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☆ 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

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

☆ UBS could see big gains after forced Credit Suisse merger. Big U.S. banks may also be winners, analysts say
▼ + stars: | 2023-03-20 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

UBS ' acquisition of Credit Suisse could lead to big gains for the Swiss bank. UBS agreed to buy Credit Suisse for 3 billion Swiss francs, or around $3.2 billion, in a forced deal announced Sunday. As part of the deal, Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold. But Barclays analyst Amit Goel wasn't so sure, cutting his view on European banks to neutral from positive on Monday. Wells Fargo's Mike Mayo, meanwhile, sees opportunity for U.S. banks coming out of the UBS takeover of Credit Suisse.

☆ Bruce Batkin Turned a Love of Architecture Into a Financial Career
▼ + stars: | 2023-01-01 | by ( James R. Hagerty | ) www.wsj.com time to read: +1 min

Bruce Batkin co-founded Terra Capital Partners in 2002 to package real-estate funds for investors, initially in Australia and later in the U.S.As a boy riding his bicycle on Long Island, Bruce Batkin often stopped at fancy homes and rang doorbells to request house tours, invariably granted to a cherubic child in the 1960s. Back inside his parents’ three-bedroom, one-bath ranch, he drew lavish floor plans. Later, at Cornell University, he earned a degree in architecture. He worked in real-estate finance for Merrill Lynch, ABN Amro Bank and Chase Manhattan Bank. In 2002, he co-founded Terra Capital Partners to package real-estate funds for investors, initially in Australia and later in the U.S.

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