Cryptocurrencies still need to be “defined” but the technology behind them will be pivotal in transforming the financial services, the chief executive of Swiss lender UBS said Friday. Sergio Ermotti told CNBC that while the bank has seen success in its trade finance blockchain platform, he was “not necessarily” a believer in cryptocurrencies. When asked […]

Volkswagen lifted its profit guidance for this year after posting forecast-beating group earnings in the third quarter, benefiting from cost cuts at its core autos division. Quarterly group earnings before interest and taxes (EBIT) before special items jumped 15 percent to 4.31 billion euros ($5.01 billion) from 3.75 billion a year ago, Volkswagen (VW) said […]

Russian President Vladimir Putin authorized the launch of four nuclear-capable ballistic missiles as part of a test, Reuters said, citing a media report. This is breaking news. Check back for updates. —Reuters contributed to this report. Source: cnbc Putin, as part of a test, reportedly authorized the launch of 4 nuclear-capable ballistic missiles

French oil and gas major Total reported a 29 percent jump in third-quarter net profit as ramp-ups and new projects lifted production, while high demand for petroleum products led to a sharp increase in its refining margin. Total’s oil production rose 6 percent in the quarter, while adjusted net operating income from its upstream exploration […]

Royal Bank of Scotland reported a better than expected operating profit for the third quarter of 871 million pounds ($1.14 billion) on Friday, as it kept costs under control and avoided any conduct charges. The state-owned bank’s operating profit beat the 694 million pounds predicted by an average of analysts’ estimates compiled by the bank. […]

European stocks are set to open higher on Friday morning, buoyed by upbeat earnings from U.S. tech giants and the prospect of continuing stimulus in Europe. Looking to the major bourses, the U.K.’s FTSE 100 is expected to open 4 points higher at 7,489, while the German DAX is set to start on a positive […]

The Swiss bank UBS reported a net income below market expectations, but 14 percent higher than the same period last year. The number is nonetheless above the bank’s own consensus report, which indicated, earlier this month, a net income of 0.897 billion Swiss francs. Here are the key metrics: Net income: 0.9 billion Swiss francs […]

Deutsche Boerse’s embattled chief executive Carsten Kengeter is stepping down amid continuing allegations of insider trading, the German exchange operator announced on Thursday. The decision came at an extraordinary meeting of the supervisory board. No successor was named, and Kengeter will stay on until there’s a transition plan. Deutsche Boerse said that the resignation was […]

Total billionaire wealth soared to $6 trillion in 2016, with one billionaire created every two days in Asia, UBS reported in a study published Thursday. The research said an annual increase of 17 percent among the super-rich was supported by a surge among Asia’s emerging billionaire class as well as an uptick in growth in […]

A supersonic car that has been designed to reach a world land speed record of 1,000 miles per hour (mph) has undergone its first public test run in England. The Bloodhound SSC car, powered by both a Rolls-Royce Ej200 jet fighter engine and a number of rockets, is designed to cover a mile in just […]