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Rhomaios Ram, CEO of Fnality, plans to step down as the company seeks a replacement. Fnality, backed by 20 global institutions, including UBS and Goldman Sachs, operates a tokenized payment system designed for interbank transactions, with plans to expand to multiple currencies. Despite recent funding rounds, the company faces challenges, including potential competition from central bank digital currencies in both the UK and EU.
Foreign investors have sold off $38 billion in Chinese government bonds over the past two months, reversing a popular trade that had thrived on currency support from Beijing. This sell-off was triggered by a stimulus package announcement, leading to increased bond yields and reduced attractiveness of the trade. As a result, demand for Chinese bonds may remain subdued, with some investors shifting focus to Chinese equities instead.
UniCredit has emerged as the top-performing bank in the EuroStoxx 50, with shares soaring nearly 60% this year, driven by strong financial results, cost control, and shareholder returns. Despite a recent 10% pullback, analysts view this as a buying opportunity, with targets set at €45 and €50, while cautioning against potential economic downturns and geopolitical tensions.
China's ambition for a "powerful currency" faces challenges with Donald Trump's potential return to power, which could lead to significant tariffs on Chinese goods. Analysts predict the yuan may break a 17-year low against the dollar by 2025, with a possible 10% decline, as economic conditions worsen and foreign investments dwindle. The People's Bank of China may support the yuan temporarily but could allow depreciation if a trade war escalates to safeguard exports.
Societe Generale sold a 0.11% stake in Ramkrishna Forgings, while Think India Opportunities Master Fund LP purchased the same amount at Rs 922.8 per share. In another transaction, BNP Paribas acquired 0.05% of PNB Housing Finance, matching Goldman Sachs' sale of the same percentage at Rs 914.75 per share. ISENGARD Direct PE LLC offloaded 1.85% of Nectar Lifesciences at Rs 34.02 per share.
US authorities are investigating UBS regarding Russian clients acquired through its takeover of Credit Suisse, amid concerns over potential sanctions violations. The Office of Foreign Assets Control (OFAC) has reached out to UBS, which is reviewing its client relationships to align with its conservative risk management principles. Currently, Switzerland has around 2,250 entities on its sanctions list related to the Ukraine situation, with blocked assets totaling 5.8 billion francs.
US sanctions authorities are investigating UBS regarding its Russian clients following its acquisition of Credit Suisse, which included clients that may not meet UBS's risk standards. The Office of Foreign Assets Control (OFAC) has reached out to UBS for information, amid ongoing scrutiny of potential sanctions violations by major Swiss banks. UBS has committed to reviewing client relationships and maintaining a conservative risk profile, especially after the significant reduction of Russian client funds post-Ukraine invasion.
UBS is under scrutiny from U.S. sanctions authorities regarding its Russian clients, following its acquisition of Credit Suisse, which brought in clients that may not align with UBS"s risk standards. The Office of Foreign Assets Control (OFAC) has requested information about these clients, with no distinction made between those on sanctions lists. UBS has emphasized its conservative risk management approach and is reviewing client relationships, particularly those inherited from Credit Suisse, amid ongoing investigations into potential sanctions violations.
UBS is under scrutiny from the U.S. Office of Foreign Assets Control regarding Russian clients acquired through its takeover of Credit Suisse. The investigation follows previous reports of sanctions violations by Swiss banks, with UBS emphasizing a conservative risk profile and a review of client relationships. As of late 2023, Switzerland has around 2,250 entities on its sanctions list related to the Ukraine situation, with blocked assets totaling 5.8 billion francs.
BNP Paribas has initiated its first layoffs in China’s investment banking sector since a 2022 expansion, cutting approximately 10 jobs due to a sluggish deal-making environment. The reductions include seven staff members in Hong Kong across various divisions and three from mainland offices, representing about 10% of the bank's China-related workforce. Notably, a managing director overseeing initial public offerings was among those let go.
BNP Paribas SA
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