Piraeus Bank posts higher first-quarter profit
The bank reported net earnings of 284 million euros ($321.77 million) in the first three months of the year, compared with a profit of 233 million euros in the first quarter of 2024.
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Reuters
2 hours ago
- Reuters
Freight rates fall for Russian Urals oil, but new sanctions may change that, traders say
MOSCOW, July 14 (Reuters) - Freight rates for Russian oil shipments from the Baltic Sea ports to India have fallen in July-August as more tankers have become available, but this could change if new sanctions are imposed on Moscow, two traders said. The European Union is finalising its 18th sanctions package on Russia, which may include a lower price cap on Russian oil. The cap, introduced in 2022, bans trade in Russian crude oil transported by tankers if the price paid was above $60 per barrel. The EU may decide on tighter price cap limits in its new sanctions, which could push it below $45 per barrel from current $60. Global oil prices fell early in April, which pushed the price of Urals crude in Russia's ports below the $60 per barrel threshold, allowing more Western shipping companies to resume services for Russian oil, including freight. The cost of shipping Urals oil from the Russian Baltic Sea ports of Primorsk and Ust-Luga to India fell to between $5 million and $5.3 million per one-way shipment on an Aframax tanker, which is able to carry 730,000 barrels of oil, on average, from between $5.5 million and $5.7 million in June. Last week, the price for Urals oil remained below the $60 per barrel price cap, Reuters data showed. U.S. president Donald Trump plans to make a "major statement" on Monday about Russia, which has prompted speculation that this could include a possible tightening of the sanctions against Moscow. This announcement kept Russian oil freight market "frozen" since last Friday, one of the traders said. Russian crude oil shipping rates rose sharply after a new round of U.S. sanctions on Russian energy interests announced in January came into effect. Russian oil sellers were forced to look for new tankers to replace those vessels hit by the sanctions. Freight rates still remain above the pre-sanctions levels of early January, when the cost of shipping Russian crude from the Baltic ports to India stood at between $4.7 million and $4.9 million.
Reuters
3 hours ago
- Reuters
Brazil economic activity posts unexpected drop in May
BRASILIA, July 14 (Reuters) - Brazil's economic activity unexpectedly fell in May, central bank data showed on Monday, dragged down by a sharp drop in the farm sector along with declines in tax revenue and industrial output. The IBC-Br index, a leading indicator of gross domestic product (GDP), fell 0.7% in May from April on a seasonally adjusted basis, well below the flat reading expected in a Reuters poll. The decline was driven by a 4.2% drop in agricultural output, which is typically stronger in the earlier months of the year in Latin America's largest economy. Even excluding the farm sector, activity remained in negative territory, down 0.3% on the month, reflecting the impact of the central bank's aggressive monetary tightening to curb inflation. Since last September, policymakers have raised interest rates by 450 basis points to a near 20-year high of 15%. While services, the main engine of Brazil's economy, were flat in May, tax revenue fell 1.0% and industrial output declined 0.5%, according to the IBC-Br breakdown. On a year-over-year basis, the index rose 3.2%, and was up 4.0% in the 12 months through May.
Scottish Sun
3 hours ago
- Scottish Sun
Bitcoin hits new record high – should you invest in crypto?
Plus, we outline the dangers to look out for if you're thinking of investing in cryptocurrency COINING IT Bitcoin hits new record high – should you invest in crypto? Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BITCOIN has hit a new record high, with the world's largest cryptocurrency surpassing $120,000 (£89,000) for the first time. The digital currency climbed to over $122,000 (£90,438) on July 14, having doubled in value over the past year. Sign up for Scottish Sun newsletter Sign up 1 Bitcoin has reached a new record high, surpassing $120,000 for the first time Credit: Reuters Analysts say the surge is partly down to Donald Trump's strong support for cryptocurrency. The American President has called himself the "crypto president" and is currently trying to pass new laws that would regulate cryptocurrency in the US. This week has been dubbed 'Crypto Week' in America, with the US House of Representatives debating a series of bills to provide a regulatory framework for the $3.8trn market. Dan Coatsworth, investment analyst at AJ Bell said: 'Donald Trump has talked about making America the crypto capital of the world, and now the market is hoping those words become reality. 'The crypto's price movement implies that investors and traders are expecting something significant during Crypto Week, as bitcoin has now risen by nearly 10% in just five days." Meanwhile, some analysts are predicting the value of Bitcoin could climb even further. IG market analyst Tony Sycamore said: "It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level." What is cryptocurrency? Cryptocurrencies are digital assets created using blockchain technology, making them different from physical currencies such as the pound. Part of their appeal is that they are not controlled by governments or a central bank, such as the Bank of England. This means the currency can be used to transfer wealth outside of the traditional banking system, making it easier to cross borders and stay anonymous. Bitcoin is the world's first, largest and most valuable cryptocurrency, but its rise has helped other cryptocurrencies also grow in value, such as Ethereum. From January 2026, anyone holding crypto like Bitcoin, Ethereum, or Dogecoin must provide personal details to each crypto service provider they use. HMRC, which is introducing the rules to crack down on unpaid crypto profits tax, has warned that failure to comply could result in a £300 fine. Should you invest in crypto? If you're considering investing in Bitcoin or other cryptocurrencies, it's important to be aware that there are high risks involved. Donald Trump's power can drag US out of 'crypto winter' but he needs to show currency's not just for terrorists & drugs Investing is not a guaranteed way to make money, so make sure you know the risks and only invest in things you understand. Hargreaves Landsdown investment and markets analyst Susannah Streeter says a "historic shift" is happening for cryptocurrency thanks to President Trump's vast support and the regulation going through the US Congress this week. However, she warns that wide-spread adoption of regulation is "still a long way away". This lack of regulation means you won't have any protection if you decide to invest. For example, you won't be able to make a complain to the Financial Ombudsman Service if things go wrong. Streeter also warns that the market's unpredictable nature makes it a risky investment. "Bitcoin has a history of rapid surges in value, followed by sharp falls, and for speculators it's very difficult to time the market. "So, it's still worth treading very carefully in the crypto universe and only trade in Bitcoin or other coins and tokens with money you can afford to lose," she says. UK Crypto asset businesses must register with the Financial Conduct Authority - and you can check to see if they are on the Financial Services Register or if they are on a list of firms with temporary registration. The dangers of investing in crypto HERE are five key risks to keep in mind when investing in cryptocurrencies: Consumer protection: Many cryptocurrency investments promising high returns are not fully regulated, apart from anti-money laundering rules. This means you may have limited protection if things go wrong. Price volatility: Cryptocurrency prices can rise and fall dramatically, making it easy to lose money. It's also difficult to reliably determine their value. Product complexity: Crypto products and services can be complicated, which makes it hard to understand the risks. Plus, there's no guarantee you can convert your cryptocurrency back to cash—it depends on market demand and supply. Charges and fees: Crypto investments often come with high fees, which can eat into your returns. These fees are often higher than those for regulated investments. Marketing hype: Some firms exaggerate potential returns or downplay the risks involved. Be cautious of flashy promotions. It's essential to only invest in cryptocurrency if you fully understand how it works and the risks involved. Remember, there's no guarantee you can exchange it for real cash, and its value can change drastically in a short time. If something sounds too good to be true, it probably is. Always double-check with a trusted friend or advisor if you're unsure. Be wary of glowing websites or perfect reviews - fraudsters often create convincing scams. For tips on avoiding scams, check out our guide. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
