Global law firm White & Case LLP has advised a bank syndicate on Euronext’s €600 million bond issue and a cash tender offer for its existing €600 million bonds due 2026.
The transaction enables Euronext to proactively manage the overall maturity profile of its debt in an efficient manner.
Euronext is the leading European capital market infrastructure that provides markets for issuers, investors, trading members and market participants throughout Europe and beyond. It is a listed public limited liability company and its shares are admitted to trading on European regulated markets.
The White & Case team in Paris which advised on the transaction was led by partners Tatiana Uskova and Olga Fedosova.
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Tesla has launched the lower-priced version of its Model 3 sedan in Europe in a push to revive sales after a backlash against Elon Musk’s work with Donald Trump and weakening demand for electric vehicles.
Musk, the electric car maker’s chief executive, has argued that the cheaper option, launched in the US in October, will reinvigorate demand by appealing to a wider range of buyers.
The new Model 3 Standard is listed at €37,970 in Germany, €330,056 Norwegian kroner and €449,990 Swedish kronor. The move follows the launch of a lower-priced Model Y SUV, Tesla’s bestselling model, in Europe and the US.
Tesla sales have slumped across Europe as the company faces increasingly tough competition from its Chinese rival BYD, which outsold the US electric vehicle maker across the region for the first time in spring.
Sales across the EU have also been hurt by a buyer backlash against Musk’s support for Trump’s election campaign and period working in the president’s administration.
In his role running theDepartment of Government Efficiency, or Doge, the tech billionaire led sweeping job cuts, but quit in May and after falling out with Trump over the “big, beautiful” tax and spending bill.
He has also alienated customers through other controversial political interventions, including appearing to give a Nazi salute at Trump’s victory rally, showing support for Germany’s far-right AfD party, and accusing Keir Starmer and other senior politicians of covering up the scandal about grooming gangs.
New taxes on electric cars in last month’s budget could undermine UK demand, critics have said. UK electric car sales grew at their slowest rate in two years in November, at just 3.6%, according to figures from the Society of Motor Manufacturers and Traders (SMMT).
“[This] should be seen as a wake-up call that a sustained increase in demand for EVs cannot be taken for granted,” said Mike Hawes, the chief executive of the SMMT. “We should be taking every opportunity to encourage drivers to make the switch, not punishing them for doing so.”
The chancellor’s new pay-per-mile road tax on EVs will charge drivers 3p for every mile from April 2028, costing motorists about £250 a year on average.
The U.S. Food and Drug Administration (FDA) has issued new draft guidance to reduce the use of non-human primates for certain monoclonal antibody (mAb) products. These laboratory-produced antibodies are engineered to target disease in the same way as those naturally made by the immune system.
For monospecific antibodies, which target one specific molecule, and work through well-understood human biology, the FDA indicates that long-term primate toxicity studies lasting six months may be reduced or removed altogether. The agency also points to the increasing use of modern human-relevant tools, such as computer-based methods, organoid systems and real-world human safety data, to help assess the safety of new medicines.
This reflects long-standing scientific concerns about how inaccurately primate studies predict human responses for many biological products, and represents a practical step toward more efficient, human-focused drug evaluation. The proposal is also consistent with the FDA’s 2025 roadmap to reduce reliance on animal testing.
Actions like this are important because progress depends on implementation, not just intention. Roadmaps only deliver meaningful change when high-level commitments are followed by concrete steps, and this draft guidance is a welcome indication that the FDA is beginning to put its strategy into practice.
There are further opportunities to build on this progress, including addressing animal tests highlighted in our Replace Animal Tests (RAT) List. These tests continue despite the availability of valid non-animal methods, largely because of gaps in guidance and slow removal of outdated requirements. Whilst only some are relevant to the FDA, the principle remains clear: when reliable non-animal methods are available, they should be used in place of animal tests.
The draft guidance also reflects scientific principles we consistently highlight through our role as Secretariat to the International Council on Animal Protection in Pharmaceutical Programs (ICAPPP). These include reducing the reliance on specific animal species as the default option, selecting models based on biological relevance, and using more human-relevant tools such as cell-based and computer-based methods. This is relevant because the FDA’s proposal is intended to supplement international guidance on medicines testing, including regulation ICH S6, which ICAPPP has encouraged regulators to review. It is promising to see these concepts gaining momentum in wider efforts to update regulations.
Looking ahead, additional opportunities exist to modernise international requirements. One important area is the routine use of a second species (typically dogs) in medicines testing. This requirement is embedded in ICH M3, another internationally used guideline for medicines testing. Growing evidence supports a more flexible, science-driven approach that would reduce unnecessary animal testing. We have done extensive work on this and hope that progress to reduce primate testing will help spark broader updates to outdated regulatory testing requirements.
Our Deputy Director of Science and Regulatory Affairs, Laura Alvarez, said: “Reducing tests on primates is a sensible and necessary step away from outdated methods and towards modern, human-relevant science. We are encouraged to see movement on the FDA’s roadmap and hope this progress accelerates a wider transition away from long-standing animal testing requirements where non-animal approaches exist.”
(Bloomberg) — The S&P 500 is set to continue its advance toward a new all-time high as the prospect of interest-rate cuts and confidence in the economy fuel investors’ appetite for risk.
Futures on the US benchmark rose on Friday after the index closed within 0.5% of a fresh record. The gauge is set for its first back-to-back weekly gain since October, signaling that traders are shaking off November’s jitters over valuations and the lack of visibility on the economy during the data blackout.
Nasdaq 100 contracts climbed 0.4%, while European and Asian gauges also added to the week’s gains. A measure of volatility dropped to the lowest since October. The dollar slipped, while Treasuries steadied. Bitcoin nudged lower toward $91,000.
With a rate cut next week largely priced in and bets pointing to further easing into 2026, investors are gearing up for a year-end rally in what is typically a supportive month for stocks. Growing confidence that the US economy remains resilient, despite softer employment, is also prompting rotations into stocks that tend to benefit from domestic strength.
“Santa will bring presents for everybody, toys for the kids and gains for investors,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Apart from the regular seasonality there are plenty of other reasons supporting the market: rate cuts and ongoing M&A activity are some of them.”
Later on Friday, markets will a get a dated reading on the Federal Reserve’s preferred inflation gauge. The figures will include the personal consumption expenditures price index and a core measure that excludes food and energy.
Economist project a third-straight 0.2% increase in the core index for September. That would keep the year-over-year figure hovering a little below 3%, a sign that inflationary pressures are stable, yet sticky.
While the data is unlikely to derail a December rate cut, it “may change the tone from Chairman Powell,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “If he emphasizes inflation risks in his press conference, markets may reprice the rate trajectory for 2026, thereby increasing the pressure on the long end of the curve and on equity market valuations.”
The September income and spending report — also delayed because of a government shutdown — is due to be released as well.
In a sign that institutional appetite for the world’s largest cryptocurrency remains subdued, BlackRock Inc.’s iShares Bitcoin Trust recorded its longest streak of weekly withdrawals since debuting in January 2024.
Investors pulled more than $2.7 billion from the exchange-traded fund over the five weeks to Nov. 28, according to data compiled by Bloomberg. With an additional $113 million of redemptions on Thursday, the ETF is now on pace for a sixth straight week of net outflows.
In commodities, copper rose to a record after a bullish price outlook from Citigroup Inc. and expectations of a shortage caused by stockpiling in the US. Gold headed for the biggest gain in a week. Brent crude fluctuated near $63 a barrel.
Corporate News
Health-care group Cooper Cos’ shares jumped in premarket trading after a guidance beat and the launch of a strategic review. Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, soared as much as 502% in its Shanghai debut after raising 8 billion yuan ($1.13 billion) in an IPO. Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions. Nvidia Corp. would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday in a bid to codify existing US restrictions on exports of advanced semiconductors to the Chinese market. Swiss Re AG announced its first share buyback in five years while disclosing a $250 million charge. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.3% as of 10:43 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index was little changed The MSCI Emerging Markets Index rose 0.8% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1649 The Japanese yen was little changed at 155.09 per dollar The offshore yuan was little changed at 7.0674 per dollar The British pound was little changed at $1.3338 Cryptocurrencies
Bitcoin fell 0.8% to $91,427.4 Ether rose 0.7% to $3,144.68 Bonds
The yield on 10-year Treasuries was little changed at 4.11% Germany’s 10-year yield was little changed at 2.78% Britain’s 10-year yield was little changed at 4.44% Commodities
Brent crude fell 0.1% to $63.17 a barrel Spot gold rose 0.4% to $4,224.07 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling and Sidhartha Shukla.
The European Anti-Fraud Office (OLAF) received a prestigious award from the Association for the Defence of Trademarks (ANDEMA), Spain’s leading industrial property body, in recognition of its outstanding commitment to combating counterfeiting and defending intellectual and industrial property rights across Europe.
The award was presented during a ceremony held on 27 November in Barcelona, as part of the European Industrial Property Forum. OLAF accepted the honour, underscoring its enduring role in safeguarding a fair, safe and competitive European market.
“ANDEMA’s recognition is a tribute to the work carried out by OLAF across borders to uphold legality and protect fundamental rights in the internal market. It also reinforces the importance of sustained cooperation with our partners. Our joint expertise and commitment make it possible to fight against increasingly sophisticated counterfeit networks,” said Ernesto Bianchi, Director of Investigations and International Operations at OLAF.
OLAF’s work in protecting intellectual property and tackling counterfeits is essential for building trust among EU citizens, businesses and institutions. Counterfeits undermine legitimate economic activity and erode confidence in the internal market. Even more worrisome, counterfeits pose serious risks to consumer health and safety, as well as to the environment, because they often bypass quality controls, use hazardous materials and generate untraceable waste. By coordinating effective, cross-border actions with partners such as EUIPO, customs authorities and international stakeholders, OLAF helps ensure that European industry and consumers are shielded from the damaging effects of counterfeits.
In recent years, OLAF has stepped up joint efforts with the European Union Intellectual Property Office (EUIPO) in strategic initiatives tackling some of the most pressing threats such as online counterfeiting and e-commerce fraud, counterfeiting of construction materials as well as everyday products.
Background
Counterfeits pose a wide range of risks. Beyond economic harm, counterfeits can threaten consumer health and safety, distort competition, and damage technological innovation and job creation. OLAF’s interventions help preserve consumer trust in markets and foster a level playing field for businesses of all sizes.
Through its investigations, partnerships and anti-fraud strategy, OLAF continues to support a European marketplace that rewards creativity, safeguards legality and protects consumer confidence.
ARMONK, N.Y., Dec. 5, 2025 /PRNewswire/ — The Digital Operational Resilience Act (DORA) is a European Union regulation designed to ensure that financial entities—such as banks, insurance companies, and investment firms—and their critical Information and Communication Technology (ICT) providers can withstand and recover from technology disruptions, including cyber incidents and technical failures.
IBM (NYSE: IBM) was recently designated by the European Supervisory Authorities (EBA, EIOPA, ESMA) as a critical ICT third-party provider under DORA. This designation reflects the essential role that technology providers like IBM play in supporting the resilience of Europe’s financial sector.
The objective is clear: strengthen operational resilience across Europe’s financial ecosystem, mitigate systemic risk, and ensure trust in the stability and security of digital services.
What This Means for IBM and our Clients
IBM has long been a trusted partner to the world’s financial services firms, with decades of experience supporting the financial sector and collaborating with financial regulators and oversight bodies worldwide.
This designation places IBM in-scope for supervision by European Supervisory Authorities as a critical third-party provider, and we will work closely with the ESAs to ensure operational and technical resilience that is critical to Europe’s financial system.
For our clients, this designation reinforces IBM’s longstanding commitment to operational resilience and regulatory compliance. We will continue to provide guidance and resources to help financial institutions meet their own DORA obligations while maintaining innovation and competitiveness.
Ahead of DORA’s implementation, we have worked across our technology and services units to address requirements for both IBM and our clients, contributing to an EU-wide framework that protects the stability of Europe’s financial system. We continually strengthen our cybersecurity technologies, defenses, and governance worldwide to meet the highest standards of security and operational resilience.
We look forward to constructive engagement with the European Supervisory Authorities and to drawing on our deep expertise in risk management, cybersecurity, and regulatory compliance to help clients navigate evolving requirements with confidence.
Our priorities include:
Collaborating with regulators to ensure compliance and transparency
Supporting financial institutions in meeting their own DORA obligations
Investing in resilience to safeguard stability and trust in digital services
Together, we can help Europe’s financial ecosystem remain secure, resilient, and ready for the future.
Learn more:
About IBM
IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.
For more information, visit https://research.ibm.com.
The Basel Committee has published a consultation on a standard format for machine-readable disclosures by banks.
The proposed standard format would make existing disclosure by banks more accessible and easier to aggregate.
Comments on the proposals are requested by 5 March 2026.
The Basel Committee on Banking Supervision today published a consultative document proposing additions to its disclosure standard to make the data disclosed by banks (so-called Pillar 3 disclosures) available in a machine-readable format.
Pillar 3 disclosures by internationally active banks under the Basel Committee’s standards are an important source of their key risk metrics. Most banks, however, currently publish their disclosures in PDF format only, which makes it difficult to aggregate, process and compare data across banks.
To make Pillar 3 disclosure data more accessible, the Committee is proposing that they should be made available in standardised machine-readable formats across its member jurisdictions. The proposed standard would introduce a requirement and technical specifications to produce machine-readable quantitative Pillar 3 disclosures, without changing the underlying disclosure requirements for banks. National supervisors would decide whether banks should publish machine-readable Pillar 3 disclosures on their own websites or via a centralised data repository.
It is also envisaged that the proposed standard would not increase burdens on banks in jurisdictions where machine-readable Pillar 3 disclosures are already required. Instead, existing approaches would be integrated into the proposed global standard.
The Committee welcomes comments on the proposed additions to the standard covering machine-readable quantitative Pillar 3 disclosures, which should be submitted here by 5 March 2026. All submissions will be published on the BIS website unless a respondent specifically requests confidential treatment.
Note to editors
The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank.
More information about the Basel Committee is available here.
In September 2025, compared with August, the total market production increased by 0.4% in the EU and by 0.1% in the euro area.
The total market production index (TMPI) is a composite indicator that combines 4 short-term business statistics indicators covering most of the market economy, i.e. production in industry, construction and services as well as the trade volume.
The rise of the total market production in the EU in September was driven by increases in industrial production and trade volume (+0.8% and +0.6%, respectively). Construction and services production remained at the same levels as in August.
Compared with September of the previous year, total market production increased by 2.1% in the EU and by 1.8% in the euro area.
This information comes from data on market production published by Eurostat today.
