Latest posts
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Putin Approves Sale of Citibank’s Russian Subsidiary
On November 12, 2025, Russian President Vladimir Putin authorized Citibank to proceed with the sale of its remaining assets in Russia, marking a significant shift for the once-prominent foreign bank that catered to major U.S. companies operating in the country. The buyer, identified in a Kremlin decree, is Renaissance Capital, a local investment bank that…
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Bulgaria’s President Rejects Legislation to Seize Lukoil Refinery in Light of US Sanctions
On November 12, 2025, Bulgarian President Rumen Radev exercised his veto power over legislative changes intended to enable the government to take control of Lukoil’s Burgas oil refinery and subsequently sell it to mitigate the effects of U.S. sanctions. Radev criticized the proposed changes for lacking safeguards against potential financial liabilities, breaching constitutional principles, and…
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Bessent Plans Gradual Adjustments to U.S. Treasury Debt Auctions to Ensure Stability
During a press conference alongside U.S. Trade Representative Jamieson Greer at the IMF/World Bank annual meetings in Washington, D.C., on October 15, 2025, U.S. Treasury Secretary Scott Bessent stated on Wednesday that he expects continued strong demand in the Treasury debt market. He indicated that the department will make gradual adjustments to coupon auction sizes…
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UniCredit CEO Highlights Mutual Benefits for Amundi’s Future Role
UniCredit’s Chief Executive Andrea Orcel attended the Bank of Italy’s annual report presentation, emphasizing that the continuation of the bank’s partnership with Europe’s largest asset manager, Amundi, beyond its 2027 deadline will depend on mutual benefits. In 2021, Amundi represented 80% of UniCredit’s assets under management; however, Orcel has been strategically reducing this ratio to…
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Lukoil’s International Assets Draw Interest from Buyers
A portion of a staircase outside Lukoil’s headquarters in Moscow reflects a plaque with the company’s name on October 23, 2025. Potential bidders from countries including Egypt and Kazakhstan are eyeing Lukoil’s foreign assets as the deadline approaches for completing transactions before U.S. sanctions take effect. The U.S. has imposed sanctions on Lukoil in an…
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US Supreme Court to Hear Trump’s Attempt to Dismiss Fed Governor Lisa Cook on January 21
On November 3, 2025, Federal Reserve Board Governor Lisa Cook discussed the economic outlook and monetary policy at the Brookings Institution in Washington, D.C. The U.S. Supreme Court announced on Wednesday that it will hear arguments on January 21 regarding President Donald Trump’s unprecedented move to remove Federal Reserve Governor Lisa Cook, a situation that…
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Siemens to Decrease $39 Billion Stake in Healthineers through Shareholder Spin-Off
Siemens Healthineers’ logo appeared on attire at its manufacturing facility in Forchheim, Germany, on October 7, 2016. On November 12, 2023, Siemens (SIEGn.DE) announced plans to decrease its €33.5 billion ($39.07 billion) ownership in Siemens Healthineers (SHLG.DE) by distributing shares of the medical equipment company to its shareholders. The German engineering firm will lower its…
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Banco do Brasil Revises 2025 Net Income Projection Amid Rising Farmer Defaults
SAO PAULO, Nov 12 (Reuters) – Banco do Brasil (BBAS3.SA), the state-run banking institution, has adjusted its outlook for adjusted net income for the year, reflecting increased funding costs and a surge in defaults among local farmers. The bank now anticipates an annual net income between 18 billion and 21 billion reais ($3.33 billion-$3.89 billion),…
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What is Driving COP30’s Call for Reforms from the World Bank and Other Lenders?
As the World Bank logo is prominently displayed at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, D.C., the institution and other multilateral development banks (MDBs) are facing increasing demands to enhance support for impoverished nations grappling with energy crises and climate-related disasters. Here’s a closer look:…
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German Financial Sector Delegation Set to Join Minister on Trip to China
On November 12, 2025, it was reported that a delegation of German bankers and insurers will accompany Finance Minister Lars Klingbeil to China next week, according to a source familiar with the plans. The group is expected to include prominent financial institutions such as Commerzbank and Deutsche Bank, alongside insurance firms like Allianz and Ergo.…
