MOSCOW, Feb 17 (Reuters) – Financial sanctions against Russia have strangled its banks’ profits and wrecked many lenders’ international operations, but one year after Moscow sent its troops into Ukraine how much do they matter for average Russians?
For the majority, who bank in roubles with huge retail lenders, such as Sberbank (SBER.MM), the answer is: not much.
“Nothing has changed for me at all,” said Vyacheslav Fatikhovich, a taxi driver in the Urals city of Yekaterinburg.
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NatWest Outlook Drags Down Shares Despite Profit Leap
LONDON, Feb 17 (Reuters) – NatWest (NWG.L) warned on Friday that rising interest rates may not deliver the long-lasting earnings bonanza investors hope for, even though profit jumped by 33% last year.
Shares in the bank fell as much as 9% as investors digested forecasts for profitability and costs for 2023, even as the bank reported annual pretax profit rose to 5.1 billion pounds ($6.1 billion) from 3.8 billion pounds.
“We think broadly the results are likely to be seen as a miss on 2023 expectations today,” Credit Suisse analysts said, citing the bank’s unchanged returns target and guidance that costs would be 300 million pounds higher than analysts thought.
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Goldman Sachs Now Expects Three More Fed Rate Hikes In 2023
Feb 17 (Reuters) – Goldman Sachs said it was expecting the U.S. Federal Reserve to raise interest rates three more times this year by a quarter of a percentage point each, after data this week pointed to persistent inflation and resilience in the labor market.
Producer prices accelerated in January by the biggest margin in seven months, according to data on Thursday, while a Labor Department report showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week.
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Google, Twitter, Meta, Apple Face Tougher EU Online Content Rules
BRUSSELS, Feb 17 (Reuters) – Alphabet Inc’s (GOOGL.O) Google, Facebook parent Meta Platforms Inc (META.O), Twitter and Apple (AAPL.O) face stricter EU online content rules, based on monthly user numbers published by the companies, which exceeded an EU threshold for big online platforms.
The new rules known as the Digital Services Act (DSA) label companies with more than 45 million users as very large online platforms and subject to obligations such as risk management and external and independent auditing. They are also required to share data with authorities and researchers and adopt a code of conduct.
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Oil Heads For Weekly Loss On Rate Hike Worries, Ample Supply
LONDON, Feb 17 (Reuters) – Oil fell about 2% on Friday and was heading for a weekly decline, pressured by concerns of more U.S. Federal Reserve interest rate hikes that could weigh on demand, and signs of ample supply.
Two Fed officials on Thursday warned additional hikes in borrowing costs are essential to lower inflation to desired levels. Heightened rate hike expectations boosted the U.S. dollar, making oil more expensive for holders of other currencies.
Full coverage: REUTERS
