In the last 10 years, European venture has experienced growth year over year at between 16 percent and 55 percent–bar one year (2016) that was down 13 percent. (2014 and 2015 each experienced growth above 50 percent year over year.)  Fast-forward to 2020: Overall European venture funding is down 17 percent for the first three quarters of 2020 compared with the peak funding year of 2019, according to Crunchbase Data. SOURCE: crunchbase.com

On Tuesday, the EU launching the first auction of bonds under its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme. Orders totalling €233m (£212m) were received, with the 10-year bonds attracting orders of €145bn (£132bn), a record for a single issue in the Eurozone sovereign debt market. Analysts had speculated that demand for the bonds might top €100bn (£91bn) but few had expected it to reach the eventual level seen. As Matthew Cairns, a strategist at Rabobank, told Reuters: “That is absolutely spectacular. It shows the market and it shows the EU that there is going to be demand for these bonds.” SOURCE: sky.com

Electric vehicle battery maker LG Chem plans to triple production capacity for cylindrical batteries used by Tesla and others, and is considering expansion in Europe and North America to meet surging demand, it said on Wednesday. The South Korean firm forecast a further rise in its battery sales and profit in the fourth quarter after posting record quarterly earnings thanks to growing demand for electric vehicle (EV) batteries. SOURCE: Reuters

UBS doubled third quarter profit and set aside $2.5 billion to return to shareholders next year, a lucrative passing of the baton from CEO Sergio Ermotti to Ralph Hamers, as the Swiss bank reaped the benefits of helping the world’s ultra-rich navigate the COVID-19 crisis. Net profit at the world’s largest wealth manager rose to nearly $2.1 billion, handily beating expectations, as clients scrambled to trade and seal deals amid a boom in markets. SOURCE: Reuters

PHOTO: LG Chem’s premises in Wroclaw, Poland