Latest news with #INGBank
Kuwait Times
a day ago
- Business
- Kuwait Times
Eurozone economy expands but tariff impact looms
BRUSSELS: The eurozone economy unexpectedly expanded in the second quarter of 2025, official data showed Wednesday, despite international trade tensions clouding the global outlook. The EU's official data agency said the 20-country single currency area recorded growth of 0.1 percent over the same period last year — slightly better than the flat performance forecast by analysts. The eurozone economy showed 'resilience despite US trade volatility', ING Bank's Bert Colijn said. Since US President Donald Trump returned to the White House in January he has hit the EU with a series of painful tariffs, but the bloc struck a deal on Sunday to avert an escalating trade war. EU officials hope the agreement will bring certainty for companies and stave off further economic pain, though analysts warn that Europe will still take a hit to its output from the deal, which foresees a 15-percent US tariff on most exports. Eurostat data on Wednesday showed that Europe's second-largest economy, France, beat expectations to grow by 0.3 percent in the second quarter, but it was Spain that was the star performer, recording growth of 0.7 percent between April and June. Portugal also recorded 0.6 percent growth in the same quarter. Europe's economic powerhouse, Germany, unexpectedly shrank by 0.1 percent from the previous quarter. Italy's economy also contracted by 0.1 percent in the period. The eurozone growth of 0.1 percent came after the single currency area's economy grew by 0.6 percent in the first quarter. But economists warned against reading too much into the first-quarter data, saying it was due to an extreme change in Ireland's figures. The 27-country EU economy expanded by 0.2 percent over the April-June period from the previous quarter, after registering 0.5 percent growth in the first three months of 2025. The year has been full of uncertainty for Europe. Trump threatened 30-percent levies on most European goods if Brussels and Washington did not clinch a deal by August 1. Sunday's agreement lacks details — with much still being negotiated — but the two sides confirmed a majority of EU products would face the 15-percent tariff rate, including pharmaceuticals and semiconductors. Economists warned that the deal would impact the eurozone economy. 'With the 15 percent US universal tariff likely to subtract around 0.2 percent from the region's GDP, growth is likely to remain weak in the rest of this year,' said Franziska Palmas, senior Europe economist at Capital Economics. 'Looking ahead, expect swings in trade to continue to influence the economy,' said ING's Colijn, who nonetheless sounded an optimistic note for the future. 'For the short term, don't expect miracles, but at the same time, there are new signs of life starting to emerge for the eurozone economy,' he said. In the first half of the year, European companies rushed to ship more goods to avoid Trump's higher tariffs. France's Economy Minister Eric Lombard said the figures for France showed that the country's companies also proved resilient to US tariff hikes. France is now pushing for zero tariffs on alcohol including champagne and wines as well as spirits, with talks still ongoing on the issue. European officials say the deal included an agreement on mutual tariff exemptions for certain goods — but which ones exactly remained to be nailed down. – AFP
The Sun
2 days ago
- Business
- The Sun
Eurozone economy grows 0.1% as US tariff deal looms
BRUSSELS: The eurozone economy showed unexpected resilience in the second quarter of 2025, growing by 0.1 percent despite escalating trade tensions with the US, according to official data released Wednesday. The slight expansion defied analyst expectations of stagnation, though economists warn that newly imposed tariffs could dampen future growth. The EU's statistics agency Eurostat reported mixed performances across the bloc. France, Europe's second-largest economy, grew by 0.3 percent, exceeding forecasts. Spain led with 0.7 percent growth, while Portugal expanded by 0.6 percent. However, Germany, the region's economic powerhouse, unexpectedly shrank by 0.1 percent, and Italy also contracted by the same margin. 'The eurozone economy showed resilience despite US trade volatility,' said ING Bank economist Bert Colijn. The growth follows a 0.6 percent expansion in Q1, though economists caution that Ireland's volatile data skewed earlier results. A recent US-EU trade deal, finalized Sunday, aims to prevent a full-blown trade war but imposes a 15 percent tariff on most EU exports. Analysts estimate this could reduce eurozone GDP by 0.2 percent. 'Growth is likely to remain weak for the rest of the year,' said Capital Economics' Franziska Palmas. France's Economy Minister Eric Lombard highlighted domestic resilience, while negotiators push for exemptions on alcohol tariffs. The deal's finer details, including which goods avoid duties, remain unresolved. - AFP
Cision Canada
23-07-2025
- Business
- Cision Canada
Intellistake Technologies Corp. Appoints Mario Casiraghi, Leading AI Digital Asset Ecosystem CFO at SingularityNET Foundation and CEO of Established $90M USD AUM Digital Asset Firm Singularity Venture Hub, to Advisory Board to Bridge Traditional Finance and Digital Asset Markets
Group CFO of SingularityNET Foundation since 2020, scaling the ecosystem from $40M USD market cap to multi-billion USD market cap $90M USD in digital assets under management by Singularity Venture Hub ("SVH") Swiss VASP/CASP licensing for trading and custody operations of SVH SVH operates institutional-grade digital asset infrastructure powered by Fireblocks, the industry-leading custody platform that has processed over $10 trillion in transactions for 1,800+ institutional clients across 100+ supported blockchains Former investment banker at Bank of America Merrill Lynch and ING Bank, executing over $80 billion in structured transactions, including the landmark $46 billion AB InBev acquisition financing—the second-largest corporate debt offering in U.S. history Led the Artificial Superintelligence Alliance (ASI)—a $6 billion token-based merger between three of the world's largest decentralized AI networks Played a central role in the $100 million acquisition of Cudos, the largest decentralized compute network in Web 3.0 by available computing power VANCOUVER, BC, July 23, 2025 /CNW/ - Intellistake Technologies Corp. (CSE: ISTK) (OTC: ISTKF) (FSE: 3KZ) (" GFCO" or the" Company") is pleased to announce the appointment of Mario Casiraghi to its Advisory Board. A globally recognized financial strategist with over a decade of experience bridging traditional capital markets and decentralized technology. Casiraghi will provide strategic guidance to support the Company's operations as a technology company focused on decentralized artificial intelligence ("AI") and digital currencies. Casiraghi brings exceptional expertise from both traditional finance and the digital asset ecosystem. As a former investment banker at Bank of America Merrill Lynch and ING Bank, he executed over $80 billion in structured transactions across Europe and the United States, including the landmark $46 billion AB InBev acquisition financing —the second-largest corporate debt offering in U.S. history. His traditional finance background includes 15+ major debt capital markets transactions and liability management exercises for Fortune 500 companies. Recognizing the transformative potential of blockchain technology, Casiraghi transitioned from traditional investment banking to become a pioneer in digital asset infrastructure. In 2020, he became Group CFO of SingularityNET Foundation and co-founded SingularityDAO Labs, where he led a $6 million USD Series A funding round and scaled the decentralized finance protocol to manage up to $200 million USD in total value locked. In his role as Group CFO, Casiraghi has scaled a multi-token digital ecosystem from $40 million USD to over $5 billion USD market cap, positioning him as one of the leading financial architects in decentralized AI infrastructure. He led the structuring of the Artificial Superintelligence Alliance (ASI)—a $6 billion USD token-based merger between three of the world's largest decentralized AI networks, representing one of the most significant consolidations in blockchain and artificial intelligence history. As part of this ecosystem expansion, he participated in the $100 million USD acquisition of Cudos, the largest decentralized compute network in Web 3.0 by available computing power. "Mario's unique combination of traditional finance background and deep understanding of digital asset ecosystems makes him a great addition to our Advisory Board," said Jason Dussault, CEO of Intellistake Technologies Corp. "His experience executing billion-dollar transactions in both traditional and digital markets provides invaluable perspective as we build infrastructure bridging AI and blockchain technology." Casiraghi is also Founder and CEO of Singularity Venture Hub, a venture and treasury advisory firm managing over $90 million USD in assets. The firm provides capital allocation strategy, risk governance, and regulatory structuring to fast-scaling AI and blockchain companies. "Mario's expertise will strengthen Intellistake's role of providing traditional investors with regulated access to the intersection of artificial intelligence and blockchain technology through familiar stock exchange mechanisms," added Mr. Dussault. "Joining the advisory board at Intellistake is a natural progression in what has already been a strong and growing relationship," said Mario Casiraghi, CEO of Singularity Venture Hub."I've had the privilege of working closely with their team and have been consistently impressed by their vision and execution. This next step allows us to converge even more deeply on the innovative work Intellistake is doing in decentralized finance and AI—two sectors I believe are shaping the future." Intellistake has very recently completed the change of business transaction and is presently at an early stage of development. It has not yet acquired any digital assets, nor has it commenced validator and staking operations. It has also not yet developed any AI technology solutions. With the change of business completed it will now commence the execution of the business plan described in the Listing Statement dated June 30, 2025 and filed with the Canadian Securities Exchange and on SEDAR+ at It is important to note that as with any investment there are risks including that digital assets remain an emerging assets class with government regulation still under development, there has been significant volatility in digital assets and their value can decline rapidly, historical performance of digital assets in not indicative of their future performance and global digital asset demand may not continue to increase due to global financial conditions and other factors. Intellistake is a start-up that does not have the same access to capital as other larger more established companies. Please refer to "Cautionary Note Regarding Forward-Looking Information" and the Listing Statement for additional details on the risks associated with the Company's business. About Intellistake For additional information on the business of Intellistake please refer to Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" concerning anticipated developments and events related to the Company that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, all statements in respect of the Company's growth and development, the expected contributions of Mr. Casiraghi, and the operations and business segments of the Company. In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, the Company will continue to have access to financing until it achieves profitability; the technology and blockchain industries in which the Company intends to focus its business in will grow at the rate and in the manner expected; the ability to attract qualified personnel; the success of market initiatives and the ability to grow brand awareness; the ability to distribute Company's services; the Company creates strategies to mitigate risks associated with cryptocurrency price fluctuations; the Company remains compliant with all applicable laws and securities regulations; the Company engages and collaborates with local experts, as necessary, to address jurisdiction-specific matters and ensures compliance with foreign regulations to avoid penalties; the Company addresses any potential cybersecurity threats promptly and effectively; and the ability to successfully deploy the new business strategy. While the Company considers these assumptions to be reasonable, they may be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to general business, economic and social uncertainties; the sufficiency of our cash to meet liquidity needs; inability to create strategies to mitigate the risks associated with cryptocurrency price fluctuations; the costs of regulation in the digital asset industries increase to the extent that the Company is no longer generating sufficient returns for shareholders; failure to promptly and effectively address cybersecurity threats; insufficient resources to maintain its operations on a competitive basis; the actual costs, timing and future plans differs from expectations; legislative, environmental and other judicial, regulatory, political and competitive developments; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties; delay or failure to receive regulatory approvals; failure to attract qualified personnel, labour disputes; and the additional risks identified in the "Risk Factors" section of the Company's filings with applicable Canadian securities regulators. Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update forward-looking information.
Business Recorder
17-07-2025
- Business
- Business Recorder
Indian rupee contends with weak Asia, Fed leadership speculation
MUMBAI: The Indian rupee at open on Thursday will contend with a slide in Asian peers, US Federal Reserve leadership upheaval, and soft US inflation data that slightly strengthened expectations of a rate cut at the Fed's September meeting. The 1-month non-deliverable forward indicated that the rupee will open flat-to-slightly weaker versus the US dollar from 85.94 on Wednesday. The The dollar index whipsawed Thursday, dropping on speculation that President Trump would sack Fed Chair Jerome Powell, before trimming losses after the report was denied. Trump kept up his pressure on the central bank to cut rates. Trump has been vocal in his frustration with Powell for not cutting rates, which he thinks should be much lower. Trump confirmed that he had floated the idea with Republican lawmakers to fire the Fed chief. Investors were rattled last week by signals that the White House was paving the way to dismiss Powell — a move that would likely spark a sharp market backlash. ING Bank said in a note that the firing of Powell remains a low-probability event. However, Wednesday's market action showed how investors are likely to react if it does materialize - short-term US yields would fall, the dollar would weaken, equities would decline, credit spreads would widen, and long-dated Treasury yields would rise, ING added.
Reuters
17-07-2025
- Business
- Reuters
Rupee contends with weak Asia, Fed leadership speculation
MUMBAI, July 17 (Reuters) - The Indian rupee at open on Thursday will contend with a slide in Asian peers, U.S. Federal Reserve leadership upheaval, and soft U.S. inflation data that slightly strengthened expectations of a rate cut at the Fed's September meeting. The 1-month non-deliverable forward indicated that the rupee will open flat-to-slightly weaker versus the U.S. dollar from 85.94 on Wednesday. The The dollar index whipsawed Thursday, dropping on speculation that President Trump would sack Fed Chair Jerome Powell, before trimming losses after the report was denied. Trump kept up his pressure on the central bank to cut rates. Trump has been vocal in his frustration with Powell for not cutting rates, which he thinks should be much lower. Trump confirmed that he had floated the idea with Republican lawmakers to fire the Fed chief. Investors were rattled last week by signals that the White House was paving the way to dismiss Powell — a move that would likely spark a sharp market backlash. ING Bank said in a note that the firing of Powell remains a low-probability event. However, Wednesday's market action showed how investors are likely to react if it does materialize - short-term U.S. yields would fall, the dollar would weaken, equities would decline, credit spreads would widen, and long-dated Treasury yields would rise, ING added. U.S. producer prices index came in unchanged for June, compared with expectations for a 0.2% rise, while core or underlying prices were flat. The miss pushed up market odds of a Fed rate cut in September. Despite that, Asian currencies were mostly weaker on Thursday, pressured by the ongoing turmoil surrounding Fed leadership. The decline in Asian peers "may hurt the rupee at open", said a currency trader at a bank, adding that the unit remains well-supported around the 86 level based on recent price action. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.06; onshore one-month forward premium at 9.50 paise ** Dollar index up at 98.51 ** Brent crude futures up 0.4% at $68.8 per barrel ** Ten-year U.S. note yield at 4.48% ** As per NSDL data, foreign investors sold a net $20.2 million worth of Indian shares on July 15 ** NSDL data shows foreign investors bought a net $17.8mln worth of Indian bonds on July 15
