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Category: 3. Business

  • Baker McKenzie Advises Credicorp in Its Acquisition of Helm Bank USA | Newsroom

    Baker McKenzie Advises Credicorp in Its Acquisition of Helm Bank USA | Newsroom

    Baker McKenzie client Credicorp Ltd. has announced that its subsidiary, Banco de Crédito del Perú (BCP), has entered into an agreement to acquire 100% of the issued and outstanding shares of Helm Bank USA for USD 180 million, subject to customary price adjustments at closing.

    Helm Bank, a Florida state-chartered community bank, reported USD 1.1 billion in assets and USD 106.8 million in shareholders’ equity as of September 30, 2025. The acquisition aligns with Credicorp’s strategy to enhance its cross-border capabilities by serving internationally active clients and bolsters its ability to meet the growing needs of Latin American clients while preserving Helm Bank’s legacy as a community-focused institution.

    Led by New York/Miami-based M&A and Capital Markets Partners Federico Cuadra Del Carmen and Steven Canner, the core Baker McKenzie team includes:

    M&A and Capital Markets: Laura Estrada (New York), Zach Bassen (New York), Santiago Corcuera (New York), Adam Buehler (Miami), Zach Bethel (New York), Jaime Trujillo (Bogotá), Ricardo Trejos (Bogotá), Francisco Munoz (Bogotá), Vedant Sharma (New York)

    Tax: Kai Kramer (Houston), Ross Staine (Houston), Glenn Fox (New York)

    Employment & Benefits: Christopher Guldberg (Chicago), Annika Morin (Chicago), Kimberly Franko (New York), Danielle Gibbons (New York), Mecole Tate (San Francisco), Daniela Lievano (Bogotá), Victoria Moreno (Bogotá)

    Intellectual Property: Pamela Church (New York), Alysha Preston (New York), Marcela Pertusi Hernández (New York)

    Data Privacy: Cristina Messerschmidt (Chicago)

    Real Estate: Sarah Winston (Chicago), Paulina Timmer (New York)

    Finance: Angie Muñoz (Bogotá)

    “A heartfelt congratulations to the entire Credicorp deal team on this historic transaction, we at Baker are incredibly honored to have been entrusted with this momentous multijurisdictional mandate with such strategic importance,” said Federico reflecting on the transaction.

    A transactional powerhouse with more than 2,700 deal lawyers in more than 40jurisdictions, Baker McKenzie is a market-leader in cross-border transactions. The team provides broad market, sector and legal know-how in Latin America, advising on some of the most significant transactions and legal matters in the region. Working closely across practice groups and offices, they group helps clients capitalize on business, trade and investment opportunities in Latin America and execute their global growth strategies.

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  • Ontario International Airport’s ONT+ Visitor Pass Program nears 100,000 users – Ontario International Airport

    1. Ontario International Airport’s ONT+ Visitor Pass Program nears 100,000 users  Ontario International Airport
    2. Ontario International Airport’s ONT+ Visitor Pass Program nears 100,000 users  PR Newswire
    3. Some airports now allowing people to use guest passes  WHIO-TV
    4. Meet you at the gate: OAK airport guest pass allows non-ticketed visitors through security  Piedmont Exedra
    5. Pittsburgh Joins Seattle, Philadelphia, Orlando, San Antonio, Oakland, Kansas, And More In New U.S. Airports’ Bold Move To Reopen Secure Areas For Non-Ticketed Guests, Revolutionizing Travel Experience  Travel And Tour World

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  • Exploring the impact of digital technology, circular technology and public management on environmental sustainability in emerging economies

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  • A year of fragile resilience in charts

    A year of fragile resilience in charts

    This article is an on-site version of our Chris Giles on Central Banks newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters

    If there were two words to describe the global economy in 2025, they would be fragility and resilience. The outcomes have generally been better than feared, especially in the wake of US President Donald Trump’s regular assaults on the rules-based international order. But cracks have been showing and everyone has been cautious.

    The following 10 charts, many that are kept up-to-date on the FT’s Monetary Policy Radar site or its inflation tracker page, highlight this volatile, but ultimately benign, year.

    A year of looser monetary policy

    The year 2025 will be known as one of cheaper money, with policy interest rates falling in most countries. Following the extraordinary global tightening of policy after the world emerged from the Covid-19 pandemic facing strong demand growth, supply restrictions and higher interest rates, 2024 and 2025 have been years of some normalisation.

    Some content could not load. Check your internet connection or browser settings.

    Cooling inflation has allowed central banks to ease policy rates down at a gradual pace, as they sought to find balance between activity and rising prices in the post-Covid economy.

    The exceptions to this broad global trend have been Japan — which is converging on normality from a long period of too low inflation — and a few countries, including Brazil, that had excessive domestic stimulus, leading to continued inflationary problems.

    Inflation not quite back to normal

    The post-Covid inflation surge is now in the past, but its lingering effects are still being felt in many economies. For the Eurozone and Japan this has been beneficial, with headline and core measures now closer to their 2 per cent targets, having been below these levels before the pandemic. There have been no “last-mile” difficulties in inflation reduction here.

    The chart below shows the annualised rates over six months and three months, demonstrating that more recent trends have also shown stability. This is most evident in the FT core measure of inflation, a statistically optimised amalgamation of a large number of core measures of inflation.

    Some content could not load. Check your internet connection or browser settings.

    If the Eurozone and Japan demonstrate an almost perfect shift towards low and stable inflation, the US and UK have faced more difficulty. Headline and core US inflation have been stuck just below 3 per cent as Trump’s tariffs raised goods prices. This has created a tension between the price stability and maximum employment elements of the Federal Reserve’s dual mandate. Towards the end of 2025, the Fed judged that the last-mile inflation problem was likely to be temporary and continued to cut rates.

    In the UK, a sharp fiscal tightening that encouraged companies to raise prices led to a similar inflation problem, which only eased right at the end of the year. The Bank of England cut rates gradually through this period, although there was significant dissent on the Monetary Policy Committee about the wisdom of the monetary loosening.

    Stronger activity than feared

    The most pleasing aspect of the 2025 global economy has been the surprising strength of activity in the face of US tariffs. Partly because they were not efficiently applied, partly because they were scaled back and partly because they did not lead to a more wide-ranging trade war, global growth forecasts have been regularly revised higher this year.

    Some content could not load. Check your internet connection or browser settings.

    Global growth — projected by the IMF in October to be 3.2 per cent in 2025 — is similar to that in 2024, the 2026 projection, and the long-term average of 3.4 per cent since 1980.

    Normality returning to labour markets

    There has been much focus about rising unemployment during 2025 in the US and UK and falling unemployment in the Eurozone. But the more significant feature that applies to all these labour markets is a return towards pre-Covid normality.

    The chart below of Beveridge curves for the US, Eurozone, UK and Japan highlights the link between job vacancies and unemployment. Economies will generally have higher unemployment when vacancies are low. But after Covid, they suffered a period of very high demand for workers (high vacancies) while having high unemployment, indicating that workers were not well matched for the available jobs.

    Some content could not load. Check your internet connection or browser settings.

    This is now returning to normal everywhere and signals a shift towards normality in labour markets, whether the outcome has brought higher unemployment (US and UK) or lower joblessness (Eurozone). If anything, the Eurozone is converging towards the more dynamic labour markets of the US and UK.

    Confidence in equities

    Aside from the severe loss of confidence in April after Trump’s initial announcement of steep “reciprocal tariffs”, stock markets have performed very strongly, leading to frequent warnings that valuations were in bubble territory.

    Some content could not load. Check your internet connection or browser settings.

    When valued in dollars, the S&P 500 performed the worst among comparable advanced economy indices, even if its gains were more than 15 per cent this year. Large European stocks saw their values rise over 30 per cent, partly due to better performance than in the US and partly due to the appreciation of the euro against the dollar.

    A variety of fiscal ambitions

    Lower interest rates, disinflation, stronger than expected activity, a continued normalisation of labour markets and strong equity returns demonstrate the resilience of 2025. From here, everything is a little more fragile, indicating growing risks to the outlook.

    The pandemic forced most countries to run loose fiscal policy, but there was no clear ambition in most countries to tighten the ship in 2025. Yes, the UK imposed large tax increases, and many other European economies imposed smaller ones. Mexico and India planned significant improvements in their structural deficits.

    Some content could not load. Check your internet connection or browser settings.

    But this was offset by a planned loosening in the fiscal positions of China, Brazil, Canada and Russia to offset perceived economic weakness. Overall, fiscal deficits remained high, with debt burdens becoming less sustainable in most large economies. The fiscal and monetary mix will become ever more important for central banks so long as this continues.

    Budget credibility is weak

    Countries that legislated to tighten fiscal policy in 2025 got little credit from government bond markets for their actions. In large part this was because their moves were seen to lack credibility. Throughout 2025, 10-year government bond yields were high and stable in the US and UK and low and rising in the Eurozone and Japan.

    Some content could not load. Check your internet connection or browser settings.

    These trends came as short-term interest rates fell, increasing the gradient of the yield curve everywhere, as the chart above shows. This was most noticeable in Japan and continental Europe, where Germany’s fiscal expansion underpinned a rise in its own long-term borrowing costs, bringing them in line with other Eurozone economies.

    A dollar round trip, a weak yen and a stronger euro

    Compared with the period just before the 2024 US presidential election, exchange rates have moved significantly in 2025, although in ways that few predicted.

    After Trump’s election victory, the dollar strengthened on anticipation of tariffs (which usually come with currency appreciation as imports are deterred). Instead, the US president’s duties initially scared investors so much that the dollar depreciated and the euro appreciated. For the dollar this was a round trip, ending 2025 close to its level in October 2024 against the currencies of US trading partners.

    Some content could not load. Check your internet connection or browser settings.

    The euro ended the year about 5 per cent stronger, helping the disinflation process without severely undermining activity. Sterling was unusually a beacon of stability throughout this period, while the yen fell sharply again in the second half of 2025, putting pressure on the Bank of Japan to raise interest rates.

    An improving macro mood

    The sentiment of all articles in the Financial Times, weighted by their economic relevance, was volatile in 2025. But there was a distinct upward trajectory towards the end of the year.

    Strong stock market performance, continued global economic resilience and interest rates gradually returning to normal have led to a more optimistic tenor in my colleagues’ reporting. This compares with a trough recorded in April, at a time of Trump tariff announcements and weak financial market performance.

    Some content could not load. Check your internet connection or browser settings.

    The big question is whether this resilience will last long into 2026. Signs of improving productivity in the US are promising, while weak government finances and the remaining disinflation still pose risks.

    The central banking aviary takes all sorts

    With this rather mixed picture, it is not surprising that central banks have not co-ordinated their language at year-end.

    The FT’s assessment of central bankers’ messages shows the Fed having become more dovish during 2025 as it moved from worries about tariff inflation to concerns about the labour market. The European Central Bank has become more neutral in accordance with its communication being in a “good place”. The BoE has been cutting rates while sounding hawkish, while the BoJ has been genuinely hawkish at year-end.

    Let’s hope 2026 brings more of the resilience we enjoyed this year and less of the fragility we have had to endure.

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    Central Banks is edited by Harvey Nriapia

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  • EBRD, EU and ProCredit Bank Skopje boost MSME financing in North Macedonia

    EBRD, EU and ProCredit Bank Skopje boost MSME financing in North Macedonia

    • EBRD unfunded portfolio guarantee of up to €25 million to ProCredit Bank Skopje
    • Facility will help ProCredit to extend support to larger number of MSMEs
    • Project backed by the European Union through its EFSD+ guarantee programme

    The European Bank for Reconstruction and Development (EBRD) and the European Union (EU), in partnership with ProCredit Bank Skopje, are boosting access to finance for micro, small and medium-sized enterprises (MSMEs) across North Macedonia.

    Under the agreement signed today, the EBRD will provide ProCredit Bank Skopje with an unfunded risk-sharing guarantee of up to €25 million. The guarantee will cover up to 50 per cent of the credit risk on new loans issued by ProCredit and will therefore pave the way for up to €50 million in new MSME lending through this EBRD portfolio risk-sharing product.

    The guarantee is backed by technical assistance and a first-loss counter-guarantee from the EU’s European Fund for Sustainable Development Plus (EFSD+) programme. It targets underserved businesses, such as those led by women and young entrepreneurs, and rural MSMEs, aiming to foster inclusive economic development.

    By sharing part of the risk, the EBRD and EU are helping ProCredit to strengthen its resilience and expand lending. The portfolio risk-sharing broadens the spectrum of EBRD products in the market, with an innovative solution designed to reduce risk for the EBRD’s partner financial institutions and to address financing gaps for MSMEs.

    Fatih Türkmenoğlu, EBRD Head of North Macedonia, said: “This partnership with ProCredit Bank Skopje, supported by the European Union, marks an important step forward in widening access to finance for underserved businesses across North Macedonia. By sharing risk and blending innovative financial tools with targeted technical assistance, we are helping more MSMEs invest confidently in their growth and resilience. This is the kind of inclusive and sustainable financing the EBRD is committed to advancing throughout the Western Balkans.”

    “This initiative, implemented through a portfolio guarantee scheme, enhances support for MSMEs in North Macedonia and represents a significant step towards their further development. It reaffirms our longstanding cooperation with the EBRD, supported by the EU, as well as our long-term commitment to fostering the development of the real economy. Through this guarantee, ProCredit Bank can expand lending to market segments that tend to face limited access to finance – in particular, businesses led by women and young entrepreneurs, as well as rural micro, small and medium-sized enterprises. We believe that this approach will contribute to strengthening their resilience and will support sustainable, long-term growth,” said Milan Damchevski, Management Board member of ProCredit Bank.

    The EBRD is a leading institutional investor in North Macedonia, with more than €3 billion invested in supporting the country’s sustainable development, infrastructure, private-sector growth and regional integration.

     

     

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  • Jurassic World event apologises after ticket holders turned away

    Jurassic World event apologises after ticket holders turned away

    Kate Stevens, who had travelled from her home in Canterbury, Kent, was with her son who lives in in Enfield, east London.

    She said they were both were denied entry.

    Ms Stevens said she bought the voucher in November and Jacob had been wanting to see the show for some time.

    She said: “[My son] was standing next to me and then I could see other people being told and I went up to somebody, and I showed him my ticket, and I was like: ‘Does that mean us as well?’ And he said: ‘Unfortunately, yes.’

    “[My son] just burst into tears and then got really upset and said: ‘I just want to go home, I just don’t want to be here.’”

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  • CALC orders 30 more Airbus A320neo Family aircraft

    CALC orders 30 more Airbus A320neo Family aircraft

    Toulouse, France, 30 December 2025 – China Aircraft Leasing Group Holdings Limited (CALC) has signed a firm order with Airbus for 30 A320neo Family aircraft to satisfy strong demand for the aircraft from its customer base.

    The agreement is the fifth order with Airbus, bringing the total number of Airbus aircraft ordered by CALC to 282, of which 203 are A320neo Family aircraft. 

    “Our enduring partnership with Airbus has been central to CALC’s growth,” said Mike Poon, Executive Director and CEO of CALC. “This latest order reflects our shared vision for innovation and sustainable aviation. We are proud to grow alongside Airbus and to continue providing our airline customers worldwide with high-value, modern aircraft solutions.”

    “CALC has been a long time valued partner of Airbus with its first order placed in 2012, and it’s a privilege to see another repeat order,” said Benoît de Saint-Exupéry, Airbus EVP Sales of the Commercial Aircraft business. “CALC’s deep understanding of the market and what its customers demand is a solid endorsement of the A320neo Family. This commitment reinforces their strength as a lessor with the most efficient, versatile, and in-demand single-aisle aircraft for their customers.”

    The A320 Family is the world’s most popular single-aisle aircraft having won more than 19,000 orders globally. The Family includes the largest member, the A321neo offering unparalleled range and performance. The Family offers at least 20% fuel savings and CO₂ reduction compared to previous generation single-aisle aircraft, while maximising passenger comfort with one of the widest single-aisle cabins in the sky.

    As with all Airbus aircraft, the A320 Family is able to operate with up to 50% Sustainable Aviation Fuel (SAF). Airbus is targeting to have its aircraft up to 100% SAF capable by 2030.

    #CALC @Airbus #A320Family

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  • Two Hornchurch Car Parks to Close in early 2026 for New Homes Development

    Two Hornchurch Car Parks to Close in early 2026 for New Homes Development

    Havering Council will close Keswick Avenue and Dorrington Gardens car parks in Hornchurch in January and March 2026, respectively, to make way for much-needed new homes for local people.

    Keswick Avenue will see the delivery of six new three-bed homes with off-street parking and Dorrington Gardens will see 34 homes delivered by the Council’s wholly-owned development company, Mercury Land Holdings, as part of its commitment to providing high-quality housing choices for residents.

    Alternative parking options in Hornchurch, include Fentiman Way, Billet Lane and Appleton Way car parks, which will remain open, as well as the Sainsbury’s and Lidl’s Town Centre customer car parks. 

    Fentiman Way and Appleton Way car parks are also included in the new parking pilot scheme, designed to support locals shops and businesses following feedback from the Hornchurch Town Centre Team; Hornchurch business owners.

    There is also parking at Billet Lane, though this is not part of the parking pilot scheme. 

    Councillor Ray Morgon, Leader of Havering Council, said:

    “Delivering new homes for local people is a top priority for our administration, and these developments in Hornchurch by Mercury Land Holdings are an important step toward meeting that need. 

    “At the same time, we know how vital it is to support local traders and maintain a thriving town centre.

    “That’s why we’re working closely with business owners and residents to ensure that the car parking pilot and these closures are managed in a way that keeps Hornchurch accessible and vibrant for everyone.”

    Christopher Hobbs, Director, Mercury Land Holdings (MLH), said:

    “We are delighted to see progress on these two sites in Hornchurch. 

    “Over the past ten years, MLH has played a pivotal role in helping to transform the housing landscape in Havering.

    “Offering a wide range of housing solutions, from Cathedral Court, Winterberry Court, Victory Place and the brand new Roe Wood Park, we aim to bring high-quality choice and freedom to residents to find homes that best suit their lifestyles and budgets.”

    Published:
    30 December 2025

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  • Rupee Registers 69-Day Winning Streak Against US Dollar

    Rupee Registers 69-Day Winning Streak Against US Dollar

    The Pakistani rupee (PKR) closed in green against the US Dollar (USD) for the 69th consecutive day on Tuesday.

    Meanwhile, it posted losses against most of the other major currencies during today’s session.

    The PKR closed at 280.15 after gaining one paisa against the US Dollar today.

    Other Currencies

    The PKR was red against most of the other major currencies in the interbank market today.

    It ended on a negative note for the UAE Dirham (AED) but positive for the Saudi Riyal (SAR).

    Currency 26-Dec

    2025

    		 29-Dec

    2025

    		 30-Dec

    2025

    		 Change

    +/–
    USD 280.1731 280.1602 280.1515 0.0087
    EUR 329.7077 329.8467 329.6403 0.2064
    GBP 377.6033 377.7120 378.4427 -0.7307
    AUD 187.7020 187.8614 187.9256 -0.0642
    MYR 69.2812 69.0135 69.1732 -0.1597
    CNY 39.9688 39.9721 40.0723 -0.1002
    CAD 204.8124 204.6085 204.6919 -0.0834
    AED 76.2832 76.2797 76.2815 -0.0018
    SAR 74.6989 74.6955 74.6911 0.0044

    It lost 73 paisas against GBP and six paisas against the Australian Dollar.


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  • Only 4% of All Cards in Pakistan Are Credit Cards

    Only 4% of All Cards in Pakistan Are Credit Cards

    The use of digital payment channels by the public saw big growth in Pakistan, with 2.5 billion transactions processed and the total value surpassing Rs. 55 trillion during the financial year 2024–25.

    The State Bank of Pakistan (SBP) has released its Quarterly Report on Payment Systems, which presents a comprehensive analysis of the existing payment ecosystem, key evolving trends shaping the payment landscape, and developments achieved across the sector during the first quarter (Q1) of fiscal year 2025–26.

    Digital payment channels included transactions carried out through mobile apps, internet banking, digital wallets, payment cards, ATMs (excluding cash withdrawals), the Raast system, and other platforms.

    Mobile app-based payments dominated the digital landscape, with 2.0 billion transactions carried out through apps offered by banks, branchless banking (BB) providers, and electronic money institutions (EMIs). These transactions accounted for 81 percent of all digital payments and amounted to Rs. 33.7 trillion in value.

    This channel was used for various types of digital payments, including person-to-person payments, bill payments, and account- and wallet-based merchant payments at both online platforms and physical retail outlets.

    Internet banking also saw steady expansion, with an increasing number of users conducting transactions through digital channels. The number of card users also increased, with payment cards in circulation reaching 61.3 million, of which 90 percent were debit cards, and 4 percent were credit cards.

    The Raast Instant Payment System continued to maintain strong growth momentum. Person-to-person (P2P) transactions rose to 535 million, up 31 percent, with a value of Rs. 11.3 trillion during the quarter. Raast person-to-merchant (P2M) transactions doubled to 4.3 million, amounting to Rs. 17.0 billion. Overall, Raast processed 544 million transactions worth Rs. 12.8 trillion.

    Point-of-sale (PoS) terminals and e-commerce activity continued to grow, registering 1.5 million daily card-based transactions. A network of 20,527 ATMs facilitated 267 million transactions amounting to Rs 4.5 trillion across the country. On average, each ATM handled 142 transactions per day with an average ticket size of Rs. 16,800 per transaction.

    Alongside ATMs and other digital channels, physical touchpoints continued to support retail payments. A total of 19,852 bank branches and 756,480 BB agents provided over-the-counter (OTC) services, including cash deposits, withdrawals, fund transfers, and bill payments.

    Bank branches processed 137 million transactions worth Rs. 110 trillion, while BB agents facilitated 129 million transactions amounting to Rs. 0.9 trillion.


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