Citi Wealth taps Allfundds for streamlined trade execution
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The innovative Allfunds platform will enable streamlined trade execution, settlement, and reconciliation processes. In addition, as a new sub-distributor for Allfunds, Citi Wealth will leverage the full scope of the Allfunds platform to enhance the availability of third-party investment offerings.
'We are focused on establishing strong partnerships with best-in-class providers to support growth and innovation across Citi Wealth. Our partnership with Allfunds is an important step in our efforts to strengthen and simplify our business and enhance our client and banker experience,' said Daniel O'Donnell, Head of Alternatives and Investment Manager Solutions.
'Citi Wealth brings deep expertise in client solutions and wealth management to everything they do. This collaboration supports our position as a premier technology partner for top-tier firms like Citi in addressing market changes and continuing to deliver the outstanding service their clients expect," added Gianluca Renzini, Chief Commercial Officer for Allfunds.
Citi Wealth is targeting the launch of these services for Citi Private Bank in EMEA later this year, with additional regions expected to benefit from Allfunds' capabilities in 2026 and 2027. This partnership is part of Citi Wealth's broader efforts to deliver an industry-leading investment offering for clients across regions and segments.
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Reuters
40 minutes ago
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Eurobank to distribute interim dividend after strong first half
ATHENS, July 31 (Reuters) - Greek lender Eurobank ( opens new tab, the country's largest by market capitalisation, said on Thursday that it will distribute an interim dividend of 170 million euros after announcing a strong profit for the first half of the year. The bank reported adjusted net earnings for the January-June period of 711 million euros ($812.96 million), slightly down from a record profit of 732 million euros a year earlier. Chief Executive Fokion Karavias told analysts on a call that profit was "progressing according to our expectations". "For the full year 2025 we have been committed to at least a 50% payout ratio... meaning that this may be higher than 50%," Karavias said, pointing to stronger than expected loan growth. Greek banks are returning to profit after they were nationalised following a financial meltdown in late 2009 amid the country's debt crisis, requiring several capital injections from the government. They were fully privatised last year. The European Central Bank (ECB) has approved requests by Greece's four largest lenders to resume dividend payments for 2024 after 16 years, a further sign of the sector's recovery and the country's economic rebound. Eurobank, which also operates in Bulgaria and Cyprus, said in a statement that its net interest income rose 12% year-on-year to 1.27 billion euros while its non-performing loan exposure (NPE) ratio fell to 2.8% from 3.1% a year earlier. Net fees jumped 29% to 364 million euros, mainly boosted by network activities and its wealth management business. ($1 = 0.8746 euros)
The Sun
an hour ago
- The Sun
Chelsea have spent eye-watering £360MILLION on defenders in three years – but how many of them were worth it?
THE arrival of £37million Jorrel Hato takes Chelsea's spending on defenders under their new owners past a record-shattering £360m. Yet the Blues back four which lines up against Crystal Palace on the opening weekend of the new season may well include just one player who cost a fee. Marc Cucurella, who came in from Brighton three years ago in a deal worth up to £62m, is the biggest success of Chelsea 's hit-and-miss defensive recruitment. The signing of Hato is a major coup for the Blues, with Liverpool and Arsenal among the other major clubs who wanted the talented and versatile teenager. The young Dutchman is the 12th defender brought in since the consortium led by Clearlake Capital and Todd Boehly took over the club in May 2022. But Cucurella, a Euro 2024 winner with Spain, is the only member of the current Chelsea back four that you would describe as world class. And if Chelsea are to win domestic and European titles, they will need more defenders to reach that level. To be fair, Enzo Maresca 's side can already claim to be world champions. To beat a flair-filled Paris Saint-Germain side 3-0, just weeks after they had spanked Inter Milan 5-0 in the Champions League final, was an impressive achievement. The back four which started the Club World Cup final was left back Cucurella, homegrown centre backs Levi Colwill and Trevoh Chalobah, and right back Malo Gusto. The Frenchman, now 22, could end up costing Chelsea £30.7m after signing from Lyon in January 2023 and spending the rest of that season on loan back at the French club. Gusto has done a decent, sometimes very good, job at right back. He covered for the long injury-related absences of Reece James over the last two seasons and kept his place when James was employed in midfield - as he was against PSG. 8 8 But if you believe Moises Caicedo and Enzo Fernandez will start the biggest games in front of the defence, and James will mostly play as an inverted right back when he is fit, then Gusto will not be in Enzo Maresca's strongest 11. Chalobah did well after returning from half a season on loan at Crystal Palace, but could yet find himself being sold this summer. As a product of the Chelsea Academy, he would generate pure profit for financial rules purposes and there could be clubs willing to pay £40m for him. If Chalobah left, his replacement as right-sided centre back at the start of the season would almost certainly be Tosin Adarabioyo. The free transfer from Fulham last summer has carved a niche for himself off the pitch as well as on it. At just 27 he is one of the senior members of the squad, and plays an 'Uncle Tosin' role to the youngsters, enjoying a particularly close relationship with fellow Mancunian Cole Palmer. But no-one, not even Tosin himself, would claim that he is one of Europe's best defenders. If Wesley Fofana is able to put his injury hell behind him and rediscover his previous form, he could yet meet those standards and become a Chelsea stalwart for years to come. Fofana, still just 24, has made only 34 appearances for the Blues since arriving from Leicester in the summer of 2022 in a deal worth up to £75m. He is the most expensive of all Chelsea's defensive signings and that means, through no fault of his own, he has also been the biggest let down. But only just. The Blues really have had trouble finding a settled and satisfactory centre back pairing. Within weeks of the 2022 takeover, Kalidou Koulibaly became the new regime's first defensive signing. The Napoli star's £35m fee felt a little steep for a player about to turn 31, but the Senegal international was highly-rated and on the radar of other big clubs. Koulibaly failed to live up to his billing, although he could point to the chaos of playing under three different managers and a hamstring injury as decent explanations. He was offloaded after just one season to Saudi Pro League side Al-Hilal - and played for them in this year's Club World Cup. When Chelsea set a new record for winter window spending in early 2023, Benoit Badiashile 's £35m arrival from Monaco went a little under the radar in the wake of massive deals for Enzo Fernandez and Mykhailo Mudryk. The Frenchman did fine in a struggling team in the remainder of the 22/23 season, but not well enough to seal his spot. And when injury kept Badiashile out of the start of the following campaign, Colwill took his chance after returning from loan at Brighton. 8 8 8 Meanwhile the unfortunate Fofana had suffered the second major knee injury of his short Chelsea career in the summer of 2023. Within weeks, the Blues had gone back to Monaco to bring in Axel Disasi for another £38m. The France international was a first choice under Mauricio Pochettino for much of the 2023/4 season. But new boss Maresca did not fancy Disasi, and he was sent on loan to Aston Villa for the second half of last season. The signing of Hato, 19, fits Chelsea's current transfer philosophy of signing the best young players and trying to turn them into superstars. If they fail, they can usually be sold on for a profit, as is likely to be the case with Renato Veiga. The versatile Portuguese was signed only last summer, did well enough to earn a loan to Juventus for the second half of the season and could find himself joining Atletico Madrid for a chunky fee. In addition to Veiga, Chelsea signed two teenage defenders last summer in centre back Aaron Anselmino and left back Caleb Wiley. The latter has now returned to Watford for a second season on loan, while Anselmino may well also leave on a temporary deal after recovering from injury. Mamadou Sarr, 19, is likely to be loaned back to Strasbourg after the Blues paid £12m to their sister club. Hato is also 19 but at a fee of £37m, he will surely need to deliver for Chelsea this season. The Blues will probably ease him in, perhaps initially as cover for left back Cucurella. In the longer term, Hato should end up challenging Colwill for that left-sided centre back slot or forming a partnership with the England international. And finally, after spending more on defenders than any club, Chelsea could end up with a world-class back four to show for it. 8
Daily Mail
an hour ago
- Daily Mail
Musk open to merger between his company xAI and Apple
Elon Musk has been openly hinting at a historic merger in the business world, suggesting that his company xAI should partner with tech giant Apple. Musk's company is the corporate face of his popular AI chatbot Grok, which functions similarly to competitors like ChatGPT, Claude, Gemini, and Copilot. Meanwhile, Apple has struggled to bring its own AI programs to consumers, notably delaying improvements to the Siri voice assistant until 2026. Venture capitalists started openly speculating this month that Musk and Apple make the perfect power couple in the AI world, with xAI bringing Grok to even more people using iPhones through this proposed partnership. On the All-In Podcast, investor Gavin Baker called xAI's Grok4 'the best product' in terms of AI chatbots right now, but added that 'the best product doesn't always win in technology.' 'I think there is solid industrial logic for a partnership. You could have Apple Grok, Safe Grok, whatever you want to call it,' said Baker, the Chief Investment Officer of Atreides Management LP, in a video posted to X on July 19. Musk quickly replied to the comments, saying 'Interesting idea.' The billionaire then added 'I hope so!' while responding to another post suggesting that Apple partnering with xAI was a better option than competitors like Anthropic. A partnership between the two companies could integrate xAI's Grok chatbot into Apple's devices, such as iPhones, iPads, and Macs, potentially replacing or augmenting Siri. A relationship between Musk's AI team and the $3.1 trillion Apple could also lead to smarter, more accurate AI assistants, addressing Apple's ongoing issues with AI development. Grok launched in 2023 as Musk's alternative to other chatbot which had sparked controversy for provided allegedly biased answers and citing information that had been made up. xAI has said that Grok is "designed to answer questions with a bit of wit," and the program has generally drawn widespread praise for its quick and accurate answers to prompts. Just just weeks ago, however, Grok 4 was engulfed in controversy for repeating far-right hate speech and white nationalist talking points about politics, race, and recent news events. Multiple users reported on July 8 and July 9 that Grok echoed anti-Semitic conspiracy theories, including claims that Jewish people controlled Hollywood, promoted hatred toward White people, and should be imprisoned in camps. In a post on X, xAI replied to these concerns: 'We are aware of recent posts made by Grok and are actively working to remove the inappropriate posts. Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X,' the company added. Baker added that the deal Musk has been infatuated with would benefit xAI's reach significantly as well, since OpenAI's ChatGPT is currently used by nearly 800 million weekly active users, according to Demandsage. 'There's been a lot of news about Apple thinking about buying Perplexity or Mistral, but that's just a Band-Aid. Those companies don't get Apple what they need,' Baker said. To the investor's point, Perplexity AI is a search-engine-style AI company known for information retrieval and fact-finding tasks. It's currently valued at $18 billion. Mistral AI is a French AI firm valued at roughly $6.2 billion that's focused on easy-to-use, open-source language models. They've worked with partners like Cisco to help with tasks like research and automation. On the other hand, xAI and its Grok chatbot stand out with a current valuation of up to $200 billion and a distribution reaching 35.1 million monthly active users. Baker explained that 'xAI and Apple are natural partners,' especially after OpenAI made a multi-billion-dollar deal to create new devices that use their AI technology without relying on the iPhone. In May, OpenAI bought former Apple designer Jony Ive's hardware startup for a reported $6.5 billion. That deal brought Ive on as the AI company's new creative head, with the vision of building specialized gadgets that can use generative AI and ChatGPT without needing a smartphone or computer. While a deal between xAI and Apple is still only speculation, Musk recently turned heads by announcing that xAI was working on a new project called 'Baby Grok' which would be a new app designed to provide 'kid-friendly content.'
