Category: 3. Business

3 February 2026

• Banks tightened credit standards for firms, citing higher perceived risks amid lower risk tolerance
• Credit standards eased slightly for housing loans, but tightened further for consumer credit
• Small increase in demand for loans to firms, while demand for housing loans grew moderately
• Trade tensions and related uncertainty added to tighter credit standards and dampened loan demand

According to the January 2026 bank lending survey (BLS), euro area banks reported an unexpected net tightening of credit standards (banks’ internal guidelines or loan approval criteria) for loans or credit lines to enterprises in the fourth quarter of 2025 (net percentage of banks of 7%; Chart 1). Banks reported a small net easing of credit standards for loans to households for house purchase (net percentage of -2%), whereas credit standards for consumer credit and other lending to households tightened further (net percentage of 6%). For firms, the net tightening in the fourth quarter followed a smaller net tightening of credit standards in the third quarter, surpassing the expectations reported by banks in the previous survey round (1%). Concerns about the outlook for firms and the broader economy, as well as banks’ lower risk tolerance, contributed to tighter credit standards. Banks indicated a small net easing of credit standards for housing loans, which they had not expected, and a further net tightening of credit standards for consumer credit, which was above the expectations they had reported in the prior quarter. For housing loans, competition had an easing impact on credit standards, while risk perceptions had a tightening impact. Banks’ lower risk tolerance and higher risk perceptions were the main drivers of the tightening for consumer credit. For the first quarter of 2026, banks expect a moderate further net tightening of credit standards for firms, a slight tightening for housing loans and a more marked tightening for consumer credit.

Banks’ overall terms and conditions (the actual terms and conditions agreed in loan contracts) tightened for loans to firms and consumer credit, while they eased for housing loans.

Banks reported a net increase in the share of rejected loan applications for firms and consumer credit, while the share remained unchanged, in net terms, for housing loans. The net increase in share was higher than in the previous quarter for firms, but lower for households.

In the fourth quarter of 2025, banks reported a continued small net increase in demand for loans or credit lines to firms (net percentage of 3%; Chart 2). This followed a similar net increase in loan demand in the previous quarter and exceeded the expectations reported by banks in that quarter (0%). Firms’ loan demand was primarily driven by an increase in demand for inventories and working capital and other financing needs, whereas fixed investment continued to make an overall neutral net contribution. Demand for housing loans continued to increase in net terms (net percentage of 9%), albeit more moderately, broadly in line with banks’ expectations in the previous quarter. Improved housing market prospects were the main driver of the increase in housing loan demand, while consumer confidence contributed negatively. Demand for consumer credit and other lending to households declined slightly (net percentage of -2%), following broadly unchanged demand in the third quarter and being somewhat lower than what banks had expected in the previous quarter. Lower consumer confidence dragged consumer credit demand down despite the continuing positive contribution from the level of interest rates. In the first quarter of 2026, banks expect a net increase in loan demand from firms and households.

Banks’ access to retail funding and money markets deteriorated slightly in the fourth quarter of 2025, while it eased for debt securities and securitisations. Over the next three months, banks expect access to funding to remain broadly unchanged, except for a slight easing in debt securities funding.

In response to new regulatory or supervisory actions, banks reported a net increase in their capital and holdings of liquid assets, although they indicated a temporary decline in risk-weighted assets. They also indicated a net tightening impact on credit standards stemming from the above-mentioned actions across all loan categories, with further net tightening expected for 2026.

Banks reported a small net tightening impact of non-performing loan ratios and other credit quality indicators on their credit standards for all loan categories in the fourth quarter of 2025, with risk perceptions and risk aversion being the most prominent factors. In the first quarter of 2026, banks expect a further small tightening impact for loans to firms and for consumer credit, while they expect a broadly neutral impact for housing loans.

Credit standards tightened in construction, wholesale and retail trade, energy-intensive manufacturing and commercial real estate (CRE) in the second half of 2025, with the net tightening being strongest in the manufacturing of motor vehicles. Tightening remained moderate in the overall manufacturing sector, while non-financial services other than CRE saw no or only small net tightening. Banks also reported a net increase in demand for loans in non-financial services other than CRE and no changes or just slight declines in other sectors in the second half of 2025. For the first half of 2026, banks expect either a further net tightening or broadly unchanged credit standards across the main economic sectors. They expect a net increase in loan demand for most sectors except for the manufacturing of motor vehicles, wholesale and retail trade, and CRE.

Based on a new question concerned with the impact of changes in trade policies and related uncertainty, almost half of the BLS banks assessed their exposure as important. Banks reported a tightening impact on credit standards, mostly through a decrease in risk tolerance, and a dampening impact on demand for loans to firms. Banks expect a similar impact for 2026.

The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the January 2026 survey relate to changes observed in the fourth quarter of 2025 and changes expected in the first quarter of 2026, unless otherwise indicated. The January 2026 survey round was conducted between 15 December 2025 and 13 January 2026. A total of 153 banks were surveyed in this round, with a response rate of 100%.

For media queries, please contact Benoit Deeg, tel.: +49 (0) 69 134495686.

Notes

• A report on this survey round is available on the ECB’s website, along with a copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys.
• The euro area and national data series are available on the ECB’s website via the ECB Data Portal. National results, as published by the respective national central banks, can be obtained via the ECB’s website.
• For more detailed information on the BLS, see Köhler-Ulbrich, P., Dimou, M., Ferrante, L. and Parle, C., “Happy anniversary, BLS – 20 years of the euro area bank lending survey”, Economic Bulletin, Issue 7, ECB, 2023, and Huennekes, F. and Köhler-Ulbrich, P., “What information does the euro area bank lending survey provide on future loan developments?”, Economic Bulletin, Issue 8, ECB, 2022.

Display

Global rollout begins today for the 85-inch Samsung Spatial Signage, expanding immersive 3D experiences across high-impact commercial environments

Company unveils next-gen ultra-large signage, a new AI-powered content app and Enterprise partnerships for high-impact business environments

2/3/2026

Samsung Electronics Co., Ltd. today announced the expansion of its commercial display offerings, led by the global launch of Samsung Spatial Signage, at Integrated Systems Europe (ISE) 2026 in Barcelona. The announcement includes new AI-powered content capabilities through Samsung VXT, new additions to Samsung’s ultra-large commercial display lineup and expanded enterprise collaboration with Cisco-certified wide-format display solutions.

“For commercial environments, bringing displays and content solutions together is becoming increasingly important,” said SW Yong, President and Head of the Visual Display (VD) Business at Samsung Electronics. “Glasses-free 3D Spatial Signage, combined with new AI-powered capabilities in Samsung VXT, allows us to deliver a more integrated approach to immersive commercial displays, helping businesses create engaging experiences across a wide range of commercial environments.”

Bringing Brands to Life Across a Range of Environments With Spatial Signage

Spatial Signage (SM85HX) is Samsung’s industry-leading large format 3D digital signage that delivers an immersive visual experience. Using Samsung’s patented 3D Plate technology, it creates a sense of spatial depth positioned behind the LCD panel. Content retains the sharpness of 2D visuals while adding natural-looking 3D depth — without the need for specialized content or equipment such as 3D glasses. The display’s presentation naturally draws attention in retail, luxury, museum and entertainment settings, helping direct focus to key promotions, exhibitions or important information.

The newly launched 85-inch Spatial Signage display features a 4K UHD resolution (2,160 x 3,840) in a 9:16 portrait format, which enables brands and venues to present 360-degree rotating visuals that show front, back and side views of a product or scene.

Powered by Samsung’s industry-leading Quantum Processor, the display provides 4K UHD upscaling, 16-bit color mapping and dynamic HDR refinement to deliver sharper detail, smoother tonal transitions and consistent color accuracy. Additionally, an anti-glare panel helps maintain clarity under bright or challenging lighting conditions.

Spatial Signage features an UltraThin Design with a slim 2-inch profile. Compatible with a Slim Fit Wall Mount, the display installs like conventional signage and integrates cleanly into compact or design-sensitive locations, without the bulky, box-like enclosures typically associated with traditional showcase-style displays.¹ Spatial Signage is launching globally in an 85-inch model, with 32-inch and 55-inch sizes to follow.

AI Studio, a new AI-powered content app within Samsung VXT,² was showcased at ISE 2026 to demonstrate streamlined content creation for all Samsung signage connected to the platform. The app transforms static images into signage-ready video without the need for external tools or manual setup. Content created through VXT’s AI Studio app is automatically optimized with refined shadow detailing, adjusted margins and background treatments for Spatial Signage—creating more realistic and balanced visuals tailored for a wide variety of commercial environments.

Recognized for its pioneering 3D capabilities, Spatial Signage has been named a CES 2026 Innovation Award Honoree in the newly introduced Enterprise Tech category, which made Samsung one of the first to be recognized in the category during its commercial debut at the show. Last year, the display was also named an IFA 2025 Innovation Award Honoree in the ‘Best in Emerging Tech’ category.

Redefining Ultra-Large Signage for Bold Business Impact

Samsung is reinforcing its leadership in ultra-large commercial displays with a growing lineup built for high-impact business environments. At ISE 2026, Samsung introduced the 130-inch Micro RGB signage (QPHX model) to commercial audiences for the first time. Previously unveiled at CES 2026 for the ultra-premium home entertainment market, the display features Samsung’s most advanced Micro LED technology to date. It combines micro-scale RGB LEDs with the Micro RGB AI Engine Pro to deliver vivid color expression and exceptional picture quality in an ultra-slim design, making it ideal for flagship retail and premium spaces.

Also unveiled at ISE 2026 was the 108-inch The Wall All-in-One (MMF-A model) in 2K resolution, engineered to dramatically simplify large-format LED deployment. Like previous models (146-inch 4K and 2K, 136-inch 2K and 110-inch 2K), it reduces on-site setup time and labor compared to traditional LED walls. Installation is possible in as little as two hours, depending on display size.³ However, the new 108-inch model features a more compact, split-panel design that makes supersized LED installation as efficient as mounting two LCD screens rather than a full LED wall — all at a much faster pace.

Together with the previously introduced 105-inch QPDX-5K and 115-inch QHFX models, the addition of the 130-inch Micro RGB Signage and The Wall All-in-One series gives businesses more ways to create immersive, ultra-large visual experiences across lobbies, showrooms, boardrooms and other high-impact commercial spaces. This expanded lineup reinforces Samsung’s 17-year leadership in the global digital signage market.⁴

Advancing Enterprise Collaboration With Cisco and Logitech Partnerships

Samsung’s 115-inch 4K Smart Signage (QHFX model) and 146-inch 2K The Wall All-in-One (IAB model) lead the industry in advanced ultra-large displays, offering seamless, immersive meeting spaces without the complexity of multi-screen setups. These models are the latest Samsung displays to be certified for compatibility with Cisco’s collaboration devices, joining the previously certified Samsung QMC lineup. Notably, Samsung The Wall All-in-One is the world’s first LED display to receive the certification.⁵

Cisco certification follows a rigorous testing program to confirm the reliability of the display’s video interfaces and ensure optimized image quality for video meetings. It also confirms the visibility of displays within Cisco’s Control Hub management platform and verifies secure, seamless integration across meeting spaces. Together, these factors contribute to high-quality meeting experiences for participants and improved enterprise management for IT teams.

Additionally, through a new partnership with Logitech, Samsung 4K Smart Signage QBC series is now included in Microsoft’s Express Install for Microsoft Teams Rooms, enabling fast, cost-effective meeting room setups. The offering combines Samsung displays with Logitech’s certified Microsoft Teams Rooms conferencing solution to simplify room installations, allowing them to be completed in under an hour.

Social media has now been around long enough to know it can be an extremely powerful marketing channel, notably for lower-funnel advertisers. Even in the face of eroded signals on what gets them to click.

So the timing is right to understand social platforms from a 2.0 point of view — at least that’s the thinking behind Gale agency’s research work into what it considers “emerging media.” And what it found is that the more a platform can deliver the feeling and growth of community, the more success brands can have marketing on that platform. 

Gale, which is owned by Stagwell, surveyed more than 1,200 U.S. consumers to evaluate their relationships with traditional and emerging media. Digiday got a look at the findings from the report, called Connections Over Impressions. Ultimately, with more social platforms evolving their ad offerings, brands can essentially harness word-of-mouth in a 2.0 manner. 

Palantir celebrated its latest financial results on Monday, as the tech company blew past Wall Street expectations and continues to prop up the Trump administration’s push to deport immigrants.

Palantir has secured millions of dollars in federal contracts amid Trump’s crackdown on immigrants. The multibillion-dollar Denver-based firm creates tech focused on surveillance and analytics, to be used by the government agencies and private companies.

Palantir’s biggest US customer is the Department of Defense; it also works with the Department of Homeland Security, and the majority of its revenue comes from deals with the federal government. Palantir reported 66% year-over-year growth in revenue from government contracts, to $570m.

Palantir has drawn further criticism over its role in the government’s immigration agenda, since federal immigration officers killed two protesters in Minneapolis last month.

Palantir chief executive Alex Karp told CNBC in an interview Monday that Palantir helps protect sensitive data. “If you are critical of ICE, you should be out there protesting for more Palantir,” he said. “Our product, actually, in its core, requires people to conform with fourth amendment data protection.”

The company beat Wall Street expectations of $1.33bn with $1.41bn in revenue for the fourth quarter of 2025. It reported earnings per share (EPS) of $0.25 – which also surpassed Wall Street expectations of $0.23 in EPS. The company’s stocks jumped about 8% in after-hours trading after the release.

Karp described the company’s growth on an earnings call as “one of the truly iconic performances in the history of corporate performance”. He wrote in a letter accompanying the earnings report that the $1.4bn in revenue generated in last year’s fourth quarter marks a new record – a 70% growth rate over the same period the year before.

“We did this while supporting, in critical manner, some of the most interesting intricate, unusual, operations that the US government has been involved in – many of which we can’t comment on – but were the highlight of last year and highly motivating to all of us at Palantir,” Karp said.

Karp doubled down on his data protection claim on the call, arguing that Palantir’s work with the US government, including intelligence agencies, aligns with the fourth amendment and makes sure “every institution that uses (Palantir’s) products is doing it within conformity of the law and ethics of America”.

Data privacy advocates are not convinced. “Palantir tools are ICE’s digital henchmen,” said Will Owen, communications director at the non-profit, Surveillance Technology Oversight Project, in a statement to the Guardian. “Their revenue may be up thanks to Trump, but no one is buying that they hold ICE accountable.”

Last year, ICE awarded Palantir a nearly $30m contract to build ImmigrationOS, which makes it easier to pull information about immigrants from across government databases – regardless of the accuracy of those records. 404 Media recently reported on the existence of another tool created by Palantir for the federal government: Enhanced Leads Identification & Targeting for Enforcement (Elite).

Elite “populates a map with potential deportation targets, brings up a dossier on each person, and provides a ‘confidence score’ on the person’s current address”, according to 404 Media. The program reportedly relies on address data from the Department of Health and Human Services, which includes Medicaid.

Wired reported last week that the federal government has been using Palantir’s AI tools to process immigration enforcement tips. Wired also reported that the health department has been using other Palantir AI tools to screen grants and job descriptions for diversity, equity and inclusion (DEI), and “gender ideology”.

Palantir has said there is no malicious intent in its work with the federal government.

“To be absolutely clear, Palantir is not working on any master database project to unify databases across federal agencies,” read a company blogpost last week. “Palantir has not proposed the US government build a ‘master list’ for the surveillance of citizens, nor have we been asked to consider building such a system for any customer.”

Palantir has described 404 Media’s claims about the Elite tool as misleading; the company says it is “used for prioritized enforcement to surface the likely addresses of specific individuals, such as those with final orders of removal or with high severity criminal charges”.

Trump’s “big, beautiful bill” awarded DHS and ICE huge budgets to pursue the administration’s anti-immigrant policies, including $45bn for ICE to expand its detention capabilities.

In 2025, Palantir’s federal contracts almost doubled – and increased to more than $970m; this amount was distributed across the government, mostly to the defense department, but it also includes the DHS.

Toyota Fudosan’s tender offer drastically undervalues the Company

Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender

LONDON, Feb. 2, 2026 /PRNewswire/ — Elliott Investment Management L.P. and Elliott Advisors (UK) Limited (“Elliott”), which advise funds that together have a significant investment in Toyota Industries Corporation (“Toyota Industries” or the “Company”) and are the Company’s largest independent shareholder, today issued the following statement:

Elliott notes the non-binding statement issued today by an affiliate of Toyota Fudosan Co., Ltd. (“Toyota Fudosan”). Elliott maintains its position that the revised tender offer by Toyota Fudosan at ¥18,800 per share (the “Revised TOB”) very significantly undervalues Toyota Industries, as Elliott demonstrates in its public materials. Elliott continues to strongly disagree with Toyota Fudosan’s assertion that the Revised TOB price “reflects the intrinsic value of the Target Company“.

Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender.

Elliott’s previously released public materials can be found at https://elliottletters.com. 

About Elliott

Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $76.1 billion of assets as of June 30, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Investor Contacts:

Okapi Partners LLC
New York: Pat McHugh
T:+1 212 297 0720
Toll Free: (877) 629-6357
London: Christian Jacques
T: +44 20 3031 6613
[email protected]

Media Contacts:

London
Stijn van de Grampel
Elliott Advisors (UK) Limited
T: +44 20 3009 1061
[email protected]

New York
Stephen Spruiell
Elliott Investment Management L.P.
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Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220
[email protected] 

SOURCE Elliott Investment Management L.P.