INEOS Phenol, the top global producer of phenol and acetone, declared it will halt production at its Gladbeck facility in Germany. “Elevated energy costs in Europe, along with stringent CO2 tax regulations, have rendered Europe less competitive compared to imported Chinese goods and a worldwide surplus,” the company stated. The date for the plant's closure will be revealed later. Ineos...

Trump Media & Technology Group Corp. (TMTG), which is the parent company of Donald Trump's social platform Truth Social, has filed to establish the Truth Social Bitcoin and Ethereum ETF exchange-traded fund. The fund will invest in cryptocurrency. According to documents on the U.S. Securities and Exchange Commission (SEC) website, three-quarters of the portfolio will be allocated to Bitcoin,...

Pre-market trading shows a 7.48% decrease in shares of the American company Boeing, bringing the price to $198. The decline started following the accident of Air India's Boeing 787 aircraft in India. Boeing shares closed before at $214, down 0.8%. The aircraft accident happened on June 12. The Boeing 787-8 aircraft was heading to London, carrying 242 passengers. Based on initial data, at...

Italian bank UniCredit SpA will retract its offer for Banco BPM SpA if the Italian government fails to clarify the deal's terms, said UniCredit CEO Andrea Orcel at the Goldman Sachs conference, writes Bloomberg. “If their meaning isn’t entirely clear, after we finalize the agreement, we face the danger of a €20 billion penalty,” he stated. “The chances of us accepting that risk are nonexistent,...

Citigroup Inc. plans to raise its loan loss reserves by several hundred million dollars in the second quarter of 2025 relative to the first quarter, according to Viswas Raghavan, Citi's banking head, during a conference hosted by Morgan Stanley. He ascribed the anticipated rise in charge-offs to the ‘macroeconomic environment.’  Citigroup ranks among the largest retail banks in the United...

Blackstone Inc. of the U.S. intends to invest roughly $500 billion in Europe over the upcoming decade, according to Chief Executive Officer Steve Schwarzman in an interview with Bloomberg TV. “We perceive significant opportunities for ourselves here,” he stated. “Europe is beginning to adjust its strategy, and we believe the outcome will be enhanced economic growth.” Several other prominent...

Crane Co., a manufacturer of industrial products in the US, has reached an agreement to purchase the sensor technology division of Baker Hughes Co. for $1.15 billion. Crane stated that the acquisition of Precision Sensors & Instrumentation (PSI) will be cash-based, and its worth includes an anticipated tax advantage of approximately $90 million.  The deal is set to finalize in late...

Swiss bank UBS Group AG must set aside extra capital of up to $26bn as per the banking reform proposed by the nation's government. This figure surpasses earlier projections and could worsen the relationship between the bank and the government, according to Bloomberg. Previously, the agency wrote that UBS is contemplating relocating its headquarters from Switzerland if the authorities in the...

The UK fintech firm Wise has revealed plans to transition to a dual listing. Wise stated in its annual report that the main listing will shift to the US from the London Stock Exchange (LSE), where the company will maintain a secondary listing.  “This will enable Wise's shares to be traded on both the US stock market and the LSE, which will draw in new investors and enhance liquidity,” the...