UBS has lowered its target price for Novonesis A/S to DKK 455 while maintaining a neutral rating. The company, a leader in enzyme and microorganism production, generates net sales primarily from cleaning products (28.5%), bioenergy (24.8%), and the food industry (22.1%), with significant revenue from North America (33.9%) and Europe/Middle East/Africa (33.5%).
UBS has lowered the target price for Novonesis A/S to DKK 455, maintaining a neutral stance on the company. As a leading producer of enzymes and micro-organisms, Novonesis generates sales primarily from the cleaning and household products industry (28.5%) and bioenergy (24.8%), with significant contributions from food and human health (22.1%) and agriculture (11.8%). Geographically, North America accounts for 33.9% of sales, followed by Europe-Middle East-Africa (33.5%) and Asia-Pacific (18.5%).
Coffee prices are on the rise as Nestle and Continental Coffee implement multiple hikes this year, impacting consumers significantly. Nestle's 45-gram jar has increased from Rs 180 to Rs 230, while the 90-gram jar rose from Rs 350 to Rs 440. The surge is attributed to rising Arabica bean prices, driven by adverse weather in Brazil and Vietnam, alongside increased input costs for both companies.
Eastern Switzerland's financial institutions are facing significant challenges, particularly Raiffeisen, which is grappling with IT issues and customer dissatisfaction. CEO Heinz Huber will step down at the end of the year amid a 500 million franc debacle, yet he will take on the role of Chairman at Graubündner Kantonalbank in July 2025. The region's banking sector continues to be marred by scandals and governance concerns, raising questions about the accountability of its leaders.
Beatrice Bösiger, originally from Burgdorf (BE), has an academic background in German, Philosophy, and Cultural Studies from institutions in Bern, Zurich, and Vienna. She served as an editor for Wirtschaftsblatt in Austria and was a correspondent in Moscow from 2012 to 2016, focusing on business and politics in Russia, Ukraine, Belarus, and Central Asia. Since 2018, she has been an editor at Finanz und Wirtschaft, specializing in banking, insurance, private markets, cryptocurrencies, and fintech, and recently joined the NZZ business department in October 2024.
AstraZeneca is enhancing its global operations with a $3.5 billion investment in the U.S. through 2026, creating over 1,000 high-skilled jobs, while navigating challenges in China following leadership changes. Strong demand for cancer and rare-disease treatments has led to improved financial performance, prompting a raised sales outlook. The company’s strategic refresh includes new board appointments to bolster governance and digital capabilities, reflecting confidence in its growth trajectory.
IG
Dow futures are rising as investors await the final rate decision and economic forecast of the year. Intraday data is provided by FACTSET, with all quotes reflecting local exchange time. Real-time U.S. stock quotes are based on trades reported through Nasdaq, while intraday data may be delayed by at least 15 minutes.
The Australian Securities and Investments Commission (ASIC) has initiated legal action against Binance Australia Derivatives for allegedly misclassifying over 500 retail clients as wholesale investors, depriving them of essential consumer protections. ASIC criticized Binance's compliance systems as "woefully inadequate," leading to significant financial losses for clients. The lawsuit highlights multiple regulatory violations, including the failure to provide necessary disclosures and dispute resolution mechanisms, prompting ASIC to cancel Binance's Australian financial services license in April 2023.
Ohio Representative Derek Merrin has introduced House Bill 703, allowing the state treasury to invest in Bitcoin to address concerns over the devaluation of the U.S. dollar. The bill aims to create a BTC fund, granting the state treasurer authority to allocate funds flexibly as part of Ohio's financial strategy. If not passed before the current legislative session ends on December 31, 2024, the proposal will need to be reintroduced in the next session starting January 2025.
Rothschild & Co Bank in Switzerland is set for a management change as Patrick Eisenring will take over as Chief Financial Officer on January 1, 2025. Current CFO Christian Bouet, who has served for eleven years, will transition to a role on the bank's Board of Directors while continuing to oversee the Wealth and Asset Management division. Eisenring, who has been with Rothschild & Co since 2017, previously held positions at Credit Suisse and Hewlett Packard.
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