Goldman's Oppenheimer: 'Growing Opportunities' in Europe
Peter Oppenheimer, chief global equity strategist at Goldman Sachs, says the prospect of looser monetary and fiscal policy in Europe presents "growing opportunities" for equity investors when added to the cheaper valuation of European stocks when compared to their US peers. He speaks on Bloomberg Television.
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Yahoo
30 minutes ago
- Yahoo
Barclays Plans to Trim IB Workforce by More Than 200 to Reduce Costs
Barclays PLC BCS intends to reduce 3% of its workforce in the investment banking (IB) division in the upcoming days. This is part of CEO C.S. Venkatakrishnan's plan to boost the division's profitability. This was reported by Bloomberg, citing people familiar with the matter. More than 200 employees in IB, global markets and research will likely be affected. These would also include managing directors, among the most senior roles. These job cuts aim to expand the bank's capability to invest in priority areas, one of the people familiar with the matter stated. Barclays has been focused on gaining market share in European rates, equity derivatives and securitized product trading. During its investor update last year, the company stated that these efforts are anticipated to boost revenues by £500 million by IB, the company is aiming to grow its revenues from equity capital markets and mergers and acquisitions, with a specific focus on the health care, industrial, technology, and energy transition it is prioritizing growth in other areas, Barclays remains committed to its transatlantic IB model, despite ongoing investor pressure over the years.A Barclays spokesperson stated, 'Like other banks, we regularly assess our talent pool as part of our routine operations to ensure ongoing investment in key focus areas.' This move aligns with Barclays' ongoing efforts to improve efficiency through streamlining business operations and focusing on core April 2025, it announced a collaboration with Brookfield Asset Management Ltd. to transform its payment acceptance business. Further, in February 2025, it divested its Germany-based consumer finance business. In November 2024, the company acquired Tesco's retail banking business and changed its operating divisions effective in the first quarter of the past six months, Barclays shares have gained 36.3% compared with the industry's growth of 23.1%. Image Source: Zacks Investment Research Currently, BCS carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Last week, a source familiar with the matter said that Citigroup C will cut about 3,500 jobs at two of its technology centers in China by the start of the fourth quarter of 2025. The reduction will take place at the China Citi Solution Centres in Shanghai and of the jobs that are being cut are full-time. Citigroup mentioned that some of the roles would be moved to its technology centers elsewhere without specifying the number of jobs or move is part of the bank's strategy to simplify and reduce its global technology operations to improve data after shutting its retail banking business in the United States in 2021, HSBC Holdings PLC HSBC is now set to close its business banking division in the country. This announcement comes amid the company's ongoing business simplification efforts and accelerated shift toward the Asia and Middle East regions. This was first reported by move will likely affect nearly 4,500 HSBC clients. The bank will aid the impacted clients in transitioning to a suitable alternative provider and will continue to serve some clients in the Mid-Market and Global Network Banking Business. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report Barclays PLC (BCS) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
40 minutes ago
- Yahoo
China Extends Probe Into EU Pork Imports
China said Tuesday that it would extend a yearlong probe into pork imports from the European Union, as Beijing seeks to bolster ties with the 27-member bloc amid heightened trade tensions with the U.S. The Chinese Commerce Ministry decided to extend its antidumping investigation into EU pork products by six months to Dec. 16, citing the complexity of the case, according to an official notice. Think Twice Before You Click 'Unsubscribe' The Canned-Food Aisle Is Getting Squeezed by Rising Steel Tariffs The Best New Features Coming to Your iPhone, iPad and Mac (and What's Missing) FTC Seeks Information From Top Advertising Agencies as Part of Ad-Boycott Probe Judge Tosses Justin Baldoni's Lawsuits Against Blake Lively and New York Times The probe was launched last June in response to the EU's decision to slap antisubsidy levies on Chinese electric vehicles and was originally set to conclude later this month. Most of the EU's pork exports go to East Asia, in particular China, with Germany, Spain and France among the biggest producers, according to the European Commission. Tuesday's announcement is viewed as another goodwill gesture by Beijing, as Chinese leaders launch a global charm offensive to improve relations with major economic partners amid a trading fight with Washington. Back in April, Beijing extended a similar probe into brandy imports from the EU by three months to July and expanded Spanish pork exporters' access to the Chinese market through bilateral trade agreements. Earlier this month, Chinese Commerce Minister Wang Wentao talked with EU trade officials over a range of issues including Chinese EVs and export controls during a trip to France. In a statement after Wang's trip, the Chinese Commerce Ministry said negotiations with the EU on setting minimum prices for Chinese-made EVs have entered its final stages. Wang also said in his meetings with European counterparts that China will accelerate approvals of qualified rare-earth exports to Europe, adding that he hopes the EU can bolster exports of high-tech products to the country, according to the ministry. In retaliation against President Trump's 'Liberation Day' tariffs in April, China slapped new export controls on seven types of rare-earth minerals that are needed for a range of products including electronics, cars and advanced defense equipment. Such restrictions from the world's dominant rare-earth supplier have become a headache for global businesses, especially American and European automakers, many of which have warned of significant disruption in the global supply chain. Tuesday's extension also came as senior officials from China and the U.S. are meeting in London for their second round of talks with export controls taking the center stage. Write to Singapore Editors at singaporeeditors@ Alexander Brothers File $500 Million Defamation Suit Against The Real Deal Warner Discovery Splits Cable From Marquee Streaming, Studio Businesses Apple Unveils Array of New Software, but AI Comeback Remains Far Off Disney to Pay NBCUniversal Another $438.7 Million for Hulu Stake Businesses Are Bingeing on Crypto, Dialing Up the Market's Risks Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
UPI
an hour ago
- UPI
EU targets Russia with sanctions, lower oil price cap
EU Commission President Ursula von der Leyen (R) and High Representative of the European Union for Foreign Affairs and Security Policy Kaja Kallas briefed the press Monday on the 18th package of sanctions against Russia, in Brussels, Belgium. Photo by Olivier Matthys/EPA-EFE June 10 (UPI) -- The European Commission on Tuesday unveiled its latest in a series of sanctions against Russia targeting energy exports, infrastructure and finances. "Oil exports still represent one-third of Russia's government revenues," European Commission President Ursula von der Leyen said at a news conference in Brussels, Belgium. "We need to cut this source of revenues," she added. The measures aimed to put pressure on Moscow to end Russia's war in Ukraine include a proposal to lower the current $60 oil price cap to $45 per barrel and bans use of the Nord Stream pipelines between Germany and Russia. At least nine individuals and 33 companies will be slapped with asset freezes. And the EU will consider adding another 77 boats part of Russia's "shadow fleet" banned in European ports of entry, part of at least 300 other barred Russian vessels. In addition, at least 22 Russian banks will be cut off from the SWIFT international banking system and the Russian Direct Investment Fund. Von der Leyen called the sanctions "robust" and "hard-biting" and added that Russia's economy has already been bowing to past pressure. "Russia continues to bring death and destruction to Ukraine," she said Monday at the press conference with Kaja Kallas, the EU's top diplomat. "Our message is clear: This war must end." Kallas called Russia's military invasion of Ukraine "outright illegal." She said it was "clear that Russia does not want peace," adding it is "cruel, aggressive and a danger to us all." It arrived ahead of this weekend's G7 summit in Alberta, Canada where the new oil price caps will be discussed. "With this package, we step up pressure on Russia," stated von der Leyen. "Our objective is very clear: We are reiterating the call for a full, unconditional ceasefire of at least 30 days," she said.
