Manulife Investment Management has appointed Calvin Lim, a former executive from Bank of Singapore, as an alternatives investment specialist based in Singapore. He will focus on expanding the firm's private market capabilities in Asia, including private equity, private credit, and real assets. Hui-Jian Koh, CEO of Manulife Investment Management Singapore, emphasized the importance of these capabilities in meeting investors' income needs in a changing market.
The U.S. added 254,000 jobs in September, significantly surpassing expectations and marking a revision upward for previous months. The unemployment rate fell to 4.05%, the lowest since May, while average wages increased by 0.4% month-over-month, prompting speculation about potential interest rate cuts by the Federal Reserve in upcoming meetings.
IG
Recent financials reveal DKSH Holding's net income rose to CHF 111.2 million, despite a slight dip in sales. EFG International reported a net income of CHF 162.8 million for H1 2024, with a dividend yield of 4.74%, while CPH Group's high payout ratio raises concerns about dividend sustainability.
Moody's has confirmed the "Aa2" rating for long-term deposits and "A2" rating for long-term senior unsecured liabilities of Berner Kantonalbank (BCBE), maintaining a "stable" outlook. This decision reflects the bank's strong financial position and asset quality, while also considering credit portfolio risks related to regional residential property concentration.
EFG International shares, traded on the SWX stock exchange, were valued at CHF 5.66 on October 4, 2019. An investment of CHF 10,000 at that time would now be worth CHF 20,494.70, reflecting a 104.95% increase, with the last closing price at CHF 11.60 and a market capitalization of CHF 3.51 billion.
Stephan Preiswerk, son of Basel aristocrat Matthias Preiswerk, is set to become the Head of Private Banking at Basler Kantonalbank (BKB) in January 2025. At just 34, he transitions from Baumann & Cie, where he quickly rose through the ranks, to a position with a stable pension and taxpayer-backed salary. His career began at EY, followed by a significant role at his father's bank, showcasing his ascent in the Basel banking elite.
DSV shares surged 7% after raising $5.5 billion for the acquisition of Schenker, boosting its earnings forecast. Recordati gained 4% following its $825 million acquisition of Sanofi's Enjaymo, while Skanska rose 3% after securing multiple contracts in the U.S. Conversely, shipowners Hapag-Lloyd and AP Moller Maersk saw declines of 12% and 6%, respectively, as the end of a U.S. port strike diminished their pricing power.
Moody's has affirmed Berner Kantonalbank's "Aa2" rating for long-term deposits and "A2" for long-term senior unsecured debt, maintaining a stable outlook. Despite this positive assessment, the bank's share price dipped to EUR 243.00, with a planned dividend of EUR 10.00 per share, yielding 4.13%. Recent analyses suggest shareholders may need to consider their options carefully.
The US labor market defied expectations with over 200,000 jobs added in September, despite disruptions from strikes and Hurricane Helene. Job growth was particularly strong in the service sector, while manufacturing saw job losses for the second consecutive month. The robust labor market may influence long-term interest rate outlooks, but the Federal Reserve is likely to focus on smaller rate cuts moving forward, given the ongoing decline in inflation.
Healthcare mergers and acquisitions surged to $13.3 billion in Q3 2024, marking the highest activity level since Q3 2017, driven largely by transactions related to the Steward Health Care bankruptcy. Among 27 announced deals, four were classified as "mega mergers," including significant acquisitions by Orlando Health and Prime Healthcare. The overall transaction volume reflects a trend of portfolio realignment among large health systems, with notable divestitures aimed at reducing debt and enhancing operational efficiency.
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