Banking and Finance

Oil prices took a downturn on Thursday, reversing earlier gains, after reports surfaced that Saudi Arabia, the leading global crude exporter, was preparing to ease its focus on maintaining a price target, setting the stage for an increase in production. By mid-morning, Brent crude had declined by $1.27, or 1.7%,...

LVMH’s division overseeing Sephora and several iconic Parisian department stores is undergoing a significant leadership change, with its head stepping down at the end of October. The luxury conglomerate confirmed on Wednesday that Chris de Lapuente, who has been with the company for over a decade, will be retiring on...

Chinese markets have responded positively to a new and "unprecedented" set of tools introduced by Beijing to stabilize capital markets and restore confidence, though concerns remain about whether these actions will be enough to rejuvenate the broader economy. The People's Bank of China (PBoC) announced on Tuesday a substantial Rmb800bn...

Stellantis has begun the search for a successor to its CEO, Carlos Tavares, amid rising tensions with dealership networks and autoworker unions. Though there remains a possibility for Tavares to extend his role beyond his current contract, which expires in 2026, sources indicate the company is considering future leadership options....

Denmark, one of 52 nations supporting development projects through the World Bank's initiative, is urging other countries to join in addressing the world's most urgent development and climate challenges. The country has announced plans to nearly double its financial commitment to the International Development Association (IDA), the World Bank’s fund...

OpenAI has launched a new initiative called OpenAI Academy, aimed at empowering developers from low and middle-income countries by awarding $1 million in API credits. The program seeks to ensure that the transformative potential of artificial intelligence is shared across underserved communities worldwide, according to the company’s announcement. The blog...

China’s economic slowdown is a stark reality as salaries are being reduced. Many Chinese consumers have adjusted their spending habits and are now forgoing luxury brands like Louis Vuitton, Chanel, and Prada, which had once been their staples. According to Laurel Gu, a Shanghai-based director at market research firm Mintel,...

Wealthy nations could generate five times the amount developing countries are requesting for climate finance by implementing windfall taxes on fossil fuel companies, ending harmful subsidies, and introducing a wealth tax on billionaires, according to recent research. Developing countries are seeking at least $1 trillion annually in public funds to...

The new Health Impact Investment Platform is officially moving forward with its first country health investment plans, marking a significant step in transforming initial commitments into operational projects. This groundbreaking collaboration, involving Multilateral Development Banks (MDBs), the World Health Organization (WHO), and low- and middle-income countries (LMICs), aims to strengthen...

In a bold move signaling its confidence in Germany's financial sector, Italy's UniCredit has expanded its stake in Commerzbank to 21%, with plans to push that number to nearly 30%. This action is part of UniCredit’s broader effort to solidify its position in the German market. Led by CEO Andrea...