AGP Executive Report
Last update: 2 hours agoRates & Markets: Sterling reached its strongest trade-weighted level since the Brexit vote as markets priced in a Bank of England rate hike; European shares also climbed as lower oil prices eased inflation concerns. Norway’s central bank held rates at 4.5% but kept further hikes on the table. Banking: Revolut’s valuation hit $115 billion in a funding round, putting the fintech among Europe’s most valuable financial firms. UBS cut about 200 London jobs as its Credit Suisse integration nears completion, while Bank of Cyprus reported nine-month profit up 9% to €383 million. Investment & Regulation: The EU unveiled €525 million to support chip-design startups, addressing Europe’s tiny share of global design revenues. ECB policymaker Isabel Schnabel warned that rising public debt and non-bank finance could constrain monetary policy. Fraud: A Europol-backed operation arrested seven suspects and seized more than 100 servers in a probe into an alleged investment-fraud network operating from Israel and Cyprus.
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