Fiscal coordination is fundamental task of the Eurogroup, says Lithuanian finance minister
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Business Insider
5 hours ago
- Business Insider
Binance Hires Former Gemini Star to Rescue Its European Comeback
Binance just pressed the reset button on its European strategy and it's doing so with one of the region's most experienced crypto executives at the helm. The world's largest crypto exchange has appointed Gillian Lynch, a former Gemini executive, as Head of Europe and the UK, signaling a strategic pivot as it scrambles to meet regulatory deadlines under the EU's MiCA framework. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Lynch Tasked with Rebuilding Binance's Reputation in Europe With over two decades of experience spanning banking, fintech, and digital assets, Gillian Lynch isn't just another hire, she's a proven veteran talent. At Gemini, Lynch helped the exchange become the first virtual asset service provider (VASP) registered by Ireland's central bank. Now, she's expected to do something similar—but on a much larger scale. After years of friction with regulators, Binance is facing a ticking clock. Under MiCA, crypto firms operating in the European Economic Area must be fully compliant by July 2026. Until then, existing firms can operate under transitional rules—but they'll need to secure full licensing to stick around beyond that. Lynch will oversee Binance's operations and strategy across key European markets, including the UK, where Binance famously canceled its FCA registration in 2023. The move is being framed by Binance as a long-term commitment to 'user protection and sustainable growth.' But beneath the surface, it's a critical attempt to rebuild lost trust. Binance's License Troubles Made This Move Inevitable In recent years, Binance has either exited or faced regulatory blocks in major EU markets—including the Netherlands, Germany, and France. Competitors like Coinbase (COIN) and Bitstamp have been quicker to align with MiCA. Now, with Lynch at the wheel, Binance is betting that a clean compliance narrative can unlock a second act in Europe. CEO Richard Teng says Lynch's blend of regulatory and operational expertise makes her 'the right leader at the right time.' It's not just about ticking legal boxes—it's about winning back market share before the MiCA window closes. MiCA Ushers In a New Crypto Era MiCA isn't just a compliance headache, it's a gateway to legitimacy. The framework creates a harmonized set of rules for crypto services across the entire EU, offering one passportable license across all member states. That means whoever gets there first will have a serious advantage. Lynch's arrival signals that Binance doesn't intend to sit this one out. And with the EU now the world's most structured crypto environment, the stakes are enormous.
New York Post
7 hours ago
- New York Post
Air France-KLM to take majority stake in Scandinavian airline SAS
Air France-KLM plans to increase its stake in Scandinavian airline SAS to 60.5%, the latest step towards consolidating Europe's fragmented airline sector as carriers seek to strengthen their position against rivals. The Franco-Dutch airline group said on Friday it intended to increase its stake from 19.9% currently by acquiring the stakes held by top shareholders Castlelake and Lind Invest. The purchase, subject to regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said. Advertisement 3 Air France-KLM is looking to increase it's stake in Scandinavian carrier SAS to 60.5% from 19.9%. EPA The value of the investment would be determined at closing, based on SAS's latest financial performance, including core earnings and net debt, the company said. It declined to give details on those metrics. Air France-KLM expects to generate 'three-digit million' euros in synergies from raising its SAS stake, finance chief Steven Zaat told analysts on a call. Advertisement Zaat said the deal would be funded from cash or a 'plain vanilla bond' and would not impact the drive to reduce the group's hybrid debt. 'We have ample room for it,' he said. SAS welcomed Air France-KLM's announcement. 'European consolidation had to happen further, and we're very happy to be part of that,' SAS CEO Anko van der Werff told Danish broadcaster TV2. 3 The Danish government will keep its 26.4% stake in SAS and its seats on the board. REUTERS Advertisement 'In the current setup where Air France-KLM is a 19.9% shareholder, they're still a competitor,' he said. 'With the new stake, going above 50%, we can really tap into all of those synergies and offer those benefits to customers.' SAS said it would continue to invest in its fleet and network. In 2023, Air France-KLM said it would invest about $144.5 million for its initial SAS stake, boosting its presence in Sweden, Denmark and Norway with the option to become a controlling shareholder after a minimum of two years, subject to conditions. SAS exited from Chapter 11 bankruptcy protection in August 2024. Advertisement 3 Air France-KLM CEO Ben Smith. Bloomberg via Getty Images The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, Air France-KLM said in a statement. 'Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline's potential will continue to grow through deeper integration within the Air France-KLM Group,' said Air France-KLM CEO Ben Smith. The deal comes as executives seek more consolidation in Europe's fragmented airline industry, which they say is needed to compete with U.S. and Middle Eastern rivals. SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of 4.1 billion euros ($4.8 billion). Air France-KLM group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board.
Boston Globe
8 hours ago
- Boston Globe
Russia launches largest missile and drone barrage on Kyiv since war in Ukraine began
The US has paused some shipments of military aid to Ukraine, including crucial air defense missiles. Ukraine's main European backers are considering how they can help pick up the slack. Zelensky says plans are afoot to build up Ukraine's domestic arms industry, but scaling up will take time. The White House did not immediately respond to requests for comment about the call. Advertisement The seven-hour bombardment of Kyiv caused severe damage across multiple districts of the capital in a seven-hour onslaught, authorities said. Blasts lit up the night sky and echoed across the city as air raid sirens wailed. The blue lights of emergency vehicles reflected off high-rise buildings, and debris blocked city streets. 'It was a harsh, sleepless night,' Zelenskyy said. Russia has been stepping up its long-range attacks on Ukrainian cities. Less than a week ago, Russia launched what was then the largest aerial assault of the war. That strategy has coincided with a concerted Russian effort to break through parts of the roughly 1,000-kilometer (620-mile) front line, where Ukrainian troops are under severe pressure. Advertisement Russia launched 550 drones and missiles across Ukraine during the night, the country's air force said. The majority were Shahed drones, but Russia also launched 11 missiles in the attack. Alya Shahlai, a 23-year-old Kyiv wedding photographer, said that her home was destroyed in the attack. 'We were all in the (basement) shelter because it was so loud, staying home would have been suicidal,' she told The Associated Press. 'We went down 10 minutes before and then there was a loud explosion and the lights went out in the shelter, people were panicking.' Five ambulances were damaged while responding to calls, officials said, and emergency services removed more than 300 tons of rubble. In Friday's call, Zelensky said he congratulated Trump and the American people on Independence Day and thanked the United States for its continued support. They discussed a possible future meeting between their teams to explore ways of enhancing Ukraine's protection against air attacks, Zelensky said. He added that they talked in detail about defense industry capabilities and direct joint projects with the US, particularly in drone technology. They also exchanged views on mutual procurement, investment, and diplomatic cooperation with international partners, Zelensky said. Peace efforts have been fruitless so far. Recent direct peace talks have led only to sporadic exchanges of prisoners of war, wounded troops, and the bodies of fallen soldiers. No date has been set for further negotiations. Ukrainian officials and the Russian Defense Ministry said another prisoner swap took place Friday, though neither side said how many soldiers were involved. Zelensky said most of the Ukrainians had been in Russian captivity since 2022. The Ukrainian soldiers were classified as 'wounded and seriously ill.' Advertisement The attack on Kyiv began the same day a phone call took place between Trump and Russian President Vladimir Putin. Asked if he made any progress during his call with Putin on a deal to end the fighting in Ukraine, Trump said: 'No, I didn't make any progress with him today at all.' 'I'm very disappointed with the conversation I had today with President Putin because I don't think he's there. I don't think he's looking to stop (the fighting), and that's too bad,' Trump said. According to Yuri Ushakov, Putin's foreign affairs adviser, the Russian leader emphasized that Moscow will seek to achieve its goals in Ukraine and remove the 'root causes' of the conflict. 'Russia will not back down from these goals,' Ushakov told reporters after the call. Russia's army crossed the border on Feb. 24, 2022, in an all-out invasion that Putin sought to justify by falsely saying it was needed to protect Russian-speaking civilians in eastern Ukraine and prevent the country from joining NATO. Zelensky has repeatedly called out Russian disinformation efforts. The Ukrainian response needs to be speedy as Russia escalates its aerial attacks. Russia launched 5,438 drones at Ukraine in June, a new monthly record, according to official data collated by The Associated Press. Ukrainian Foreign Minister Andrii Sybiha said earlier this week that Russia also launched more than 330 missiles, including nearly 80 ballistic missiles, at Ukrainian towns and cities that month. Throughout the night, AP journalists in Kyiv heard the constant buzzing of drones overhead and the sound of explosions and intense machine gun fire as Ukrainian forces tried to intercept the aerial assault. Advertisement 'Absolutely horrible and sleepless night in Kyiv,' Sybiha wrote on social media platform X. 'One of the worst so far.' Ukraine's Economy Minister Yuliia Svyrydenko described 'families running into metro stations, basements, underground parking garages, mass destruction in the heart of our capital.' 'What Kyiv endured last night, cannot be called anything but a deliberate act of terror,' she wrote on X. Kyiv was the primary target of the countrywide attack. At least 14 people were hospitalized, according to Kyiv Mayor Vitali Klitschko. Zelenskyy called the Kyiv attack 'cynical.' In Moscow, the Defense Ministry claimed its forces targeted factories producing drones and other military equipment in Kyiv. Ukrainian air defenses shot down 270 targets, including two cruise missiles. Another 208 targets were lost from radar and presumed jammed. Russia successfully hit eight locations with nine missiles and 63 drones. Debris from intercepted drones fell across at least 33 sites. In addition to the capital, the Dnipropetrovsk, Sumy, Kharkiv, Chernihiv, and Kyiv regions also sustained damage, Zelensky said. Emergency services reported damage in at least five of Kyiv's 10 districts.
