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BNP Paribas reported a 4.9% decline in net income to €2.95 billion in Q1, attributed to the re-inclusion of its Ukrainian operations, despite rising sales in its corporate and institutional banking unit. Operating expenses increased by 4%, exceeding expectations, while the bank reaffirmed its profit targets for 2024-2026 amid a challenging economic outlook influenced by global trade tensions.
J.P. Morgan has raised its forecast for a U.S. and global recession to 60%, citing escalating trade tensions and tariffs as major risks to business confidence and growth. Other brokerages, including Goldman Sachs and S&P Global, have also increased their recession probabilities, while analysts predict potential interest rate cuts by the Federal Reserve to mitigate economic impacts.
Australia's federal court has imposed a A$8 million ($5.1 million) fine on Bit Trade, the local operator of the Kraken cryptocurrency exchange, for unlawfully issuing a credit facility to over 1,100 customers. The Australian Securities and Investments Commission (ASIC) found that Bit Trade failed to assess the suitability of its margin trading product, leading to losses exceeding $5 million. This ruling marks the first enforcement action against an entity for not having a target market determination for such financial products.
Sonia Cheema
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
BNP Paribas reports mixed quarterly results amid economic uncertainty and cost pressures
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Australia fines Kraken operator 5.1 million for unlawful credit facility issuance
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