Ukraine says facility a ‘critical component’ in defence production as local Russian authorities confirm attack.
Published On 22 Jun 202622 Jun 2026
Ukraine’s military has said it struck a plant producing electronics for missiles in Russia’s Voronezh region, as well as the Dubna satellite communications centre in the Moscow region.
In a statement on Telegram on Monday, the Ukrainian General Staff said it had used air-launched cruise missiles to hit the plant in Voronezh, which it described as a “critical component” in Russia’s defence production.
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Alexander Gusev, the Voronezh governor, said a production plant was damaged and three people were injured in the attack, without specifying the nature of the facilities.
Gusev said in a post on Telegram that air defence forces had destroyed several high-speed targets in the skies over Voronezh and warned residents of the danger of missile attacks.
The Ukrainian military also said it struck Russia’s Dubna satellite communications centre in the Moscow region, adding that heavy smoke was observed at the site and the extent of the damage was being assessed.
Eighty-four drones headed for Moscow were downed in the past 24 hours, the city’s Mayor Sergei Sobyanin said on Telegram.
He said emergency services had been dispatched to the areas where drones were downed, but gave no further information.
The airports of Sheremetyevo, Domodedovo and Vnukovo, as well as Zhukovskiy near the Russian capital, had temporarily suspended flights, the aviation watchdog said separately.
In total, Russian defence systems downed 301 drones overnight, local news agencies said, citing the Ministry of Defence. That tally included Russian-occupied areas of Ukraine.
The latest raids follow a drone attack that hit Moscow’s sole oil refinery last week, in one of the biggest air attacks on the city since Russia’s full-scale invasion of Ukraine in 2022.
Teenager killed in Ukraine
In Ukraine, authorities said a Russian drone attack early on Monday in the Sumy region killed a 13-year-old boy, his 36-year-old father, and his 73-year-old grandmother.
Regional governor Oleh Hryhorov said the 73-year-old was the mother of the man’s roommate.
Russian drone attacks in the southeastern Ukrainian city of Zaporizhzhia overnight and early on Monday killed two people and injured a further seven, Ukraine’s emergency services said.
Russia also hit the southern Odesa region with an Iskander ballistic missile on Sunday evening, killing one and injuring three people, regional governor Oleh Kiper said on Telegram. Vehicles and fuel storage tanks caught fire after the strike hit an agricultural facility, he said.
Elsewhere, the city of Sevastopol in Russian-annexed Crimea cancelled all open-air public events on Monday and will keep streetlights switched off, its governor, Mikhail Razvozhayev said, as he called on people to curb electricity usage.
Russian drones hit a Turkish dry cargo vessel, the Victress, which was sailing under the Panamanian flag, Ukraine’s navy said.
Deputy Prime Minister Oleksii Kuleba said a 58-year-old Egyptian cook was killed and eight other crew members, including Turkish and Indian nationals, had to evacuate on a lifeboat.
The leaders of Europe’s top military powers will meet on Wednesday in Berlin to discuss the Ukraine conflict and an upcoming NATO summit.
Chancellor Friedrich Merz plans to host the leaders of France, Britain, Italy and Poland, a spokesman said Monday, adding that the resignation announcement of British Prime Minister Keir Starmer had not changed those plans.
We took Atlantic all the way to the Pacific, traveling from the San Gabriel Valley to Long Beach on foot. On the last morning of May, a group of us set out at 7:45 a.m. from a barren In-N-Out parking lot in Alhambra, where Atlantic Boulevard begins. We kept walking until we reached the water, 12 hours and more than 55,000 steps later.
In all, our group passed eight freeways, two highways, and one river, twice. We walked through a dozen cities: Alhambra, Monterey Park, Commerce, Vernon, Maywood, Bell, Cudahy, South Gate, Lynwood, Compton, Long Beach and, of course, Los Angeles.
We spent only about 1.5 miles, a half-hour, in the city of Los Angeles itself, all in East L.A. We spent more time in Lynwood than Los Angeles. We spent far more time — more than a third of our day — in Long Beach.
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To walk Atlantic was to connect the dots about how our region functions economically, from the port to the factories to the suburbs. It was also to realize just how expansive and multifaceted Long Beach is.
This is the sixth such walk of one lengthy street that, ending at the ocean, we’ve completed across Los Angeles. Our pursuit began in 2022 with Wilshire’s 16 miles, continued in 2023 withSunset’s 25, maxed out in 2024 withWestern’s 28-plus miles, and stepped back in 2025 withPico’s 15.5 miles. Earlier this year, roughly 30 of us strolled all of Santa Monica’s14.5 miles.
This time, we started with a group of 16, ranging in age from 20-something to sexagenarian, and finished with 12. Some walkers left and joined us along the way. Ten, including one Long Beach local, completed the street.
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1.Pedro Moura, center, gives a pep talk before leading a group on a 25-mile walk the length of Atlantic Boulevard.(Scott Strazzante/For The Times)2.In so-L.A. fashion, a Tesla Cybertruck rolls past a pile of possessions flooding the sidewalk in front of an apartment building.3.Josiah Fields, 15, earns money by cleaning car windshields at the intersection of Atlantic and Alondra Boulevards.4.During the final mile of the their 25 mile walk, Chloe Stepney and Trevor O’Brien lead the way past Louis Burgers III on Atlantic Avenue.(Scott Strazzante/For The Times)
We’ve been playfully calling our annual jaunts the Big Walk. This one, we called the Bigger Walk. I suppose that makes Western the Biggest. We’ve come to believe the ideal distance for an all-day effort is about 20 miles. That seems long enough for it to feel like a real feat and short enough to include more interested folks and ample break time.
After a tranquil time on Santa Monica, I wrote that we expected Atlantic to be the opposite experience — “unwieldy, at times unwelcoming, and excessively industrial.” That was an overstatement at best and factually wrong at worst.
We did visit Vernon, the city that proudly promotes itself as “exclusively industrial.” But by one measure, Atlantic was literally the most welcoming street we’ve done yet. Many more people greeted us. The actual street was at least as pedestrian-friendly as Western or Sunset. At no point did we have to walk on the road or in a minuscule median.
We did, though, have to cross five crosswalks just to continue on Atlantic at one point, at an absurd intersection with Ferguson Drive, Goodrich Boulevard, Telegraph Road and Triggs Street. Railroad tracks and the famed old East L.A. Union Pacific Station stood to our left, and the 5 freeway to our right. Clearly, pedestrian convenience had not been front of mind during the area’s planning.
Oil might be the simplest way to illustrate how Atlantic differs from more famous L.A. streets. On Pico Boulevard, there are oil derricks hidden behind elaborate, towering facades. Along Atlantic, the derricks are just everywhere in plain sight for a while. We did walk atop both the Long Beach Oil Field, a mega giant field, and the Wilmington Oil Field,the third-largest oil field in the contiguous United States.
That’s Atlantic, lacking in pretense, not hiding anything, but exceeding our expectations. We saw more plants native to our region, including Cleveland sage and Sacred datura, than along Santa Monica. And we kept encountering vibrant pockets where we did not know they would be. Monterey Park was the first to impress us, with gorgeous Cascades Park tucked into a lush little valley.
A rose peeks through a fence at St. Rose of Lima Church on Atlantic Boulevard.
Lykayla Melendez poses in her quinceañera dress at Cascades Park along Atlantic Boulevard.
In East L.A., chilaquiles, tamales, tejuino and ribs were all available street-side, and one of our members noticed the newer location of the famed La Azteca Tortilleria in a strip mall near the Metro station. Azteca has been the No. 1 seed in Times columnist Gustavo Arellano’s tortilla tasting tournaments with KCRW; we picked up a couple dozen to go.
Farther south, Bell is best known locally as thehome of brazenly corrupt city officials earlier this century. When we passed through, the shade provided by a pocket park in the city center became a crucial respite for our lunch break. Across the street, a community market was just starting up for the afternoon. We caught a couple songs from a talented mariachi band.
Once we crossed the 105 overpass, we quickly encountered four sizable parks, each no more than two miles from the last. We saw one pump track, two tennis courts and skate parks, several sports fields, and an impressive number of food trucks, including Instagram-famous Kitchen’s Corner BBQ. At least another dozen food vendors seemed to be setting up for evening service as we marched by in the late afternoon.
By the third park we passed, we were in Long Beach, specifically North Long Beach. The fourth, Scherer Park, is a sprawling, 26-acre gem. Soon enough we were in Bixby Knolls, where, for more than a decade now, Long Beach officials have beeninvesting in improving bicycle and pedestrian access. It shows. We had a delightful happy hour on Ambitious Ales’ front patio overlooking Atlantic.
August Fagerstrom and Pedro Moura fist bump a well-wisher on Atlantic Avenue.
Official lists of the longest L.A.-area streets are almost impossible to find. Often, such lists are kept by cities. The longer the street, the less likely that all of it is within one city’s limits.
We can say this: There are not many stretches of a single street with the same name longer than Atlantic in the L.A. Basin. Western Avenue, definitely. Imperial Highway, depending on your perspective on what constitutes a street. Sunset is about the same length. And that’s about it.
Unless you want to be particularly persnickety and disqualify Atlantic on the grounds that it technically has two names. For its northern 10 miles, Atlantic is a boulevard. For its southern 15, it’s an avenue. Where Maywood becomes Bell, it switches. But it’s Atlantic all the same, and that was good enough for us.
At the end of their 25-mile walk, Chris Kirkham celebrates with fellow walkers at Atlantic Avenue and Ocean Boulevard.
Speaking of names: Our Alhambra is named after a Washington Irving book inspired by his visit to the 13th-century Islamic fortress of the same name in what is now Spain. You can walk to the actual Atlantic from that Alhambra in about 150 miles.
This was easier than that, at least. If you’re eager to explore the backbone of Los Angeles, curious for a challenge, you could do worse than attacking Atlantic. I promise you’ll see something new. We saw a street juggler. We saw a live chicken and a dead turkey. We saw a discarded box of Pacifico beer that had been cooking in the sun so long it turned from yellow to white.
Pedro Moura points out Chloe Stepney’s sock tan line as they celebrate the end of their 25-mile walk down Atlantic with a dip in the Pacific Ocean at Alamitos Beach.
After we rinsed our weary feet in the Pacific, some of us waddled back up to Downtown Long Beach and scarfed down Sonoratown burritos and chivichangas before heading home. It was a Sunday well spent.
1 of 2 | A woman holds a photo depicting late Supreme Leader Ayatollah Ali Khamenei as people gather during a rally following Iran’s attack on Israel in Tehran on Sunday. The Israeli military confirmed it struck “military targets” in western and central Iran early Monday local time. Photo by Abedin Taherkenareh/EPA
June 7 (UPI) — The Israel Defense Forces confirmed it struck military targets in western and central Iran on Monday in retaliation for a wave of airstrikes launched against the Jewish state by Tehran hours earlier.
“A short while ago, the Israeli Air Force struck military targets belonging to the Iranian terror regime in western and central Iran. Details to follow,” the IDF said in a post on Telegram as a fragile cease-fire in the Iran War continued to unravel.
“The Zionist enemy has attacked targets on our country’s soil using air-launched ballistic missiles,” the IRGC said.
Official Iranian media also said residents in neighboring Iraq heard explosions in parts in the capital Baghdad while unidentified objects were seen over the Iraqi city and in Beirut.
The strikes against Iran came just hours after the Islamic regime lobbed missiles into northern Israel for the first time since the beginning of the cease-fire, which came into effect on April 8.
Tehran said those strikes were in response to Israeli bombings targeting Hezbollah in Lebanon.
The Iranian missiles, which the IDF said had been intercepted, were the first direct attack on Israel since the cease-fire.
The attacks follow an announcement on Sunday that Israel had launched strikes at alleged Hezbollah targets in Beirut — attacks which it has continued throughout the cease-fire — and some of which have been in suburban neighborhoods.
U.S. President Donald Trump, who reportedly has been briefed on Iran’s actions, told Iran “that’s enough, get back to the table” for peace negotiations, Fox News reported.
“The Israeli army must stop its attacks on southern Lebanon and the suburbs, and if it expands its attacks to that region or responds to Iran’s action, it will face more devastating and regrettable blows,” General Ali Abdollahi, head of Iran’s Khatam al-Anbiya command, said in a statement.
Trump has reportedly also told Israeli Prime Minister Benjamin Netanyahu to hold back after the Iranian strikes, which Netanyahu agreed to on the condition that Hezbollah — which is funded by the Iranian regime — not launch strikes into northern Israel from Lebanon.
The United States and Iran have been negotiating an end the war for more than a month, as a cease-fire has mostly held but the Strait of Hormuz remains blocked, preventing the shipment of oil and other products from the Middle East.
President Donald Trump discusses renovations to the Lincoln Reflecting Pool and makes an announcement on coal in the Oval Office at the White House on Thursday. Photo by Samuel Corum/UPI | License Photo
The man was fishing when he was bitten by a shark, police say.
Published On 6 Jun 20266 Jun 2026
A man has died after he was bitten by a shark off the south coast of Michaelmas Island in Western Australia.
The 35-year-old was attacked while spearfishing with his family close to the town of Albany, police said.
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The man was treated by paramedics but died of his wounds.
Police said a 4.5metre (15ft) shark of an unknown species was spotted by a witness near Michaelmas Island, which does not receive many visitors.
The state’s Department of Primary Industries and Regional Development urged people to take “additional caution” in the area and to stay abreast of shark sightings.
This is the fourth shark killing this year in Australia.
Last month, a man died after being attacked by a great white off Rottnest Island near the city of Perth, and another man died in a shark attack off the coast of Queensland in northeast Australia.
In January, a 12-year-old boy was killed by a shark in Sydney Harbour.
Australian scientists believe increasingly crowded waters and rising ocean temperatures are shifting sharks’ migratory patterns, which may be contributing to a rise in attacks.
The majority of shark attacks occur along Australia’s east and southeast coasts, with an average of about 20 incidents recorded each year, according to the Institute of Health and Welfare.
WASHINGTON — The Supreme Court on Tuesday rejected Florida’s long-shot attempt to sue California and Washington state over the issuance of commercial driver licenses to truckers who don’t speak English and are not authorized to be in the United States.
The case stems from a crash in Florida last year that killed three people. The driver, Harjinder Singh, is accused of making an illegal U-turn that caused the accident. Singh, who is from India, was carrying a valid commercial driver’s license from California and had earlier been granted one by Washington state.
Republican-led Florida has accused the Western states, led by Democrats, of openly defying immigration laws and asked the justices to rule that states lack the authority to issue CDLs to people who are not citizens or legal permanent residents.
The Supreme Court typically hears appeals of lower-court decisions, but it sometimes takes on what are known as original lawsuits in which states sue each other in the nation’s highest court.
Justices Clarence Thomas and Samuel A. Alito Jr. dissented from Tuesday’s order, as they often do when the court rejects an original lawsuit, saying that the court has no choice but to hear such cases.
Separately, a federal appeals court has blocked a Trump administration proposal to impose new restrictions that would severely limit which immigrants can get commercial driver’s licenses to drive a semitrailer truck or bus.
Venezuelan oil revenues are currently controlled by the US Treasury Department. (Archive)
Caracas, May 15, 2026 (venezuelanalysis.com) – Venezuelan oil production has moved past 1 million barrels per day (bpd) for the first time in over seven years.
The latest OPEC monthly report placed the Caribbean nation’s April output at 1.031 million bpd, as measured by secondary sources. The figure increased by 46,000 bpd compared to the previous month.
For its part, state oil company PDVSA reported April’s production at 1.136 million bpd, up from 1.095 million bpd in March. Direct and secondary measurements have differed over time due to disagreements over the inclusion of natural gas liquids and condensates.
With the oil industry under crushing US coercive measures, crude production plummeted from around 1.9 million bpd when the first sanctions were levied against PDVSA. Following the US imposition of an export embargo in January 2019, output fell under 1 million bpd, hitting decades-lows around 350,000 bpd in 2020 before a steady recovery in recent years.
Since the January 3 US military strikes against Venezuela and kidnapping of President Nicolás Maduro, the Trump administration has imposed control over the nation’s energy sector, with revenues deposited in US Treasury-run accounts before being partially returned to Caracas at US officials’ discretion.
US Secretary of State Marco Rubio stated on Thursday that “for the first time in over a decade the wealth of Venezuela is benefitting the people of Venezuela,” though he did not mention the impact of US sanctions first imposed in late 2014.
While US coercive measures remain in place, the White House has issued a series of licenses allowing Western corporations to return to the Venezuelan energy sector.
BP, Chevron, Eni, Repsol, and Shell are among the companies to have struck oil and natural gas contracts with the Venezuelan government led by Acting President Delcy Rodríguez in past weeks, taking advantage of a recent pro-business legislative overhaul that slashed royalties and taxes, granted private partners increased control over operations and sales, and opened the way for disputes to be settled in international arbitration bodies.
Lesser-known companies Overseas Oil and Crossover Energy have likewise inked agreements for energy projects in the South American country.
ExxonMobil and ConocoPhillips are also evaluating prospects for a return to Venezuela, according to the Wall Street Journal. The two oil giants saw their assets nationalized by the former Hugo Chávez government in the 2000s after refusing to accept the country’s reforms asserting sovereignty over the industry. Both corporations would go on to secure compensation via international arbitration, with an award of over US $10 billion to ConocoPhillips still outstanding.
The recent rebound in oil production coincided with an increase in US-sourced diluent imports. Exports also surged in April to 1.23 million bpd, the highest figure in over seven years. Apart from a growing number of cargoes to US refineries, Indian refiner Reliance is receiving increased shipments after securing US Treasury approval.
In contrast, two tankers reportedly headed to China and Cuba, respectively, will return their cargoes to Venezuelan ports after being intercepted by US naval forces. Prior to the January 3 operation and US control over oil exports, China had been the primary destination for Venezuelan crude. Caracas had likewise been the main supplier of oil to Cuba in the last two decades.
Venezuelan and US authorities have offered no clarity on the return of export proceeds to the South American country, with US Secretary of State Marco Rubio stating that Caracas needs to submit a “budget request” before accessing its funds. The Venezuelan Central Bank’s handling of US-disbursed resources will be subjected to outside auditing, with Pentagon and CIA contractor Deloitte reportedly among the companies hired.
Despite the absence of official data on Venezuelan export revenues and the portion being returned to the country, the Rodríguez administration’s injection of foreign currency into exchange tables run by public and private banks increased in April and May. US authorities reportedly mandated that PDVSA revenues be funneled directly to private sector importers via forex auctions as opposed to having the Venezuelan Central Bank run foreign currency assignments.
Stephon Castle starred as the San Antonio Spurs sealed their spot in the Western Conference finals with a convincing 139-109 win over the Minnesota Timberwolves.
Castle led the way with 32 points, while Victor Wembanyama added 19, as the Spurs clinched the series 4-2 to set up a heavyweight match-up against the top-seeded Oklahoma City Thunder.
The Spurs met the Thunder – the reigning NBA champions – five times during the regular season and finished with a 4-1 record against them.
Repeating that over the seven-game Western finals would earn the Spurs a spot in the NBA finals.
“We’re not even thinking about that right now,” Castle said after Friday’s victory over the Timberwolves.
“The games ahead are a totally different game. They are rolling right now. They’ve won eight straight.
“It’s going to be tough to knock them off, but we’re pretty confident we can do it.”
Elsewhere, the Detroit Pistons beat the Cleveland Cavaliers 115-94 to tie their series and set up a deciding game seven .
Cade Cunningham scored 21 points, while Paul Reed and Jalen Duren added 17 and 15 respectively, as the top-seeded Pistons forced a decider for the second play-off round in a row.
Detroit had trailed 3-1 to Orlando Magic in the previous round before reeling off three straight wins to take the series 4-3.
The Pistons host the Cavaliers in Detroit on Sunday to decide who will face the New York Knicks in the Eastern Conference finals.
Venezuela’s liabilities include defaulted bonds and loans as well as international arbitration awards. (Archive)
Caracas, May 14, 2026 (venezuelanalysis.com) – The Venezuelan acting government announced the formal launch of a restructuring process of the country’s sizable foreign debt.
In a statement published on Wednesday, Caracas promised “comprehensive and orderly” proceedings to renegotiate liabilities owed by the country and state oil company PDVSA.
“This decision has the goal of putting the economy at the service of the Venezuelan people and freeing the country of the burden of accumulated debt,” the communique read. “This is a responsible, nationalist, and social decision.”
Venezuelan authorities added that the country’s resources should prioritize the people’s well-being over “unsustainable financial obligations” and that they seek a “substantial reduction” of the total debt.
Venezuela defaulted on a range of bonds and loans beginning in 2017 as US sanctions severely exacerbated the country’s economic crisis and shut it out of financial markets, making payments impossible. The Nicolás Maduro government had prioritized debt service in previous years as the country’s economy entered a tailspin in hopes of retaining access to international credit.
The sum total of defaulted debts and loans, on top of international arbitration awards, is estimated to be as high as US $170 billion with accrued interest. Liabilities likewise include unpaid loans to China. The restructuring process may be one of the largest in history, surpassing Russia (1998) and Argentina (2001).
According to Business Wire, the government led by Acting President Delcy Rodríguez plans to present its “macroeconomic framework and public debt sustainability analysis” to the international financial community in June. Caracas has reportedly hired Centerview Partners as a financial advisor.
On May 5, the US Treasury Department issued a license allowing the provision of financial and advisory services related to Venezuelan debt restructuring. The sanctions waiver does not allow creditors to transfer or settle debt, nor directly engage with Venezuelan authorities.
Market analyst S&P Global argued that Venezuela’s debt renegotiation process could face obstacles if some creditors hold out and reject restructuring proposals.
Financial analyst Elías Ferrer Breda called Wednesday’s announcement an expected “formality” and added that the next step will be assessing the actual size of Venezuela’s foreign debt. For his part, political commentator Luis Vicente León argued that the restructuring process will be drawn out but may “restore credibility” before financial markets.
Pramol Dhawan, head of Pacific Investment Management Company LLC (PIMCO) emerging markets team, welcomed Caracas’ “willingness to engage with bondholders.”
“Any durable resolution will need to be comprehensive and anchored by a credible macroeconomic framework to give creditors confidence in Venezuela’s capacity to service restructured obligations,” he told Reuters.
Venezuelan bonds rose again following the latest announcement, continuing a recent upward trend as investors eye windfall returns. Creditors have also met with Trump officials in recent weeks.
Since the January 3 US military strikes and kidnapping of President Nicolás Maduro, the acting authorities led by Delcy Rodríguez have fast-tracked a rapprochement with Washington. The Venezuelan National Assembly has approved pro-business reforms to its energy and mining sectors while the government has struck agreements with multiple Western multinational corporations.
Following the White House’s recognition of Rodríguez as the South American country’s “sole leader,” Caracas reestablished ties with the World Bank and the International Monetary Fund. Venezuelan officials have expressed hopes of accessing around $5 billion in Special Drawing Rights and stated that there are “no plans” to contract IMF loans.
For her part, IMF Managing Director Kristalina Georgieva stated that the Washington-based institution is willing to support a loan program for Venezuela but requires clarity on economic data and external debt.
In April, Rodríguez established a commission tasked with assessing the “strategic” value of Venezuelan state assets and their possible privatization, with private sector conglomerates already raising funds ahead of potential sell-offs.
Western Europe’s banks were well capitalized, digitally evolving, and strategically acquisitive—despite rate headwinds.
After the exceptional windfall years of 2022 and 2023, when aggressive rate hikes fattened net interest margins, most Western European banks had a strong 2024, particularly the larger players with extensive branch networks and franchises. Fast forward to 2025, and a more sobering reality dawned. The European Central Bank’s (ECB’s) easing cycle was well underway, and with it came the question that had been quietly forming in the minds of analysts and investors alike: Could Western Europe’s banks sustain their profitability once the rate tailwind turned to a headwind? The evidence now clearly answers that question in the affirmative—though not without adaptation, and not without some pointed lessons along the way.
The headline story is one of structural resilience, corroborated at the highest levels: In the ECB’s Annual Report on Supervisory Activities published in March 2026, the bank confirms that banks under its direct supervision “remained resilient in 2025,” with the aggregate Common Equity Tier 1 capital ratio (CET1 ratio) of “significant institutions” climbing to 16.1% in the third quarter of 2025, driven by strong profitability and retained earnings. Return on equity (ROE) stabilized at around 10% across the sector—modest by the standards of the best performers in our latest Best Banks ranking.
Separately, the European Banking Authority’s (EBA’s) Autumn 2025 Risk Assessment Report affirms that European banks “remain strong in capital, liquidity, profitability and asset quality,” even as the report urges “continued vigilance” in the face of geopolitical uncertainty and rising operational risks. This picture is richly illustrated by the individual performers in this year’s awards, where CET1 ratios frequently exceed the European average by a wide margin.
Yet the year was not without its disappointments. Margin pressure was real, and pockets of weakness were visible. The EBA itself warns that declining net interest income has been a systemic challenge, offset only where banks had successfully diversified into fee and commission income.
That diversification imperative made M&A one of the defining strategic trends of the period—and it shows no sign of abating. DNB’s acquisition of Nordic asset manager Carnegie Holding and Bank of Cyprus’ purchase of Ethniki Insurance, for example, reflect a sector in active pursuit of scale, complementary revenue streams, and fintech capability.
KPMG 2025 Banking and Capital Markets CEO Outlook, published January 2026, adds important context here, however: “The vast majority of CEOs surveyed expect to be active in the deal market over the coming three years, although fewer envisage ‘high-impact’ deals (down from 48% to 41%). Instead, 46% favor ‘moderate-impact’ acquisitions, primarily targeting fintechs, digital lending platforms, and RegTech [regulatory technology] firms to accelerate innovation without overextending capital.” Overall, European banks recognize a strategic need for scale, with momentum toward both domestic consolidation and cross-border deals and are hoping that a more favorable regulatory environment may emerge to support this.
In Western Europe, technology and ESG have become structural pillars rather than peripheral initiatives. Danske Bank has leaned into generative AI (Gen AI) to support retail investment growth, while UBS CEO Sergio Ermotti highlights the role of transformational AI projects in bolstering operational resilience as the Credit Suisse integration approaches completion. Swedbank’s 99.9% digital uptime across Swedish and Baltic operations is now as commercially significant as any lending figure. On sustainability, Eurobank leads its Greek peers with over €6.9 billion ($8.1 billion) in sustainable financing; UniCredit has issued €6.5 billion in green bonds since 2021; and CaixaBank has become the first Spanish bank to receive a Sustainable Finances certification from AENOR, the Spanish Association for Standardization and Certification.
But the technological evolution carries a shadow. According to the KPMG CEO Outlook, cyber risk is now the number-one factor that could slow growth—cited by 86% of banking CEOs, up from 81% in 2024—and cybersecurity ranks as the top challenge facing banks globally, ahead of every other sector in KPMG’s survey. This reflects the uniquely exposed position of banks, whose large customer bases and access to highly confidential data make them prime targets. As digital-banking platforms, open-banking APIs, and AI tools expand attack surfaces, hackers are increasingly deploying AI to pursue payment fraud and install ransomware. It is little surprise, then, that 57% of banking CEOs are “prioritizing cybersecurity above all other investments.” The EBA echoes this concern, warning that elevated geopolitical risks are amplifying operational and cyber threats, and that banks must invest continuously in resilience infrastructure.
As we publish our annual Best Banks award winners, the outlook is cautiously optimistic. Rate normalization will continue to test income generation; geopolitical friction shows no sign of resolution. But the weight of evidence—from individual bank results, from the EBA, and from the ECB itself—points consistently in the same direction: Western Europe’s leading banks have diversified their revenues, fortified their capital, and earned ratings improvements to match. Resilience, it turns out, is not merely a buzzword for these banks—it’s a strategy.
Gonzalo Gortázar, CEO, CaixaBank
Western Europe
CaixaBank
Once again, CaixaBank has secured a dual victory as the Best Bank in Western Europe and the premier financial institution in its home country, Spain—a distinction the bank has now achieved for a remarkable eight consecutive years.
A domestic market leader, CaixaBank operates a “socially responsible universal banking model with a long-term vision, based on quality, proximity, omnichanneling, and specialization.”
The bank reports a net attributable profit of nearly €5.9 billion for 2025, net interest income of almost €10.7 billion, and an ROE of 14.9%. Revenues from services—including wealth management, protection insurance, and banking fees—were up 5.4% to nearly €5.3 billion. New loan origination to individuals grew 12.4% to almost €2.6 billion. New mortgage lending rose 6.5% to reach nearly €8.5 billion, while lending to businesses increased 7.6% to reach about €12.4 billion.
Exceeding both targets and expectations, CaixaBank has raised the growth and profitability targets set out in its 2025-2027 Strategic Plan.
CaixaBank’s commitment to the communities it serves was evident once again last year, with initiatives encompassing financial-inclusion solutions with a social impact, regional social projects, and a steadfast commitment to the environment. The bank is an Iberian and European leader in sustainable and socially responsible investment.
Reflecting the strength of the bank’s performance, Fitch Ratings revised CaixaBank’s Outlook to Positive from Stable in October while affirming both its Long-Term Issuer Default Rating and its Viability Rating at A-. Fitch also upgraded the bank’s Short-Term IDR to F1 from F2.
The agency says its outlook reflects its “expectation that CaixaBank’s leading domestic position and diversified business profile will enable it to capture additional growth opportunities stemming from Spain’s economy, rising credit demand and favorable business trends,” adding that these factors will “gradually strengthen CaixaBank’s earnings resilience through the interest rate and economic cycles.”
Andorra
Creand Credit Andorra
The winner for the eighth consecutive year, Creand Credit Andorra (formerly Credit Andorra) boasts over 75 years of experience in the principality, offering a comprehensive suite of global private banking, asset management, and insurance services. The bank posted a robust 2024 profit of €70.9 million, representing a solid performance following its exceptional 60% profit surge in 2023. Business volume reached €30.7 billion, an 11.1% year-on-year (YoY) increase. Beyond the group’s financial strength, it remains a key local employer with 508 staff in Andorra, where women make up 48% of the workforce.
Austria
UniCredit Bank Austria
One of the largest retail banks and best-capitalized major financial institutions in Austria, UniCredit Bank Austriais a leader in corporate banking, wealth, and private banking. As of September 2025, the bank’s key performance indicators included a return on allocated capital of 23% and a cost-income ratio of 39%—demonstrating best-in-class cost efficiency compared to its peers. The bank’s CET1 ratio of 18.6% reflects a prudent capital base. Revenues came in at €2 billion, while gross operating profit stood at €1.2 billion. UniCredit serves around 15 million clients through its corporate, individual, and payment solutions groups in Austria, Germany, Italy, and Central and Eastern Europe. Reporting its 20th consecutive quarter of profitable growth in the fourth quarter, the group says its vision is to be “the bank for Europe’s future.”
Belgium
KBC
In the beating heart of Europe, KBC wins the laurels as our Best Bank in Belgium. Net income at the end of June 2025 was €1.6 billion, up 9% YoY. Total assets were €390.7 billion. The group reported a strong capital base with a 14.6% CET1 ratio and an ROE of 15% for the period. A FTSE4Good Index Series constituent, the bank continues its sustainability journey, receiving recognition annually in the S&P Sustainability Yearbook of top performers.
Cyprus
Bank of Cyprus
It was another year of robust performance for Bank of Cyprus, which saw total assets rise 8% to €28.6 billion in 2025. While profit after tax moderated slightly to €481 million (down 5% YoY), the bank’s 37% cost-income ratio and strengthened 21% CET1 ratio underscore its market-leading efficiency and capital discipline. The bank’s €29.3 million acquisition of Ethniki Insurance Cyprus marked a significant step in diversifying its business model and bolstering noninterest income streams.
Denmark
Danske Bank
Offering a full range of retail, corporate, and institutional services, Danske Bank returns as our Best Bank in Denmark for the third time in a row. In 2025, a resilient Danish economy contributed to a 5% growth in business lending and a surge in retail investment activity that pushed assets under management (AUM) across the group to over 1 trillion Danish kroner (more than $157.3 billion). The bank’s Danish operations served as the primary engine for a group ROE of 13.3%. Growth was also supported by new partnerships and digital rollouts, including platform enhancements and the use of Gen AI. The bank maintained a robust CET1 ratio of 17.3% and a CAR of 20.9%, reflecting highly disciplined capital management by both European and Nordic banking standards.
Finland
Nordea
Returning to the top spot as our Best Bank in Finland, Nordea reports a record €478 billion in AUM in 2025, up 13% YoY. With an ROE of 15.5% and a CET1 ratio of 15.7%, this profitable, efficient universal bank drew its 2022-2025 strategy to a successful close. That included receipt of approval from the Finnish Competition and Consumer Authority for a partnership with domestic rival OP Financial Group to combine efforts in solving consumer and business payments challenges.
France
Groupe BPCE
Groupe BPCE’s net banking income was up an impressive 10% YoY to €25.7 billion in 2025; while gross operating income rose some 22% to reach some €8.4 billion. Bolstered by a CET1 ratio of 16.5%, the banking group employs 100,000 staff, serving 35 million customers worldwide, including consumers, professionals, companies, investors, and local authorities. The banking group says it plans to recruit 16,000 employees in 2026, including 10,000 in the Banques Populaires and Caisses d’Epargne networks. Nearly half of these recruitments will target young people, as part of the bank’s partnership with state-run agency France Travail.
Germany
Commerzbank
Another year, another record net income, and another win for Commerzbank—our Best Bank in Germany for the fourth year running. Net income for the first half of 2025 was up 0.9% to €1.3 billion; while total assets reached €582 billion, and total revenues rose 12.5% to €6.1 billion. Despite a dip in the bank’s CET1 ratio to 14.6% and its ROE to a low 8.1%, Commerzbank improved its cost-income ratio to 56% while absorbing €534 million in restructuring expenses. The Frankfurt-based financial institution continues to fend off a UniCredit takeover, a move the Italian giant has pursued since 2024. With almost 40,000 employees, Commerzbank’s ESG goals include net-zero operations by 2040 and portfolio neutrality by 2050.
Greece
Eurobank
Our winner continued its run in Greece; Eurobank achieved remarkable growth across loans, deposits and AUM in the first half of 2025—rising YoY by €5.3 billion, €4 billion, and 30%, respectively. Domestic assets reached €62.8 billion, supported by €37.3 billion in gross loans and €45.2 billion in deposits. Beyond the balance sheet, the group leveraged its performance to drive social impact, strengthening its startup incubator and funding significant public-school renovations. Notably, Eurobank leads its peers with over €6.9 billion in sustainable financing and an upward trend in Article 8 AUM, now exceeding €230 million. Article 8 funds are predominantly ESG compliant. The bank’s market-leading position was further solidified in 2025 through its acquisition of Eurolife’s life insurance business.
Iceland
Arion Bank
Arion Bank may be on the smaller side of the three major Icelandic banks, but what it lacks in size it made up for in efficiency and performance in 2025. The bank reports group AUM of 2 trillion Icelandic kronur ($15.9 billion), net earnings of 30.6 billion kronur, an ROE of 14.9%, a cost-income ratio of 42.3% and a CET1 ratio of 18.4%. Arion Bank’s service offering creates a broad revenue base, with a loan portfolio that is well diversified between retail and corporate customers. The bank is in merger discussions with Kvika Bank, currently the country’s fourth-largest bank, under which terms Arion Bank’s existing shareholders would hold 74% of the combined entity. The merger, which is expected to complete in late 2026, would be one of Iceland’s largest.
Ireland
AIB
AIB returns for a third year running as our Best Bank in Ireland. Serving a customer base of over 3.3 million, the Emerald Isle’s biggest bank posted a solid first half, with a €927 million profit after tax and a 21.4% return on tangible equity (ROTE), bolstered by a robust 16.4% CET1 ratio. 2025 saw the bank return to full private ownership, as well as the launch of its new slogan, “For the life you’re after,” encapsulating its commitments to customers, community, and sustainability.
Italy
UniCredit
Our Best Bank in Italy for the third consecutive year is UniCredit. While gross revenue moderated 3.1% to €11 billion, Italy remains the undisputed earnings powerhouse of the UniCredit group, contributing 41% of the total €10.6 billion net profit. With a unique Pan-European footprint and group assets reaching €870 billion at year-end 2025, UniCredit leverages its stability and low risk exposure to lead the continent’s green transition. The bank is making significant strides toward its 2050 net-zero target, notably through its €11.3 billion in environmental lending and the issuance of €6.5 billion in green bonds since 2021. In 2025, UniCredit deepened its domestic ESG impact through initiatives like Salotti Energia to build ESG awareness among Italian corporates and the One4Planet, Water Management loan. Furthermore, its Banking Academy Italy continues to drive social value, launching the Conta per Me primary school program and advanced fraud prevention training to protect the domestic retail base.
Lichtenstein
LGT
Liechtenstein’s largest player, LGT, continues its six-year unbroken winning streak. Total operating income increased 10% YoY to over 1.4 billion Swiss francs (more than $1.7 billion) in the first half of the year, group profits surged 38% to 240.6 million francs, and AUM reached 359.6 billion francs. While the bank trimmed its cost-income ratio to 75.7%, the figure remains high. Offsetting this is an impressive 18.5% CET1 ratio, reflecting the superior capital strength of this bank owned by the country’s royal family.
Luxembourg
BGL BNP Paribas
Our winner in Luxembourg, BGL BNP Paribas, reported first-half 2025 revenues of €315 million, up from €300 million for the same period in the previous year. With almost 2,100 employees in the Grand Duchy of Luxembourg, the bank provides universal services with a strategic emphasis on corporate and institutional clients. With deep regional roots dating back over a century, BGL BNP Paribas remains a cornerstone of Luxembourg’s economic landscape. Looking ahead, the bank is set to be a key driver of the group’s transition strategy, targeting 90% low-carbon energy financing by 2030.
Malta
Bank of Valletta
Malta’s banking sector remains highly concentrated; and with a 41% market share and total assets of €15.6 billion as of first-half 2025, Bank of Valletta is the most dominant domestic and commercial player in the sector—as well as our 2026 Best Bank in Malta. While the group registered a first-half profit before tax of €135.1 million (slightly down from €148.2 million in first-half 2024), return on average equity stood at 18.9% and CET1 ratio at 21.3%—a breakwater typical of the Mediterranean island.
Monaco
CFM Indosuez Wealth Management
Although its net income for 2024 fell slightly to €59.4 million, a 2.4% decrease from 2023, CFM Indosuez Wealth Management remains the leading player in Monaco. Despite lower interest rates and an unstable geopolitical context, wealth under custody grew 8.4%. “Customer business grew significantly, underpinned by strong new business momentum, a satisfactory performance in market activities and continued robust loan production.” Revenue increased 1.1% to €199.4 million driven by dynamic transactional business, though performance was impacted by a 2.1% rise in operating expenses due to inflation.
Netherlands
ING Group
Amid ongoing geopolitical uncertainty, the CEO of ING Group, Steven van Rijswijk hailed 2025 as a year in which the major global bank consistently executed its “strategy of accelerating growth, increasing impact and further diversifying income by doing more business with more customers and clients.” And so, returning for a third consecutive year, ING is once again our winner in the Netherlands, delivering strong commercial growth in its European base while achieving €23 billion in total income across the group. This was supported by an uptick in the bank’s customer base and a 15% rise in fee income to €4.6 billion. Commercial net interest income meanwhile came in at €15.3 billion. Achieving €56.9 billion in lending growth—more than double that of the previous year—ING’s net result for the year was broadly stable at €6.3 billion. The bank reports a 13.2% ROE and a 13.1% CET1 ratio. Of all its major markets, the Netherlands was a key driver and contributor to the bank’s growth in 2025.
Norway
DNB
Keeping its crown as the Best Bank in Norway for the fourth year in a row, DNB remains the dominant player in its home market, balancing massive scale with high profitability. Offering a full suite of retail, corporate, and investment banking, DNB maintained a strong reputation over the year, reporting an annualized ROE of 15.6%. Profits rose by 1.5% in the first half of 2025 to 21.3 billion Norwegian kroner ($2.1 billion), driven by solid performance across the group, and supported by a Norwegian economy that held up well in an unpredictable global environment. In 2025, the bank completed its 12 billion Swedish kronor ($1.2 billion) acquisition of Carnegie, a Nordic asset manager with 850 employees, strengthening DNB’s position in investment banking and wealth management.
Portugal
Banco Santander Totta
In Portugal, it is another consecutive win for Banco Santander Totta, which continued its growth strategy in 2025 via rigorous commercial and operational optimization. In a year defined by falling interest rates, it remained the most profitable bank and a benchmark for efficiency, posting a 31.8% ROTE and a 28% efficiency ratio while achieving a net profit of €963.8 million.
During this time, the bank continued to grow its customer base, particularly in high-value segments. Active customers increased by 40,000 to more than 1.9 million; while digital customers rose 5.1% to over 1.3 million, now representing 68% of the total base. This growth translated into a growth in commercial activity, with over 100,000 new accounts opened, 1.3 million daily transactions (up by 9.7%), and more than 327,000 new cardholders added.
Sweden
Swedbank
Swedbank had another successful year, with an ROE higher than the bank’s target of 15%—and according to president and CEO Jens Henriksson, “proof that our business model works.” The bank’s Swedish operations account for 71% of the group’s customer base; overall it serves a total of 7.3 million private customers and 545,000 corporate customers across Sweden, Estonia, Latvia, and Lithuania—offering loans, savings, payments, insurance, and daily banking services. In 2025, digital investments contributed to uptime of 99.9% for Swedbank’s app and internet bank for Sweden and the Baltic countries. This is a key focus for the bank as it sets out to improve its customer experience, with the aim “to make it easy to manage everyday matters digitally.”
Switzerland
UBS
For the sixth consecutive year, UBShas earned our Best Bank in Switzerland distinction. Throughout 2025, the bank remained laser focused on the Credit Suisse integration, which is slated for substantial completion by the end of 2026. A disciplined approach yielded a $7.8 billion net profit, supported by a solid 14.4% CET1 ratio, despite an 81.1% cost-income ratio.
CEO Sergio Ermotti attributed this performance to a “global, diversified franchise” that helped clients navigate market volatility. He further highlighted the bank’s digital evolution, noting that transformational AI projects are successfully bolstering operational resilience and improving client experience. As the Credit Suisse integration enters its final stages, industry attention is shifting toward the leadership transition following Ermotti’s planned 2027 departure.
United Kingdom
HSBC
HSBC is our Best Bank in the UK for the second consecutive year. HSBC UK employs 18,000 full-time staff across the country, serving over 15.3 million customers. For the year ending December 31, 2025, it posted a profit before tax of £5.6 billion ($7.5 billion). Revenue increased by £489 million, or 5%, to £10.5 billion, driven by higher net interest income. The bank’s ROTE of 19.2% was one percentage point lower than 2024, driven by growth in commercial lending. Supported by a 13.2% CET1 ratio and an 175% liquidity-coverage ratio, the its balance sheet remained resilient against a challenging economic backdrop.
President Alexandr Lukashenko is hoping to improve relations with the West once more.
Published On 28 Apr 202628 Apr 2026
Belarus has released Polish-Belarusian journalist Andrzej Poczobut from jail as part of a prisoner exchange.
Poland’s Prime Minister Donald Tusk confirmed the release on Tuesday, noting that Warsaw had been helped in a joint diplomatic push on Minsk by the United States, Romania and Moldova.
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The prisoner swap with Poland saw 10 prisoners released overall, with signs that Belarusian President Alexandr Lukashenko is hoping to improve relations with the West once more. Ties have deteriorated due to his support for Russia’s invasion of Ukraine.
Poczobut was detained by Belarusian authorities in 2021 and later sentenced to eight years in a labour camp after a trial widely criticised by rights groups and Western governments as politically motivated.
Concerns had grown in recent years about his health while in detention.
“Andrzej Poczobut is free! Welcome to your Polish home, my friend,” Tusk posted on social media.
Belarus also released Polish priest Grzegorz Gawel and a Belarusian who helped Polish services, whose name was not to be revealed, the Polish leader added.
Russians and Moldovans were also among the prisoners swapped in a “five for five” exchange.
Joint-effort
Tusk also noted that the release followed lengthy diplomatic efforts.
“The exchange at the Polish-Belarusian border is the finale of a two-year-long intricate diplomatic game, full of dramatic twists,” he said.
“It succeeded thanks to the outstanding work of our services, diplomats and prosecutors, as well as the tremendous help from our American, Romanian and Moldovan friends.”
The announcement came hours after Polish Foreign Minister Radoslaw Sikorski published a photograph of a meeting with US Special Envoy to Belarus John Coale, saying the pair had discussed “important issues”.
Coale later said that the US had helped to secure the release of three Polish nationals and two Moldovans.
“We thank Poland, Moldova, and Romania for their invaluable support in this effort, as well as President Lukashenko’s willingness to pursue constructive engagement with the United States,” he said.
“Under President Trump, America shows up for its allies and delivers diplomatic victories no one else can,” he claimed.
Poczobut, who had worked as a correspondent for the Polish newspaper Gazeta Wyborcza, has been arrested numerous times in Belarus over the past decade.
In 2011, he was fined and jailed for 15 days for his participation in protests following Belarus’s 2010 presidential election. He was later detained again in 2011 and 2012 on accusations of insulting Lukashenko.
His cases drew international condemnation, with the European Parliament, Reporters Without Borders and Amnesty International among organisations calling for his release.
Earlier this year, the European Parliament awarded Poczobut and Georgian journalist Mzia Amaglobeli the Sakharov Prize.