Washington H. Soul Pattinson's key holding, Brickworks, reported a four-year statutory loss of $119 million, primarily due to challenges in its building products division and property asset devaluations. Despite these setbacks, rising rents in its industrial properties present a potential growth area, suggesting a cautious hold for investors.Brickworks is currently under-rented by about 40%, and addressing this gap could lead to significant future gains. Investors are advised to hold these stocks for stable returns, particularly during market volatility, as they offer a resilient addition to a long-term portfolio.
IG
07:06 26.09.2024
The Public Company Accounting Oversight Board (PCAOB) has fined five firms, including Ernst & Young (EY), for failing to comply with audit committee communication rules. EY faces a $45,000 penalty, while Accell Audit & Compliance will pay $40,000, and Crowe MacKay and Grant Thornton are each fined $30,000. This enforcement action is part of the PCAOB's ongoing efforts to ensure adherence to reporting requirements, with a total of 17 firms sanctioned since July 2023.
A 64-year-old American woman died in a controversial suicide pod in Switzerland, prompting Interior Minister Elisabeth Baume-Schneider to declare it non-compliant with safety standards. Meanwhile, an E. coli outbreak linked to McDonald's Quarter Pounder hamburgers has resulted in one death and multiple hospitalizations across ten US states. In geopolitical news, India and Pakistan have extended the Sri Kartarpur Sahib Corridor agreement for five years, while China and India have resolved their border standoff following the 2020 Galwan clash.
Hedge funds have largely missed out on the impressive gains of Vistra Corp., which has surged 192% this year, surpassing Nvidia's 144% increase. While Nvidia is widely held among hedge funds, Vistra remains less popular, though notable investors like Stephen Mandel Jr.'s Lone Pine Capital and Dan Loeb's Third Point have significant stakes. Some firms, such as Oaktree Capital Management, sold their positions in Vistra last year, missing the stock's remarkable rise in 2024.
Silver prices are nearing a 14-year high, approaching the significant $32.50 mark, driven by expectations of monetary policy easing in China and interest rate shifts in the U.S. Investors are closely watching upcoming speeches from Fed Chairman Jerome Powell and new U.S. economic data for potential market impacts. The recent stimulus measures from the People's Bank of China are also contributing to the bullish sentiment among silver investors.
IG
17:35 25.09.2024
The factory automation market, valued at $161.2 billion, is projected to grow at a CAGR of 8.6% from 2024 to 2032, driven by the need for increased production efficiency and reduced labor costs. Key players like ABB and Siemens are innovating with advanced robotic systems to address labor shortages and enhance product quality, particularly in the Asia Pacific region, which is leading in industrial automation adoption. The rise of Industry 4.0 and the Industrial Internet of Things (IIoT) further accelerate this transformative shift in manufacturing processes.
UBS Switzerland AG will conduct a capital increase with subscription rights for UBS Direct Residential from October 24 to November 1, 2024. Subscription rights will be traded on the SIX Swiss Exchange during this period. Additionally, distributions for UBS Direct Residential, UBS Direct Urban, and UBS PF Europe have been set based on the financial year ending June 30, 2024.
09:00 25.09.2024
Regula Berger will succeed Basil Heeb as CEO and Chairwoman of Basler Kantonalbank on March 1, 2025, after Heeb's decision to step down following six years in the role. Berger, 42, has been with the bank since 2019, serving as Deputy CEO and Head of Commercial Client Sales. Heeb will assist in the transition until the end of March 2025 before pursuing opportunities outside the Group.
09:00 25.09.2024
Commerzbank is seeking additional advice to counter a takeover attempt by Unicredit, with UBS and Goldman Sachs stepping in to provide support. Proposals on defensive strategies are expected to be ready by October, as reported by "Börsen-Zeitung" in Frankfurt.
09:00 25.09.2024
Luzerner Kantonalbank (LUKB) has expanded its crypto services, adding Chainlink and Polygon to its offerings, which already included Bitcoin, Ethereum, and USD Coin. Starting October 1, customers can transfer cryptocurrencies from other wallets to their LUKB accounts, with free transfers in and a fee for outgoing transactions. This move positions LUKB as a leading player in the cryptocurrency market, enhancing its appeal to investors.
09:00 25.09.2024
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