The UK plans to finalize regulations for the crypto industry by 2026, aiming to align with other major financial centers. The Financial Conduct Authority will initiate discussions and consultations this quarter to address issues such as market abuse, trading platforms, lending, and stablecoins.
Kyan Health has secured USD 16.7 million in funding to enhance workplace health promotion through AI and predictive analytics. The platform, featuring the AI-powered Care Navigator "Kai," connects employees with personalized mental health resources, aiming to boost productivity and reduce absenteeism. Companies like Hitachi Energy and On have reported significant returns on investment, highlighting the effectiveness of proactive mental health strategies.
Leading banks in Vietnam reported strong profit growth in Q3 2024, driven primarily by credit activities. Vietcombank's pre-tax profit rose 18% to over $445 million, while BIDV and VietinBank also saw significant increases. The banking sector anticipates continued growth, with projections of 15-17% profit growth for 2024, supported by improved credit demand and competitive lending rates.
UBS has initiated coverage of Southwest Airlines stock, issuing a sell recommendation. This move reflects the firm's cautious outlook on the airline's performance in the current market environment. Investors are advised to consider this assessment when evaluating their positions.
The Biden administration has proposed a rule to allow Medicare and Medicaid to cover popular weight-loss drugs like Wegovy and Ozempic for millions of obese Americans, potentially costing taxpayers up to $35 billion over the next decade. This move, aimed at treating obesity as a disease, could benefit an estimated 7.5 million additional people, although research suggests that around 28 million on Medicaid may qualify. Opposition from Robert F. Kennedy Jr., a nominee for HHS secretary, highlights a debate over whether to fund these drugs or invest in healthier food and gym memberships instead.
Raiffeisenbank Region linker Zürichsee is set to open a new branch in Siebenen in fall 2026, relocating advisory services from a nearby location to enhance its presence in the March district. The 150-square-metre branch will feature modern advisory spaces and a project competition for interior design is scheduled for completion by May 2025. While Siebenen will focus on personal advisory services, the Galgenen location will shift to self-service options and expand its digital offerings.
Nearly 30,000 people are evicted annually in Switzerland for building renovations, with significant regional disparities. While two-thirds of those affected find new homes nearby, the evictions raise concerns about affordability and appropriateness, especially as rents have surged by 38% since 2016 in cities like Zurich. The study highlights the need for affordable housing amidst rising land values and the trend of demolishing older buildings for new construction.
UBS reported a record net profit of $1.4 billion in Q3 2024, nearly double analysts' expectations, driven by strong performances in Wealth Management and Investment Banking. The bank achieved $800 million in cost reductions and plans to cut 30% of its workforce, aiming for $13 billion in savings by 2026. With a robust capital position and a focus on innovation, UBS is well-positioned to navigate the evolving banking landscape.
UBS has maintained a "Neutral" rating for Carl Zeiss Meditec, setting a target price of 65 euros. Analyst Graham Doyle expresses skepticism about the medical technology sector, noting that his sales and earnings forecasts for 2025 fall below consensus estimates for 10 of the 17 stocks he covers.
The Biden administration is proposing a rule to require government coverage for weight-loss drugs, potentially benefiting 3.4 million older Americans on Medicare and an additional four million in Medicaid. This move could significantly increase healthcare costs while expanding access to obesity treatments.