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☆ Why a second Trump presidency would hurt the global economy
▼ + stars: | 2024-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

For Chinese imports, Trump has proposed an even steeper 60% tariff. Many economists have warned that tariffs planned by Trump will hurt global economic growth and drive up inflation in the US, as well as abroad if other countries introduce higher levies on US imports in response. The International Monetary Fund (IMF) also sees a hit to global gross domestic product from increased tariffs around the world, according to its latest World Economic Outlook. Mario Tama/Getty ImagesA rise in protectionism around the world means open trade is already under threat and the ability of its champion, the World Trade Organization, to settle international trade disputes is severely constrained. “What we’d see in Trump 2 is far more radical than what we saw in Trump 1.”

Persons: Smoot, Donald Trump, Federal Reserve — Trump, Trump, ”, Evan Vucci, he’s, Maurice Obstfeld, Kristalina Georgieva, “, Mario Tama, ” Obstfeld, ” Petros Mavroidis, Scott Olson, Joe Biden, André Sapir, Bruegel, Jerome Powell, Powell, ” Trump, ” Edward Alden, ” Alden Organizations: London CNN, Federal Reserve, Bloomberg, Economic, of Chicago, Trump, Peterson Institute for International Economics, Republican, UBS, Monetary Fund, ABN AMRO, Peterson Institute, IMF, White, Port, World Trade Organization, CNN, Columbia Law School, US, European Union, EU, greenback, Foreign Relations, “ Locations: United States, Hawley, Washington, DC, China, Ukraine, Chicago, Japan, France, South Korea, Port of Los Angeles, Indiana, Portage , Indiana, Brussels, Trump

☆ Dutch government to reduce its stake in ABN Amro by a quarter
▼ + stars: | 2024-10-15 | by ( April Roach | ) www.cnbc.com time to read: +1 min

The Dutch government on Tuesday said it will reduce its stake in lender ABN Amro by a quarter to 30% through a trading plan. Shares of the Dutch bank traded 1.2% lower at the market open and was last down 0.6% as of 9:15 a.m. London time. The Dutch government, which currently holds a 40.5% interest in ABN Amro, announced via its investment vehicle firm NLFI that it will sell shares using a pre-arranged trading plan set to be executed by Barclays Bank Ireland. ABN Amro was bailed out by the state during the 2008 financial crisis and later privatized in 2015. The U.K. and German administrations have both made moves this year to reduce their respective shareholdings in NatWest and Commerzbank.

Persons: UniCredit, Commerzbank Organizations: ABN Amro, Barclays Bank Ireland, NatWest, Commerzbank Locations: London, Europe

☆ How to play AI in a cheaper way without owning stocks like Nvidia, according to a fund manager
▼ + stars: | 2024-10-11 | by ( Weizhen Tan | Nicole Teo | ) www.cnbc.com time to read: +2 min

Buying shares of Nvidia or other semiconductor and Big Tech stocks is just one way to play the artificial intelligence theme. There's a cheaper way to play it, Sean Peche of Ranmore Fund Management told CNBC Pro Talks last week. "Most investors over the last couple of years have thought that the only way to play AI is to own Nvidia and a few of the other peers," the portfolio manager said. AI is going to help these banks, but investors are "not paying for" the AI factor given that these stocks are trading at only six times earnings, he pointed out. Shares of Nvidia are trading at around 57 times earnings.

Persons: Sean Peche, Peche, You've, it's, I've, Unicredit Organizations: Nvidia, Big Tech, Ranmore Fund Management, CNBC, BNP Paribas, ABN Amro, UniCredit

☆ Pro Talks: After the Fed cuts rates, one fund manager reveals where to invest right now
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +1 min

Investors should stay away from overvalued U.S. stocks in 2025, fund manager Sean Peche has cautioned. The value investor at Ranmore Fund Management told CNBC's Silvia Amaro on CNBC Pro Talks about where he sees undervalued stocks and opportunities, especially now the U.S. Federal Reserve has cut interest rates. Pesh highlighted his fund's holdings, including Carrefour , Petrobras , Alibaba , and Baidu as value plays. Peche, who set up Ranmore Fund Management in 2008, also shared some of the worst trades of the year, as well as his most successful yet. Since inception, the fund has gained 10.9% on an annualized basis, slightly more than the 10.6% posted by its MSCI benchmark.

Persons: Sean Peche, CNBC's Silvia Amaro, Pesh Organizations: Ranmore Fund Management, CNBC Pro, U.S . Federal, Carrefour, Petrobras, Alibaba, Baidu, Ranmore, Equity, ABN Amro, Ranmore Global Equity Fund Locations: overvalued U.S, Hong Kong, United States, Carrefour, China

☆ CNBC Pro Talks: After the Fed cuts rates, one fund manager will reveal where to invest right now
▼ + stars: | 2024-09-24 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

After the U.S. Federal Reserve cut interest rates by a bumper 50 basis points , investors have been left wondering whether growth or value stocks are the best bet. On CNBC's upcoming Pro Talks , Silvia Amaro will ask value investor Sean Peche where he sees opportunities in the current market. Peche is portfolio manager at the U.K.-based Ranmore Fund Management and manages its $329 million Ranmore Global Equity Fund . As of Aug. 31, the Ranmore Global Equity Fund has returned 21.6% over the last year, underperforming its benchmark MSCI World Index's 24.4%. CNBC Pro subscribers can watch Pro Talks live on Wednesday, Sept. 25, at 7 a.m.

Persons: Silvia Amaro, Sean Peche, He'll, Warren Buffett, Eli Lilly, ager, CNBC's Silvia Amaro Organizations: U.S . Federal Reserve, Ranmore Fund Management, Global Equity Fund, Investors, Ranmore, Equity, Petrobras, Baidu, ABN Amro, Ranmore Global Equity Fund, Decillion Fund Management, Orbis Investment Advisory, CNBC, Beyond Locations: Carrefour, China, U.S, London

☆ What buying Commerzbank would mean for UniCredit — and the banking sector
▼ + stars: | 2024-09-19 | by ( April Roach | ) www.cnbc.com time to read: +7 min

Last week, UniCredit announced it had taken a 9% stake in Commerzbank, confirming that half of this shareholding was acquired from the government. Commerzbank shares jumped 20% on the day UniCredit's stake was announced. A cross-border styled merger between UniCredit and Commerzbank would be more preferential than a domestic merger between Deutsche Bank and Commerzbank, according to Reint Gropp, president of the Hall Institute for Economic Research. "The German banking structure is long overdue for a consolidation process. The German bank also has less excess capital than UniCredit and therefore "cannot really afford" a takeover, Alloatti said.

Persons: Kirill Kudryavtsev, UniCredit, Andrea Orcel, Commerzbank, Orcel, Ignacio Cerezo, Berenberg, David Benamou, Benamou, CNBC's, Arnaud Journois, Journois, Emmanuel Macron, Reint Gropp, Gropp, Filippo Alloatti, Hermes, Alloatti, We've Organizations: Afp, Getty, Bloomberg, Reuters, UniCredit, Wednesday, UBS, Investments, European, Morningstar, Commerzbank, Analysts, CNBC, Deutsche Bank, Hall Institute for Economic Research, Will Deutsche Bank, ABN Amro Locations: Frankfurt, Germany, Commerzbank, Berlin, Italian, U.S, Europe, UniCredit, Italy

☆ People in China are so spooked about the economy that even the weak yuan isn't stopping them from buying more gold
▼ + stars: | 2024-04-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's consumers and its central bank are snapping up gold, even as a falling yuan makes the metal pricier. AdvertisementChina's central bank has also been buying up gold, in much larger quantities than Gen Z's few grams of beans. Related storiesIn 2023, China's central bank bought 225 tons of gold, per the World Gold Council. The two economies have been jostled in the top spots for years, but China's buying spree last year put India behind. Advertisement"The amount of central bank buying is not justifying gold prices at current levels," she wrote.

Persons: —, It's, Georgette Boele Organizations: Service, Bloomberg, People's Bank of China, Gold, World Gold Council, ABN AMRO Locations: China, China's, India, Poland, Singapore, Germany

☆ This fund beat the S&P 500 without holding any Magnificent 7 stocks. Here's what they're buying right now
▼ + stars: | 2024-02-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Picking great stocks and avoiding disastrous investments enabled the Ranmore Global Equity Fund to beat the S & P 500 over the past two years, according to its fund manager. The fund, run by portfolio manager Sean Peche, returned 31% in 2023 compared to 24% for the S & P 500 . The Ranmore fund also outperformed its benchmark with 1.8% total returns in 2022 when the S & P 500 and broader indexes nearly fell into a bear market. The fund manager says they take a probability-based approach with many small positions rather than a few big bets. However, according to the fund manager, the market appears to be undervaluing its cash and securities.

Persons: Sean Peche, Peche, Andrew, there's, Where's, Ranmore, it's Organizations: Ranmore Global Equity Fund, Microsoft, Meta, Petrobras, Japan's Nippon TV, GSK, eBay, of, Bank of America, UBS, Carrefour, ABN AMRO, Nippon Locations: Wall, of London, Europe, Ukraine, U.S, Japan, Holland, Netherlands

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European markets were set for a lower open Wednesday as investors assessed incoming corporate earnings and inflation prints in both the U.S. and the U.K. The U.K.'s FTSE 100 was predicted to open 15 points lower at 7,492 points, the DAX down 40 points to 16,833 points and France's CAC lower by 15 points to 7,605, according to IG data. Losses deepened after new figures showed U.S. inflation rose by more than expected in January, as stubbornly high shelter prices squeezed consumers. Wednesday will see reporting from several major European businesses, including ABN AMRO and Capgemini.

Persons: DAX Organizations: LONDON, U.S, U.K, CAC, of Labor Statistics, Dow, U.S . Federal, ABN AMRO, Capgemini Locations: Frankfurt, Germany

☆ Volkswagen and more: Barclays names European 'conviction' stock ideas — and gives one 59% upside
▼ + stars: | 2024-01-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The Wall Street bank named the following five companies in its European "Conviction with Catalysts" list of stock ideas that offer strong upside potential. Enav Topping the list with the biggest upside potential is Enav , an air traffic controller company based in Italy. UCB Barclays believes Belgian biopharmaceutical company UCB can beat 2023 sales expectations thanks to its new psoriasis drug Bimzelx. Although the drug has struggled in the U.S. over side effect warnings, Barclays sees signs of healthy global demand. Volkswagen Barclays believes Volkswagen offers turnaround potential in 2024 after a disastrous 2023 and 2022.

Persons: Emmanuel Cau, Enav, — CNBC's Michael Bloom Organizations: Barclays, UCB Barclays, Belgian, UCB, ABN Amro Dutch, ABN Amro, ABN, Vivendi, Volkswagen Barclays, Volkswagen Locations: Italy, U.S

☆ Dutch state to sell down stake in ABN Amro
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

ABN AMRO logo is seen at the headquarters in Amsterdam, Netherlands May 14, 2019. REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsAMSTERDAM, Nov 30 (Reuters) - The Dutch government on Thursday said it would sell some of its shares in lender ABN Amro (ABNd.AS) , reducing its stake to around 40%. The Dutch state currently holds 49.5% of the shares in ABN Amro, one of three dominant banks in the Netherlands, following a bailout in the 2008 financial crisis. The Dutch state sold down its holding in ABN Amro to below 50% earlier this year. ABN Amro shares traded down 2.2% at 12.25 euros ($13.38) in early trading on Thursday, around 30% below their 2015 introduction price.

Persons: de, Bart Meijer, Bernadette Baum, Sharon Singleton Organizations: ABN AMRO, REUTERS, Rights, ABN Amro, of America Securities Europe, Thomson Locations: Amsterdam , Netherlands, Netherlands

☆ Exclusive: Four banks quit initiative assessing climate targets
▼ + stars: | 2023-11-29 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

LONDON, Nov 29 (Reuters) - Four major banks, including Standard Chartered Plc (STAN.L) and HSBC Plc (HSBA.L), have quit a United Nations-backed initiative to scrutinise climate targets set by corporations, according to people familiar with the matter. Many lenders say they should finance fossil fuels as long as economies depend on them. The spokesperson added that Standard Chartered was seeking alternative third-party validation of its climate targets and that it was setting science-based targets through the NZBA. It will still require them to cease the financing of fossil fuel projects that would weigh on their longer-term emissions targets. Credit Agricole (CAGR.PA), ING (INGA.AS), BBVA (BBVA.MC) and Swedbank (SWEDa.ST) told Reuters they remained committed to SBTi validating their emissions targets.

Persons: SBTi, SBTi's, Pietro Rocco, haven't, it's, Rocco, Tommy Reggiori Wilkes, Simon Jessop, Josie Kao Organizations: Standard Chartered, HSBC Plc, United, Societe Generale SA, ABN Amro Bank, Zero Banking Alliance, HSBC, Societe Generale, ABN Amro, Reuters, Credit, ING, BBVA, NatWest, Commerzbank, BNP, Allianz, Alliance, Zero, Carbon Trust, Thomson Locations: United Nations, Nations, Paris, U.S, decarbonising, London

☆ Dutch election: what's at stake for markets after far-right Wilders' victory
▼ + stars: | 2023-11-23 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Dutch politician Geert Wilders, the leader of the PVV party, speaks during the final debate between the lead candidates in the Dutch election before polls open on Wednesday, in The Hague, Netherlands, November 21, 2023. REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsAMSTERDAM, Nov 23 (Reuters) - A shock win for Geert Wilders's far-right, anti-EU Freedom Party in Dutch elections has set the stage for months of uncertainty. However, Wilders took a more pragmatic approach during the campaign and he will need to collaborate with pro-EU parties if he wants to govern. Opponents of a critical pension fund reform, which went into effect in July, now have a majority in parliament. There is broad support for raising taxation on banks, including from Wilders' party, which also backs taxing lenders' windfall profits from higher interest rates.

Persons: Geert Wilders, de, Geert Wilders's, Mark Rutte, Wilders, Marcel Klok, Klok, WILDERS, Rutte, van Zanden, Rabobank's van Zanden, Banks, ING's Klok, Joost Beaumont, Yoruk, Amanda Cooper, Toby Chopra Organizations: REUTERS, Rights, EU, Party, ING, European Union, Rabobank, ABN AMRO, Thomson Locations: The Hague, Netherlands, Dutch, Europe

☆ Pentagon identifies Army soldiers killed in helicopter crash in eastern Mediterranean Sea
▼ + stars: | 2023-11-13 | by ( Haley Britzky | ) edition.cnn.com time to read: +5 min

“Chief Warrant Officer 3 Stephen Dwyer, Chief Warrant Officer 2 Shane Barnes, Staff Sgt. Cade Wolfe were truly SOF professionals and are among the nation’s finest soldiers,” Col. Roger P. Waleski Jr., commander of the 160th SOAR (Abn. In 2020, he “fully dedicated himself to the organization” by resigning his commission and becoming a warrant officer, the Army release says. His awards and decorations include the Air Medal with Combat device, Army Commendation Medal and Army Achievement Medal with combat device. He volunteered for an assignment with the 160th SOAR and completed the regiment’s “extensive training and assessment program” this year.

Persons: Stephen R, Dwyer, Shane M, Barnes, Tanner W, Andrew P, Cade M, Wolfe, Stephen Dwyer, Shane Barnes, Tanner Grone, Andrew Southard, Cade Wolfe, ” Col, Roger P, Waleski Jr, “, ”, Jonathan Braga, ” Braga, Barnes ’, Grone, Southard, Lloyd Austin, ” Austin Organizations: CNN, Pentagon, 160th Special Operations Aviation Regiment, Apache, Abn, US Army Special Operations Command, Operations, US European Command, Army Special Operations Command, United States Military Academy, Army, Star, UH, Gonzaga University, Staff, 160th, Hawk, Combat Aviation Brigade, Overseas Service Ribbon, 25th Combat Aviation Brigade, 1st Battalion, Overseas Service, Defense, America Locations: Clarksville , Tennessee, Sacramento , California, Gorham , New Hampshire, Arizona, Mankato , Minnesota, Israel, Iraq, Afghanistan, Korea, Hawaii, 160th SOAR

European markets are heading for a negative open, continuing negative momentum since the start of the week. Corporate earnings continue to drive individual share price movement in Europe. Commerzbank, Credit Agricole, Marks and Spencer, Telefonica, Adidas and ABN Amro all reported Wednesday morning. Elsewhere overnight, most Asia-Pacific markets edged lower, extending declines from the previous session, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey. U.S. stock futures were flat overnight after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years.

Organizations: Credit, Telefonica, Adidas, ABN Amro, Nasdaq Locations: Europe, Spencer, Asia, Pacific

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.

Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia

☆ Dutch bank ABN Amro beats Q3 profit estimates
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +1 min

Dutch lender ABN Amro on Wednesday reported a third-quarter net profit well above market expectations, boosted by higher interest rates and growing loan books. ABN Amro, one of three dominant banks in the Netherlands, posted a 2% rise in quarterly net profit to 759 million euros ($811 million), compared with 743 million a year earlier. Its NII stood at 1.53 billion euros in the third quarter, up 20% from a year earlier. The bank also trimmed its expected costs for 2023 to a range of between 5.1 billion and 5.2 billion euros, versus a prior forecast of 5.2 billion euros. The banking sector has been one of the main beneficiaries of rising interest rates over the past two years, but central banks seem to be at the end of this cycle of monetary tightening.

Persons: Robert Swaak Organizations: ABN Amro, Analysts Locations: Netherlands

☆ Take Five: You (may) have arrived at your destination
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +5 min

No wonder markets see a 70% chance that the Fed's brutal 20-month tightening cycle is over and that rate cuts could begin as soon as June. So watch closely to see if the top central bankers push back against the cut chatter until inflation is truly tamed. Shekel, gold, oil response to the war5/RACE DAY RATE HIKEThe famous Melbourne Cup horse race runs on Tuesday, but some of the shortest odds are on an Aussie central bank rate hike over in Sydney that day. Three-year and 10-year Australian government bond yields have hit their highest since 2011, though backed off slightly on the Fed's hold. The Australian dollar has also rallied strongly against its New Zealand counterpart as rate expectations diverge.

Persons: Marc Jones, Dhara, Kevin Buckland, Tom Westbrook, Lewis Krauskopf, BoE, Horton, Walt Disney, Mittal, shekel, Antony Blinken, Jordan, Luci Ellis, Kripa Jayaram, Riddhima Talwani, Gareth Jones Organizations: Federal Reserve, Fed, ECB, FX, Bank of Japan, Reuters, eBay, Nvidia, UBS, ABN Amro, Allianz, Friday, U.S, Melbourne Cup, Westpac, New Zealand, Thomson Locations: Australia, Gaza, Here's, London, Tokyo, Singapore, New York, Britain, U.S, Europe, Commerzbank, Israel, Gaza City, Iran, Sydney

In Europe, inflation peaked at a painful 10.6% in October for the 20 countries that use the euro currency as Russia's war in Ukraine took a toll. But with inflation now down to 4.3%, analysts expect the ECB to hold off on more hikes during its meeting in Athens. Political Cartoons View All 1218 ImagesSurveys of purchasing managers by S&P Global indicate that economic activity fell in October. Its biggest economy, Germany, is forecast by the International Monetary Fund to shrink by 0.5% this year, making it the world's worst performing major economy. “The ECB won’t be in any rush to take further action,” said Carsten Brzeski, global head of macro at ING bank.

Persons: hasn't, ”, Carsten Brzeski, Christine Lagarde, aren't Organizations: European Central Bank, ECB, U.S . Federal Reserve, Bank of England, European Union, ABN Amro, International Monetary Fund, IMF, “, ECB won’t, ING Locations: FRANKFURT, Germany, Israel, Europe, Ukraine, Athens, Frankfurt, Russia, East, Iran

☆ BNP says tough economy could spur opportunities for bolt-on deals
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 26 (Reuters) - Slower economic growth in 2024 could create more opportunities for bolt-on acquisitions, BNP Paribas (BNPP.PA) Chief Financial Officer Lars Machenil said on Thursday. "If the (economic) growth is a bit more timid, which is probably what we're going to see next year, then that fuelling of additional growth - natural, organic - will be a tad slower," Machenil said. Machenil didn't elaborate on the nature of the potential bolt-on acquisitions. "Depending on how the next year will unfold, yes (there) might (be a) shift a bit towards bolting on," he said. Reporting by Mathieu Rosemain Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Machenil, Machenil, Mathieu Rosemain, Mark Potter Organizations: BNP, Deutsche, ABN Amro, Bank of, Thomson Locations: Bank

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. It's a bit old hat, say a cohort of crypto investors who are betting on blockchain technology breathing new life into traditional assets. Others like Franklin Templeton, UBS Asset Management and ABN Amro (ABNd.AS) have launched tokenized versions of assets such as money market funds and green bonds. Indeed, the actual issuance and value of tokenized traditional assets remains small. Some market players now see significant advances.

Persons: Benoit Tessier, Franklin Templeton, Colin Butler, tokenization, hasn't, Morgan Krupetsky, Doug Schwenk, Lisa Mattackal, Medha Singh, Tom Wilson, Pravin Organizations: La Maison du, REUTERS, London Stock Exchange, Mirae, Securities, UBS Asset Management, ABN Amro, Polygon Labs, Reuters Graphics, Northern Trust, HSBC, Ava Labs, Digital Asset Research, Thomson, Reuters Locations: La, Paris, France, U.S, blockchain, Bengaluru

☆ Looking for value stocks? Citi lists over 10 European names — for risk-takers and the cautious
▼ + stars: | 2023-09-22 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

European value stocks are doing better than growth stocks right now, according to Citi analysts. Citi defined "quality" value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. Citi said investors "have not been particularly risk-averse," as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. 'Risky value' stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for "value low risk" and quality.

Persons: TotalEnergies, Moller Maersk, — CNBC's Michael Bloom Organizations: Citi, HSBC Holdings, Zurich Insurance Group, ABN AMRO, Imperial Brands, Nokia, BNP, BMW, Bayer, Life, WPP PLC Locations: European, China, Dutch, Danish

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/DUBLIN, Sept 18 (Reuters) - Societe Generale's (SOGN.PA) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy. "There are more questions about the future and the economy," Legras said, adding that transformative mergers between banks, which investors have waited for in vain, remained unlikely. Reuters GraphicsThat dampens the prospects for Europe's banks, whose valuations are low and static, said one adviser who works with top executives from the region's lenders, adding that investors struggle to see much promise for the sector. European banks' modest earning power has dampened investor appetite for their shares, which often trade at just a fraction of book value - the sum of their assets. While in the United States, JP Morgan and Morgan Stanley are valued at around 1.5 times book value, Germany's Deutsche Bank, Dutch lender ABN Amro, France's Credit Agricole and Britain's Standard Chartered are valued at just half book value or less.

Persons: Gonzalo Fuentes, Jerome Legras, Legras, Slawomir Krupa, Krupa, Goldman Sachs, JP Morgan, Frederic Rozier, Morgan Stanley, Karel Lannoo, Elisa Martinuzzi, John O'Donnell, Alexander Smith Organizations: Societe Generale, La Defense, REUTERS, Reuters, European Central Bank, European Union, Commission, Deutsche Bank, ABN Amro, France's Credit, Thomson Locations: La, Paris, France, DUBLIN, France's, Europe, United States, Germany, Mirabaud, U.S, Brussels

☆ Early Revolut backer Lakestar leads $40 million investment in French fintech startup Swan
▼ + stars: | 2023-09-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

European venture capital giant Lakestar, an early supporter of fintech unicorn Revolut, has emerged as a prominent backer of French fintech startup Swan. Swan raised the funds in a series B investment led by European venture capital giant Lakestar. Accel, another venture capital firm, previously led Swan's series A round in 2021. "What we had in mind with our co-founders was that it shouldn't be that complex," he told CNBC. Georgia Watson, a principal at Lakestar based in the firm's London office, said the firm had been tracking Swan "for about a year."

Persons: Swan, Nicolas Benady, Benady, Georgia Watson, Watson, Goldman Sachs Organizations: Accel, Swan, CNBC, ABN Amro, ING Group Locations: French, Netherlands, London

☆ Nike urged to backpay garment workers ahead of annual meeting
▼ + stars: | 2023-09-11 | by ( Katherine Masters | ) www.reuters.com time to read: +3 min

The investors want Nike to provide $2.2 million in allegedly unpaid wages to more than 4,000 workers at two suppliers in Cambodia and Thailand. The investor request could add more pressure to sportswear giant Nike (NKE.N), which is set to hold its annual shareholder meeting on Tuesday. Before the factory's closure in July 2020, Violet Apparel was owned by global textile manufacturer and Nike supplier Ramatex, according to WRC. WRC alleges that Violet Apparel made clothing for Nike as a subcontractor until 2020, citing what it said was testimony from factory workers and photographs taken inside the factory. Nike said it found "no evidence to support the claims" that Violet Apparel made Nike items after 2006.

Persons: John Donahoe, Kees Gootjes, Violet Apparel, Violet, Katherine Masters, Josie Kao Organizations: Nike, Reuters, Canadian, ABN AMRO, Washington, D.C, Workers Rights Consortium, Violet, Violet Apparel, Ramatex, WRC, Apparel, Hong Seng, Thomson Locations: Cambodia, Thailand

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