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(Reuters) – Germany intends to reduce its stake in Commerzbank AG as the lender is stable again years after its rescue in the global financial crisis, the government said on Tuesday. “The bank’s economic situation has steadily improved since 2021. The federal government is responding to this positive development by reducing its stake in Commerzbank …

Germany plans to reduce Commerzbank stake as stability restored Read More »

(Reuters) – UK regulators plan to curtail a new rule that would have forced banks and payment companies to reimburse fraud victims up to 415,000 pounds ($543,152.00), after facing pressure from ministers and fintech firms, the Financial Times reported on Tuesday. The Payment Systems Regulator (PSR) is said to be looking at an 85,000-pound payout …

UK regulator to reduce maximum fraud losses banks are forced to cover, FT reports Read More »

(Reuters) – Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. WHY IT’S IMPORTANT The impact of AI on energy and metals has mostly focused on the demand side given the …

AI likely to weigh on oil prices over the next decade, Goldman says Read More »

By Christina Amann BRAUNSCHWEIG, Germany (Reuters) – Former Volkswagen Chief Executive Martin Winterkorn appeared in court on Tuesday on fraud charges over the so-called dieselgate scandal, nine years after the German carmaker was found to have rigged emissions tests.    Winterkorn, who was toppled from the helm of the company in September 2015 after it …

Former VW chief goes on trial nine years after dieselgate Read More »

ATHENS (Reuters) – Attica Bank shareholders approved on Tuesday the bank’s deal to merge with the smaller Pancretan Bank in an effort to clean up its balance sheet and create a new banking organisation, the bank said in a bourse filling. The agreement is part of a wider re-privatisation of Greek banks bailed out during …

Greece’s Attica Bank shareholders approve merger with Pancretan Bank Read More »

By Tommy Reggiori Wilkes LONDON (Reuters) – Britain and the European Union must turn their “first steps” to rebuild trust into a “steady walk” as they confront common challenges, the president of the Eurogroup of euro zone finance ministers said on Tuesday. Addressing representatives of Britain’s financial industry, Paschal Donohoe said his discussions with UK …

Eurogroup president hails ‘new footing’ in UK-EU relations Read More »

By Mimosa Spencer PARIS (Reuters) – Christian Dior Couture has recruited Benedetta Petruzzo, the CEO of Prada’s fast growing Miu Miu label, as its managing director, the LVMH-owned brand said on Tuesday. The move comes over a year and a half after Delphine Arnault, the eldest child of LVMH boss Bernard Arnault, took the helm …

LVMH’s Dior recruits Miu Miu CEO as managing director Read More »

By Andrey Sychev GDANSK (Reuters) -Swiss Life, a major owner of real estate in Europe, said the German and French property markets were normalising, which helped the insurer post half-year results above expectations on Tuesday. The company, which manages real estate assets worth 100 billion Swiss francs ($117 billion) across Europe, has been hit by …

Swiss Life says normalising European property markets boost results Read More »

ZURICH (Reuters) – The Swiss economy grew by 1.8% in the second quarter, the government said on Tuesday, boosted by income from the Paris Olympics and the European football championship as well as higher pharmaceuticals and chemical production. The annual increase beat Reuters forecasts for 1.4% as broadcast revenues from both sporting events almost doubled …

Swiss economic output boosted by Olympics, European football championships Read More »