MAJORITY OF BANKS CHANGE BUSINESS MODEL

Almost 80% of European banks believe the coronavirus pandemic has forced them to change their business models “forever”, as financial institutions turn to digital transformation to keep up. A 13 October report by card issuing platform Marqeta showed Covid-19 has had a“significant impact” on 96% of the continent’s banks. More than three-quarters (78%) of banking executives surveyed said they plan to change their future banking strategy as a result, incorporating more digital elements to reflect changes in consumer behaviour such as digital banking and cashless payments. SOURCE: www.fnlondon.com

NEW EU RUELS TO PROTECT SENSITIVE AREAS
Beefed-up “investment screening” rules to block foreign takeovers of European companies tied to national security entered into force Sunday, requiring EU governments to flag proposed investments in sensitive industrial sectors to the European Commission and other member states. The new foreign direct investment-screening regulations were adopted last March and now can be fully applied. The new more thorough vetting system, is part of the mounting political pushback in Europe against Chinese and other foreign investments. SOURCE: www.sciencebusiness.net

FINANCE MINISTER CALLS FOR ‘WORKING TOGETHER’
German Finance Minister Olaf Scholz said he is confident the economy can return to pre-crisis levels by 2022, but that European leaders needed to work together. “If I look to the data, we could be quite confident about the future, we have an increase in economic growth, we will have a chance that we go back to the situation we had before the crisis in the beginning of (20)22, possibly a bit earlier,” Scholz told CNBC’s Annette Weisbach on Monday. SOURCE: CNBC.com

SOME REBOUND IN BUSINESS TRAVEL
Delta Air Lines executives on Tuesday reported a “modest improvement” in corporate demand, though third-quarter business travel volumes remained a small fraction of pre-pandemic levels. The carrier reported US$3.1 billion in operating revenue for the third quarter, down 76 per cent year over year. That demonstrates a “steady improvement” from the second quarter, when revenue was just 10 per cent of 2019 levels, Delta CEO Ed Bastian said in an earnings call. Bastian said that trend will continue into the fourth quarter, projecting revenue rising to reach about a third of 2019 levels. SOURCE: www.businesstravelnewseurope.com

PHOTO: German Finance Minister Olaf Scholz