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CFO Corner: Nitesh Sharan, SoundHound AI

Nitesh Sharan has served as CFO of SoundHound AI since September 2021. The company, a leader in voice and conversational AI, went public on April 28, 2022. Before joining SoundHound, Sharan held senior finance roles at Nike, including Treasurer, Head of Investor Relations, and CFO of Global Operations, as well as leadership positions at HP and Accenture.

Global Finance: What stands out as your main achievements leading finance at SoundHound AI?

Nitesh Sharan: When I joined SoundHound, it was still private and at an inflection point—preparing to scale truly breakthrough voice AI technology. SoundHound is a next-gen technology company founded 20 years ago by Stanford PhDs and computer scientists who believed that one day, humans would communicate with technology through natural conversation, just like they talk to one another.

Taking the company public in 2022, during one of the most challenging years to do so, was certainly a defining milestone. It brought complexities of sustaining growth, managing liquidity, and scaling fast while navigating market headwinds. Beyond going public, my focus has been on building and scaling the finance function from the ground up, putting in place the systems, talent, and processes to help us operate with both speed and agility. We’ve raised capital, entered new markets, and introduced new pricing and revenue models that better align with our strategic vision.

Our mission is simple but also ambitious: to change how people interact with technology and make it accessible to everyone. We’re not repaving old roads—we’re building new ones.

GF: Besides a high level of organic growth, SoundHound AI has also carried out several acquisitions. Why?

Sharan: Until 2024, the company’s growth was entirely organic. Since then, we have acquired four companies: SYNQ3, Allset, Amelia, and Interactions. Each brought unique capabilities and established customer relationships. We knew the world was changing rapidly, and we didn’t believe that only looking internally for great ideas was a good idea. There are incredible teams out there doing great work, and we saw real opportunities to combine strengths and accelerate innovation together.

GF: Will you buy more in the future?

Sharan: Possibly, yes. We remain open—and we have to be. We evaluate every opportunity through a strict lens, with strategic, operational, and financial considerations. Ultimately, we are trying to change how humans interact with technology, and every acquisition has to support that mission.

GF: There are concerns that AI investments are too costly. Would you agree?

Sharan: I disagree. Every era of fundamental disruption—from the railroad to electricity to the internet, cloud, and mobile—has seen some skepticism. Growth and change don’t happen linearly; they ebb and flow, but the overall trajectory of the AI industry keeps rising. Having witnessed many inflection points in my career, I believe this may be the biggest yet. And we’re still in the early days.

Right now, we’ve only scratched the surface. Across industries—from education to healthcare and financial services—the potential of generative and agentic AI remains largely untapped. From a broader view, this transformation is just beginning, and collectively, we’re not investing enough across the breadth of ways to utilize these technologies.

GF: Are you using AI tools inside the finance team itself, and how have they changed your day-to-day work?

Sharan: We are using the technology ourselves, and the impact is becoming visible across the company—getting twice as much done with our existing staff. Within my broader function, spanning finance, strategy, HR, and legal, we are seeing green shoots of efficiency and innovation.

That said, things are evolving quickly. New tools are emerging every week, and while we’re exploring many of them, we’re intentional in our approach. In accounting, for instance, we’re cautious about full automation but already leveraging AI for research and documentation. We’re also testing AI tools in planning and payables to scale more efficiently. So, we’re experimenting broadly, staying open-minded, and I expect we’ll have even more to share a year from now.   

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EU tightens foreign investment screening to counter rising geopolitical threats

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The European Union’s member states and the European Parliament have struck an agreement to strengthen the screening of foreign investments in the bloc as tensions rise over investments from countries such as China.

The Parliament had been pushing for broad screening of foreign direct investments, but it is EU member states who hold the ultimate authority over investment reviews. The two have now agreed on a common text that strengthens the existing rules.

Under the deal, mandatory screenings will now cover military equipment, artificial intelligence, quantum technologies, semiconductors, raw materials, transport and digital infrastructure, and even election systems.

“By requiring all member states to implement a screening mechanism and by strengthening cooperation among them, the regulation closes potential loopholes for high-risk investments in the internal market,” said MEP Bernd Lange, chair of Parliament’s trade committee.

He added that Parliament’s negotiators “successfully advocated for a broader minimum scope of the national screening mechanisms, ensuring that investments in particularly critical sectors must be screened by all member states”.

Shielding Europe’s economic security

The revamped framework stems from a European Commission initiative to harden the EU’s economic defences.

“In recent months, it has become clear that the geopolitical context has changed significantly,” an EU diplomat said on Thursday. “Trade can no longer always be seen as a neutral transaction between independent economic operators.”

He noted that several recent cases “demonstrated that economic instruments have been weaponized against Europe for geopolitical purposes.”

In September, the Netherlands placed the Dutch-based, Chinese-owned chipmaker Nexperia under state supervision out of concern that critical know-how from its European facilities could be siphoned back to China.

Beijing responded by restricting chip exports to Europe, thus threatening the EU’s automotive industry, which relies heavily on those components. Although a US-China deal eventually restored exports, tensions between Beijing and The Hague remain high.

The EU has had a cooperation mechanism on foreign direct investment screening in place since October 2020, but initial resistance was strong.

“At the beginning, some economic actors across Europe were reluctant to (implement) such a screening,” a parliamentary source told Euronews. “Investment issues are essential to them and they sometimes don’t see the risks.”

Under the EU’s rules, the Commission can request information and issue opinions, but it cannot force a member state to screen and block an investment.

On top of that, a 2023 regulation introduced a new screening regime for non-EU subsidies granted to companies operating in the bloc – another move that places China firmly in the spotlight.

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Leading Innovation and Digital Transformation in Serbia

Global Finance (GF): What are the bank’s signature digital products and services, and what differentiates them?

Zoran Petrovic (ZP): As part of our five-year transformation journey, we’ve launched or improved several digital products and services. We have two “signature” offerings:

  • iKeš (iCash) – a fully online personal loan, available for both existing and new clients. Minimal additional documentation is required, making the approval process 10-times faster.
  • iRačun (iAccount) – a fully online digital current account, available in 15 minutes. It comes with a digital debit card plus immediate access to the MB app and digital wallets.

These products are available for retail and SME clients, enabling us to meet the needs of more customer segments.

GF: How have you made complex banking and payments processes more simple, while also enhancing the user experience?

ZP: We are increasingly providing customers with simplicity and speed. For example, at the end of 2024, we introduced a one-click payment feature for investment funds. In its first six months, it accounted for a 70% share of customers’ total investments, helping Raiffeisen Invest surpass EUR 1bn in AUM.

More recently, we became the first bank in our market to introduce deep link technology for peer-to-peer payments. This allows clients to send and request money without inputting recipients’ information. Our SME customers can now see and approve invoices via one simple and convenient customer interface: our mobile banking app. Over 25% of these clients are already using it and 98% of all outgoing payments use digital channels.

Further, in addition to providing real-time information on SME accounts and transactions, our AI tools analyse past behaviour of SME clients, enabling better cash flow predictions to help plan their finances.

GF: How effective has your strategy been in attracting digital customers?

ZP: Since launching iRačun (iAccount), more than 250,000 customers – mostly individuals – have opened fully digital accounts with us. Last year, we achieved 50% market share in the total number of customers opening online accounts across Serbia. We also became the biggest SME bank with over 100,000 active clients, nearly doubling our client base in only two and a half years.

In addition, our mobile app is the most widely used in Serbia, with over 500,000 users, and has the highest ranking on app stores. Finally, we’ve seen double-digit growth in the total number of active retail customers year-on-year, driven by digital customer engagement efforts.

GF: Given innovation is core to a successful digital offering, what’s your approach?

ZP: Everything we do starts with the customer. We understand who they are and what they need, and then innovate in the design of our products and services to suit them. We can quickly identify and seize emerging opportunities by applying the “permanent agile innovation organisation at scale” approach used by the best tech companies globally. That includes hiring and developing the best talent. To make all that possible, there is close collaboration between the business, our IT function and external resources. They work as one team with common goals.

GF: What’s next on your digital agenda?

ZP: We will continue to digitally empower our clients and employees, fulfilling our vision of being Serbia’s digital bank with a human touch. To do this, we created specialist teams and programmes to ensure the adoption of AI. With mobile expected to become the primary touchpoint with our clients, we will ensure we have the necessary tools and capabilities.

Making SME lending faster and more efficient is one of our key areas under development. We also see strong potential in further scaling our investment business by allowing clients to open investment accounts fully online or purchase international stocks directly from the mobile app.

We will also continue to make daily banking tasks even easier and more enjoyable by implementing world class UX standards and extending mobile self-service capabilities for customers’ accounts, cards, and profiles.

Through these initiatives, we plan to celebrate our 25th anniversary in 2026 by reaching the milestone of one million active clients.

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Oracle shares fall as bubble fears return, hitting wider tech stocks

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Global markets failed to retain the momentum sparked by an interest rate cut from the Federal Reserve on Wednesday after fears of an AI bubble resurfaced.

Disappointing results from cloud computing giant Oracle weighed on wider tech stocks, with Nasdaq 100 futures down around 1% just after 3am in New York. S&P 500 futures slipped 0.79%, while Dow Jones futures dropped 0.44%. Asian markets were broadly in the red, while Europe opened lower.

Around the same time, Oracle shares were down 11.83% in pre-market trading as investors grew increasingly sceptical about the company’s business outlook.

Oracle on Wednesday announced heavy capital expenditures while missing profit and revenue expectations, reigniting fears around an imminent AI bubble burst. As excitement around the technology has driven firms to sky-high valuations, analysts are concerned that a correction is due as business fundamentals fail to keep up.

Oracle brought in revenue of $16.06bn (€13.74bn) for the quarter to November, marking a 14% year-on-year increase but still coming in below the $16.21bn (€13.86bn) projected by analysts.

Net income came to $6.14bn (€5.25bn), a dramatic 95% increase, boosted by a $2.7bn (€2.3bn) pre-tax gain in the sale of Oracle’s Ampere chip company to SoftBank.

The company also said it expected full-year revenues to remain unchanged from its previous forecast of $67bn (€57.29bn).

Investors nonetheless kept their focus on the company’s debt, ramped up via high bond sales in recent months, and spending on long-term assets.

Capital expenditure for the 2026 financial year is now expected to be 40% higher than previously forecasted, totalling around $50bn (€42.75bn).

Another metric causing concern is revenue from Oracle’s cloud infrastructure business, which came in below expectations at $4.1bn (€3.5bn).

A large share of the firm’s capital expenditure is earmarked for the construction of data centres to power AI for clients like OpenAI, although investors fear that the firm might be placing too much money on a narrow, high-stakes bet. That’s particularly relevant as OpenAI sees more competition from companies like Google.

Compared to rivals like Amazon and Microsoft, Oracle was late to shift its focus from business software to cloud computing, and analysts now warn the firm could lose out if it fails to diversify revenue streams.

The souring narrative around Oracle is reflective of the broader change in market sentiment around AI. In September, the firm’s shares soared after OpenAI said it had agreed to purchase $300bn (€256.53bn) in computing power from Oracle over five years. That briefly made Oracle chairman Larry Ellison the world’s richest man.

Since that high, the firm’s shares have lost 40% of their value as investors wake up to the risks of a market correction. Analysts have notably sounded the warning bell over circular financing, where money is invested in a loop between related parties.

Elsewhere in the tech world, Nvidia stocks were down 1.58% in pre-market trading, while CoreWeave saw a 3.27% drop.

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Qatar: A New World Capital For Wealth?

Qatar’s LNG-driven prosperity is reshaping both its domestic eco-nomy and its international footprint.

In late October, Sheikh Bandar Al-Thani, governor of the Central Bank of Qatar and Chairman of the Qatar Investment Authority (QIA), the nation’s sovereign wealth fund, met in New York with Larry Fink, chairman and CEO of asset management giant BlackRock.

Their second meeting within a year underscored a deepening partnership through which Qatar gains access to world-class wealth advisory while BlackRock taps into new and expanding pools of capital. This year, both institutions have jointly participated in multiple major US technology funding rounds, including AI firm Anthropic’s $13 billion Series F offering and smart vehicle company Applied Intuition’s $600 million round.

Private Banking And Wealth Management

A small desert country with an economy of commensurate size only a few decades ago, Qatar is now one of the world’s richest nations, with GDP per capita exceeding $80,000 for barely 350,000 nationals. Thanks to its expanding gas production, the emirate’s growth is expected to jump from 2.5% this year to over 6.5% in 2026, making it the best-performing economy in the Gulf Cooperation Council (GCC) and one of the strongest globally.

In a region that is already a magnet for global wealth, with transforming economies and accommodative fiscal regimes, Qatar’s rapid acceleration is drawing increased attention from investment banks, private banks, and wealth managers. Big names such as J.P. Morgan, HSBC, UBS, and Barclays are already present in Doha and expanding their teams.

Yet local institutions retain a strong advantage. Their bankers have cultivated relationships with Qatari families for generations, offering the kind of cultural understanding and trust that foreign competitors struggle to match.

“There is a noticeable increase in interest from international private banks and wealth managers targeting the GCC market, drawn by the growing affluence and capital inflows,” observes Chaouki Daher, general manager and head of Private Banking & Wealth Management at Dukhan Bank. “However, local and regional players retain a competitive advantage through cultural affinity, deep client relationships, and a better understanding of Islamic finance principles. That said, the competition is pushing all of us to elevate our offerings: especially in areas like digital experience, discretionary portfolio management, and tailored investment advisory.”

Dukhan Bank is Qatar’s third largest lender; its clients are mainly local high and ultra-high net worth individuals and family offices.

Some global firms are attempting to enter the market by leveraging local know-how. American asset manager Blackstone, for instance, is exploring a partnership with Doha Bank to provide Qatari clients with access to private-market investment solutions traditionally reserved for institutional investors.

Next-Gen Investors

Local banks, meanwhile, understand that their clients are evolving and looking for more sophisticated investment solutions beyond traditional equities and real estate. At investment bank Lesha, CEO Mohammed Ismail Al Emadi witnesses this every day.

“We are seeing increasing sophistication amongst institutions and individual investors in Qatar and the broader GCC,” he says, “and this includes a growing allocation to alternative—typically private market—investments. We see strong demand from our investors in asset classes such as real estate, real assets—including aviation—and private equity. We also see strong interest in actively managed public equities in the region, where significant opportunities for alpha generation exist.”

This new strategic direction, especially among younger investors, is indeed one to watch as the GCC region stands on the brink of the largest intergenerational wealth transfer in history. By 2030, an estimated $1 trillion is expected to pass hands, opening huge opportunities for private banks to support succession planning.

“Increasingly, we are seeing interest from second-generation clients who are more global in outlook and seek access to sophisticated investment opportunities that align with both performance and values: particularly Shariah compliance and ESG integration,” says Daher. He also sees potential in “cross-border investment opportunities, particularly in technology, healthcare, and sustainable infrastructure, which appeal to the younger generation of investors.”

While personalized service and direct human interaction remain essential for top-tier clients, lenders say that younger customers won’t even consider banking with a partner that doesn’t offer full-fledged digital services.

“A younger, digitally native customer base is redefining product design,” notes Dimitrios Kokosioulis, deputy CEO of Doha Bank: “lifestyle-driven product propositions including payments, micro savings, subscriptions, travel/loyalty, and gamified financial wellness. That shift is visible in the product launches, where user experience, personalization, and instant fulfillment have become standard expectations.”

Looking ahead, Qatari banks are also investing heavily in AI to enhance their product offerings and boost operational efficiency.

“The rapid adoption of digital channels is driving innovation in mobile banking, digital payments, and personalized financial ecosystems supported by AI algorithms,” notes Omran Sherawi, senior associate general manager and head of Asset Liability Management at Commercial Bank of Qatar (CBQ). “These technologies enable hyper-personalized offers, real-time advisory services, and intelligent portfolio management.”

Going Global

While banks cater to individual wealth, Qatari institutions are also deploying energy revenues on a global scale, extending the nation’s influence far beyond its borders.

Qatar’s ambitious LNG expansion is set to add more than $30 billion annually to the country’s energy revenues. This increase is expected to grow the Qatar Investment Authority (QIA) from an estimated $524 billion in assets to over $800 billion by 2030.

Celebrating its 20th anniversary this year, the QIA is already the world’s eighth-largest sovereign wealth fund, with assets distributed globally and a workforce spread across Doha, New York, and Singapore. How will it deploy that much additional capital?

“In anything beyond LNG, for diversification purposes,” argues Diego Lopez, founder and managing director of Global SWF, a consultancy and data provider focused on sovereign wealth funds and public pension funds.

At home, the QIA is doubling down on strategic investments, backing giga infrastructure projects and its $1 billion Fund of Funds venture capital program, launched in 2024 to attract venture capital and businesses to Doha. The initiative aims to position Qatar as an alternative to the United Arab Emirates and Saudi Arabia and has already received over 100 applications, just six of which have been selected so far.

The QIA is projecting Qatar’s wealth and power abroad. For the past two decades, it focused mainly on purchasing prime real estate, luxury brands, and high-profile companies in the UK and Europe. While it is far from turning its back on the Old Continent, Qataris now seem to have two new areas of focus: the Americas and Asia.

In May, the fund announced $500 billion in investments in the US over the next decade, doubling its current exposure and taking in bigger tickets, with a strong focus on the race for AI data centers and healthcare.

In September, it invested $3 billion with New York-based Blue Owl Capital to seed a digital infrastructure platform. The QIA is looking to back “leading global firms that are addressing the world’s growing demand for data centers,” CEO Mohammed Saif Al-Sowaidi said then. A few weeks earlier, the QIA took part in a $1 billion funding round for PsiQuantum, a US-based quantum computing company.

Doha is also looking to deploy surplus capital eastward.

Asia, Qatar’s largest LNG export market, offers fast-growing economies, a key role in global supply chains, a large young population, and abundant tech talent. The QIA opened an office in Singapore in 2021 to facilitate investments across the region. Earlier this year, Qatar bought a 10% stake in China’s second largest mutual fund and pledged $10 billion in investments in India.

What’s Next

In the coming years, the QIA expects to boost its investments in Japan, Southeast Asia, Korea, and Australia as a means diversifying its portfolio while deepening ties with rising economies. Qataris are also active in Central Asia, in countries such as Azerbaijan, Kazakhstan, and Uzbekistan, where the QIA supports sectors including agriculture, energy, infrastructure, and transport.

That said, Qatar remains a tiny state with a growing need for resources needed to build a more diverse economy. With that in mind, the QIA has begun investing to secure resources, including rare earth elements, that are critical for digital infrastructure as well as to address climate change and energy transition. In September, the fund invested $500 million to acquire a 4% stake in Canada’s Ivanhoe Mines, which produces metals including zinc, copper, germanium, silver, platinum, palladium, nickel, rhodium and gold in South Africa and the Democratic Republic of Congo, and is looking to explore new sites in Angola, Kazakhstan, and Zambia.

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Qatar: Evolving Dynamics | Global Finance Magazine

Abdulla Mubarak Al Khalifa, Group CEO of Qatar National Bank, speaks with Global Finance about the bank’s international strategy and the opportunities shaping QNB’s next phase of growth.

Global Finance: QNB is the largest bank in the Middle East and North Africa (MENA) by assets and a global player. Tell us about your international strategy

Abdulla Mubarak Al Khalifa: Our strategy beyond the Qatari market involves leveraging our strong brand reputation and extensive experience in emerging markets. We aim to expand our footprint in the MENA region and beyond by establishing strategic partnerships and exploring opportunities in countries with high growth potential. By focusing on markets that complement our expertise in corporate banking, retail banking, and wealth management, we aim to enhance our international presence and diversify our revenue streams.

GF: At home in Qatar, big economic changes are underway, how does it affect the banking and financial sector? How do you see the future?

Al Khalifa: The banking sector in Qatar is undergoing significant transformation, driven by technological advancements, regulatory reforms, and a focus on digital banking. We’re witnessing an increase in customer expectations for seamless digital experiences, prompting us to invest heavily in innovative financial technologies. Additionally, the sector is becoming more competitive, with both local and international players enhancing their presence in the market. This evolution is setting the stage for a more robust and diversified banking environment that can better serve the needs of individuals and businesses alike.

GF: What product offerings show the most promising outlook? 

Al Khalifa: In the coming years, we believe that digital banking services, green finance products, and wealth management solutions will hold the strongest growth potential. As consumer behavior shifts towards digital transactions, we are enhancing our online banking platforms and mobile applications to meet these demands. Additionally, with the global emphasis on sustainability, we are committed to developing green financing products that support environmentally friendly projects, aligning with Qatar’s vision for sustainable development.

GF: With major developments ahead, particularly the expansion of Liquefied Natural Gas (LNG) production capacity from 77 million to 142 million tons per year by 2030, how are you adapting and preparing to support this next phase of growth?

Al Khalifa: QNB is strategically positioned to support this growth by providing tailored financing solutions for energy projects, including infrastructure development and sustainability initiatives. We are also focusing on fostering partnerships with companies in the energy sector to ensure that we are aligned with their financial needs, thus playing a pivotal role in facilitating this next phase of economic growth.

GF: What major risks does the banking industry currently encounter, and what measures are QNB taking to mitigate them?

Al Khalifa: The banking sector faces several challenges, including regulatory compliance, cybersecurity threats, and economic fluctuations. At QNB, we are proactively addressing these risks through robust risk management frameworks and investments in technology to enhance our cybersecurity measures. We also maintain a strong focus on compliance with international regulations to ensure that we navigate the evolving regulatory landscape effectively. By adopting a forward-thinking approach, we are committed to safeguarding our assets and ensuring the long-term stability of our operations.  In summary, QNB is well-prepared to navigate the evolving landscape of the banking sector in Qatar and beyond, focusing on innovation, sustainability, and strategic growth to support our clients and the economy as a whole.

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How ASEAN companies are optimising cash management strategies

Gilly Wright, Global Finance’s Transaction Banking Editor, talks to Melvyn Low, Group Chief Strategy and Transformation Officer & Head of Global Transaction Banking at OCBC, about how ASEAN region businesses are optimizing cash management strategies to stay competitive.

Solutions that are convenient and quick to implement are essential for businesses that need to collect payments more easily and receive real-time notifications. Further, the ever-faster application of QR codes requires merchants to keep up with expectations among customers that use payments through this channel.

Addressing these demands, OCBC OneCollect is a digital solution for merchants that enables them to accept QR-code payments via mobile, rather than requiring a physical point-of-sale terminal. Real-time notifications are then sent when payments are successful.

“We are helping our clients navigate that landscape to collect and pay better,” explained Low.

Bridging the cross-border gap

OCBC OneCollect has expanded across Southeast Asia, with unique features and capabilities available in Singapore, Malaysia and Indonesia in line with the needs and preferences of the local markets. This makes the solution suited to cross-border payments, too. For example, the PayNow QR in Malaysia can be used by Singaporeans, and vice versa.

“The regional objectives of cash management haven’t changed,” explained Low. “It’s all about visibility, mobility and optimisation of payments and cash balances.”

Notably, OCBC’s approach has been to help clients expand regionally by enabling them to see their account balances everywhere they operate. “Our e-banking platform offers a consistent view of account balances, regardless of the market,” he added.

Counting on greater connectivity

The adoption of digital tools more generally is becoming commonplace for businesses in Asia.

In turn, as they put their products and services online and make them accessible via apps, they need application programming interface (API) connectivity.

“We see three times more requests for APIs than host-to-host with the Asian clients we deal with. One of the things we’ve done to help regionalisation is create regional connectivity through a single node in Singapore, to collect the APIs and then distribute to the countries for payments for our customers. We’ve also developed a similar node in China because clients would prefer to connect onshore and then have the payment instructions distributed across Southeast Asia.”

An innovative approach

Other areas undergoing modernisation in Southeast Asia are liquidity management and account rationalisation. Given the importance of liquidity management for corporates across the region, OCBC is offering bespoke sweeping solutions in Southeast Asia and Greater China – in the form of both domestic and cross-border sweeps.


“Customers are no longer keen to open multiple bank accounts,”

Melvyn Low, Group Chief Strategy and Transformation Officer & Head of Global Transaction Banking, OCBC


OCBC, therefore, has rolled out a virtual account solution to offer ‘receive on behalf’ and ‘pay on behalf’ services to support some businesses, especially those wanting to split their funds. This also has benefits for liquidity: by only using one main account, a company can optimise its funds.

Another step forward for OCBC in Asia is its innovative approach to helping clients address anti-money laundering and sanction-screening hurdles when accessing real-time payment rails in domestic markets where they do business. “We’ve built a new way of making payments, with API in and instant payment out, so we can meet the various regulatory requirements for regional corporates,” explained Low.

More recently, OCBC also made its foray into commercialising blockchain technology in payments. The bank is working with a government entity that has many infrastructure projects to manage these through conditional payments.

“We made a tokenised deposit and wrapped it with the smart contracts they need for conditions to be met,” said Low, pointing to this first-in-market solution. “They can issue these tokens to their main contractors and subcontractors for ongoing payments in the project, which will be transformational for the way the construction industry manages payments.”

Keeping up with digital demand

The proliferation of digital solutions will likely continue to have a profound effect on cash management throughout Southeast Asia.

Low points to passage of the GENIUS Act in the U.S. as a clear regulatory framework for U.S. dollar-backed payment stablecoin issuers that can help stablecoin payment companies, traditional financial institutions and consumers navigate stablecoins with more clarity. “We anticipate stablecoins and tokenised deposits in U.S. dollars will start to come to the market.”

Two main impacts are foreseen by Low: Firstly, in supply chains as large western multinationals work with suppliers in Southeast Asia. And secondly, via the potential use of retail tokens in the region.

The key is to create a standardised way to manage regulated stablecoins and tokenised deposits within the Southeast Asian banking framework so that businesses and retail investors alike can accept and receive these tokens.

Low also expects the use of alternate currencies beyond U.S. dollars for trade transactions, such as the international processing centre for e-CNY in Shanghai, will be transformational for Asia.

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Silver’s record run fuelled by possible Fed shake-up and tariff fears

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Silver prices continued to rise on Wednesday, hovering at around $62 per ounce after trading at roughly $50 in late November. That represents a significant jump from the metal’s average price of around $30 at the beginning of the year.

The price jump follows news that the US administration is interviewing final candidates to replace current Federal Reserve chair Jerome Powell. Investors are also expecting the Fed to cut its benchmark rate after its meeting later on Wednesday.

The top three candidates for the chair job, and in particular the reported frontrunner Kevin Hassett, the director of Donald Trump’s National Economic Council, are expected to implement more aggressive rate cuts — while Powell has overseen a slower pace of easing.

Since January, the Fed under Powell has cut rates in two quarter-point increments, once in September and once in October.

This steady easing has pushed down returns on interest-bearing assets, increasing the attractiveness of silver as an investor alternative.

Silver, like gold, pays no interest or dividends, so it tends to fall out of favour when US interest rates are high and investors can earn more attractive returns on cash and bonds.

The metal’s value has roughly doubled this year, even surpassing gold’s 60% increase — which brought bullion to record highs.

At the same time, traders are also seeking clarity on whether the US will impose tariffs on silver.

In early November, the US government added the metal to its 2025 Critical Minerals List, a designation normally reserved for materials seen as strategically important to the economy and national security.

That new status also puts silver within the scope of possible Section 232 investigations, the same legal tool previously used to justify tariffs on steel and aluminium.

Section 232 investigations allow the US government to apply tariffs, import quotas, or other limits on products believed to create an overreliance on sources outside the country, harming national security interests.

For now, no such probe has been launched and no tariffs have been announced. Even so, the prospect alone is enough to make traders nervous, since any future duties on imported silver could disrupt trade flows and push up costs for manufacturers. Such expectations have prompted an increase in silver stockpiling.

Increased demand from certain manufacturers is pushing prices up further. Silver is a key material in the production of electric vehicles and solar panels, and industrial demand accounts for more than half of total silver consumption.

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EU’s ‘Buy European’ strategy delayed by division among member states

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The European Commission confirmed to Euronews on Tuesday that draft legislation introducing a “buy European” approach to the single market has been delayed until January 2026.

Divisions among member states over imposing a “European preference” on non-European Union countries have prompted Commission vice president Stéphane Séjourné to postpone the proposal.

With competitors such as China and the United States putting pressure on EU industries, France launched the idea a few years ago to steer major contracts toward European industrial and tech champions, and it has since gained traction. But some governments remain concerned about its impact on EU businesses.

The issue was discussed on Monday at a meeting of industry ministers in Brussels. According to a document seen by Euronews, a group of nine countries – including Czechia, Estonia, Finland, Ireland, Latvia, Malta, Portugal, Sweden and Slovakia – warned that the plan could have “consequences for effective competition, price and quality levels, and effects on businesses”.

Poland and the Netherlands also supported calls for an impact assessment.

“‘European preference’ criteria should be used only when other instruments have been carefully analysed and proved insufficient,” the document said, adding: “When used, the potential rules on European Preference need to focus on carefully defined strategic sectors, where the EU has a high-risk strategic dependency.”

A European preference for strategic sectors

According to an agenda seen by Euronews, the Commission’s proposal has now been rescheduled for 28 January 2026.

“We don’t want to apply European preference across the board,” the French delegate industry Sébastien Martin said, adding that it was nevertheless “essential to make progress” in sectors such as cars, chemicals, steel or pharmaceuticals.

Germany appeared aligned with France, questioning whether strategic vulnerabilities, monopolies held by non-EU countries, or advantages fuelled by subsidies – such as in China – might justify a European preference.

Imports of Chinese goods into the EU continue to raise concerns. The latest Chinese customs data show flows to the EU as a whole rising over the past year by 14.8%. That figure was 15.5% in Germany, 17.5% in France and 25.4% in Italy.

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Shares in Germany’s Thyssenkrupp slide as it forecasts heavy losses

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German manufacturer Thyssenkrupp saw its share price slide on Tuesday as it predicted a heavy loss for the current financial year.

As of around 1.30pm Frankfurt, shares had dropped 8.85%, paring more dramatic losses seen earlier in the day.

The steelmaker and engineering firm said it expects negative free cash flow between €300mn and €600mn in its fiscal year that ends on 30 September 2026. That’s before mergers and acquisitions.

Thyssenkrupp also said it expects to make a loss of between €400mn and €800mn in the current fiscal year.

“Our forecast takes account of the persistently challenging market conditions and of the efficiency and restructuring measures in our segments,” said Dr. Axel Hamann, chief financial officer of Thyssenkrupp.

“The determined implementation of our efficiency and cost-cutting programs in all segments is crucial for our earnings development.”

Hamann added that the company had met its financial targets for the year just ended, despite challenging market conditions.

Thyssenkrupp generated positive free cash flow of €363mn during this period, significantly above the prior year’s loss of €110mn. Sales came to €32.8bn, in line with expectations but marking a 6% year-on-year drop.

In the year ahead, Thyssenkrupp predicts restructuring costs at €350mn as it seeks to boost its long-term profitability.

Last week, Thyssenkrupp’s steel unit said it would start implementing job cuts after agreeing a long-awaited deal with unions. Under the terms of the agreement, the firm will eliminate 11,000 posts at its steel plants, amounting to 40% of the workforce there. Steel production will be cut by as much as 2.8 mn tonnes, a roughly 25% drop.

Thyssenkrupp has become a symbol of Germany’s ailing manufacturing industry, hit by Europe’s energy price spike and competition from cheaper Asian competitors. Lacklustre market demand, linked to weak post-pandemic growth in Europe, has also shrunk margins — with carmakers notably reducing their purchases of steel and automotive parts.

Once a powerhouse with divisions spanning from engineering to elevators and defence, Thyssenkrupp is now looking to spin off its flailing arms into separate businesses.

Indian group Jindal Steel is currently mulling a takeover of Thyssenkrupp’s steel unit, replacing contender Daniel Křetínský — a Czech billionaire who stepped back from a potential deal earlier this year. Křetínský returned the 20% stake in the steel unit he had already bought and abandoned plans to raise the holding to 50%. One key priority for the steel unit is decarbonisation, with Thyssenkrupp already investing in low-carbon manufacturing methods.

Thyssenkrupp also managed to offload its marine division TKMS earlier this year, listing it on the Frankfurt Stock Exchange.

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Trusted by Generations, Driven by Innovation

Global Finance (GF): Converse Bank has recently received a ratings upgrade from Moody’s. How will this improved rating impact the bank’s strategic initiatives and your ability to attract foreign capital and business?

Andranik Grigoryan (AG): A ratings upgrade enhances our credibility with International Financial Institution partners, which is a well-known axiom. However, for us, it’s more than just a means to secure cheaper financing or boost partner credibility. It’s an acknowledgement of our hard work. We consistently strive for excellence every day, not specifically to achieve a rating upgrade, but because it’s inherent to what we do.

This upgrade not only unlocks greater credibility and opportunities with international partners like IFIs but, more importantly, validates to our employees that their efforts are recognized by the international organizations and institutions that rely on us, and our valued customers.

GF: As a “young bank” that prefers “speed and convenience,” can you elaborate on how you differentiate Converse Bank from larger, more traditional players in the Armenian market?

AG: Our uniqueness comes from internal focus, not external replication. We don’t analyse competitors to imitate them; instead, we constantly innovate upon our own existing practices. This approach positions us as a disruptive force in the banking sector, prompting larger, more established banks to react to our initiatives, as evidenced by their attempts to replicate our marketing efforts and mobile applications. This dynamic is a source of pride for us, especially given the inherent difficulty for these larger institutions to pivot when their primary focus is on mirroring other banks.

We are actively striving for agility, with a vision for banking to be as seamless and immediate as a WhatsApp message. While this endeavour presents challenges for a bank with a 30-year history of conventional operations, we are confident in our shared vision and the significant progress we are making.

GF: How does your rebranding and focus on a new era of development align with Converse Bank’s long-term goals for growth and market share?

AG: Regarding our “rebranding,” it wasn’t a full rebranding but rather a brand refreshing. Converse Bank remains Converse Bank; nothing has fundamentally changed. The key addition to our identity is “Converse Bank: trusted by Generations.” Previously, this tagline was absent.

The public perception of Converse Bank was that of a very traditional institution, heavily reliant on national and family traditions. We wanted to build upon this perception, emphasizing that we are not exclusively a bank for young people, as many contemporary banks claim to be. We are a bank for everyone: for the elderly, parents, grandparents, children, and university students. We cater to all generations, passing on our values and services from one to the next, which solidifies our position as a bank “trusted by Generations.” This brand refreshing aims to reassure people that they can continue to rely on us, just as they have for decades.

Beyond trust, we also offer modern convenience. Our mobile application is flexible and intuitive, appealing to younger users, yet simultaneously straightforward enough for the elderly to use with ease. Once they try it, they tend to use it consistently. This is how we position ourselves within the market and among our competitors.

GF: What are the key ways you are leveraging AI and automation to improve internal efficiency, and how does that translate into a better customer experience?

AG: We are not an AI bank, but we leverage AI to enhance our efficiency. While we aim to automate and increase efficiency, we haven’t been entirely successful, largely due to language barriers. AI is more easily applied to widely spoken languages like English, making it challenging for languages that are less prevalent.

Despite these challenges, we achieved a significant milestone by becoming the first bank in Armenia to use machine learning for optimizing cash management in our branch and ATM networks. This was a crucial step, leading to over a 30% increase in efficiency. We also plan to integrate AI into all aspects of our scoring systems, where it will play a vital role.

GF:  What are the biggest economic opportunities and challenges for Armenian banking in the next 3-5 years?

AG: Armenia’s banking system, despite operating in a challenging environment with 17 banks serving a population of only 3 million, is highly competitive and flexible. This competition drives significant investment in technology.

Looking ahead, Armenia has the potential to become a regional hub for international transactions and money transfers, leveraging its geographical position at the crossroads of Asia and Europe. Furthermore, if new government policies succeed in opening borders with neighbouring countries, Armenia could become a very attractive market for investment, facilitating increased flows of goods and capital. I am quite optimistic about these prospects.

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EU Commission opens probe into Google over AI despite tensions with US

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The European Commission on Tuesday launched a probe into Google over its use of web publishers’ content and YouTube material for its AI services.

The decision comes after transatlantic tensions escalated over the weekend after Brussels imposed a €120 million fine on Elon Musk’s social network X for breaching its landmark Digital Services Act (DSA), prompting a political response from the world’s richest man calling for the EU to be abolished.

“AI is bringing remarkable innovation and many benefits for people and businesses across Europe, but this progress cannot come at the expense of the principles at the heart of our societies,” EU competition Commissioner Teresa Ribera said in a statement.

“This is why we are investigating whether Google may have imposed unfair terms and conditions on publishers and content creators, while placing rival AI models developers at a disadvantage,” Ribera added.

The EU investigation will examine whether Google used web publishers’ content to provide generative-AI services on its search results pages without appropriate compensation and without giving them the option to refuse.

Many publishers depend on Google Search for user traffic.

It will also assess whether videos uploaded on YouTube were used to train Google’s generative AI models without proper compensation to creators and without giving them any choice.

The Commission’s probe is based on EU rules designed to prohibit abuses of dominant market position. However, the opening of a probe following a fine on X might trigger Washington’s ire, which has positioned itself on the side of Big American Tech.

Since Trump’s return to power in 2025, the EU and the US have been at loggerheads over the bloc’s enforcement of digital rules.

The Trump administration accuses the EU of targeting only US companies, while the EU says its legislation is non-discriminatory and reflects its sovereign right to enforce its own digital-market rules.

Euronews has reached out to Google for comment.

This is a developing story and our journalists are working on further updates.

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World’s Best Private Banks 2026

The Playbook For 2026: Winning now depends on pairing scalable platforms with personalized, value-oriented advice.

In a year in which red-hot asset performance contrasted with high macroeconomic volatility, portfolio growth was just one—rather than the paramount—concern of the wealthy.

Instead, across all tiers of the business, demand for increasingly complex personalized services, asset protection planning, and access to new markets presented both an opportunity and a challenge for the industry.

“It’s no longer about investment management or asset management. It’s about all the other services that wealthy investors expect,” says George Walper, managing principal of strategic research at CEG Insights. “And there’s a significant gap between what clients want and what advisers think they are delivering.” 

Research giant McKinsey notes that, over the past decade, advisory revenues have been the primary driver of the US wealth management industry’s growth, posting a 6.4% compound annual growth rate in fee-based advisory relationships from 2015 through 2024. More importantly, the firm notes that the trend should deepen, estimating a roughly 28%-34% uptick in advised relationships in the US wealth industry by 2034. 

“Scale is important, but never at the expense of relationships,” notes David Frame, global CEO at J.P. Morgan Private Bank, our winner as Best Private Bank in the World.

Value-Proposition Shift

Between constant technological evolution and the rising demand for more tailored advisory across all wealth tiers, growth now belongs to firms that can combine true scalability with expert, value-oriented services.

“The business model changed so that we became oriented not to ‘Here’s what we have, would you like some?’ but to ‘Here’s what we can do for you and your family, generationally,’” explains Tucker York, global head of Goldman Sachs Wealth Management.

The transformation is cultural as much as operational, with the measure of success shifting from traditional asset-under-management models to the breadth and depth of value delivered across family, wealth, and legacy. According to Will Trout, director of securities and investments at Datos Insights, this represents an inflection point: “Value has shifted from product-centric to outcome-centric. Performance is table stakes—not what sets firms apart.”

Against this backdrop, Wally Okby, a strategic adviser in Datos Insights’ wealth management practice, expects continued movement toward blended-fee models. “Hybrid pricing aligned with real value delivered—planning, access, tax alpha—will become the norm. The key is giving clients a clear justification for what they pay.”

“As families’ needs become more complex, the demand for integrated guidance naturally rises. So growth isn’t only market driven; it comes from deeper engagement with the evolving needs of wealthy families,” York adds.

Scaling on the services side of the business, however, is undoubtedly easier said than done.

Personalized Services At Scale

What used to be reserved for clients with $25 million or more is now expected by clients with half that amount, and expectations have moved far faster than many firms can adapt. 

“Everything that very wealthy people historically wanted, $10 million-plus investors now want,” says Walper. “Private markets, asset protection, philanthropic structuring, family governance—the full suite. And they expect a seamless experience.”

J.P. Morgan’s Frame says, “Digital capabilities and AI help us simplify processes, reduce errors, and free up time so advisers can deepen conversations with clients. The goal is not scale for its own sake, but scale that enhances personalization.”

 But delivering the right mix of personalization and scale is growing harder, even at the margin level, as competition for talent becomes one of the industry’s key battles.

McKinsey warns of a looming shortage of approximately 100,000 advisers by 2034, a gap that will make scalable service models even more critical.

“The key is, with technology, firms that don’t have the wealthiest clients can create the services; but they need to make a real commitment and focus on what very wealthy people want,” Walper says. “Most people start small—they’ll do it for one client. That’s not a smart business move. You need a strategy: Create the service capabilities, build relationships across the US or the world, and position the firm that way.” He adds, “You can’t do it for one person. You have to decide who you’re going to be as a firm.”

This rising sophistication has also exposed a deeper tension within client demands. “There’s a dichotomy: These investors want more exposure to alternatives. … They want more risk. At the same time, they want to be cautious and protect their assets,” Walper explains. “And many aren’t receiving either in a way they fully understand.”

Tech Can Help, But Can’t Solve It Alone

Despite rapid advances in AI, data modeling, and automation on both the financial and the customer-facing sides, the industry core adviser model should remain the key driver of value in the business. “The emerging model is AI-augmented adviser, not AI replacement,” says Okby. “Clients want their adviser to be smarter, faster, and more responsive because of technology—not sidelined by it.”

Walper emphasizes the importance of transparency. “Younger investors will ask how AI is being used. Some clients are uneasy if they think decisions are purely technology driven. Advisers have to stay current and explain the process.”

Still, technology is reshaping adviser effectiveness: Machine learning identifies planning gaps, predictive analytics anticipates client needs, and automation reduces friction in onboarding and reporting. “Innovation matters only if it supports better conversations and smarter decisions,” says J.P. Morgan’s Frame. “The measure for us is engagement: Technology should make advisers more responsive and help them anticipate client needs, not replace judgment or dilute relationships.”

New Generation Deepens The Gap

That perception is further exacerbated by a fundamental change in the industry’s demographics, with the new generation of wealth expecting a whole new set of offerings and relationships.

This, too, is redefining how the industry views the personalization-versus-scale equation. “They [the new generation of wealthy clients] are more knowledgeable digitally, more involved; and they expect transparency—particularly around how advisers use AI,” Walper notes.

To meet these rising expectations, firms are embracing the virtual family office model: adviser-led, technology-enabled hubs that coordinate tax, legal, business-sale, estate, and philanthropic specialists across geographies. “Clients no longer want a list of names—they want a coordinated team. That’s what creates loyalty across generations,” Walper explains. Goldman Sachs’ York sees the same evolution from the institutional perspective. “Clients want someone who can take care of the family over decades, not just manage investments.”

But firms stuck between scale and specialization face mounting pressure. As Trout notes, “Those without either platform efficiency or ultra-high-touch capabilities risk losing clients who now disaggregate relationships instead of consolidating them.”

“Technology now allows advisers without the wealthiest client books to create those services—but only if the firm commits strategically,” adds Walper. “Firms need a strategy—not just one-off accommodations for individual clients.”

Access Is The New Key

As portfolios expand to include alternatives, private credit, global macro strategies, and thematic exposures, access has become one of wealth management’s defining differentiators. “Access is now premium value—especially to ultra-affluent clients,” says Trout. “Top-tier private equity, exclusive managers, private credit, pre-IPO allocations—the types of opportunities independents cannot easily match.”

Demand for geopolitical and macro-driven strategies is also rising sharply. Salar Ghahramani, president and founder of Global Policy Advisors, says, “Investor appetite for global macro asset allocation has surged. Firms like J.P. Morgan are building entire ‘big picture’ platforms focused on world affairs. The most nimble institutions are adapting quickly and could spark a renaissance in wealth management.”

York agrees that access is increasingly institutional rather than adviser level. “The competition is no longer adviser versus adviser. It’s platform versus platform, including investment access, credit solutions, trust capabilities, technology, and global coordination.”

Methodology

Global Finance staff select the winners for these awards based on entries submitted by banks, as well as company documents and public filings. We consider local market knowledge, global footprint and investment breadth and sophistication. Because metrics are rarely public in this sensitive corner of finance, we incorporate perspective from analysts and consultants. Performance data are also drawn from industry sources, including Scorpio Partnership’s annual Global Private Banking Benchmark and Asian Private Banker magazine’s regional league tables. Size and growth are a factor, but Global Finance also considers creativity, uniqueness of offering and dedication to private banking as a core business either globally or regionally.

table visualization

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Brookfield To Pump $12 Billion Into India Energy Projects

Brookfield, a New York-based investment firm, has agreed to invest $12 billion in green energy projects in Andhra Pradesh (AP), India, over the next three years, including a clean energy-powered 3-gigawatt (GW) data center.

Brookfield’s investment, announced at the 2025 Confederation of Indian Industry (CII) Partnership Summit held in AP, is the biggest foreign investment in India’s green energy sector. It surpasses commitment from ReNew Energy Global ($6.7 billion).

This is among the largest recent investments in AP, second only to Google’s $15 billion plan to build an AI hub and India’s largest data center with Adani Group from 2026 to 2030—the biggest such project outside the US.

As a part of Brookfield’s investment commitment, in November, Evren, a clean energy platform in India, a joint venture between Brookfield and Axis Energy, launched a hybrid project. The initiative combines 640 megawatts of wind and 400 megawatts of solar capacity to form a 1.04-GW project worth $1.12 billion at Kurnool in AP.

Rural Electrification Corporation Limited (REC), a public-sector and non-banking finance company, sanctioned $846 million in funding for the project. It was the single largest sanction by REC for a private project.

Brookfield is focusing on investments across the value chain in the green energy sector. It is likely to invest in the integrated manufacturing facility of Indian solar manufacturer Indosol, India’s Navayuga renewable energy portfolio, and green hydrogen projects.

Brookfield is also planning to invest in other sectors in the state, like a satellite township and hotels under its Leela brand, and aims to expand its Indian portfolio from $30 billion to $100 billion by 2030. The company will increase investments beyond the $12 billion pledged to invest in the real estate and hospitality sectors.

The summit attracted a total of $149.83 billion in investments. AP has become the best business destination for foreign investors and multinational corporations among the southern Indian states, due to its investor-friendly government policies, including escrow account facilities and sovereign guarantees, real-time land and clearance processing, sector-specific incentives for data centers and green energy, and single window clearance.

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Akzo Nobel, Axalta Deal Brushes Up Paint Industry

Dutch paint maker Akzo Nobel is splashing into US with plans to buy Philadelphia-based rival Axalta Coating Systems for roughly $9.2 billion in stock. The move will create the world’s second-largest coatings company, trailing only Cleveland-based Sherwin-Williams.

The deal is part of a wave of consolidation that recently saw private equity firm Carlyle buy BASF’s coatings unit for €5.8 billion. Under the terms of the deal, Akzo Nobel will hold 55% of the combined company, with shares moving from Amsterdam to New York. The resulting company will have around $17 billion in revenue and a $25 billion enterprise value.

The companies have a history, with merger talks dating back to 2017, but they “could not negotiate a transaction” that met their “criteria,” Axalta’s then-CEO Charles Shaver said at the time.

Private equity firms circled Axalta in 2019; Clayton, Dubilier & Rice was among the firms considering a bid alongside PPG Industries. Platinum Equity reportedly partnered with Koch Industries Inc. to also make an offer.

Akzo and Axalta agreed to frame the transaction as a “merger of equals,” with Akzo Nobel investors receiving a special €2.5 billion cash dividend, while the new board will feature four directors from each company plus three independents. Current Akzo Nobel CEO Gregoire Poux-Guillaume will lead the combined firm, with Axalta Board Chair Rakesh Sachdev taking the helm at the new board.

“Management has its work cut out convincing investors this is the right step,” Bernstein analyst James Hooper noted wryly. “Revenue growth expectations need some serious color.”

The merger combines strengths in consumer brands like Dulux, Cuprinol, and Hammerite with Axalta’s industrial coatings, including powder coatings for cars. The unified company will operate in over 160 countries. It aims to realize $600 million in run-rate synergies, 90% of which are expected within three years.

The combined entity’s headquarters will remain in Amsterdam and Philadelphia.

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SPACs Are Back And Fueled By MAGA World

The special purpose acquisition companies (SPACs) that rose dramatically before crashing spectacularly as the pandemic era ended are mounting a resurgence under the Trump administration.

SPACs accounted for roughly a third of all new US IPOs this year, a sharp turn from the post-Covid slump triggered by a combination of increased regulatory scrutiny, rising interest rates, and the widespread skepticism that ensued. Many deals unraveled, and sponsors were forced to return capital to their investors.

The latest IPO is New America Acquisition I Corp. Shares rose by 4% on Thursday, Dec. 4. The company, backed by Preident Trump’s sons, Eric and Donald Jr., raised raised $300 million at $10 per share. The blank-check company aims to pursue merger targets focused on revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains, according to a securities filing.

Many of the newly formed vehicles target sectors aligned with “America First” priorities, including cryptocurrency, nuclear technology and quantum computing. Still, renewed enthusiasm reflects broader market conditions.

Optimism grew after the Federal Reserve delivered its second rate cut of the year in October, lowering borrowing costs for companies that rely heavily on upfront investment. This led to 194 total formations as of mid-November, exceeding the combined total of the previous three years.

SPACs—shell companies that raise money through IPOs with the promise to acquire a target business within two years—typically sell units at a fixed price of $10, each consisting of a common share and a fraction of a warrant.

While traditional IPOs often soar on their first day of trading, leaving some retail investors on the sidelines, a well-chosen SPAC target can turn the gamble into a handsome payoff.

Yet, that has hardly been the case for many SPACs. Of the hundreds launched in 2020 and 2021, more than 60% failed to complete mergers, dozens filed for bankruptcy after only brief stints as public companies, and only about a tenth of those that are still listed are trading above their issue price.

Even Trump’s own former SPAC creation, Trump Media, proved volatile after its 2024 debut, spiking to nearly $80 a share before recently reaching new lows of around $10.

Critics remain wary. Regulatory guardrails implemented in January 2024 under the Biden administration required SPACs to disclose sponsor compensation, dilution risks and financial projections with traditional IPO rigor. The Trump-era revival eclipsed those concerns. SPACs are now leaner, but most experts agree that many of these companies would still struggle to go public through the traditional route.

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EU Commission hits Meta with antitrust probe despite US pressure

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The European Commission on Thursday launched an antitrust probe into Meta over its AI policy on WhatsApp.

The decision comes just 10 days after United States trade officials visited Brussels and warned that punishing tariffs on European Union steel and aluminium could remain in place if the implementation of digital rules targeting Big Tech was not watered down.

“AI markets are booming in Europe and beyond,” EU competition commissioner Teresa Ribera said, defending the probe.

“We must ensure European citizens and businesses can benefit fully of this technological revolution and act to prevent dominant digital incumbents from abusing their power to crowd out innovative competitors.”

Concerns over market dominance

The Commission is investigating a new Meta policy that could block AI providers from communicating with WhatsApp users, potentially giving Meta’s own AI service an edge.

Earlier this year, Meta integrated its AI system into WhatsApp including business-managed chat groups.

Until October, businesses could deploy AI bots in those groups to handle client issues or provide support services, but Meta’s new rules could curb such integrations, raising concerns that the company could abuse its position.

The probe was not launched under the EU’s Digital Markets Act, long criticised by the US, but it could still complicate EU-US talks over tariffs as high as 50%. The Trump administration has accusing Brussels of targeting American firms and called EU fines on tech companies a “tax”.

A WhatsApp spokesperson dismissed the EU’s claims as “baseless.”

“The emergence of AI chatbots on our Business API puts a strain on our systems that they were not designed to support,” the spokesperson said.

“Even still, the AI space is highly competitive and people have access to the services of their choice in any number of ways, including app stores, search engines, email services, partnership integrations, and operating systems.”

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Can You Tell if AI Is About to Take Your Job? Here’s What to Watch For

Key takeaways

  • The more of your daily tasks that large-language models (LLMs) can already handle, the higher your displacement risk.
  • Workers whose task mix ranges from easily automated to hard-to-automate will likely fare better than specialists who do one thing well.
  • With the right design and policy, the technology could revive middle-skill, middle-income work rather than destroy it.

Back in 2023, Goldman Sachs warned that generative AI could put 300 million jobs at risk worldwide. By 2025, experts warn that AI could wipe out half of all entry-level, white-collar jobs—and spike unemployment to 10%-20% over the next several years.

Large language models (LLMs) like Claude or ChatGPT can now write marketing copy, compose poetry and short stories, draft legal memos, and debug code in seconds. It can search the web, collate sources, generate research summaries, and even spit out polished slide decks. That makes many people wonder: Is my job next?

Recent research suggests the answer could depend less on your job title and more on the bundle of tasks you perform each day. Think of tasks as the sub-units of work that fill your calendar: drafting an invoice, negotiating with a supplier, sketching a storyboard frame, reconciling a ledger entry, or writing some code.

Depending on how any of these tasks can be automated with AI, you might or might not start to worry. Below, we explain how to gauge your risk and potential upside amid the AI rollout.

Task Exposure: The Metric to Watch

No surprise here: jobs composed mainly of tasks that AI can do entirely are most at risk. On the other hand, those that involve at least some human-only tasks appear to be safe (for now), as employees shift to the creative, client-facing, uniquely human tasks that AI still can’t do.

Run a mini-audit on yourself: list your top 10 weekly tasks and tick off any that a GPT-4-level model could do today. If AI could handle more than 50%, that signals displacement risk; under 30% suggests that AI could provide productive augmentation.

Example Tasks-at-Risk
Task Likelihood an LLM Can Do It Well Today
Draft a marketing email announcing a new product High
Translate a memo from English to Spanish High
Summarize a 20-page research article into five bullet points High
Proofread an article or blog post for grammar and style High
Generate a first-pass legal memorandum citing precedent Moderate
Build a financial model with bespoke tax rules in Excel Moderate
Analyze customer sentiment from 100 call transcripts and flag hot issues Moderate
Write a song or compose music Moderate
Negotiate contract terms with a long-standing client over a Zoom call Low
Troubleshoot a noisy car engine in the shop Low
Facilitate an in-person brainstorming session for a fresh ad concept Low

History Says Disruption Arrives in Waves—Not Overnight

If we look to history, we find that technological disruption tends to diffuse through the labor market over a period of years. Indeed, the U.S. job market actually changed more slowly from 1990-2017 than in any earlier period, despite the arrival of computers and the internet.

For career planning, that means AI shock is unlikely to hit all at once like a meteor; instead, watch for gradual but compounding shifts. Workers who track such early indicators can pivot before the crest of the wave, much like typists who re-skilled into desktop-publishing roles during the early days of the personal computer.

We are already seeing some strong signals: sharp declines in retail jobs, stalled growth in low-paid services, rapid STEM hiring, and shrinking middle-wage employment—all of which might indicate the pace has begun to accelerate.

Where AI Augments Rather Than Replaces: A Middle-Class Reboot?

Economists argue that AI’s true promise lies in “task lifting”—the idea that software can shoulder the rote parts of complex jobs, allowing mid-skill workers to perform higher-value tasks once reserved for elite professionals.

For example, nurses using diagnostic chatbots to interpret scans or auto technicians leveraging vision models for instant fault detection.

Complementary design, however, is a choice, not a given. Researchers model three possible scenarios: no-AI, unbounded-AI with little job loss, and a “some-AI” world in which employment ultimately falls nearly 25% if firms deploy the tech purely as a labor-saving device.

The policy implications are clear: incentives such as skills-training subsidies and AI co-design grants can push firms toward augmentation scenarios that expand, rather than shrink, the middle tier of the labor market.

The Bottom Line

AI does not have to be a monolithic job killer; it can be a task-reallocation engine. Your individual vulnerability hinges on how many of your daily tasks are already “AI-ready” and whether employers deploy the technology to substitute or to complement. Audit your work, cultivate a wider task portfolio, and seek firms that invest in human-AI collaboration and you’ll be riding the AI wave rather than waiting to see whether it crashes on your career.

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Why are European natural gas prices tumbling despite the cold winter?

European natural gas prices have fallen sharply in recent days, with the Dutch Title Transfer Facility (TTF) benchmark dropping below €28 per megawatt hour on Tuesday — a level not seen since April 2024.

This comes despite a relatively early and cold start to winter across much of continental Europe.

Since January, European gas prices are down more than 45%, and over 90% from their record highs during the 2022 energy crisis.

At first glance, this drop appears counterintuitive as temperatures drop and gas storage levels remain relatively low. As of November 30, European inventories were 75% full, roughly 10% below the five-year average.

In Germany, Europe’s largest gas market, storage levels are even weaker at just 67%, more than 20% below seasonal norms.

US gas reshapes the European market

The main driver behind the falling prices lies across the Atlantic.

The United States has ramped up exports of liquefied natural gas (LNG) to Europe, offsetting reduced Russian supplies and reshaping the global energy balance.

According to Kpler data, US cargoes have accounted for around 56% of Europe’s LNG imports this year.

With Asian demand relatively weak and US export capacity strong, Europe has become the primary destination for American LNG.

This consistent inflow is exerting downward pressure on the TTF, narrowing the spread – or the price differential – between European and US natural gas prices.

TTF-Henry Hub spread narrows sharply

Historically, US gas — priced at the Henry Hub facility — trades at a discount to the European TTF due to abundant domestic production in North America.

However, that spread has shrunk dramatically in 2025, falling from about $12 per million British thermal units (MMBtu) at the start of the year to just $4.8, the lowest since May 2021.

Currently, TTF gas trades at just under $10/MMBtu, only twice the price of Henry Hub gas, which averaged $5.045 this week.

For context, during the 2022 energy crisis, TTF prices surged to €350/MWh (around $100/MMBtu), while Henry Hub was near $10, creating a record transatlantic spread of nearly $90/MMBtu.

The shrinking price gap reflects a broader realignment in global energy flows.

US LNG has become Europe’s safety valve, easing fears of shortages and bringing a sense of normality back to markets.

The more LNG the US can export, the more it can relieve price pressure in Europe.

Long-term natural gas forecasts

Looking ahead, analysts at Goldman Sachs foresee this rebalancing trend continuing through the decade.

Samantha Dart, head of commodities research at the bank, expects rising global supply — particularly from the US — to lift European storage levels and gradually push TTF and prices lower, forecasting TTF at €29/MWh in 2026 and €20/MWh in 2027.

By 2028–2029, storage congestion in Northwest Europe could drive TTF as low as €12/MWh, closing the US LNG export arbitrage and forcing cancellations of American cargoes.

This would in turn depress US prices, with Henry Hub potentially falling to $2.70/MMBtu.

Post-2030, however, Goldman sees the potential for renewed LNG tightness, led by China’s decarbonisation policies and rising Asian infrastructure investment. That shift could restore the transatlantic arbitrage, lifting Henry Hub back above $4 and TTF above €30/MWh from 2033.

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EU Commission sharpens its economic doctrine to counter foreign threats

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Updated

The EU executive is aiming to improve the EU market’s defences against threats from third countries with a new economic doctrine that combines risk anticipation with a reinforced strategy.

The new “software” comes as the EU faces increasingly nationalist trade policies from major players like China and the US.

Just weeks ago, a Chinese push to restrict exports of rare earths to the rest of the world put key European sectors at risk, from cars and tech to defence. Beijing also tested Europe’s economic resilience by blocking shipments of crucial automotive chips to Dutch-based company Nexperia, squeezing a strategic link in the EU’s supply chain.

“Europe remains a champion of open trade and global investment, but openness without security becomes vulnerability,” said European Commissioner for Trade and Economic Security Maroš Šefčovič. “To stay resilient in a shifting geopolitical and geoeconomic landscape, we must use our tools more strategically and assertively, while developing new ones to reinforce our economic security.”

The doctrine outlines several areas where the EU aims to sharpen its risk assessment to curb strategic dependencies, from critical raw materials to tech components and semiconductors – areas which are increasingly being weaponised by China.

The EU wants to include economic security considerations in its trade defence investigations. The bloc has several tools at its disposal, including foreign direct investment, subsidies screenings and anti-dumping mechanisms.

Among the most important measures are the anti-coercion instruments adopted in 2023, designed to retaliate to threats from a foreign power.

Industrial espionage crackdown

Brussels also wants to crack down on predatory practices and industrial espionage, tightening scrutiny of strategic companies and infrastructure both physical and digital.

“We must strengthen our capacity to gather and share economic intelligence, because true security is only possible when Europe acts as one – with Member States and industry moving in sync,” Šefčovič said.

However, the Commission has not yet offered any concrete proposal to address situations where companies of strategic emerging areas such as quantum technology cannot access funding in the EU.

“There are concerns that we would be letting ownership of certain technology holders come out of European hands, not for good reasons,” a senior EU official said.

For such situations, the document unveiled Wednesday said the EU will prioritise EU funding or fundings coming from like-minded country and suppliers for critical quantum components and services, and “limit reliance on high-risk quantum/cloud providers in sensitive sectors.

In markets like EV batteries, dominated by China, the Commission plans to drive tech and know-how sharing.

The same senior EU official said that Brussels also wants the private sector closely involved, since this is “where the risk actually takes place”.

The bloc already has legislation, born from the Covid-19 pandemic and Russia’s full-scale invasion of Ukraine, to keep essential goods, services and people moving within the EU market during emergencies. A new trusted advisory group drawn from industry will be set up to bolster this effort.

The Commission also wants the EU to forge partnerships with countries facing similar threats in a world splintered into new trade blocs, and to strengthen trade risk assessments. Japan will be involved, along with EU membership candidate countries – a sphere where the EU is already contending with Chinese influence.

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Diageo Taps ‘Drastic Dave’ as New CEO

Come new year, and Diageo, the UK-based alcohol giant, will toast the arrival of Sir Dave Lewis, its new CEO. After the abrupt departure of Debra Crew in July, Diageo board members looked for the rare candidate who could revive the maker of Guinness beer, Johnnie Walker whisky, Don Julio tequila, Smirnoff vodka, Baileys Irish Cream—all in all, more than 200 brands sold in 180 countries.

Wall Street investors applauded Lewis’s choice when they heard the news last month. Overnight, the stock-market value of Diageo increased by £2 billion (about $2.62 billion).

Investors love the consumer-packaged goods veteran, nicknamed “Drastic Dave” who spent almost three decades at Unilever. They anticipate this turnaround expert will once again strike gold, as he did at Unilever and later at grocer Tesco.

Tall Order: Debt, Drug Trends, and a Post-Pandemic Hangover

Lewis, 60, knows he will face what he calls “some headwinds.” Diageo suffers from a high debt level—$22 billion at the end of June—and declining sales. After Covid-19 boosted alcohol sales, consumers’ tastes evolved. The rise of weight-loss drugs threatens alcohol sales. Inflation doesn’t help, and the US and Chinese markets are beginning to falter. But Lewis sees “significant opportunities” ahead.

The new CEO, who is quitting his post as chair of Haleon, the multinational consumer healthcare company that makes Sensodyne, is known for cost-cutting and innovative marketing. At Unilever, he is remembered for slashing jobs and initiating a bold ad campaign for the personal care brand Dove, featuring everyday women rather than models. 

In 2014, he became Tesco’s CEO. At the time, an accounting scandal that had overestimated its profits by £250 million plagued the company. Lewis didn’t hesitate. He cut thousands of jobs, simplified product ranges, lowered prices, and reduced Tesco’s international ambitions. The supermarket chain was saved, and its CEO was knighted in 2021.   

What will be his cocktail of remedies for Diageo? Professionals are already speculating: revive sales talks for popular Guinness, or get rid of smaller regional brands, such as Chinese Baijiu or Brazilian Ypioca Cachaca? Investors are awaiting what Drastic Dave’s new year’s resolutions will be. 

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