Core Insights - Women We Admire has announced The Top 50 Women Leaders of New York for 2025, highlighting the city's role as a cultural and commercial powerhouse with over 20 million residents [1] Group 1: Honorees - Shilpa Bangera, President and Global Head of Payments at Adyen, is recognized for her leadership in fintech, focusing on growth, innovation, and teamwork [2] - Emma Andrews, Vice President of Global Patient Advocacy at Pfizer, is honored for her efforts in embedding the patient perspective in company initiatives, aiming to improve patient outcomes [3] - Vynessa Alexander, Senior Vice President at Infor, is acknowledged for her extensive experience in technology and operations management, guiding young professionals in their career growth [4] Group 2: Additional Honorees - The list includes notable leaders from various industries such as Sherry Cassano (Pfizer), Jennifer Remling (Warner Bros. Discovery), and Marissa Tracey (Deutsche Bank), showcasing a diverse range of sectors represented [6] Group 3: Organization Overview - Women We Admire aims to recognize and inspire women leaders across various fields, circulating content to over 70,000 individuals and businesses [7]

An ex-manager of Deutsche Bank sued his former employer in a London court over commercial fraud, according to a filing made public this week https://t.co/VeMLevLC1v ...

Core Insights - The "Made for Germany" initiative aims to invest approximately €735 billion over the next three years to boost the German economy [1] - The initiative, led by prominent companies such as Siemens and Deutsche Bank, has seen its membership grow from 61 to 105 since its inception this summer [1] - German Chancellor Merz described the initiative as one of the largest investment plans in decades, with a commitment to invest over €631 billion in Germany by 2028 [1] - The newly announced €735 billion includes planned investments, new capital expenditures, R&D spending, and commitments from international investors [1] - Julia Braune, CEO of the German Federal Foreign Trade and Investment Agency, emphasized the strategic significance of the growing investment scale and membership, highlighting opportunities for international companies to engage deeply with the German economy [1]

Core Insights - Deutsche Bank's report emphasizes that companies are still in the early stages of developing their AI transformation roadmaps after attending the 2025 New York AI Leaders Summit [1] Group 1: Investment Return and Data Readiness - There is a lack of consensus on measuring return on investment (ROI), with business leaders defining their own key metrics [2] - Data readiness remains critical, with management's understanding of data and its storage locations being fundamental issues [2][3] - Only 10%-20% of total time is reportedly spent on training models, indicating that the quality of models heavily depends on input data [2] Group 2: AI Implementation and Governance - Approximately 80% of clients are still in the phase of optimizing existing business processes, while 20% are more willing to experiment [2] - Regulatory and governance policies are seen as barriers to the speed of AI adoption across enterprises [3] - Many leaders believe that maintaining human involvement in agent processes is crucial for reasonableness checks [2][3] Group 3: Preferences and Strategies - There is an increasing preference for small language models (SLMs) over large language models (LLMs) due to better control and efficiency [3] - Multi-cloud strategies appear to be the preferred approach, with leaders favoring a "best of breed" method [3] - Low-risk and repetitive workloads are identified as the first areas to leverage AI, with significant opportunities for value creation in backend functions [3] Group 4: Survey Insights - 73% of participants believe their organizations are making uneven progress in AI application journeys, with only 18% of systems in production and 9% in early pilot stages [4] - 70% prioritize balancing AI innovation with security, while the rest distribute focus among rapid deployment, risk management, and regulatory compliance [4] - The biggest barrier to creating seamless AI-driven customer experiences is legacy system integration (56%), followed by unclear ROI (33%) and data silos (11%) [4]

The EU should water down its new capital rules for banks by ensuring that certain elements never fully bite, according to Deutsche Bank CFO James von Moltke https://t.co/aE3R2FhukP ...

Core Viewpoint - Deutsche Bank believes that central banks and exchange-traded funds (ETFs) are becoming the main driving forces behind gold prices, which recently surpassed $3,800, reaching a historical high due to various factors including U.S. interest rate cut expectations and geopolitical tensions [1] Group 1: Economic Indicators and Market Sentiment - The U.S. Commerce Department reported that the core Personal Consumption Expenditures (PCE) index rose by 0.2% month-on-month and remained stable at 2.9% year-on-year, aligning with market expectations [3] - Traders currently estimate a nearly 90% probability of a Federal Reserve rate cut in October and about a 65% chance of another cut in December, driven by the recent moderate inflation data [4] - Investor sentiment is optimistic, with expectations that gold prices may test historical highs again this week, although heavy long positions in the gold market may require caution [4] Group 2: Geopolitical and Government Factors - The U.S. government faces a shutdown risk, with President Trump scheduled to meet with congressional leaders to negotiate funding extensions [4] - The potential government shutdown may delay the release of key economic data, including job vacancies and non-farm payroll reports, which investors are closely monitoring [5] Group 3: Gold Demand and Supply Dynamics - Central banks are expected to continue increasing their gold holdings, with annual net purchases exceeding 1,000 tons since 2022, and projected to reach 900 tons by 2025 [6] - The World Gold Council (WGC) indicates that central bank purchases will account for 23% of total annual demand from 2022 to 2025, double the average from 2016 to 2021 [6] Group 4: Currency and Investment Trends - The U.S. dollar index fell by nearly 0.3%, dropping below 98, with a cumulative decline of over 10% this year due to Fed rate cut expectations and trade policies [8] - The relationship between gold and the dollar has been notably inverse, with a weaker dollar supporting gold prices [8] Group 5: ETF Investment and Market Impact - Gold ETFs have become a significant source of demand, with inflows reaching 397 tons in the first half of the year, the highest since 2020 [9] - Deutsche Bank reports that the influence of ETFs on gold pricing has increased by 50% over the past three years, supporting a bullish price target of $4,000 per ounce [9] Group 6: Retail and Jewelry Demand - Retail investment in gold products shows strong demand, with gold bar investment expected to grow by 10% in 2024, while coin purchases are projected to decline by 31% [10] - Jewelry demand is sensitive to price changes, with high gold prices leading to a decrease in demand, particularly in major markets like China and India [11]

Core Insights - Swift is collaborating with Consensys and a consortium of over 30 global banks to integrate a blockchain-based shared ledger into its technology stack, enabling direct recording, sequencing, and validation of financial transactions [1][2] - The initiative aims to enhance real-time, 24/7 cross-border payments, with the architecture and governance shaped by feedback from participating banks [3][4] Group 1: Consortium and Collaboration - The consortium includes major global banks such as JPMorgan Chase, Bank of America, Deutsche Bank, HSBC, and others from 16 countries [2] - Swift has engaged Consensys to develop a conceptual prototype focusing on cross-border payments [3] Group 2: Technological Features - The shared ledger will serve as a secure, real-time transaction log, utilizing smart contracts to enforce rules [4] - Interoperability is a key design priority, ensuring compatibility with both private and public distributed ledger networks and existing fiat systems [4] Group 3: Strategic Vision - Swift's CEO emphasized the initiative as a step towards creating the future infrastructure for financial institutions, enhancing the payments experience [5] - The project is part of a broader digital transformation strategy within the financial industry [5] Group 4: Previous Initiatives - Swift, UBS Asset Management, and Chainlink completed a pilot project for settling tokenized fund subscriptions and redemptions, integrating digital asset transactions with traditional fiat systems [6][7]

Core Insights - The current surge in gold prices is driven by two main forces: central banks and exchange-traded funds (ETFs) [1] - Gold prices reached a new historical high of $3,830, marking a year-to-date increase of over 45% [1] - Deutsche Bank's report indicates that the influence of ETFs on gold pricing has increased by 50% over the past three years, supporting their bullish target price of $4,000 for gold [1] Group 1: ETF Influence - ETF investors are experiencing one of the highest gold holdings years since the product's inception, with the SPDR Gold Shares ETF being particularly popular [1] - The assets under management (AUM) for ETFs in dollar terms are 70% higher than in 2020, yet the current gold holdings of 15 million ounces are still below the 17 million ounces seen in 2020, indicating potential for growth [1][2] - A recent analysis using the Granger causality test revealed that changes in gold prices drive ETF fund flows, rather than the other way around [2] Group 2: Demand Dynamics - Official demand from central banks is less sensitive to price changes, with an annual increase of 400 to 500 tons of gold demand over the past three years coinciding with significant price increases [4] - In contrast, jewelry demand is highly sensitive to price fluctuations, with rising gold prices leading to decreased jewelry demand, and increased jewelry demand potentially signaling a bearish outlook for gold prices [4] - ETF investors exhibit lower demand elasticity, which may explain why gold prices have consistently exceeded analyst predictions [4] Group 3: Market Trends - Recent data from Michael Hartnett's weekly fund flow report indicates a record inflow of $17.6 billion into gold funds over the past four weeks, highlighting strong demand for gold ETFs [5] - Hartnett attributes the rise in precious metal prices to inflation policies and a "war bull market," suggesting that despite being overbought from a tactical perspective, gold should be held long-term due to its structural underallocation in portfolios [5]

Group 1 - Gold prices have been strong in recent months, reaching a high of $3,800 per ounce due to strong demand from ETFs and global central banks [1] - ETFs have made a strong comeback, ranking among the top three in gold reserves this year, with their impact on gold prices being 50% higher compared to the period from 2021 to 2024 [1] - Central banks have been increasing their gold holdings by approximately 400 to 500 tons annually since 2021 [1] Group 2 - Jewelry demand is elastic, meaning it decreases when prices rise, and an increase in jewelry demand could negatively impact gold prices as it may require lower prices as an incentive [2] - If the increase in ETF holdings is a significant factor in gold price appreciation, a halt or reversal of these inflows could pose a downside risk [2] - Typically, when U.S. Treasury yields decline, investors are more inclined to increase their gold holdings in ETFs [2]

Core Insights - The price of gold has reached an all-time high, driven by significant demand from central banks and exchange-traded funds [1] Group 1: Market Drivers - Central banks are actively purchasing gold, contributing to the surge in prices [1] - Exchange-traded funds (ETFs) are also playing a crucial role in driving demand for gold [1]