The State Bank of Ticino has appointed Marialuisa Parodi Aostalli and Marco Passalia as new directors, filling the positions vacated by Raoul Paglia and Giovanni Jelmini. Parodi Aostalli brings extensive experience in investment fund management and is an advocate for gender equality, while Passalia has a strong background in business consulting and has been active in various economic associations in Ticino.
09:44 01.10.2024
Jerome Powell indicated that if the economy continues as expected, there could be two more rate cuts totaling 50 bps by year-end, but markets anticipate a 75 bps cut. This week's employment data, including JOLTS and ADP figures, will be crucial in shaping the Fed's rate cut trajectory and market expectations. Strong employment figures may lead to a reassessment of rate cut expectations, potentially strengthening US rates and the dollar, which could pose challenges for equity markets.
IG
09:39 01.10.2024
UBS emphasizes its low-risk profile and robust wealth management focus, asserting a credible liquidation and restructuring plan is in place. CEO Sergio Ermotti's controversial salary reflects the challenges of attracting top talent in banking, while concerns over Credit Suisse's management and regulatory oversight highlight systemic issues in the industry. The introduction of a Public Liquidity Backstop is deemed essential for enhancing Switzerland's banking stability.
09:00 01.10.2024
EFG International's Liechtenstein branch has welcomed four former client advisors from Banque Havilland, following the latter's decision to cease operations and enter voluntary liquidation. The new hires, including Metin Emer, Matthias Delvavier, Daniel Gunsch, and Raphaela Dietsche, will report directly to CEO Tobias Wehrli. The potential for an asset deal remains uncertain, as EFG International has not commented further on the situation.
09:00 01.10.2024
Martin Schlegel made his first public appearance as the new Chairman of the Swiss National Bank (SNB) in Ticino, where he discussed the global economic outlook. He highlighted high geopolitical risks and projected moderate economic growth, with GDP expected to rise by 1% this year, below the long-term average. Schlegel's visit was met with pride by local officials, including Christian Vitta, head of the Ticino Department of Finance and Economy.
09:00 01.10.2024
UBS suggests the U.S. economy is on the verge of a "Roaring ’20s" revival, with a 50% chance of a booming economic cycle. Key indicators include sustained GDP growth of 2.5% or higher, inflation between 2-3%, and favorable monetary policy conditions. Recent surveys show economists are increasingly optimistic about avoiding a recession in the coming years.
09:00 01.10.2024
The Federal Criminal Court is hearing an appeal involving UBS, which has taken over Credit Suisse following its merger. The case stems from a 2022 ruling that found a former CS employee guilty of laundering drug money, but UBS argues it cannot be convicted without a living accused. The court's decision on UBS's request to suspend proceedings is pending.
09:00 01.10.2024
Zurich Cantonal Bank (ZKB) CEO Urs Baumann asserts that the Swiss financial center maintains sufficient competition following the Credit Suisse bankruptcy. He emphasizes that while only UBS and ZKB can meet the needs of large corporate clients, numerous international banks are emerging in the market. Baumann also highlights the capabilities of cantonal banks in corporate finance, advocating against significant increases in capital requirements for systemically important banks.
09:00 01.10.2024
UBS has taken over Credit Suisse's role in the appeal against a CHF 2 million judgment related to the "Bulgarian Connection" money laundering trial, which began at the Federal Criminal Court in Bellinzona. The proceedings were marked by UBS's preliminary requests to suspend and close the case. Credit Suisse had previously appealed the initial ruling in late 2023, alongside two other defendants and the Swiss Federal Prosecutor's Office.
09:00 01.10.2024
VPBank has partnered with LOTTE C&F Vietnam to enhance customer experience through co-branded cards and "Buy Now Pay Later" products. This collaboration aims to integrate financial solutions into LOTTE's technology platform, expanding VPBank's reach within the FDI customer segment and promoting sustainable growth in Vietnam's market.
09:00 01.10.2024
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