ReportWire

Tag: Deutsche Bank

  • Deutsche Bank to boost private banking in emerging markets – report

    [ad_1]

    Deutsche Bank is planning to increase its number of relationship managers in its emerging markets private banking division, reported Reuters.

    The German-based bank is preparing to add up to 50 more staff this year and aimed at strengthening its activities in the Gulf region and North Asia.

    Deutsche Bank Private Bank emerging markets unit lead Marco Pagliara said in comments to Reuters that additional hiring would continue into 2027 and 2028, though no specific regional figures were provided.

    This recruitment drive forms part of a strategy to raise headcount in the division by 50% over the next three years, the news agency added

    Many of the planned 250 new hires, previously announced by the bank, are expected to join this segment.

    Pagliara said: “This diversification not only reflects (ultra-high-net-worth) family aspirations for global assets like real estate, it also reflects the clients’ desire to diversify assets geographically to mitigate geopolitical risk.”

    The bank also plans to focus further on Lombard lending, a service offering clients loans secured against their investment holdings, as interest in this product increases.

    In a separate interview, Deutsche Bank Private Bank wealth management and business lending global head Adam Russ commented: “Right now, I’m seeing more clients using the dry powder they’ve got.

    It’s not a case of clients aggressively leveraging, but they are just taking leverage up a tick.

    “There’s a lot of pent-up supply that can be used if people feel real conviction around certain trades, which is good, you know, being in a market like we’re in right now,” said Russ.

    “Lombard lending is becoming more and more of a focus for us.”

    Deutsche Bank posted a net profit of €7.1bn ($8.5bn), nearly double its earnings recorded in the previous year.

    Group revenues rose by 7% to €32.1bn, meeting the institution’s annual target. The results reflect higher income alongside reduced costs across Deutsche Bank’s main business areas.

    “Deutsche Bank to boost private banking in emerging markets – report ” was originally created and published by Private Banker International, a GlobalData owned brand.

     


    The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

    [ad_2]

    Source link

  • Black group says racism sank its $115M bid for Crenshaw Mall

    Black group says racism sank its $115M bid for Crenshaw Mall

    [ad_1]

    Downtown Crenshaw Rising, a South Los Angeles group, has filed a lawsuit over its failed $115 million bid for the Baldwin Hills Crenshaw Plaza in 2021, claiming that Deutsche Bank arm DWS Group “demonstrated a preference” for White buyers.

    In a complaint filed on Aug. 26, Downtown Crenshaw Rising, along with an organization called Members Against Anti-Black Racism at Pension Funds, sued defendants that include DWS, Chicago-based investment Capri Capital Partners, Eastdil Secured, Harridge Development Group, the Regents of the University of California and retirement funds for government workers in California, Texas, New York, Michigan and New Jersey. 

    Quintin Primo, head of Capri Capital, the previous owner of the mall, declined to comment on the case, saying that he has not yet seen the complaint. DWS was tasked with overseeing the sale, according to court records.  

    In its petition, Downtown Crenshaw Rising claims that DWS showed a preference for White developers, particularly firms with ties to former President Donald Trump. In 2020, LivWrk, a firm led by Trump’s son-in-law Jared Kushner, submitted a bid for the property, located at 3650 West Martin Luther King Jr. Boulevard. That deal fell apart, following in the footsteps of a failed $100 million bid from CIM Group. 

    CIM has closed a number of deals with Trump and people in his orbit. The firm owns the former Trump SoHo hotel, now known as the Domick, in New York. It also entered a joint venture with Kushner for the 2016 acquisition of the Jehovah’s Witnesses Watchtower building in Brooklyn. 

    The Crenshaw mall was ultimately sold to billionaire Len Blavatnik, who owns Warner Music Group. He donated $1 million to Trump’s inaugural committee in 2019, according to a previous report from Quartz.

    Downtown Crenshaw Rising claims that its offer was “financially superior” to the $111 million bid from Blavatnik’s firm, Harridge Development Group. Aside from the higher bid price, the group claims that their offer included an $11 million nonrefundable deposit and had a quicker closing period.  

    “Despite these clear advantages and superiority of the [Downtown Crenshaw Rising] team and bid, Deutsche Bank/DWS consistently and systematically denied the Black community-led organization the opportunity to acquire and redevelop its own ‘40 acres and a mall,’ engaging in racially discriminatory practices that are in direct violation of civil rights laws,” the complaint reads.    

    In a statement sent to TRD, DWS Group disputes Downtown Crenshaw Rising’s claims, saying that they “welcomed bids from all parties.” 

    “All bids were evaluated based on the same objective criteria including, but not limited to, price, timing and availability of capital to close the transaction, and development experience. The process produced a buyer who closed on the transaction in 2021. DWS denies the accusations leveled against us related to this transaction and we will vigorously defend ourselves against these claims,” the firm stated. 

    According to a 2020 article from the New York Times, Downtown Crenshaw Rising’s plans for the site was “about building and keeping Black wealth in the community.” This included revamping the property, which sits on a 42-acre site along Martin Luther King Jr. Boulevard, into an “urban village” with a boutique hotel, production studios, retail and affordable housing. Downtown Crenshaw Rising is not seeking a court order that would undo the sale; instead it is seeking an unspecified amount in compensatory damages. In September last year, Harridge proposed a 647,000-square-foot mixed-use redevelopment with 636 apartments at the site. 

    Downtown Crenshaw Rising has organized petitions to oppose selling the mall to “outside” companies. The organization describes itself as a coalition of “homeowners, renters, houseless, merchants, property owners, neighborhood associations, faith-based institutions, civil rights organizations, business leaders, civic leaders, scholar-activists, artists, and affinity groups” on its website.

    Baldwin Hills, unofficially called “the Black Beverly Hills,” is an upscale African-American market. From 2007-2009, the BET reality TV series “Baldwin Hills” chronicled the life of teens in the neighborhood.

    [ad_2]

    Christian Bautista

    Source link

  • $620 Million in Acquisition Financing for Hyatt Regency Orlando

    $620 Million in Acquisition Financing for Hyatt Regency Orlando

    [ad_1]

    JLL Hotels & Hospitality group announced that it secured $620 million in acquisition financing for Hyatt Regency Orlando, a 1,641-key, AAA Four Diamond resort in Central Florida.

    JLL represented affiliates of RIDA Development Corporation and an Ares Management Real Estate fund to secure the floating-rate, five-year loan through Wells Fargo, Bank of America and Deutsche Bank on behalf of borrowers.

    This premier resort offers spacious guest rooms averaging 453 square feet and suites averaging 846 square feet. The accommodations feature marble-accented bathrooms, sleeper sofas, mini-fridges and 65-inch streaming TVs.

    Guests can also enjoy in a variety of amenities, including six dining options, a 24-hour fitness center, tennis courts, a spa and an outdoor pool. Furthermore, the hotel features 315,000 square feet of meeting and event space along with its three direct connections to the Orange County Convention Center (“OCCC”), the second largest convention center in the United States.

    Located at 9801 International Drive, the property also provides exceptional proximity to top Orlando demand generators, such as Walt Disney World and Universal Studios Florida and Universal Islands of Adventure. Both attractions are conveniently less than a 15-minute drive away. Additionally, Universal Orlando is constructing Epic Universe, its largest theme park in the United States spanning 750 acres, situated just minutes from the hotel. Epic Universe is set to open in 2025.

    Hyatt Regency Orlando sold for $1.02 billion to joint venture, or about $622,000 per guest room.

    The JLL Hotels & Hospitality team was led by Americas CEO Kevin Davis, Managing Director Mike Huth and Senior Director Barnett Wu.

    “We are pleased to have worked together with RIDA, Ares, and Hyatt in this transaction,” said Davis. “We enjoyed working with the sponsors in their strategic vision for the future of the Orlando convention district and look forward to continuing to work with all the stakeholders in the future.”

    JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

    [ad_2]

    Source link

  • DB and Santander controlling costs through tech | Bank Automation News

    DB and Santander controlling costs through tech | Bank Automation News

    [ad_1]

    Deutsche Bank and Santander Bank are deploying tech to simplify operations and cut costs, according to their earnings reports.  Santander reported today that it saved 77 million euros ($83.6 million) in the second quarter through its global operations by deploying technology, and has saved $341 million since 2022, according to its earnings report. “Our proprietary […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Rule changes can help onboard customers from anywhere in India: Deutsche Bank

    Rule changes can help onboard customers from anywhere in India: Deutsche Bank

    [ad_1]

    German lender Deutsche Bank will be focussing on the digital channel over the branch model to grow its business in the country, a top official said.

    Changes in rules by the RBI mandating geographical location restrictions while onboarding customers will be of help, Kaushik Shaparia, chief executive of Deutsche Bank Group, India, told PTI.

    “If the regulator were to permit digital access over and above the geographical restrictions, I am convinced we can do more.

    “Currently, there are restrictions as to where you can onboard clients, where your locations are, and the customer has to have an office near one of your locations etc,” he said on the sidelines of a bank event here.

    When asked about the branch strategy in the country, Shaparia quipped that “geography is history”, and added that the bank’s aim will be to focus more on digital.

    “Maybe in the past, having a robust branch strategy was critical but with digitisation, geography has become history. So, I think our approach would be more digital,” he noted.

    At present, the bank has 17 branches and one unit at GIFT IFSC in the country. It also relies on the Indian workforce in global capability centres (GCCs) to deliver a host of other innovations and work for its global operations, making India home to the largest number of employees outside of its headquarters in Germany, with over 20,000 professionals.

    Shaparia said the GCCs in Mumbai, Jaipur, Pune and Bengaluru support the group’s operations in 48 countries through business engineering, modelling, quantitative analytics, extensive structuring, and research to deliver innovative financial solutions.

    It can be noted that many foreign lenders are relying on the digital channel to grow their India business, rather than expanding on branch presence. The regulator has also been pushing for such lenders to operate as a wholly-owned subsidiary rather than the branch model.

    Meanwhile, as part of its social commitments under the corporate social responsibility mandate, the lender opened an evening learning centre exclusively for lesbian, gay, bisexual, transgender and queer people for helping the community progress on the formal educational front.

    The centre in central Mumbai’s Sion will be followed up with a similar facility in Ghatkopar, and there will be another learning centre in Pune for all the constituents of the society, Shaparia said.

    Under its diversity, equity and inclusion focus, the lender also has a defined approach to hiring LGBTQIA+ employees, which includes participating in job fairs and creating awareness through campus engagements.

    [ad_2]

    Source link

  • ING, Deutsche look to AI | Bank Automation News

    ING, Deutsche look to AI | Bank Automation News

    [ad_1]

    ING and Deutsche Bank are looking to AI to boost efficiencies and provide personalized banking experiences for their clients.   AI adoption is growing among financial institutions, according to Nvidia’s 2024 State of AI in Financial Services report. Surveying more than 400 financial services professionals, the report found that 91% of financial services companies are using […]

    [ad_2]

    Whitney McDonald

    Source link

  • Deutsche Bank shares data with Swift | Bank Automation News

    Deutsche Bank shares data with Swift | Bank Automation News

    [ad_1]

    AMSTERDAM — Deutsche Bank is one of multiple financial institutions sharing anonymized data with financial messaging service provider Swift.   The process will test the use of secure data-sharing for AI-driven fraud prevention, Joanne Hannaford, chief information officer and chief product officer of corporate bank at Deutsche Bank, said at Money2020 Europe on June 4.  […]

    [ad_2]

    Whitney McDonald

    Source link

  • Deutsche Bank expects FY25 fiscal deficit target could be lowered to under 5 per cent of GDP

    Deutsche Bank expects FY25 fiscal deficit target could be lowered to under 5 per cent of GDP

    [ad_1]

    A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India, according toKaushik Das, Chief Economist – India and South Asia, Deutsche Bank. 

    “The Central government’s target to bring the fiscal deficit down to 5.1 per cent of GDP in FY25 and further to 4.5 per cent of GDP in FY26 looks more credible now as the FY24 fiscal deficit has finally come in at 5.6 per cent of GDP vs the revised estimate of 5.8 per cent of GDP. Indeed, the FY25 fiscal deficit target could be lowered to under 5 per cent of GDP, in our view, thanks to a larger-than-expected dividend transfer by the RBI to the Government of India,” Das said in a note.

    For FY25, Deutsche Bank is forecasting real GDP growth of 6.9 per cent year on year vs 8.2 per cent in FY24, with momentum likely to moderate further to 6.5 per cent in FY26. “We are forecasting real GVA growth to moderate to 6.3 per cent in FY25 (from 7.2 per cent in FY24) and further to 6.2 per cent in FY26. With GDP growth of 8.2 per cent in FY24E, the base will become more challenging for this year’s growth, and hence we keep our growth estimate slightly below 7 per cent at this stage (the RBI’s growth projection is 7 per cent for FY25).

    The data revisions of the past year, the GDP deflator issue and the large discrepancies in the GDP component make analysis of the trend growth rate difficult. Consequently, we rely more on the GVA growth trend as well as the momentum of high-frequency growth indicators to inform our view on India’s growth outlook,” Das said.

    [ad_2]

    Source link

  • JPMorgan identifies 3 gen AI uses | Bank Automation News

    JPMorgan identifies 3 gen AI uses | Bank Automation News

    [ad_1]

    JPMorgan Chase has identified three uses for generative AI to boost efficiency.  “AI, and particularly large language models, will be transformational,” Chief Operating Officer Daniel Pinto said during the bank’s Investor Day on May 20, noting that the bank has been investing in AI for “a number of years.” The $3.7 trillion bank said it […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • BNP Paribas, Deutsche Bank embrace cost discipline in Q1 | Bank Automation News

    BNP Paribas, Deutsche Bank embrace cost discipline in Q1 | Bank Automation News

    [ad_1]

    European banks BNP Paribas and Deutsche Bank plan to pull back on expenses this year as they lean into their tech investments. “We are maintaining our cost discipline,” Deutsche Bank Chief Executive Christian Sewing said during the $578 billion bank’s first-quarter earnings call April 25. “2023 marked the peak of our investments, but we continue […]

    [ad_2]

    Whitney McDonald

    Source link

  • What bank execs are saying about embedded finance | Bank Automation News

    What bank execs are saying about embedded finance | Bank Automation News

    [ad_1]

    LONDON — Will embedded finance technology usher in a new era of banking, or is the impact of the technology overblown?  Bank executives from ClearBank, Deutsche Bank and Raiffeisen Digital Bank weighed in at FinovateEurope this week.    ClearBank  Head of Embedded Banking Paul Staples at $3.4 billion ClearBank said that many organizations have embedded […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • UBS Is Hosting a Major Exhibition of Lucian Freud Works

    UBS Is Hosting a Major Exhibition of Lucian Freud Works

    [ad_1]

    Lucian Freud, Double Portrait, (1988-90). © The Lucian Freud Archive/Bridgeman Images/Courtesy UBS Art Collection

    UBS, a Switzerland-based global financial services firm, is drawing from its art collection to show more than 40 works by British painter Lucian Freud. The pieces will be collectively displayed for the first time in the U.S. in Lucian Freud: Works from the UBS Art Collection, which opened yesterday (Feb. 1) at the firm’s New York gallery.

    Known as one of the great portraitists of his era, Freud specialized in figurative art and is the grandson of psychoanalysis founder Sigmund Freud. The UBS show is largely dominated by his late etchings. Created by Freud using an unconventional process that involved propping up etching plates on easels, they range from still lifes and landscapes to portraits and nudes. Two of the artist’s oil paintings, his 1990 Double Portrait and 1999 Head of a Naked Girl, are also included in the exhibition.

    SEE ALSO: Is Matthew Wong the 21st Century’s van Gogh?

    “We are pleased to share with the public this exceptional body of work, which defies perceived norms of corporate collecting,” said Mary Rozell, global head of the UBS Art Collection, in a statement. “Like most of Freud’s oeuvre, the artworks on display are uncompromising and challenging to view, and we hope they will spark both conversation and introspection.”

    Oil portrait of a woman's faceOil portrait of a woman's face
    Lucian Freud, Head of a Naked Girl, (1999). © The Lucian Freud Archive/Bridgeman Images/Courtesy UBS Art Collection

    The free exhibition is taking place in the UBS Art Gallery, which is in the lobby of the firm’s New York headquarters on 1285 Avenue of the Americas. Opened in 2019, the gallery is home to permanent installations with work by artists like Frank Stella, Sarah Morris, Fred Eversley and Howard Hodgkin and hosts three to four annual rotating exhibitions.

    In addition to its Freud works, the UBS Art Collection contains more than 30,000 contemporary pieces by artists like Jean-Michel Basquiat, Roy Lichtenstein, Ed Ruscha and Cindy Sherman. Having first started collecting contemporary art in the 1960s, the firm now often loans out its work to major institutions including New York’s Museum of Modern Art, the Smithsonian American Art Museum and London’s National Portrait Gallery.

    UBS has been managing $5.5 trillion worth of invested assets since its 2023 acquisition of Credit Suisse (CS), which had its own 10,000-piece corporate art collection. In addition to the pieces hanging in its gallery, UBS displays its art holdings across its global offices to both boost morale and impress clients. It is also affiliated with art fair behemoth Art Basel, acting as its global lead partner and co-publishing reports on the art market and collecting activity.

    Outside view of colorful lobby of large corporate buildingOutside view of colorful lobby of large corporate building
    The UBS Art Gallery is located in the lobby of the company’s New York headquarters. Pacific Press/LightRocket via Getty Images

    Financial service companies and corporate art collections

    While UBS’s vast collection of contemporary art might come as a surprise, financial service companies have long been some of the most active art patrons. The modern corporate art collection as we know it was pioneered by David Rockefeller. In 1959, while serving as president of Chase Manhattan Bank, he began accumulating artwork under the “Art at Work” program. Now known as JPMorgan Chase (JPM), the company’s collection is among the most well-established of any financial services company and helped create a new way for banks to display their ability to manage wealth.

    “What’s most important about our collection is not how much we’ve accumulated, but what, in the process of living with art for the past four decades, we’ve learned,” wrote William B. Harrison, Jr., then Chairman and Chief Executive Officer of JP Morgan Chase, in the forward of Art At Work: Forty Years of the JP Morgan Chase Collection.

    From the Royal Bank of Canada to Spain’s CaixaBank, corporate art collections have become a globally accepted cultural phenomenon. One of the more significant holdings includes the 60,000 works owned by Bank of America (BAC), which focuses on contemporary artists and has hosted shared exhibitions with nearly 200 museums worldwide. Deutsche Bank (DB) houses much of its 57,000-piece collection in the Deutsche Bank Towers in Frankfurt, where art is arranged by region and entire floors of the 60-story towers are devoted to singular artists. And that’s not all. According to the International Art Alliance, there are more than a thousand major corporate art collections around the globe.

    UBS Is Hosting a Major Exhibition of Lucian Freud Works



    [ad_2]

    Alexandra Tremayne-Pengelly

    Source link

  • Deutsche Bank simplifies workflows, automation to reduce headcount | Bank Automation News

    Deutsche Bank simplifies workflows, automation to reduce headcount | Bank Automation News

    [ad_1]

    Deutsche Bank is reducing costs bankwide through automation and technology efforts.  The $578 billion, Germany-based bank is using simplified workflows and automation on the front end and application decommissioning and operation model improvements on the back end, Chief Executive Christian Sewing said during today’s Q4 earnings call.   Through the automation and technology efforts, the […]



    [ad_2]

    Whitney McDonald

    Source link

  • Taurus expands tokenized securities trading to retail clients

    Taurus expands tokenized securities trading to retail clients

    [ad_1]

    Swiss fintech Taurus, supported by Deutsche Bank, now offers tokenized securities trading to retail clients following regulatory approval.

    The firm recently received approval from Switzerland’s Financial Market Supervisory Authority (FINMA) to offer tokenized securities to retail clients.

    Retail users can now participate in capital raises and trade digital assets and tokenized securities through Taurus’s regulated platform. The update not only diversifies the client base but also enhances the liquidity of digital securities. It offers a unique opportunity for companies to access primary and secondary markets, catering to a broader range of investors.

    Taurus’s announcement also includes the addition of several new issuers to the TDX marketplace. Notable names such as Investis Group, la Mobilière, Qoqa, SCCF, Swissroc, and Teylor have chosen TDX as their preferred trading venue for digital securities.

    TDX Head of Product Yann Isola emphasizes Taurus’s vision of digitizing private markets, making the acquisition of private securities as straightforward as online shopping. The firm has identified a growing demand for real-world asset (RWA) tokenization, rapidly expanding in the digital asset domain.

    Taurus offers a comprehensive digital asset infrastructure, facilitating the issuance, custody, and trading of various digital assets, including cryptocurrencies, tokenized securities, NFTs, and digital currencies.

    Deutsche Bank’s partnership with Taurus, initiated in September, and its participation in Taurus’s $65 million Series B funding round in February 2023 shows the banking giant’s commitment to digital asset services.


    Follow Us on Google News

    [ad_2]

    Bralon Hill

    Source link

  • Stocks, Treasuries Drop as Japan Rattles Markets: Markets Wrap

    Stocks, Treasuries Drop as Japan Rattles Markets: Markets Wrap

    [ad_1]

    (Bloomberg) — Stocks fell and bond yields rose amid speculation that the Bank of Japan will soon scrap the world’s last negative interest-rate regime.

    Most Read from Bloomberg

    The yen strengthened 1% against the dollar and Japan’s 10-year yield jumped as much as 13 basis points. Investors are speculating that higher rates could come earlier than expected following comments from BOJ Governor Kazuo Ueda on more challenging policy ahead and a weak auction of long-term debt.

    Global markets moved in response, with European stocks opening lower. The yield on 10-year US Treasuries added seven basis points and the dollar fell for the first time in four days.

    “When it comes to the last 24 hours, markets have seen a sharp reversal in tone, with bond yields seeing a significant increase overnight and equities losing ground,” said Jim Reid at Deutsche Bank AG.

    “The main catalyst for this have been comments from Bank of Japan officials, which have suddenly seen investors ramp up the chances that the BoJ could bring an end to their negative interest rate policy.”

    Overnight-indexed swaps at one point on Thursday showed an almost 45% chance that the BOJ would end the policy this month.

    Traders are also focused on Friday’s US jobs report after private payrolls data that fell short of estimates in a sign of softening in the employment market.

    Fed policymakers meet next week for the last time in 2023. While no change is expected in their target for the federal funds rate, they are scheduled to release quarterly forecasts that could alter market-implied expectations. Those bets have been gravitating toward more easing next year in response to weaker-than-forecast economic data.

    “Inflation fears are melting,” said Prashant Newnaha, a rates strategist at TD Securities. “Central banks believe they have clearly done enough and may need to cut, otherwise real rates may be too high and restrictive.”

    Oil stabilized after a five-day run of losses on signs that global supplies are eclipsing demand despite plans by OPEC+ to rein in its production into 2024. A key gauge for prices of raw materials earlier tumbled to the lowest level since August 2021.

    Elsewhere, gold extended Wednesday’s gains, while bitcoin traded just below $44,000, a level not seen since June last year.

    Key events this week:

    • Eurozone GDP, Thursday

    • Germany industrial production, Thursday

    • US wholesale inventories, initial jobless claims, Thursday

    • Germany CPI, Friday

    • Japan household spending, GDP, Friday

    • Reserve Bank of Australia’s head of financial stability Andrea Brischetto speaks at Sydney Banking and Financial Stability conference, Friday

    • US jobs report, University of Michigan consumer sentiment, Friday

    Some of the main moves in markets:

    Stocks

    • The Stoxx Europe 600 fell 0.2% as of 8:03 a.m. London time

    • S&P 500 futures were little changed

    • Nasdaq 100 futures were little changed

    • Futures on the Dow Jones Industrial Average were little changed

    • The MSCI Asia Pacific Index fell 0.4%

    • The MSCI Emerging Markets Index fell 0.5%

    Currencies

    • The Bloomberg Dollar Spot Index fell 0.2%

    • The euro rose 0.1% to $1.0778

    • The Japanese yen rose 1.1% to 145.64 per dollar

    • The offshore yuan rose 0.2% to 7.1609 per dollar

    • The British pound rose 0.2% to $1.2581

    Cryptocurrencies

    • Bitcoin was little changed at $43,828.74

    • Ether rose 0.6% to $2,260.95

    Bonds

    • The yield on 10-year Treasuries advanced six basis points to 4.16%

    • Germany’s 10-year yield advanced two basis points to 2.22%

    • Britain’s 10-year yield advanced six basis points to 4.00%

    Commodities

    • Brent crude rose 0.9% to $74.94 a barrel

    • Spot gold rose 0.2% to $2,029.03 an ounce

    This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Rita Nazareth, Jing Jin and Yumi Teso.

    Most Read from Bloomberg Businessweek

    ©2023 Bloomberg L.P.

    [ad_2]

    Source link

  • EU banks post record earnings, UK banks struggle for deposits | Bank Automation News

    EU banks post record earnings, UK banks struggle for deposits | Bank Automation News

    [ad_1]

    Major banks in the European Union and the United Kingdom benefited from high rates during the third quarter, while others competed for consumer deposits.  European banks, including Deutsche Bank, ING, Santander Bank and UBS, reported the strongest performance in15 years in the first half of 2023, according to an Oct. 4 Fitch Ratings report. Fitch […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Deutsche Bank looks to gen AI | Bank Automation News

    Deutsche Bank looks to gen AI | Bank Automation News

    [ad_1]

    Deutsche Bank is exploring generative AI within its operations as it looks to third-party startups to develop the technology.  “Artificial intelligence is one of the most important technology trends for the financial industry, with significant potential to make business processes more efficient,” a Deutsche Bank spokesperson told Bank Automation News. “We expect that in future, […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Deutsche-backed Taurus targets tokenized real estate market with Dubai office

    Deutsche-backed Taurus targets tokenized real estate market with Dubai office

    [ad_1]

    The digital asset infrastructure provider plans to establish a presence in the United Arab Emirates (UAE) and the region’s housing sector as tokenization gains global steam.

    Taurus, a Swiss-based crypto company, announced a new office in the UAE geared towards tapping a growing narrative around tokenized real-world assets (RWAs) and an expected boom within Dubai’s real estate market. 

    Besides its reputation as a global investment hotspot, experts expect a 15% growth in Dubai’s housing industry during 2024, said Taurus managing director Bashir Kazour.

    Kazour stressed that Dubai’s inflow of foreign investment and its clear crypto regulations mean that the region is a prime location for tokenization to take root. Taurus opening an office in the UAE signals the firm’s strategic positioning to leverage emerging digital asset trends, the director added in an email seen by crypto.news.

    Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks, and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.

    Bashir Kazour, Taurus managing director

    Tokenization and RWAs on blockchain ledgers have garnered attention amid an upturn in crypto sentiment. The industry’s total RWA market cap surpassed $1 billion per Coingecko as protocols like Maple and Pendle Finance saw gains during a broader price rally for cryptocurrencies.

    America’s largest crypto exchange Coinbase foresees tokenization as an important part of the digital asset industry by 2025 and beyond. Indeed, traditional banking giants like JPMorgan have launched tokenization platforms and even partnered with governments in Singapore for blockchain-powered initiatives. 


    Follow Us on Google News

    [ad_2]

    Naga Avan-Nomayo

    Source link

  • Deutsche invests in AI-driven fintech | Bank Automation News

    Deutsche invests in AI-driven fintech | Bank Automation News

    [ad_1]

    Deutsche Bank made a seed investment in AI-driven information and documentation processing company Kodex AI last month.  The Berlin-based startup raised 1.6 million euros ($1.7 million) last month in a seed round from investors including Deutsche Bank and financial services companies SAP and Allianz, Kodex AI Chief Executive and co-founder Thomas Kaiser told Bank Automation […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Biggest Takeaways From Trump’s Civil Fraud Trial Testimony

    Biggest Takeaways From Trump’s Civil Fraud Trial Testimony

    [ad_1]

    President Donald Trump took the witness stand this week to defend himself in a civil fraud trial brought by the New York state attorney general’s office. The Onion offers a blow-by-blow account and the biggest takeaways of Trump’s civil fraud testimony.

    [ad_2]

    Source link