WUF13’te highlights housing and climate change resilience on the Latin American agenda

At the World Urban Forum’ in Baku, Colombia, Mexico and Ecuador, delegations from ’ pressed for new housing financing models that could support affordable, climate-resilient cities.

As urban populations continue to grow in ’, policymakers have warned that traditional state-led housing systems are struggling to keep up with rising demand, climate risks and expanding inequality.

Leading voices included Colombian Housing Minister Aydeé Marsiglia Bello, who said governments can no longer rely solely on public spending to solve the scale of the housing crisis.

Bello told Euronews Business’a: “Public investment continues to play a fundamental role, especially in guaranteeing equality and protecting vulnerable communities.” “But today housing problems are too big for governments alone to solve.”

Colombia said ’ is combining public subsidies, regional investments and multilateral cooperation to expand affordable housing and integrate climate change resilience into urban planning.

Through initiatives such as the “ Resistant and Inclusive Housing Project, we are integrating housing with climate cohesion, public space and social engagement, ” added.

Reforming global finance for an urban world

Delegates have repeatedly stressed how climate-related disasters are putting increasing pressure on fragile urban systems, especially in low-income communities that are vulnerable to displacement and unregistered housing.

Former Quito mayor Mauricio Rodas said the future of urban development will largely depend on reforming global financial systems to give cities better access to long-term capital.

Speaking to Euronews Business’a, Rodas said that “ is located in cities where more than half of the world's population lives. ’ will approach, he said. “Cities global GDP’ 's %It produces 80 ’ini, but it also produces CO2 emissions. %It produces more than 70’.”

Rodas argued that the current international financial architecture, largely designed around national governments, is no longer suited to the increasingly urbanized global economy.

"We need to reform the international financial system by providing new direct financial opportunities for cities," “ said, warning that municipalities often have difficulty providing funding for affordable housing and climate adaptation projects.

He added that as governments face increasing financial pressure, it will become increasingly important to attract private investment into affordable housing.

Rodas, “Housing is basically a matter of honor, but also a matter of providing opportunities for prosperity.” said.

He argued that one of the main obstacles was the lack of regulatory frameworks that could give investors long-term confidence in urban housing projects.

Bello reiterated this view, noting that limited funding capacity in vulnerable municipalities is one of ’'s biggest hurdles.

One of the main bottlenecks remains the financial ceiling and limited long-term financing capacity for vulnerable regions, “ said.

The problem of private equity and affordability

The discussions in Baku’ also focused on the increasing role of private capital in urban development; Governments were looking for ways to attract corporate investment into affordable housing without undermining social protections.

Bello, “Private capital is essential to scale flexible infrastructure, sustainable urban development and climate-compliant housing solutions.

He added that governments should create “ stable regulatory frameworks to attract institutional investors, improve regional planning and reduce uncertainty through clearer risk management systems.

Mexico City looks ahead to 2030’

Mexico City mayor Clara Brugada said the forum helped shape the next phase of the global urban agenda ahead of the 2030 sustainable development goals.

Describing Baku’ as an important moment to review how cities can realistically achieve their future urban development goals, “ said this forum means building the foundations for 2030.

Brugada also confirmed that the next World Urban Forum’ will take place in Mexico City’, placing the Mexican capital at the center of upcoming international urban policy debates.

On housing, Brugada said Mexico City’ has increased public investments to combat both housing shortages and deteriorating living conditions. He said he doubled his housing budget after taking office, describing it as one of the city's top priorities.

Brugada also warned of the growing impact of gentrification in the Mexican capital of ’, describing it as part of a broader global trend that is driving low-income residents away from central areas. As the city expands its social housing programs and tenant protections, “adil is drafting new legislation on affordable and reasonable rents.

Mexico City has committed to carry out 200,000 housing actions by 2030 as part of broader efforts to strengthen housing access and affordability.

Discussions at WUF13’ highlighted how Latin American countries are increasingly positioning cities not only as engines of economic growth, but also as testing grounds for new urban finance models that can shape housing policy around the world.

EasyJet’'s losses deepen as Iran war increases fuel costs and hits bookings

British low-cost airline EasyJet said on Thursday that its losses increased in the six months leading up to the end of March as the Iran war increased jet fuel costs and weakened booking visibility.

The conflict continues to disrupt global aviation; European jet fuel prices since late February due to shipping disruption in the Strait of Hormuz, a vital transit point for about a fifth of the global oil supply %Increased by more than 80’.

Airlines across Europe responded by increasing their fares. reduction of costs and warning of pressure on margins.

EasyJet, in the first half of its fiscal year, compared to the previous year %£377 million (506 million) with 27 increases $) reported total after-tax loss in the amount. The airline said U.S.-Iran tensions also disrupted travel demand.

The airline said the Iran war had also disrupted travel demand and delayed bookings for the busy summer season.

Number of passengers during the reporting period %Comes with 6 increases %It increased by 12 to £3.95 billion (€4.63 billion). The occupancy factor, which is a measure of how full the airline's planes are, compared to the previous year %2 increments %It's up to 90’.

The group said strong growth in the holiday division helped support performance and that the number of customers at easyJet Holidays’ was in the first half. %He said he's up 22.

EasyJet said the conflict in the Middle East’ was affected by high fuel costs and low forward visibility“.

An earlier estimate that the war added £25 million (€29 million) to the fuel bill was confirmed.

Although the group did not see any cuts in fuel supplies, the airline warned that the second half of its fiscal year will be affected by clashes in “Middle East’, high fuel costs and short-term uncertainty over customer demand.

“General bookings for the summer period lagged behind their level at this point last year, ” added.

EasyJet said it was 72 percent protected against increases in fuel prices over the next six months, providing some protection against further increases in oil prices.

The airline also reported an increase of £32 million (€37 million) in legal provisions linked to a number of historic cases.

Kenton Jarvis, chief executive of “, said that EasyJet’ is in a good position to manage the current environment, although conflicts in the Middle East’ have created uncertainty in the short term.

During his meeting with journalists, he added that the minimum ticket prices for the calmer winter season will increase.

Following the update, EasyJet’in shares approx. %2 increased but suffered minor losses in the afternoon.

Hargreaves Lansdown stock analyst Aarin Chiekrie, “, said the image is still compelling”.

“Demand is getting hit; Bookings for the second half are two percentage points below last year's levels, as sun-seekers leave later to lock into their travel plans, ” said.

Even if the conflict in the Middle East is resolved in the near term, fuel prices are likely to remain high for some time, “ added.

Rival airline Ryanair said earlier this week that its annual net profit had increased by more than one-third, but warned that the Iran war is overshadowing its outlook for the coming year.

Lufthansa to take majority control of Italian ITA Airways’ in 325m-euro deal

Europe’'s largest airline group Lufthansa on Tuesday, Italian ITA Airways announced its current minority stake in ’. ’a announced its intention to launch.

Lufthansa Group said that Lufthansa’ will use the option to buy a majority stake in ITA Airways “ in June this year for the previously agreed purchase price of 325 million Euro’.

The deal, approved by the company's board of directors on Monday, will continue to be subject to regulatory approvals in both the European Union and the US ’.

Lufthansa, January 2025’te ITA Airways’in Since acquiring a minority stake in ’, he has reserved the right to gradually increase his ownership.

Previously, the airline %It is the Italian government that holds 59 ’. From now on %He'll keep his 10 shares.

Analysts said the move accelerated consolidation in the European airline sector, providing stronger access to the Lufthansa’ya Italian market and long-term growth opportunities through Rome.

The company said the increased ownership means that “ITA Airways’ will be fully integrated into the Lufthansa Group, both organizationally and financially.

Lufthansa CEO’ Carsten Spohr, “, said that all interfaces for the customer are already integrated, with the exception of ” “ North Atlantic flights, where regulatory approval for our merger is still pending”.

If approved, the purchase is expected to be completed in the first quarter of 2027.

In a separate statement, ITA Airways president Joerg Eberhart welcomed the agreement as a step of great industrial and strategic importance for “ITA Airways, saying that the airline's full integration into the ”Lufthansa Group will allow us to compete more strongly in international markets.

Lufthansa’'s share price in the afternoon Europe’da %Two is up.

Shell’in profits rise as Iran war raises oil prices

Shell plc announced stronger-than-expected first-quarter profits as the Iran war increased oil and gas prices, boosting trade profits and offsetting declines from conflicts in production.

CEO Wael Sawan, “Shell, has achieved strong results from our unremitting focus on operational performance in the quarter, which saw unprecedented disruption in global energy markets, ” said.

Adjusted revenue rose from $3.3 billion (€2.8 billion) to $6.9 billion (€5.86 billion) in the previous quarter. Shell also has a $3 billion share repurchase program over the next three months, as well as dividends. %5’ announced an increase.

Dan Coatsworth, market manager at AJ Bell, said that one of the most important factors of “ Profit was the Middle East conflict, which led to an increase in oil prices, which means Shell’in can sell its products at much higher prices, ” said. He added: The price of oil has been volatile since the conflict began on stop-and-go prospects for a solution, and this volatility has created opportunities for the Shell“in trading arm.

Before the war began, international oil prices were trading at around $70 a barrel. The supply shock from the clashes then peaked Brent crude at around $126 per barrel, its highest in more than four years. On Thursday morning, Brent futures fall below $100 next monthWhile there is hope for a diplomatic breakthrough between the U.S. and Iran.

Overall outlook and effects on production in the Middle East’

High crude oil prices and strong refining margins have increased profits across the industry. But Coatsworth said Shell’ was also facing operational disruptions during the conflict, including damage to one of its facilities at Katar’ and hurricane-related disruptions at one of its liquefied natural gas fields in ’, Australia.

Shell’in oil and gas production approx. ’si comes from the Middle East’, which causes the company to suffer long-term outages in the region.

Shell, QatarGas production in ’ in the second quarter of 2026Minimum compared to the first three months of ’ %He signaled that he was expected to drop by 30 percent. However, Oman said its assets in ’ remain operational and production remains unaffected.

Commenting on the challenges facing the company, Maurizio Carulli, global energy analyst at Quilter Cheviot, said “Strategically, the long-term problem remains reserve renewal and production growth. The acquisition of “Last ARC Resources is a meaningful step in this direction and elevates Shell’'s production outlook from stagnation to modest but noticeable growth.”

The company recently announced the acquisition of ARC Resources Ltd.’, a manufacturer focused on the Montney shale oil basin in ’, Canada. Analysts say the agreement strengthens shale gas and liquid production in Shell’in Canada’.

An extended unexpected tax on earnings?

The sharp increase in ’ta Shell’in profits has rekindled the debate over the extension of the unexpected tax on energy gains.

Danny Gross, Friends of the Earth’'s climate campaigner, told BBC’: “As drivers get stuck in the gas pump and households prepare to pay higher energy bills, fossil fuel giants are once again pocketing huge profits.” proposed strengthening the unexpected tax on the profits of fossil fuel companies.

UKEnergy firms operating in ’ are already subject to an unexpected tax, but the tax applies only to profits from oil and gas extraction in ’, United Kingdom. Shell’in's global oil and gas production onstitutes less than ’.

With both Shell and BP plc“ reporting high earnings as a direct result of the Middle East war, calls for an unexpected tax on oil profits will increase further, Coatsworth said. The longer oil prices remain high, the harder it will be for them to oppose unexpected tax proposals, “ added.

Following the results, Shell shares approx. %It declined by 2 percent, but analysts said the decline reflected broader market expectations that shipping through the Strait of Hormuz could continue soon, rather than company-specific concerns.

“Shell’'s first quarter figures were clearly better than expected, Carulli said. “The initial weakness in service prices seems to be purely macro-induced rather than company-specific; Oil stocks are under pressure in general due to the prospects of a quick solution to the disruption in the Strait of Hormuz.’

Volkswagen’ profit plummets as automaker signals more cost cuts

On Thursday, weaker German car giant Volkswagen’ warned its future is at risk if more cost cuts are not made, after profits fell more than expected amid geopolitical tensions, trade tariffs and intense competition.

Net profit of the group from January to March %€1.56 billion in ’ya, down 28 percent, and revenues worse than analysts' estimates %2 declined to 75.7 billion Euro’.

VW chief financial officer Arno Antlitz, “, said that the cost reductions planned so far are not enough”. “We need to fundamentally change our business model and deliver structural, sustainable improvements in all areas and at all levels. If we fail to do so, we are jeopardizing our future. - ”

Antlitz said a multi-tiered cost reduction program could include reducing vehicle production costs without reducing quality, significantly reducing overhead and improving the efficiency of our “ factories and accelerating technology development and decision-making.

Car manufacturer already He plans to lay off 50,000 people.By 2030 Germanyat all its brands in ’.

With 10 brands ranging from Audi’ to SEAT and Škoda’, VW will have to adjust its capacity and “ will work to further optimize costs in our factories.

He warned that Chinese automakers not only competed on their own territory, but also gained market share in the European ’.

Automakers such as BYD have emerged as relentless competitors in the Volkswagen’in China’, traditionally a major source of profit for the German manufacturer, especially in the EV segment.

China's ’ sales are slowing

Antlitz also said that tariffs imposed by US President Donald Trump ’ a year ago cost the group an extra 4 billion euros per year.

Volkswagen in the first quarter compared to the previous year %It sold 2 million vehicles, down 7 percent. South America (+%3), Western Europe (+%1) and Central and Eastern Europe in ’ (+%7) growth, China (-) and North America in ’ (-%9) partially compensated for the declines.

General sales in 2026. %With a 0 %It will grow between 3 and the core profit margin will also %With a 4 %He estimates it'll be between 5.5.

Volkswagen said it was not included in the estimates because the possible effects of the war on the Middle East ’ could not be reliably assessed.

GermanyOne of ’'s most recognizable companies, Volkswagen’in's woes reflect a more general disturbance in Europe’'s largest economy, especially among traditional manufacturers.

The company's annual profit fell to its lowest level in almost a decade in 2025’te.

On Thursday, CEO Oliver Blume said VW’ should align its strategy with a new world of “, which is undergoing fundamental change.

Wars, geopolitical tensions, trade barriers, tighter regulations and intense competition are creating adverse winds, “ said.

Following the report, the share price of Avrupa’da rose slightly in the morning.

Caspian and Central Asian oil markets recalibrate amid trade changes

South Caucasus and Central AsiaOil producers in ’ are moving in a more fluid global market as their long-standing export models are being replaced by faster, demand-driven trade dynamics.

At the second Caspian and Central Asian Oil Trade and Logistics Forum in Baku’, industry experts talked about a clear orientation towards flexibility, moving away from predictable, long-term contracts.

Colin Nesbeth, founder and CEO of Central Asia Marketing’, said that ’ Markets are now very volatile and fluctuation is always creating special opportunities.

“From a commercial point of view, opportunities arise that weren't there before.”

But this volatility cuts both ways. Nesbeth added that companies that go off a single route are being pushed towards alternatives that are too costly to deal with normally.

“In this kind of situation, they become economical. This is an opportunity for traders but a great challenge for manufacturers.”

Asia drives pricing debate

The main theme that stood out in the discussions was the increasing dominance of the refinery centers in Asya’, especially China and India’, in determining their raw demand and pricing structures.

Suppliers are increasingly moving away from fixed pricing formulas, rather than reacting to short-term signals and arbitrage windows.

Nesbeth said “, "Nobody really knows how it's going to go." But adapting to unstable markets is becoming more important than ever.“

Despite this, he displayed a cautious tone of optimism. "My belief is that it will stabilize." - “

Infrastructure is stable but under pressure to adapt

While export routes remain largely unchanged, their strategic use is also improving.

While Kazakhstan continues to export most of its crude oil to the Black Sea ’e via the CPC pipeline, Azerbaijan relies on the BTC corridor. Turkmenistan’'s energy flow continues to be gas-focused and east-oriented.

But beyond pipelines, attention is focused on broader connections, especially those developed under the China’in Belt and Road Initiative.

Shehryar Omar, CEO of Pakistan Petroleum Institute, said that a huge investment has been made in the improvement of the ’Road corridors.

“China, Pakistan’a has invested nearly $70 billion not only in roads, but also in energy production and related infrastructure.”

“This network has evolved immeasurably over the past four or five years, ” added.

Omar pointed to a recent turning point. “More this week came the first dry cargo shipment from ’ to Pakistan’ from Kyrgyzstan. So that route is already active and a difficult route.”

Pipelines still dominate the flow of oil

Despite these developments, Omar emphasized that oil logistics continues to be limited due to geography and risk.

The situation for “Petroleum products can be even more difficult, ” said. “At this point pipelines through Iran or China are probably more viable.”

However, there are uncertainties as Afghanistan continues to limit ’'s role as a transition corridor.

“, we're not sure about the situation there, ” said. “So as a corridor, we don't know if this will make sense right now.”

Nevertheless, he underlined the long-term opportunity. “, there are so many opportunities. Pakistan ’'s population of 240 million is growing rapidly. Central Asian states cannot ignore this. - ”

Omar added that “ will pay for itself in the next 15-30 years if it requires an investment of $10-20 billion.

Quality becomes a competitive advantage

As market conditions tighten, not only volume but also raw quality become determining factors in competitiveness.

Anar Habib, senior mid-level distillation products trader at “, said Caspian crude oil is very competitive in the global market, adding that the region's production is well suited to what global refineries actually need.

Kazakhstan and the wider Caspian region are supplying increasingly in-demand qualities, and Azerbaijan said ’'s flagship mix stands out in particular.

Habib explained that Azeri Light’ is a high-quality crude oil that European ​​rafineri rely on to produce cleaner end products (especially diesel and jet fuel, which are critical for global economies).

“Cleaner fuels are in demand everywhere, ” added. “And these qualities are necessary to produce them.”

External shocks are spreading to the area

The Caspian region feels the impact of global maritime tensions, even if it is not directly exposed to the interrupted sea routes.

As tanker availability contracted, freight and insurance costs also increased, and margins were squeezed across the trading system.

Nesbeth, “In general, this is a great challenge” said. “The whole market is trying to adapt at the same time.”

A market that learns to adapt

The general table that appears in Baku’ relates to transition and recalibration. Producers are rethinking their export strategies, and traders are exploring arbitrage opportunities.

Infrastructure is being re-evaluated not only in terms of capacity, but also in terms of flexibility. And in general, the ability to respond becomes the defining ability.

Nesbeth said volatility creates opportunities, but it also forces everyone to rethink the way they operate.

For the Caspian and Central Asian oil sector, this rethinking process has already begun, with Asya’, infrastructure investments and crude oil quality at the heart of the rapidly evolving global equation.

China condemns ‘Made in Europe’ crackdown, considers retaliation

China's Commerce Ministry has criticized AB’'s Industrial Acceleration Act for allegedly imposing multiple restrictive requirements on foreign investment.

The European Commission launched the Industrial Accelerator Act in March, which aims to increase demand for low-carbon, European-made technologies and products through a series of measures.

A spokesperson for China's Ministry of Commerce, ’, said Beijing ’ gave official feedback to the EU administration on Friday, but told the public on Monday that the move imposes numerous restrictive requirements on foreign investment and could violate World Trade Organization (WTO) principles.

The “ label of preferential ”AB origin in public procurement and public support policies creates investment barriers and institutional discrimination, the spokesperson said.

He added that China is ready to engage in dialogue with the EU to reduce the impact of ’'s policy on the Asian giant, but if this fails, Beijing may introduce countermeasures to ’ to tightly protect “'s business interests.

European Commission spokesman Olof Gill said the bloc's response to Beijing’'s comments was “simple”.

“Our recommendations are carefully adjusted to achieve specific economic broader goals for our citizens. We communicate with our global partners as much as possible. We are happy to interact and listen to their opinions, ” said.

AB’'s Industrial Acceleration Act targets three strategic sectors: clean technologies, automobile manufacturers and energy-intensive industries such as aluminum, steel and cement.

The proposal includes threshold values such as 70 percent for electric vehicles, 25 percent for aluminum and 25 percent for cement.

Stéphane Séjourné, European Commissioner for Industry, said at the opening: “This (Industrial Accelerator Act) will drive taxpayers' money towards European production, creating jobs, reducing our dependencies and strengthening our economic security and sovereignty.”

The European Commission proposed the Act after the disappearance of more than 200,000 ’ jobs in the European ’ in energy-intensive industries and the automotive sector since 2024’, which envisages 600,000 losses in automobile construction alone over the decade.

The Commission's proposal to solve the problem now needs to be approved by the European Parliament, the legislators of AB’, and the Council of Europe, which represents the member states.

Key U.S. senator removes barrier to Fed presidential candidate Kevin Warsh’a

Senator Thom Tillis’ of North Carolina’'s announcement removes a major hurdle in Trump’'s effort to appoint former high-ranking Fed official Kevin Warsh’ to replace Jerome Powell’, who has long been under pressure to lower interest rates at the White House. With Powell’ nearing the end of his scheduled term on May 15, Tillis’'s opposition was enough to delay his candidacy for the GOP-controlled Senate Banking Committee.

Two days after the U.S. District Attorney's office of ’'s District of Columbia said the investigation into Fed’'s multibillion-dollar building renovation was over, Tillis told NBC’'s “Meet the Press” that he was ready to move on with the approval of “Bay Warsh’. I think he's going to be a great Fed president, ” said. Powell’'s brief statement to Congress about this work last summer was also under scrutiny.

The Fed’in internal watchdog is examining a project currently worth $2.5 billion (roughly 2.13 billion euros), which previous estimates criticized by the Republican president for cost overruns predicted at $1.9 billion (about 1.62 billion euros). Powell asked the chief investigator to examine it in July.

“, I believe there will be no mistakes. Maybe we find it a little silly for someone in charge of the project to make a decision they shouldn't? It could be. But that doesn't lead to a criminal case. That was my problem at the beginning because I think it was prosecutors at DC’ who thought it would be a tool for Mr Powell ’ to leave early, ” said.

Tillis, who in June infuriated Trump ’ for opposing the massive tax and spending cut bill due to Medicaid cuts and then announced that he would not want to be re-elected in 2026’, added that the Justice Department had received assurances from ’ that “dava had been fully and completely resolved and that the only way to open an investigation would be to file a criminal complaint against one of the most respected inspector generals.

An important week for Fed leadership

On Saturday, the committee said it plans to vote on Warsh’'s candidacy on Wednesday. Senior Democratic Senator Elizabeth Warren of Massachusetts, no Republican who claims to care about “Fed’'s independence should support furthering the candidacy of Kevin Warsh’, who at the candidacy hearing proved that President Trump’ was nothing more than a sock puppet.

Also on Wednesday, Fed policymakers will meet and are expected not to change interest rates at the third consecutive meeting, ignoring Trump’'s interest rate cut demands. At a press conference, Powell may state whether Fed’ will remain on the board of directors after the end of his presidential term; This is an unusual but completely unprecedented step that would take away Trump’'s opportunity to fill another seat on the seven-member board. Powell ’'s term as governor will last until January 2028’.

At last week's hearing, Warsh said he had made no promises to senators that he would lower interest rates on the White House ’, and that he had promised to become “, an independent actor, if approved as president. Hours earlier, in an interview with CNBC’, Trump’a was asked if he would be disappointed if Warsh’ did not immediately cut interest rates. President “ said he'd do it, ”.

Without the constraints of a political campaign, Tillis spoke strongly about Powell; Trump denounced ’'s long-time ally, U.S. Attorney Jeanine Pirro, as ’'s second investigation, saying it had long threatened Fed“'s independence from day-to-day politics. Tillis said he had received assurances from NBC’ye Department of Justice that ’DOJ“ should feel they are not using Fed’ as a weapon to threaten its independence. Therefore, this will allow Mr. Warsh’ to continue his approval.”

On Saturday, journalists Trump’a, the Justice Department, were asked if things were going smoothly at Warsh’ as ’'s investigation ended. Trump said “ was "smooth" and added that his candidate ” would be "wonderful." The president said he still wants to know how much “ can cost for a building this size, no matter what … is.

Trump visited the Fed building in July and said renovations in front of television cameras would cost $3.1 billion (€2.64 billion). Standing next to him, Powell said the president's latest price tag was wrong after looking at the document Trump’ submitted to him.

Justice Department Goes After Trump's Enemies

The investigation was one of ’'s investigations into people he perceived as enemies of Trump’. Prosecutors failed to attract attention for months as they tried to establish a basis for suspecting criminal behavior. Other efforts by the department to prosecute Trump’'s enemies, including New York state Attorney General Letitia James, a Democrat, and former FBI Director James Comey, have also failed.

Last month, a federal judge overturned subpoenas from the Justice Department, which ’ sent to Fed’, and announced that their goal was to harass “Powell’ and pressure him to resign, paving the way for ” and a new president. The prosecutor in the Powell case admitted in a closed-door hearing that the government had found no evidence of a crime.

Pirro told X’te on Friday that “ would not hesitate to restart the criminal investigation if the facts require it. Acting Attorney General Todd Blanche told NBC’ on Sunday that there is no doubt that we will investigate “ if the chief investigator finds evidence that it constitutes a crime.

Warsh is a financier and a former member of the Fed’in board of directors. Trump nominated him in January.

UBS to Hiss Hundreds of Millions to Solve Credit Suisse’'s U.S. Tax Investigation

UBS Group AG has agreed to pay $511 million (€452 million) to conclude a U.S. tax investigation into Credit Suisse ’, which it acquired in 2023. UBS said it had nothing to do with the underlying abuse, and “ reiterated its zero tolerance for tax evasion.

The two-year investigation, launched before the merger, revealed that Credit Suisse’ helped wealthy Americans withhold more than $4 billion (€3.5 billion) from the U.S. Revenue Administration ’ (IRS) through at least 475 offshore accounts, according to the U.S. Department of Justice ’ (DoJ).

Details of the claim

Under the appeal agreement, Credit Suisse Services AG has pleaded guilty to conspiracy to help prepare fraudulent income tax returns and will pay $371.9 million (€328.8 million) as part of the agreement.

Credit Suisse AG, which owns ultra-high net worth and high net worth individual customers around the world, has conspired with employees, customers in the U.S. “, and others to deliberately help conceal ownership and control of assets held in the bank, ’ said.

In addition, Credit Suisse AG has signed a non-prosecution agreement with respect to U.S. ’ taxpayers whose accounts are held in the Singapore unit and has agreed to pay an additional $138.7 million (€122.6 million).

The DoJ noted that between “2014 and June 2023, Credit Suisse AG Singapore’ maintained undeclared accounts of U.S. citizens who knew or should have known that Credit Suisse AG Singapore’ was related to the U.S. and whose total assets were valued at over $2 billion.

UBS said it expects to cut costs as it will no longer need to allocate more money to manage the risks associated with Credit Suisse. However, in the second quarter, it will register a fee for the decision.

The DoJ added that the agreement requires both Credit Suisse Services AG and UBS AG ’ to fully cooperate in ongoing investigations, and “ to positively disclose any information it may later uncover about accounts relating to the United States.

Senate investigation confirmed

The investigation was launched in 2023 after the U.S. Senate Finance Committee found that ’ had helped Credit Suisse’ hide offshore assets from wealthy U.S. clients.

Senator Ron Wyden, senior member of the committee at “, said: "This agreement fully confirms the findings of my investigation, which revealed that Credit Suisse’ continues to hide more than $700 million overseas for wealthy Americans and violates their agreement to avoid investigation."

While ordinary Americans pay their fair share, ultra-rich and shady Swiss bankers shouldn't get a free pass to draft offshore tax evasion plans.

Credit Suisse is on its way to ’in integration

Switzerland’'s largest bank, UBS, bought ’te Credit Suisse’i for CHF 3 billion in March 2023 after its rival collapsed amid rising losses in U.S. government bonds triggered by the Federal Reserve ’'s aggressive rate hikes. Credit Suisse had already been weakened by a series of scandals, including allegations of money laundering, corruption and tax evasion.

With the help of the Swiss government, UBS benefited from this acquisition, which is also reflected in increased earnings in the global asset management and investment banking divisions. UBS stated in its February report that Credit Suisse’in integration is on track.

Sergio Ermotti, CEO of “, said: "We are confident that by the end of 2026 we will be able to largely complete the integration, achieve our financial goals and realize our growth initiatives.

UBS shares since the beginning of the year due to weak growth prospects linked to the Trump administration's tariffs %He's down by eight. However, the resolution of the Credit Suisse tax investigation is expected to ease investors' concerns after years of legal uncertainty.

Mattel plans to raise prices for some toys to offset tariff costs

Mattel Inc., a manufacturer of Barbie dolls, Hot Wheels cars and other popular toys, said on Monday that President Donald Trump will have to raise the prices of some products sold in the U.S. ’ if ’ is needed to offset the rising costs associated with “'s tariffs.

El Segundo, a California-based company, said the increases were necessary despite accelerating plans to move its production base away from China’. Trump imposed a 145% tariff on most Chinese products.

Company executives in a conference call analysts China’in is currently Mattel’in's global production %He said he made up his 40’. The company plans to move around 500 products this year from manufacturers in China’ to sources in other countries, compared to 280 products last year.

For some highly sought-after toys, Mattel said it would apply to factories in multiple countries. The company said it is focused on delivering products to stores without interruption to prevent possible shortages.

Despite the price increases, the company %From 40 to ’sinin about 20 to customers $ He said he expects it to cost more (€17.60) or perhaps less than that amount.

Ynon Kreiz, CEO and Chairman of the Board of Directors of “, told analysts that the diversified and flexible supply chain in global commercial organizations are clear advantages for Mattel in this period of uncertainty.

Mattel takes back the appearance of guidance

However, citing ongoing uncertainty over the president's trade policies, Mattel retracted its annual earnings forecast on Monday. The company said it would be difficult to predict consumer spending and the company's U.S. sales for the rest of the year without further information.

Mattel reported higher-than-expected sales in the first quarter, but also reported a greater loss. Mattel reported sales in the quarter ending March 31, ’. %He said it increased by 2 to $827 million (€728.9 million).

The company's losses rose to $42.3 million (35.5 million euros) this quarter. This compares to a loss of $28.3 million (24.9 million euros) in the same quarter last year.

Mattel’in stock price, USAFollowing markets in ’ %It dropped by less than 1’.