Tidjane Thiam, former CEO of Credit Suisse, faces allegations of using the bank"s security staff to spy on his partner"s ex-husband, leading to a $15 million lawsuit. This follows previous accusations of misconduct during his tenure, which resulted in serious regulatory violations. Thiam, now a political candidate in Côte d"Ivoire, may find his past actions complicating his future ambitions.
UBS aims to enhance its US banking operations by obtaining a national Industrial Loan Company license from the FDIC, which would allow for a broader range of lending services. Despite skepticism from analysts regarding immediate share price increases, UBS's Chairman Kelleher sees potential for growth, particularly in wealth management, where nearly half of its revenue originates from the Americas. The bank's profitability in the US is hindered by its current licensing limitations, impacting its ability to offer high-margin loans.
Colm Kelleher, an Irish-born Wall Street banker, sought the Chairman position at Credit Suisse in 2020 but lost out to António Horta Osório due to his reluctance to relocate to Switzerland. Despite his earlier interest, Kelleher later expressed skepticism about Credit Suisse's viability, suggesting a merger was inevitable. He eventually became Chairman of UBS in 2021, with arrangements allowing him to maintain his London residence while fulfilling his duties.
Bridgewater Associates, led by Ray Dalio, strategically increased its investments in major banks like Goldman Sachs and Wells Fargo just before a market rally driven by regulatory optimism following the recent election. This calculated move capitalized on the anticipated deregulation under the new administration, resulting in a significant rise in bank stocks, with the KBW Bank Index surging nearly 12% post-election. The hedge fund"s actions highlight the influence of political changes on financial markets and the potential for policy shifts to unlock value in the banking sector.
Zomato Ltd is set to launch a qualified institutional placement (QIP) of up to Rs 8,500 crore (approximately $1 billion) in December, contingent on market conditions. The company has engaged Morgan Stanley for the offering, with the potential addition of more investment banks to the syndicate. This move follows the recent IPO of rival Swiggy Ltd, which raised Rs 11,327 crore and debuted with a 7.69 percent gain.
Nilesh Shah, Managing Director of Kotak Mahindra Asset Management, stated that foreign investors exiting the Indian markets will need to pay double to re-enter. Speaking at the CNBC-TV18 Global Leadership Summit, he emphasized that while corrections present buying opportunities, those with a one-year investment horizon should avoid equities due to potential risks.
U.S. markets retreated after a week of postelection gains, with the S&P 500 down 0.29% and the Dow Jones Industrial Average falling 0.86%. While some stocks, like Tesla, continue to rise, early winners from the "Trump trade" are losing momentum, reflecting a potential shift in investor sentiment as economic data looms. Bitcoin briefly reached $90,000 but retreated to around $87,942.05, while Netflix's ad-supported tier gained 70 million users globally.
China’s securities regulator is increasing its engagement with global banks, shifting from quarterly to more frequent discussions, including weekly and ad-hoc queries. This effort focuses on gathering insights on recent stimulus measures, revisions to economic forecasts, and analyzing foreign investment trends.
Asia-Pacific markets declined as Wall Street's postelection rally lost momentum following Donald Trump's election win. The S&P 500 fell 0.29%, the Nasdaq Composite dropped 0.09%, and the Dow Jones Industrial Average decreased by 0.86%. Small-cap stocks, particularly the Russell 2000, experienced a significant 1.4% decline, reversing gains from the previous day, amid concerns of potential profit-taking and market positioning risks. The dollar index rose 0.4%, reaching its highest level against a basket of currencies since July 2024.
UBS has raised its price target for NVIDIA to $185 from $150, maintaining a Buy rating amid strong investor expectations and anticipated robust financial results. The firm projects third-quarter revenues between $34.5 billion and $35 billion, with fourth-quarter guidance around $37 billion, potentially reaching $39 billion. Other analysts, including Morgan Stanley and Piper Sandler, have also increased their price targets, reflecting confidence in NVIDIA's market position and growth prospects in the AI sector.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.