Category: 3. Business

02 January 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.0% in November 2025 from 2.8% in October, averaging 2.9% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 5.0% in November from 5.2% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was ‑0.8% in November, compared with -1.8% in October. The annual growth rate of marketable instruments (M3-M2) increased to 1.6% in November from 1.4% in October.

Data for monetary aggregates

Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 3.2 percentage points (down from 3.3 percentage points in October), short-term deposits other than overnight deposits (M2-M1) contributed -0.3 percentage points (up from -0.5 percentage points) and marketable instruments (M3-M2) contributed 0.1 percentage points (as in the previous month).

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 3.3% in November from 3.0% in October, while the annual growth rate of deposits placed by non-financial corporations stood at 3.4% in November, unchanged from the previous month. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 0.5% in November from 2.7% in October.

Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in November 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 3.2 percentage points (up from 2.7 percentage points in October), net external assets contributed 1.9 percentage points (up from 1.7 percentage points), claims on general government contributed 0.3 percentage points (up from 0.2 percentage points), longer-term liabilities contributed -1.2 percentage points (down from -1.0 percentage points), and the remaining counterparts of M3 contributed -1.1 percentage points (down from -0.9 percentage points).

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro area residents

The annual growth rate of total claims on euro area residents increased to 2.6% in November 2025 from 2.3% in the previous month. The annual growth rate of claims on general government stood at 0.7% in November, compared with 0.6% in October, while the annual growth rate of claims on the private sector increased to 3.4% in November from 2.9% in October.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 3.4% in November from 3.0% in October. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 2.9% in November, compared with 2.8% in October, while the annual growth rate of adjusted loans to non-financial corporations increased to 3.1% in November from 2.9% in October.

Data for adjusted loans to the private sector

Notes:

• Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
• “Private sector” refers to euro area non-MFIs excluding general government.
• Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

Leaping out of a plane more than 4,200 metres in the air, Simon-Pierre Bouchard can’t control his excitement as he opens his parachute and wonders if everyone has gotten into place. 

“When we exit the plane, the first few seconds are in free fall, so we see the plane going away,” said Bouchard. “This is exhilarating, this is what [gets] me to fly.”

Bouchard was one of 17 Canadians who travelled to Lake Whales, Fla., on Nov. 22 to attempt to beat the world record for largest canopy formation. 

Some 104 skydivers from around the world jumped out of eight airplanes at various heights, each trying to make sure they didn’t cross parachutes with those next to them, as doing so could be deadly. 

Those jumping from the highest plane, more than 5,700 metres the air, need to breathe in from an oxygen tank to avoid the risk of hypoxia, or lack of oxygen.

The group only has about 11 minutes to dock their parachutes onto each other and get into the diamond-shaped formation.

‘It was hard to believe at first’

Bouchard has been a skydiver for more than 30 years and, as a pilot in Quebec City, spends most of his time in the sky.

But he’s never experienced anything quite like this.

“I couldn’t stop smiling,” he said. “We need to trust, individually, everyone that is in this formation, even though we don’t know them personally.”

Quebec City police officer Jean-François Denis was also one of the 104 parachutists who took part in the canopy formation.

He trained for nearly five years to qualify and underwent a strict diet and exercise to lose the 15 pounds required for him to participate.

“I didn’t get any cheat days or cheat meals,” Denis said.

He and his teammates waited for two hours for the international judges to declare that they had made it and beat the record set in 2007.

“People were giving hugs, high fives and shouting with joy,” said Denis. “It was hard to believe at first.”

The International Skydiving Commission then also needs to approve the record for largest canopy formation before it can be recorded in the Guinness Book of World Records.

“We have to demonstrate … that we all have proper lines to hold and the canopies of every jumper needs to be at a certain height above them,” Denis said.

With more than 1,600 jumps under his belt, Denis hoped he and the group would manage to break their new 104-person record the following day, but it wasn’t meant to be.

“We were so close to get 111 but there were some mistakes,” said Denis, adding he still hopes to try again someday soon.

A rare art

The selection process just to participate in the record-breaking event was a rigorous one, having to qualify at one of eight selection camps around the world, including one in the province.

The act of creating a canopy formation goes against what most skydivers are taught when they first start out, Denis explained, having been an instructor himself.

“The first thing you learn is to stay away from other [parachutes] because getting entangled or wrapped in someone else’s at low altitude can be really dangerous,” he said. “It creates a bond with the people you’re jumping with.”

Parachute Montréal owner Gregory Perrimond says canopy formations have become a rare art.

While there is a tight-knit community for it in the province, he knows that just finding enough people with the experience to participate in such a large formation must have been “really complicated for the organizers.”

While the group travelled to Florida because of the weather, Perrimond says the wind remains unpredictable and that can be a challenge in events like this.

“Imagine the wind isn’t stable on such a huge formation, it takes a lot of work to keep it in place,” he said.

PTCL Group has approved an equity investment of Rs15 billion (around $53 million) in U Microfinance Bank Limited (U Bank), its microfinance subsidiary.

The group said the investment is intended to support U Bank’s growth plans and accelerate the development of its digital banking platform to broaden outreach.

U Microfinance Bank Chairman and PTCL Group CEO Hatem Bamatraf said the investment reaffirmed the group’s commitment to financial inclusion and digital transformation in the microfinance sector.

Read: PTCL-backed MergeCo eyes 5G rollout

U Microfinance Bank President and CEO Toran Asif said the capital injection comes as the bank prepares for the next phase of its digital transformation strategy in 2026, acknowledging support from PTCL Group and the State Bank of Pakistan.

He said the strategy centres on new digital products and services designed to expand access to financial services across the country.

The bank has received the first tranche of Rs4 billion, which was disbursed on December 31, 2025.

Separately, the planned integration of Ufone and Telenor Pakistan into a merged operator known as MergeCo is expected to alter the competitive landscape ahead of Pakistan’s first full-scale 5G rollout, according to industry officials.

Speaking at the announcement, Bamatraf said the merger would enable the group to deliver “seamless, secure and digitally enabled services” in line with Pakistan’s digital agenda.

Industry observers said the consolidation could enhance PTCL-backed operators’ capacity to invest in next-generation infrastructure at a time when high spectrum costs and fragmented holdings have constrained sector growth.

Credit unions across the country have launched creative holiday initiatives, redefining holiday giving with creative, community-centered initiatives that go beyond traditional toy and food drives. From doorstep food collection in California to member-directed donations in the Midwest, these efforts highlight how the cooperative model turns seasonal generosity into lasting community partnerships.

Among the examples shared in a new America’s Credit Unions Blog post, Redwood Credit Union in California launched a “porch-to-pantry” food drive that removed barriers to participation, while FourLeaf Federal Credit Union in Long Island held its 17th annual Turkey Drive, collecting thousands of turkeys and tens of thousands of pounds of food in a single day.

Other credit unions activated their full branch networks as collection sites; partnered with hospitals, nonprofits, and even professional athletes; or worked to empower their members and employees to decide where donations should go.

The blog highlights how these holiday initiatives illustrate what sets credit unions apart from other financial institutions. As member-owned cooperatives, credit unions reinvest in the communities they serve through authentic partnerships rooted in local needs.

Read the full blog post

What started with a single $5 donation has now become an annual tradition for Owen Hewett, a 12-year-old from Napanee, Ont., who is passionate about ensuring less fortunate children have appropriate winter wear each Christmas.

When Owen was three, his dad, Darren, mentioned that there were families who couldn’t afford to provide their children with proper cold-weather attire. Moved after hearing that, Owen decided to donate $5 for mittens.

“I felt bad for kids who had cold hands and ears all the time, so I wanted to help,” Owen shares.

A Yearly Tradition

His father thought it would be a one-time donation, but as they enter the 10th year of their annual fundraiser, that has clearly not been the case.

“A friend of mine who is a local business owner donated $50 towards our efforts that first year. At that moment, we thought it would be a good idea to raise funds every year and here we are 10 years later,” Darren says.

Each year, donations increase, and the initiative continues to gain momentum. In 2025, Owen collected just over $4,400 to purchase mittens, toques and other cold-weather essentials for children in need.

“Usually around mid-November, we record a video reminding people about the fundraiser. My dad posts it on Facebook and the donations just start to come in,” Owen adds.

Partnership with The Salvation Army

To ensure these items reach children from families experiencing financial insecurity, Owen has partnered with The Salvation Army in Napanee in the past couple of years to assist with distribution. 

“We reached out to Abigail Mills at The Salvation Army and asked her if our donation would fit any initiative they were doing. She said they were collecting snowsuits and boots, but they didn’t have mittens, so we decided that is exactly how we wanted to help,” Darren says.

Owen’s donation of hats and mitts helped The Salvation Army, in part, to provide winter gear for 250 local children this year.

Large fundraisers such as Owen’s help The Salvation Army redirect additional funds toward other programs and services within the community.

Community Impact

Although Owen has not had the opportunity to meet any of the kids he has helped, he has heard from school staff who described his initiative as heartwarming.

Despite the high cost of living in Napanee in recent years, the generosity of its people has remained strong.

“No matter how much people may struggle, they still always help this cause. It’s amazing,” Darren shares. 

“We tend to get an additional $500 each year,” Owen says. “The custodian at my school donated this year.”

Looking ahead, for Owen, the goal remains the same.

“I just want to see people with enough winter clothes and be warm,” he says.

By Juan Romero 

Munich. The transfer of the Alpina trademark rights
on 1 January 2026 marks the launch of BMW ALPINA as an exclusive
standalone brand under the BMW Group umbrella. The initial focus will
be on brand activation. Key elements of the BMW ALPINA brand are its
unique balance of maximum performance and superior ride comfort,
combined with hallmark driving characteristics. This is complemented
by an exclusive portfolio of bespoke options and custom materials
along with unmistakeable details.

Tradition meets future.

Given the storied history of the brand, the BMW Group is aware
of its tremendous responsibility and committed to making the new BMW
ALPINA chapter one that meets the highest expectations. The new
wordmark provides a first indication. It radiates clarity, calm and
confidence. Positioned at the centre of the rear, it underlines the
standalone character of the new exclusive brand and its independent
personality within the BMW Group. It is consciously inspired by the
brand’s asymmetrical wordmark from the 1970s. The elegant,
contemporary design provides a link between history and future.

New direction for modern exclusivity.

BMW ALPINA vehicles are manufactured according to rigorous
standards for materials selection and craftsmanship. They fulfil the
most demanding expectations in terms of visuals, acoustics and feel.
Moreover, buyers can choose from a remarkable portfolio of bespoke
options. These ensure that every BMW ALPINA has its own, unmistakeable
character. Each vehicle will be an exclusive object for connoisseurs
in pursuit of the extraordinary, without compromises on performance,
comfort and individuality.

www.bmwalpina.com