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Oil industry rides into climate summit bigger than ever

Oil industry rides into climate summit bigger than ever

This article is part of the Road to COP special report, presented by SQM. WASHINGTON — Eight years after Paris, the oil business is bigger than ever. Profits are soaring. Production is climbing — and marking a record year in the United States. The industry is even poised to gain from the crusade to rein in climate pollution,...

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China’s ICBC, the world’s biggest bank, hit by cyberattack that reportedly disrupted Treasury markets

China’s ICBC, the world’s biggest bank, hit by cyberattack that reportedly disrupted Treasury markets

A pedestrian walks pass a branch of Industrial & Commercial Bank of China (ICBC) in Fuzhou, Fujian province of China. VCG | Getty Images The U.S. financial services division of Chinese bank ICBC was hit with a cyberattack that reportedly disrupted the trading of Treasurys. Industrial and Commercial Bank of China, the world’s largest lender...

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EU banks take conservative approach to calculate market risk

EU banks take conservative approach to calculate market risk

As the EU’s fundamental review of the trading book (FRTB) 2025 implementation deadline nears, banks are adopting a conservative market risk stance under the Basel III framework.  Many lenders are opting for the standardised approach (SA) to calculate their capital requirements, avoiding the more complex and resource-intensive internal model approach (IMA), even if the SA...

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Early Revolut backer Lakestar leads $40 million investment in French fintech startup Swan

Early Revolut backer Lakestar leads $40 million investment in French fintech startup Swan

Swan co-founder and CEO Nicolas Benady. Swan European venture capital giant Lakestar, an early supporter of fintech unicorn Revolut, has emerged as a prominent backer of French fintech startup Swan. Swan raised the funds in a series B investment led by European venture capital giant Lakestar. The latest fundraise takes Swan’s total money raised to...

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ABN Amro profit jumps on higher rates, may miss 2024 cost targets

ABN Amro profit jumps on higher rates, may miss 2024 cost targets

An ABN Amro Group NV bank branch in Amsterdam, Netherlands, on Tuesday, Feb. 1, 2022. Peter Boer | Bloomberg | Getty Images Dutch bank ABN Amro beat second-quarter net profit expectations with growth of 83% on Wednesday, but said it no longer expects to reach its 4.7 billion euro ($5.16 billion) 2024 cost saving target...

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European markets climb as Italy waters down bank windfall tax

European markets climb as Italy waters down bank windfall tax

Traders work in the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany. Bloomberg | Bloomberg | Getty Images LONDON — European markets advanced on Wednesday, as traders digested China’s disinflation and Italy’s weakening of a surprise windfall tax on banks. The pan-European Stoxx 600 index was up 0.9% by late morning, with...

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European markets mixed as tech stocks sink 2% on weak U.S. earnings

European markets mixed as tech stocks sink 2% on weak U.S. earnings

LONDON — European markets were muted on Thursday as investors assessed the implications of some big U.S. corporate results and the start of earnings season at home. The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 2.4% to lead losses on the back of weak U.S. earinings, while mining...

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A.I. has a discrimination problem. In banking, the consequences can be severe

A.I. has a discrimination problem. In banking, the consequences can be severe

Artificial intelligence algorithms are increasingly being used in financial services — but they come with some serious risks around discrimination. Sadik Demiroz | Photodisc | Getty Images AMSTERDAM — Artificial intelligence has a racial bias problem. From biometric identification systems that disproportionately misidentify the faces of Black people and minorities, to applications of voice recognition...

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The scale-up city: How Eindhoven races to keep up with its tech giants

The scale-up city: How Eindhoven races to keep up with its tech giants

Press play to listen to this article Voiced by artificial intelligence. This article is part of the Bridging the Skills Divide special report, presented by Cisco. View it online to see an interactive map of Eindhoven’s innovation hot spots. EINDHOVEN, Netherlands — In 1910, Dutch lightbulb manufacturer Philips broke ground on “Philipstown,” near Eindhoven, to provide...

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European markets close higher; sterling hits one-year high; Adidas up 9%

European markets close higher; sterling hits one-year high; Adidas up 9%

Stocks on the move: Air France-KLM down 5%, Adidas up 8% Shares of Franco-Dutch airline Air France-KLM were down 5% in afternoon deals, having dipped to a three-month low of 6.3% earlier in the session. It comes after the company signaled uncertainty about the post-Covid travel rebound, and refrained from releasing a full-year profit forecast...

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