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Walgreens to close 1200 stores amid financial struggles and competition

Walgreens plans to close approximately 1,200 unprofitable stores across the U.S. over the next three years, starting with 500 in fiscal year 2025, as part of a turnaround strategy under CEO Tim Wentworth. This decision, affecting about 13% of its locations, comes amid challenges from rising competition and declining drug reimbursement rates, despite a 6% revenue increase last fiscal year. The pharmacy chain reported a $3 billion loss last quarter, highlighting the ongoing struggles within the retail pharmacy sector.
USA TODAY
United States Dollar Rite Aid Corporation Sears Big Lots, Inc. Kmart J.C. Penney (Benelux) Ltd. True Value Company CV Sciences, Inc. LL Flooring Holdings, Inc. Hooters OF Odessa Inc. RED Lobster Management LLC Bed Bath & Beyond Inc. Walgreens Boots Alliance, Inc. Disney Stores USA Gabe Hauari Tim Wentworth Show more
Finance & Economy, News Article
09:00 15.10.2024

finma suspends approval of ubs emergency plans after credit suisse takeover

The Swiss Financial Market Supervisory Authority (Finma) has suspended the approval of UBS's emergency plans following its takeover of Credit Suisse, citing significant challenges that necessitate revisions to ensure the bank's stability in crises. Finma demands a comprehensive overhaul of UBS's resolution strategies, emphasizing the need for improved liquidity measures and the ability to restructure or liquidate without taxpayer support. The integration of the two banks has revealed the necessity for standardized processes and a more robust regulatory framework to manage potential future crises effectively.
Tages-Anzeiger
Credit Suisse Anlagestiftung UBS SA CHE Jorgos Brouzos
TradFi, Market Report
08:59 15.10.2024

berenberg appoints simon steinhoff as senior client advisor in zurich

Berenberg Bank has appointed Simon Steinhoff as Senior Sales Manager for institutional clients in Zurich, focusing on the German-speaking regions of Switzerland and Liechtenstein. With over 13 years of experience, including eight years at Pimco, he will enhance relationships with pension funds, foundations, and insurance companies. Steinhoff holds a Bachelor’s degree in International Business Administration from the University of Twente.
finews.com
United States Dollar PIMCO Dynamic Income Fund AXA SA Berenberg Bank Deutsche Bank Aktiengesellschaft CHE Simon Steinhoff Show more
Finance & Economy, Press Release
08:58 15.10.2024

DAX reaches new all-time high as market momentum continues

The DAX index reached a new all-time high of 19,518, closing at 19,508, continuing its upward trend. With no significant technical resistance ahead, potential gains towards 19,600 or even 20,000 are possible. However, a drop below the September high of 19,492 could signal a retreat towards lower support levels.
4investors
Commerzbank AG Deutsche Bank Aktiengesellschaft Daimler 16 eGbR Siemens Energy AG Deutsche Telekom AG Volkswagen AG Bayer AG Allianz SE SAP SE DEU Show more
TradFi, Market Report
08:48 15.10.2024

ubs revises emergency plans following credit suisse integration and regulatory demands

UBS is required to revise its restructuring and liquidation plans following the integration of Credit Suisse, as mandated by the financial market supervisory authority, Finma. The bank must expand its options for insolvency, including the potential sale or shutdown of individual businesses, while also standardizing its group structures and processes. As a globally systemically important institution, UBS must develop comprehensive stabilization and emergency plans to ensure the continuity of critical functions in case of financial distress.
investrends.ch
United States Dollar Credit Suisse Anlagestiftung Leclanché SA Tecan Group AG UBS SA SCI Lvmh FRA CHE USA Simon Johnson Pasquale Foglia James A. Robinson Daron Acemoglu Show more
TradFi, Market Report
07:54 15.10.2024

Indian Med-Tech industry aims for growth amid import challenges and innovation focus

India's Med-Tech industry is growing rapidly but faces challenges, particularly a heavy reliance on imported medical devices, with 80% sourced from abroad. To address this, companies like Poly Medicure are investing Rs. 500 crore to expand manufacturing and innovate in critical care, oncology, and cardiology, while also targeting growth in European, US, and Latin American markets. The sector aims to enhance healthcare outcomes and solidify India's position as a global leader in medical technology.
Financialexpress
Euro United States Dollar Bayer AG Poly Medicure Limited USA IND Himanshu Baid Sandeep Verma
Healthcare, Press Release
07:47 15.10.2024

ASX 200 reaches record high amid resource and technology stock gains

The ASX 200 reached a record high of 8331.70 on 15 October 2024, driven by gains in resource and technology stocks, despite a decline in energy shares due to falling crude oil prices. Major banks also showed recovery, while uranium stocks surged following Alphabet Inc.'s investment in nuclear power. Energy stocks fell as crude oil prices dropped over 5%, influenced by OPEC's lowered demand forecasts and reduced oil imports from China. The index's performance suggests a potential upward trend if it maintains a close above 8300/10.
IG
Australian Dollar United States Dollar BHP Group Limited Commonwealth Bank of Australia Fortescue Metals Group Ltd. National Australia Bank (NAB) Rio Tinto ISR CHN AUS Show more
TradFi, Market Report
07:13 15.10.2024

Chinese equities face volatility amid uncertainty over fiscal stimulus measures

Chinese equities are expected to remain volatile as investors react to the government's recent fiscal stimulus package, which has left many disappointed due to a lack of specific details on implementation. Analysts warn that if the measures fail to meet expectations, the market could face further declines. Despite initial optimism that drove indices to two-year highs, concerns over sluggish economic growth and deflation persist, with the government struggling to meet its GDP target for 2024.
Investing.com France
Chinese Yuan UBS SA Investing.com CHN
TradFi, Market Report
06:48 15.10.2024

Alan leverages artificial intelligence to enhance financial decision making and efficiency

Alan, a healthcare neo-insurer valued at 4 billion euros, has integrated artificial intelligence into its financial operations since early 2023, automating bank statement reconciliation and enhancing decision-making. CFO Mihaela Albu highlights AI's role in reducing manual errors and saving time, allowing the team to focus on strategic analysis. The company is also developing a predictive tool for cash flow management, while utilizing the Dust platform to streamline investor communications and anticipate inquiries.
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Euro United States Dollar Alan SCI FRA Dust platform Mihaela Albu
Finance & Economy, News Article
06:15 15.10.2024

Swiss stock market gains amid easing oil prices and upcoming bank reports

The Swiss stock market is experiencing gains, buoyed by a stabilizing oil price and the upcoming reporting season. Reassurance comes from news that Israel will not target Iran's oil infrastructure, alleviating previous tensions. Meanwhile, major U.S. banks like Goldman Sachs, Citigroup, and Bank of America are set to report, while Germany's busy reporting season kicks off on Thursday with four blue-chip companies.
cash.ch
United States Dollar Bank of America Corporation Citigroup Inc. The Goldman Sachs Group, Inc. USA Goldman Sachs Citigroup Bank of America Show more
TradFi, Market Report
06:10 15.10.2024
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