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UBS Group AG has successfully reduced the damages owed to Georgian tycoon Bidzina Ivanishvili from $743 million to $461 million, as ordered by Singapore’s International Commercial Court. The revised amount includes interest and costs, following Ivanishvili's victimization by a rogue banker at Credit Suisse.
UBS Group AG has successfully reduced the damages owed to Georgian tycoon Bidzina Ivanishvili from $743 million to $461 million, as ordered by Singapore’s International Commercial Court. The revised amount includes interest and costs, following Ivanishvili's claims related to a significant embezzlement scheme involving a rogue banker at Credit Suisse.
UBS CEO Sergio Ermotti warns that the upcoming U.S. elections will significantly impact global markets, regardless of the winner. Both candidates, Kamala Harris and Donald Trump, are expected to exacerbate the U.S. budget deficit, currently at $1.8 trillion, while market volatility is anticipated as investors react to the electoral outcome. As markets prepare for the November 5 polls, there are concerns about inflation and trade protectionism, with a potential increase in public debt globally. UBS aims to support clients through this uncertainty, leveraging its strong capital position.
UBS CEO Sergio Ermotti warns that the upcoming U.S. elections will significantly impact global markets, regardless of the winner. He anticipates market volatility and notes that both candidates are likely to exacerbate the U.S. budget deficit, projected to reach $2 trillion in 2024. Financial regulation may tighten under a Harris administration, reflecting the Biden administration's approach to banking oversight.
UBS Group AG reported a third-quarter net profit of $1.4 billion, surpassing analysts' expectations due to cost reductions and revenue growth. Total revenues reached $12.3 billion, exceeding forecasts, while the integration of Credit Suisse is progressing ahead of schedule, with client migrations underway. However, concerns over new regulations and the need for improved contingency plans following Credit Suisse's collapse could impact the bank's competitiveness and client confidence.
UBS warns of a volatile market as copper, dubbed "the gold of the energy transition," faces a supply shortage, potentially leading to a super cycle. Following a peak in May, copper prices have sharply corrected due to weak economic data from the USA and China, presenting a potential entry opportunity for investors. A report highlights three promising copper stocks that could benefit from a price rebound.
UBS reported a profit of $1.43 billion in Q3 2024, significantly surpassing market expectations and recovering from a $715 million loss in the same quarter last year due to integration costs from the Credit Suisse acquisition. The bank's operating income rose 5.5% to $12.3 billion, with a pre-tax profit of $1.93 billion, while adjusted figures reached $2.39 billion. UBS raised $24.7 billion in its global wealth management sector and maintains a conservative outlook, anticipating a soft landing for the US economy.
Goldman Sachs maintains a 'Buy' rating for UBS with a target price of 38.70 francs, while JPMorgan upgrades its rating to 'Overweight' with a target of 31 francs, citing strong quarterly results and effective restructuring. UBS reported a profit of 1.43 billion USD in Q3 2024, exceeding market expectations, despite a slight dip in share price.
Goldman Sachs has maintained a "Buy" rating for UBS Group, setting a price target of 38.70 francs. Analyst Chris Hallam anticipates a slight increase in market expectations following the quarterly report released on Wednesday morning.
UBS Group AG reported a strong Q3 2024, achieving a net profit of $1.4 billion and revenues of $12.3 billion, surpassing Wall Street estimates. The bank's earnings-per-share of 0.43 exceeded expectations by 53.57%, driven by robust client activity and a focus on wealth management. UBS also reduced non-core assets significantly, aligning with its strategic goals post-Credit Suisse acquisition.
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ubs reduces damages owed to georgian tycoon by 282 million dollars
11:51 30.10.2024
ubs reduces damages owed to georgian tycoon by 282 million dollars
11:51 30.10.2024
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11:26 30.10.2024
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10:29 30.10.2024
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