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Hung parliament the most likely scenario in France, says analyst
  + stars: | 2024-07-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHung parliament the most likely scenario in France, says analystSebastian Paris Horvitz, director of research at La Banque Postale Asset Management, says markets might remain cautious on France.
Persons: Sebastian Paris Horvitz Organizations: La Banque Postale Asset Management Locations: France
Dimitar Dilkoff | Afp | Getty ImagesFrench stocks staged a relief rally early Monday after results from the first round of the nation's snap election raised expectations of a hung parliament. The far-right National Rally party and its allies won 33.1% of the vote, the left-wing NFP alliance was second with 28% and Macron's coalition secured 20%, France's Interior Ministry said Monday. Stock Chart Icon Stock chart icon CAC 40 index. Stock Chart Icon Stock chart icon Euro/U.S. National Rally is hoping it will be the party's 28-year-old leader, Jordan Bardella.
Persons: Jordan Bardella, Gabriel Attal, Manuel Bompard, Dimitar Dilkoff, Sebastian Paris Horvitz, CNBC's, Matthew Ryan, , Emmanuel Macron, Macron, Horvitz Organizations: Rassemblement National, France's, France, TF1, Afp, Getty, NFP, La Banque Postale Asset Management, Citi, National, U.S ., National Assembly, Locations: London, France, Europe
The European Banking Authority (EBA) said the test covered 70 banks, 20 more than in 2021 with 57 from the euro zone whose test was overseen by the European Central Bank, representing about 75% of banking assets in the EU. Of the 14 German banks tested, 8 were below the EU average for CET1 and leverage ratio, while 6 were above. The European Banking Federation, an industry body, said the results reaffirmed the resilience of the EU banking sector. The watchdog said that in year three of the test, 37 banks fell below capital levels that trigger curbs on payouts. Deutsche Kreditwirtschaft, an umbrella association representing the German financial industry, said the results proved that German banks were "resilient" but it criticized the ECB's approach.
Persons: Goldman, Banks, markups, Tom Sims, John O'Donnell, Mathieu Rosemain, Mark Potter Organizations: European Union, European Banking Authority, European Central Bank, EU, JPMorgan, Volkswagen Bank, La Banque Postale, European Banking Federation, Deutsche, ECB, Thomson Locations: FRANKFURT, Europe, United States, France, Frankfurt, Paris
Lloyds updated its climate policy to make the change, which bars project financing or reserve-based lending to greenfield oil and gas projects, although the policy would still mean it could provide general lending to companies in the industry. read moreClimate groups welcomed the Lloyds move and called on other British banks to follow suit. "By becoming the first of the five largest UK high street banks to stop the direct financing of new gas, oil, and coal projects, Lloyds is making a clear statement on the future of financing for fossil fuel expansion." Lloyds' exposure to dirty industries is smaller than some of its global rivals, given its focus on Britain's economy. The bank provided about 1 billion pounds ($1.1 billion) of finance to commercial oil and gas customers last year, according to its latest climate disclosures report, and the sector accounted for just 0.2% of its overall lending.
London-based PRI's network of more than 5,000 signatories including Nuveen agree to take steps like urging portfolio companies to disclose more about carbon emissions or workforce diversity. She noted Princeton University recently moved to dissociate its $38 billion endowment from fossil fuel companies. https://bit.ly/3TwDttEA spokesperson for TIAA of New York said it has taken steps including asking portfolio companies to cut emissions. "Large-scale divestments by simply selling fossil-fuel-generating investments to other companies won’t necessarily reduce carbon output," said the spokesperson. Other PRI signatories have also declined to sell off energy stocks.
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