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Barclays Launches £500 Million Buyback as Confidence Grows Despite Investment Bank Struggles

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Barclays announced a surprise £500 million ($670 million) share buyback and raised its profitability target for 2025, signaling strong confidence in its income growth and cost-cutting measures. The British lender now expects to deliver a return on equity above 11% this year, supported by faster-than-expected savings and consistent capital generation over the past nine quarters, according to CEO C.S. Venkatakrishnan. Shares rose 4% in early Wednesday trading as investors welcomed the move.

Despite the upbeat outlook, the bank’s third-quarter pretax profit fell 7% to £2.1 billion, in line with market forecasts, after setting aside £235 million for a motor finance mis-selling scandal and taking a £110 million hit linked to the collapse of U.S. firm Tricolor. Excluding these provisions, profits were 13% ahead of expectations, analysts said. However, its investment banking division lagged behind Wall Street peers, with deal fees slipping 2% while U.S. rivals recorded double-digit gains.

Barclays’ global markets business grew 15% year-on-year, but the bank’s ranking in global mergers dropped to 14th place for the quarter. A bright spot was its U.S. consumer banking arm, which saw a 19% income jump driven by price hikes and the acquisition of General Motors’ co-branded cards portfolio. Addressing concerns over private credit exposure, Venkatakrishnan said the bank had limited risk, with £20 billion—or 6% of total loans—linked to the sector, 70% of which are in the United States.

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FCA Sues HTX Over Unlawful Crypto Promotions in the UK

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Britain’s Financial Conduct Authority (FCA) has filed a civil lawsuit in London’s High Court against global crypto exchange HTX, formerly known as Huobi, accusing the platform of illegally promoting crypto asset services to UK consumers. The FCA stated that HTX, which is not authorised to operate in Britain, had breached the country’s financial promotions regime, part of ongoing efforts to protect consumers and maintain market integrity.

HTX, founded in 2013 and advised by Chinese entrepreneur Justin Sun, has been a prominent player in the global crypto industry. Sun, a key backer of the Trump family’s crypto venture World Liberty Financial, reportedly spent over $75 million on the project’s tokens. Blockchain analysts have identified a wallet labelled “SUN,” believed to belong to HTX, as the top holder of U.S. President Donald Trump’s “$TRUMP” memecoin.

The FCA introduced stricter regulations in 2023 requiring firms promoting crypto assets to gain proper authorisations and register under money-laundering rules. HTX remains on the regulator’s warning list, cautioning consumers against engaging with the company. The case also targets four unnamed groups, described as “persons unknown,” believed to include HTX’s owners, operators, and promotional heads.

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Netherlands, China Seek Resolution Over Seized Chipmaker Nexperia Amid Export Block

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The Netherlands’ Economy Minister Vincent Karremans said on Tuesday that he had held talks with Chinese Minister of Commerce Wang Wentao regarding Nexperia BV, the Dutch chipmaker the government seized control of last month. The seizure, which heightened tensions between the two nations, prompted China to block exports of Nexperia’s products, sparking concern among European automakers that rely heavily on its chips.

Karremans noted that both sides discussed “further steps toward reaching a solution” that would serve the interests of the company as well as both the Chinese and European economies. The move marks a potential step toward easing the diplomatic standoff that has disrupted semiconductor supply chains across Europe.

Meanwhile, Nexperia’s China-based operations have begun asserting autonomy in the wake of the dispute, informing employees they can reject “external instructions.” Nexperia remains a subsidiary of Shanghai-listed Wingtech Technology Co. Ltd. (600745.SS), which manufactures and packages most of the company’s chips in China.

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Slovak Court Sentences Robert Fico’s Attacker to 21 Years for Terrorism

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A Slovak court on Tuesday sentenced 72-year-old Juraj Cintula to 21 years in prison after finding him guilty of terrorism for shooting Prime Minister Robert Fico in May 2024. Cintula fired five shots at close range as Fico greeted supporters in the central town of Handlova, wounding him in the abdomen, hip, hand, and foot. The verdict by the Specialised Criminal Court in Banska Bystrica concluded a high-profile trial that began in July, determining that the act targeted the head of government, not just an individual citizen.

Cintula, a retired mine worker and activist, admitted to the attack but denied intending to kill Fico, claiming he only wanted to stop the prime minister’s “damaging” policies. He called the ruling “unjust” and vowed to appeal. Judge Igor Kralik said the terrorism conviction was justified since the assault aimed to influence political developments in the country. The sentence fell short of a life term, which prosecutors had sought.

The shooting underscored deep divisions within Slovak society. Fico, who returned to power in 2023, has been accused by critics of eroding democratic norms and aligning Slovakia more closely with Moscow. His government halted military aid to Ukraine, restructured the national broadcaster, and introduced controversial criminal code reforms. Despite ongoing health issues from the attack, Fico has said he forgives his assailant.

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Prince Andrew Renounces Duke of York Title Amid Ongoing Scandals

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Britain’s Prince Andrew announced on Friday that he would relinquish the use of his title, Duke of York, following years of controversy surrounding his association with the late U.S. sex offender Jeffrey Epstein and other allegations that have tarnished his reputation. The 65-year-old prince, who is eighth in line to the throne, said he was stepping back further to avoid distracting from King Charles III and the wider royal family’s duties. “I have decided to put my duty to my family and country first,” Andrew said in a statement, adding that the decision was made with the king’s agreement.

Once celebrated as a naval officer and veteran of the Falklands War, Andrew’s public image has been in decline for over a decade. He was forced to quit his role as UK trade ambassador in 2011 and stepped down from all royal duties in 2019. In 2022, he was stripped of military links and patronages after being accused of sexual misconduct by Virginia Giuffre, a case he settled out of court while continuing to deny all allegations. The renewed attention on the scandal following Giuffre’s memoir has intensified public scrutiny.

A recent YouGov poll showed 67% of Britons support removing Andrew’s remaining royal titles, reflecting widespread disapproval. While he remains a prince and will continue living at Royal Lodge near Windsor Castle, he will no longer attend key royal gatherings, including Christmas at Sandringham. His daughters, Princess Beatrice and Princess Eugenie, remain unaffected, but his former wife, Sarah Ferguson, will no longer be known as the Duchess of York. Historians note that such a move — a senior royal relinquishing a dukedom — is unprecedented in over a century.

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France Opens Terror Probe into Alleged Plot to Attack Exiled Russian Activist

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France’s anti-terrorism prosecutor has launched a formal investigation into four men accused of plotting an attack against a Russian opposition figure living in exile. Although officials have not disclosed the intended target, Vladimir Osechkin, a Biarritz-based Russian activist, claimed on his Telegram channel that the alleged plot was directed at him. Osechkin thanked French police and intelligence services for ensuring his safety.

Osechkin is the founder of Gulagu.net, a human rights organization that exposes torture and abuse within Russia’s prison system. The four suspects, aged between 26 and 38, were arrested on Monday following an investigation by France’s domestic intelligence agency DGSI. Authorities suspect the men of being part of a terrorist organization and planning “crimes against persons.” They have since been placed under formal investigation and remain in custody.

French prosecutors have not revealed the nationalities or exact arrest locations of the suspects. Osechkin, who has been on Russia’s wanted list since 2021 after his group leaked extensive evidence of systemic torture in Russian prisons, remains under French protection. While a formal investigation in France does not indicate guilt, it allows judicial authorities to pursue deeper inquiries into the case.

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Polish Court Blocks Extradition of Ukrainian Suspect in Nord Stream Explosions

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A Polish court has rejected Germany’s request to extradite a Ukrainian suspect linked to the 2022 Nord Stream gas pipeline blasts, a ruling that aligns with the stance of Poland’s government. The suspect, identified as Volodymyr Z., is wanted by German prosecutors for allegedly helping plant explosives on the undersea pipelines that once transported Russian gas to Europe.

Prime Minister Donald Tusk had earlier stated that while the decision rested with the courts, extraditing Volodymyr Z. was not in Poland’s national interest. He remarked that the issue was not the destruction of the pipelines but their construction, which he said had made Europe overly dependent on Russian energy. The Nord Stream explosions in September 2022 severely disrupted gas supplies from Russia, intensifying the energy crisis amid the ongoing war in Ukraine.

According to German investigators, Volodymyr Z. and others allegedly rented a yacht and placed explosives near Denmark’s Bornholm island. He faces charges of conspiring to commit an explosives attack and engaging in “anti-constitutional sabotage.” His Polish lawyer has denied all accusations, questioning whether the case — involving the destruction of Russian property by a Ukrainian during wartime — should even constitute a criminal offense.

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UK Economy Sees Modest Growth in August Ahead of Pre-Budget Uncertainty

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Britain’s economy edged back into growth in August, expanding by a marginal 0.1% from July, official data revealed on Thursday, providing a slight boost ahead of Finance Minister Rachel Reeves’ November budget. However, GDP for July was revised downward to show a 0.1% decline from June, highlighting ongoing volatility in the economy, according to the Office for National Statistics (ONS). Annual growth stands at 1.3%, leaving limited room to avoid potential tax increases.

Economists noted that growth remains fragile, with early indicators for September pointing to muted expansion. Public health service activity supported the slight quarterly growth of 0.3% in the three months to August, while consumer-facing services contracted. Experts warned that the services and construction sectors are in a “pre-budget funk,” and uncertainty around fiscal policy could dampen household and business spending further.

The Bank of England is maintaining a careful stance, keeping interest rates at 4% amid stubborn inflation and weak growth. Governor Andrew Bailey noted a softening labor market, with rising unemployment and slowing private sector wage growth. Monetary Policy Committee member Alan Taylor also flagged the risks of a “bumpy landing,” citing the ongoing effects of U.S. trade tariffs and domestic budget uncertainty.

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PM Starmer Publishes Evidence in Spy Case Amid China Tensions

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British Prime Minister Keir Starmer on Wednesday released senior security officials’ evidence in the high-profile prosecution of two men accused of spying for China, aiming to show that the case’s collapse was not due to government interference. Last month, the Crown Prosecution Service (CPS) unexpectedly dropped charges against the men, who had denied sharing politically sensitive information with a Chinese intelligence agent. The CPS said the decision stemmed from a lack of official evidence confirming that China posed a threat to UK national security, despite months of requests to the government

The published documents, including witness statements from Deputy National Security Adviser Matthew Collins, detailed Chinese malign activity and espionage efforts but stopped short of explicitly declaring China a threat to national security. Collins noted that while bilateral trade and investment benefit both countries, China presents the “biggest state-based threat to the UK’s economic security.” The documents also emphasized the UK government’s commitment to maintaining a positive relationship with China to foster cooperation and stability.

Opposition parties, however, accused the government of a cover-up. Conservative leader Kemi Badenoch claimed the situation “stinks of a cover-up,” while a party spokesperson criticized Starmer for not intervening before the trial’s collapse, despite being aware of the impending outcome. The case has drawn scrutiny for allegedly involving sensitive information about briefings to former Prime Minister Rishi Sunak, intensifying debates over national security and diplomatic ties with China.

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Russia Dismisses Trump’s Warning of Economic Collapse Amid Gasoline Shortage Reports

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One of Russian President Vladimir Putin’s top economic officials has rejected U.S. President Donald Trump’s claims that Russia’s economy is on the brink of collapse. Trump, in remarks on Tuesday, said Russia faced “long lines waiting for gasoline” and urged Putin to end the war in Ukraine, which he said was making Russia “look bad.” In response, Deputy Prime Minister Alexander Novak said Russia’s domestic fuel supply remains stable, with a balance maintained between production and consumption.

Speaking at an energy conference in Moscow, Novak emphasized that the government was taking all necessary steps to ensure continued stability in the domestic market. “We have a stable domestic market supply, we see no problems in this regard,” he said, countering Western reports of shortages. Russia’s economy, however, has shown signs of slowing, with GDP growth forecasted at 1% for 2025, compared to over 4% in the past two years.

Recent gasoline shortages in some peripheral regions were attributed to high interest rates deterring winter stockpiling and Ukrainian drone attacks that damaged refinery capacity. The Kremlin has since prioritized fuel distribution to affected areas, maintaining that the economy is deliberately cooling to prevent overheating. Moscow insists its economy has adapted to Western sanctions, while Western analysts argue that rising pressure could eventually strain Russian society and force policy shifts over the prolonged Ukraine conflict.

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