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Deutsche Bank has appointed Raja Akram, previously Deputy CFO at Morgan Stanley, as its new Chief Financial Officer, effective October 1. Akram, who has a strong background in finance and leadership roles, will succeed James von Moltke and join the management board on January 1, 2026. This transition is part of the bank's broader management restructuring aimed at enhancing its growth strategy.
Morgan Stanley has initiated coverage on Tenet Healthcare with an Overweight rating and a price target of $165, citing the company's strategic positioning in outpatient services and effective management of its acute care business. Despite a 22% stock decline since the election, analysts remain optimistic about Tenet's growth potential, bolstered by significant debt reduction and improved liquidity. Fitch Ratings upgraded Tenet's Issuer Default Rating to 'BB-', reflecting its enhanced competitive position and anticipated EBITDA growth.
Digital banks in Vietnam, such as Cake by VPBank and MoMo, are rapidly expanding to serve a largely underserved population, leveraging AI to enhance customer engagement and operational efficiency. Cake has achieved profitability and recognition as the 'Best Digital Bank in Vietnam,' while the legal framework now formally defines electronic money, paving the way for a cashless society. The competitive landscape is intensifying as more traditional banks transition to digital platforms, driving innovation and financial inclusion.
Public pensions are facing challenges as real estate investments have underperformed, mirroring issues seen in venture capital for endowments. Many state plans, particularly in Connecticut, New Jersey, Washington, and Arizona, have struggled to meet benchmarks due to high real estate exposure, prompting a reevaluation of strategies. As private real estate continues to decline, pensions are shifting focus towards sectors with stronger fundamentals, such as industrial and multifamily properties, while moving away from distressed office and retail assets.
China's property crisis is expected to extend into 2025, with new home prices projected to decline by another 5% next year, maintaining the same pace as this year. Fitch Ratings anticipates a further 10% drop in new-home sales, despite government efforts to stimulate demand.
Argentina's credit rating has been upgraded by Fitch Ratings from CC to CCC, reflecting expectations that the government will meet its upcoming hard-currency bond payments. This rating remains eight notches below investment grade and is now aligned with Bolivia.
UniCredit and Commerzbank are engaged in a potential takeover battle, with UniCredit reporting an 8% rise in net profit to €2.5 billion, while Commerzbank's profit fell 6.2% to €642 million. Commerzbank's CEO expressed openness to discussions about a merger, contingent on a proposal from UniCredit, as the German government remains cautious about the deal.
Fitch has reaffirmed Peru's investment-grade rating at BBB, alleviating fears of a downgrade to junk status. The outlook has been upgraded to stable from negative, while S&P Global Ratings currently holds Peru at the lowest investment grade following an April downgrade.
As the U.S. presidential election approaches, historical trends suggest a market rally post-election, despite potential short-term volatility. While major Wall Street CEOs express skepticism about further Federal Reserve rate cuts, consumer confidence in equities remains high, indicating optimism amid uncertainty. Stocks have dipped ahead of Election Day, but typically recover within a month following the elections.
Fitch Ratings indicated a potential upgrade for South Africa's credit outlook if the government adheres to its three-year budget plan aimed at stabilizing debt. However, the agency cautioned that the budget forecasts may be overly optimistic.
Fitch Ratings Inc.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Deutsche Bank appoints Raja Akram as new chief financial officer
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15:37 28.03.2025
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