Latest news with #INGGroepNV
Yahoo
20 hours ago
- Business
- Yahoo
Oil Extends Loss as Trade Negotiations Intensify Before Deadline
(Bloomberg) -- Oil fell for a third session as talks between the US and its trading partners gain urgency ahead of next week's deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital International benchmark Brent traded below $69 a barrel. European Union and US negotiators are heading into another week of intensive discussions as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc's exports with 30% tariffs. 'With the tariff deadline looming, risks are skewed to the downside,' said Warren Patterson, head of commodities strategy at ING Groep NV, 'Expectations for a better supplied oil market later in the year only add to the view that there is further downside.' Crude has been drifting sideways since the end of the conflict between Iran and Israel towards the end of the last month, dragging gauges of market volatility to the lowest level since early April. While Brent and West Texas Intermediate crude prices have flatlined, many of the largest moves in the oil market have been in diesel prices, where values are soaring thanks to tight supplies and refinery closures. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Russia Today
4 days ago
- Business
- Russia Today
France a ‘fiscal time bomb' for EU
France's efforts to tackle its growing deficit have reignited concerns about EU stability, with financial markets bracing for the fallout, Bloomberg has reported, citing ING Groep NV strategists. The euro dropped to a one-month low this week, driven by tensions over French Prime Minister Francois Bayrou's massive deficit-cutting plan. His proposals, including slashing public sector jobs and curbing welfare spending, could fuel debate in France's minority government and undermine investor confidence, the strategists warned. In a note seen by Bloomberg, currency strategist Francesco Pesole warned on Wednesday that while the euro's decline was largely dollar-driven, it was also due to political and fiscal challenges in France. 'The French deficit story has been very much in the background as of late, but [Tuesday] probably served as a reminder that it is a ticking bomb for EU sentiment,' Pesole wrote, adding 'We could start seeing some FX spillovers in the coming months.' Bayrou's €43.8 billion ($50.9 billion) plan targets a deficit that reached 5.8% of GDP last year – double the EU's 3% limit. He warned on Tuesday that excessive debt posed a 'mortal danger' and proposed scrapping public holidays to boost productivity and freezing pensions. The proposals have faced backlash, with left-wing parties accusing the government of prioritizing military spending over social welfare. Jean-Luc Melenchon, leader of La France Insoumise, called for Bayrou's resignation, saying 'these injustices cannot be tolerated any longer.' France's military budget is slated to rise to €64 billion in 2027, double what the country spent in 2017. President Emmanuel Macron has announced an additional €6.5 billion in funding over the next two years, citing heightened threats to European security. A new defense review released this month warned of a potential 'major war' in Europe by 2030, listing Moscow among the top threats. The Kremlin has dismissed claims it is planning to attack the West, accusing NATO of using Russia as a pretext for military expansion. Bayrou, who has survived eight no-confidence motions, must secure parliamentary backing for his proposals before presenting the full budget in October. The right-wing National Rally party has opposed the cuts and called for another vote on his government.
Bloomberg
7 days ago
- Business
- Bloomberg
French Budget Is a ‘Ticking Bomb' for Euro, ING's Pesole Says
Angst around how France will control its swelling budget deficit is returning to financial markets and may start to dent demand for the euro, according to strategists at ING Groep NV. The common currency touched its weakest level against the dollar in a month on Tuesday as France's minority government revived political tensions with proposals to sharply rein in the deficit, including scrapping two national holidays.
Malaysian Reserve
01-07-2025
- Business
- Malaysian Reserve
ING to cut 230 jobs as it has ‘too many' managing directors
ING Groep NV announced a round of cuts focused on senior staff, saying there are just too many of them. The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday. The cuts 'will be focused on Directors and Managing Directors in commercial, front office roles' as the lender has 'too many senior roles,' it said. Shares in ING were 2.1% lower at 11:15 am in Amsterdam. The stock is up about 23% this year to date, compared with about 30% for the wider European banking sector. ING has guided for costs to rise to as much as €12.7 billion ($14.9 billion) this year. The metric grew by 5.5% in the first quarter on the previous year's period, with ING largely attributing the change to 'the impact of inflation on staff expenses.' European banks have cited macroeconomic uncertainty and geopolitical tensions as rising risks for their businesses as a result of the global trade war. ING on Monday said the cuts were prompted by a combination of 'market circumstances' and the goal of 're-balancing' staff. The cuts will be split proportionally across its locations, it said. The company had 17,287 employees in the wholesale banking division at the end of the first quarter. Competitor ABN Amro Bank NV earlier this year announced a hiring freeze to help meet its full-year cost guidance and a reorganization of its corporate banking unit in June. ING Chief Executive Officer Steven van Rijswijk told Bloomberg News earlier this month that he may slow the pace of share buybacks after increasing the amount of money he wants to keep in the bank as safety cushion. ING will continue to hire in areas where it needs to grow 'specialist skills,' it said in the statement. The company also wants to 'increase the size of our pool of junior talent.' The bank is also exploring the possibility of acquiring a US banking license, a move that could bolster its access to dollar liquidity in exchange for greater supervision by US regulator, Bloomberg reported in May. The bank has been bolstering the treasury department of its ING Americas division ahead of the push. –BLOOMBERG
Mint
30-06-2025
- Business
- Mint
ING to Cut 230 Jobs as It Has ‘Too Many' Managing Directors
(Bloomberg) -- ING Groep NV announced a round of cuts focused on senior staff saying there are just too many of them. The Dutch lender plans to eliminate 230 roles across its wholesale banking division, according to a statement on Monday. The cuts 'will be focused on Directors and Managing Directors in commercial, front office roles' as the lender has 'too many senior roles,' it said. ING's shares were 1.2% lower at €18.60 apiece at 10:17 a.m. in Amsterdam. ING Chief Executive Officer Steven van Rijswijk told Bloomberg News earlier this month that he may slow the pace of share buybacks after increasing the amount of money he wants to keep in the bank as safety cushion. European banks have cited macroeconomic uncertainty and geopolitical tensions as rising risks for their businesses as a result of the global trade war. ING on Monday explained the restructuring by a combination of 'market circumstances' and the goal of 'rebalancing' its staff for growth. The cuts would be split proportionally across its locations, it said. Competitor ABN Amro Bank NV earlier this year announced a hiring freeze to help meet its full-year cost guidance and a reorganization of its corporate banking unit in June. ING will continue to hire in areas where it needs to grow 'specialist skills,' it said in the statement. The company also wants to 'increase the size of our pool of junior talent.' It is also exploring the possibility of acquiring a US banking license, a move that could bolster its access to dollar liquidity in exchange for greater supervision by US regulator, Bloomberg reported in May. The bank has been bolstering the treasury department of its ING Americas division ahead of the push. (Updates with shares and details from third paragraph) More stories like this are available on
