a foreign investor is due to the current situation in the world. The Economic Conditions for Sberbank in Europe: We are satisfied with…
Beyonce Effect has been affected due to Inflation in Sweden, which rose to 9.7% in May, marking the first time in six months that the indicator fell below the double-digit threshold. However, it still surpassed the expectations of experts, causing concerns within the economic landscape. Danske Bank economists have identified an unexpected factor influencing inflation:…
The EU and the US are reportedly strengthening their partnership to mitigate the potential risks associated with investing in China especially sensitive technologies. This collaborative effort comes in response to growing concerns over China’s economic practices and the need to adapt to an evolving geopolitical landscape. As the EU prepares to present its economic security…
According to the latest Regional Economic Prospects of the European Bank for Reconstruction and Development (EBRD), early estimates of quarterly gross domestic product (GDP) growth in 2022 are preliminary and may be revised. “Inflation may be on the decline, but it remains in double digits in more than three-quarters of the countries where we operate….
The International Monetary Fund (IMF) has released its latest forecast for the global economy, indicating a slightly lower economic growth outlook for the Eurozone in 2023. According to the IMF’s April estimate, the projected economic growth rate for the Eurozone stands at 0.8%, while the expected level of inflation is 5.3%. The IMF’s global economic…
The European Central Bank (ECB) has announced a further tightening of monetary policy in response to rising inflation. In a statement released today, the ECB cited the need to overcome increased inflation as the primary reason for the decision. As part of the policy shift, the European Central Bank committee has increased the refinancing rate…
Car sales in the European Union increased by 28.8% to 1.088 million units in March compared to the same month last year. The information has been published by the European Automobile Manufacturers Association (ACEA). Last month, all the largest markets of the European Union showed double-digit sales growth: Spain – 66.1%, Italy – 40.7%, France…
Across the Eurozone, the pace of consumer price growth has slowed. In particular, in March the annual inflation in the Eurozone was 6.9%, in February this figure was 8.5%. CPI Report Gives Indication of Inflation in the Eurozone: As for core inflation (CPI), which excludes food and energy prices, the figure rose 0.1 percentage point…
UBS’s acquisition of Credit Suisse, Switzerland’s second-largest bank, could result in job losses of tens of thousands, according to an anonymous source cited in the Financial Times. The cuts are expected to impact a third of the 120,000 people employed across both banks, with Credit Suisse’s internal business and investment operations bearing the brunt. The…
The European Union calls on third countries to tighten the monitoring of trade with sanctioned technologies including third country trade — Bloomberg reports that the monitoring will be applied to countries where a sharp increase in the import of advanced technologies and other goods from the European Union, which Russia can use for military purposes…
