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UBS's capital requirements will hinge on its resolvability, according to Finance Minister Karin Keller-Sutter. As the bank awaits new "too big to fail" regulations, concerns arise over its size and the potential need for increased capital, especially following the Credit Suisse acquisition. Keller-Sutter emphasized the importance of balancing financial sector competitiveness with stability, while also hinting at possible regulatory changes regarding executive pay and fines for banks.
Swiss Finance Minister Karin Keller-Sutter stated that UBS's capital requirements will hinge on its resolvability, as the bank awaits new "too big to fail" regulations. She emphasized the need for a balance between financial sector competitiveness and stability, while also addressing potential salary caps and fines for banks. The government is reviewing the capitalization of UBS's foreign units, aiming to enhance stability following the Credit Suisse collapse.
In a live episode of Merryn Talks Money, experts discussed Chancellor Rachel Reeves' first budget, which includes a £40 billion tax increase. The panel debated whether this move underplayed the impact on working people, with analysis suggesting that three-quarters of the tax hike could lead to lower real wages. Concerns were raised about the potential effects on interest rates as well.
Ukraine’s central bank has maintained its interest rate at 13% for the third consecutive meeting, as it assesses inflationary pressures amid the ongoing war and anticipates the outcome of the upcoming US presidential election. This decision aligns with the predictions of seven economists surveyed.
Polish consumer prices rose for the seventh consecutive month in October, with inflation reaching 5%, up from 4.9% in September. This increase aligns with the median forecast from a Bloomberg survey of 21 economists, reinforcing expectations that interest rate cuts are unlikely before next year.
Hong Kong's economy grew at its slowest pace in five quarters, with a 1.8% increase in GDP for the third quarter compared to the same period last year. This decline is attributed to weakened exports and domestic spending, falling short of most economists' expectations. The previous quarter's growth was revised down to 3.2%.
Foreign investors are increasingly purchasing Indonesian sovereign bonds, encouraged by the new president's commitment to fiscal discipline and the search for emerging market alternatives amid US election uncertainties. The country's manageable inflation and a surprising rate cut by the central bank in September to boost growth have further fueled this demand. In October, offshore funds continued their buying streak for the sixth consecutive month, marking the longest such period since 2017, according to data from [Bloomberg](https://www.bloomberg.com).
Democratic Senator Tammy Baldwin is advocating for middle-class tax cuts as a key point in her reelection campaign against Republican challenger Eric Hovde, a banker. In a recent Bloomberg Television interview, Baldwin criticized Hovde's support for extending Donald Trump's 2017 tax law, emphasizing her focus on benefiting the middle class over the wealthy and corporations.
Hedging costs against fluctuations in the US dollar have reached their highest level since 2022, driven by concerns over potential market volatility following the upcoming presidential election. The one-week implied volatility on the Bloomberg Dollar Spot Index has surged, indicating traders are bracing for significant currency swings against major counterparts like the euro, yen, Chinese yuan, and Mexican peso.
Starbucks will discontinue its Oleato olive oil drinks in U.S. cafes by early November, a decision made prior to the arrival of new CEO Brian Niccol. The move aligns with Niccol's strategy to simplify menus amid declining sales, as the controversial drinks received largely negative reviews from customers. While the Oleato line will be removed from U.S. stores, it will remain available in cafes in China, Italy, and Japan.

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