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Nestlé S.A. is evaluated among the top cookies and crackers stocks as the global market, valued at $100.2 billion in 2023, is projected to grow to $122.45 billion by 2030, driven by North America and rapid expansion in Asia Pacific. Despite economic pressures, snacking remains a resilient category, with consumers maintaining spending habits. Meanwhile, Mondelēz International's potential acquisition of Hershey could reshape the confectionery landscape, competing with Mars' upcoming merger with Kellanova.
The PUK report reveals that big bank regulations, particularly the "too big to fail" (TBTF) legislation, failed to protect Credit Suisse, necessitating state intervention. Despite intentions to bolster resilience and protect taxpayers, exemptions allowed the bank to hide significant equity gaps, leading to a crisis that required a potential nationalization. As reforms are planned, the government must acknowledge the reality of needing to provide substantial rescue funds for systemically important banks in the future.
UBS has lowered its price target for VAT Group AG to CHF350 from CHF370, maintaining a Neutral stance due to a lack of evidence for a near-term recovery in semiconductor capital expenditures. The firm anticipates no significant profit improvement in H1 2025 compared to Q4 2024, with a potential market recovery not expected before summer 2025. This cautious outlook reflects ongoing challenges in the semiconductor industry, which is critical for VAT Group's products.
UBS has lowered its price target for VAT Group AG to CHF350 from CHF370, maintaining a Neutral stance due to a lack of near-term recovery in semiconductor capital expenditures. The firm notes flat or declining memory chip prices and anticipates no significant profit improvement in H1 2025, with a potential market recovery not expected before summer 2025. This cautious outlook reflects broader challenges in the semiconductor industry, impacting VAT Group's financial performance.
The recent PUK report on Credit Suisse highlights the urgent need for competent leadership in Swiss banking, emphasizing that past failures stemmed from greed and lack of integrity among managers. Recommendations include stricter equity requirements for UBS and a review of bonus systems, as well as easier penalties for non-compliance. The report warns that without significant reforms, future banking crises could have devastating impacts on Switzerland's economy.
UBS has intensified lobbying efforts to prevent new regulations following the Credit Suisse crisis, with significant donations to conservative parties raising concerns. The SP calls for a ban on party funding from UBS, arguing that it undermines regulatory independence and accountability. The PUK report highlights how bank lobbying contributed to regulatory fatigue, impacting the effectiveness of FINMA.
In December 2022, Ueli Maurer misled the public about the stability of Credit Suisse, despite knowing the bank was in crisis. Following a significant liquidity outflow, he and CS Chairman Axel Lehmann falsely assured the public of a stabilized situation, while internal discussions revealed growing concerns about the bank's viability. By late December, CS's liquidity had drastically diminished, leading to its eventual downfall just months later.
The PUK report on the Credit Suisse debacle fails to address the critical issue of character, attributing the bank's downfall more to a toxic mindset than to insufficient capital. Key figures, including Chairman Urs Rohner, exemplified a culture of greed and recklessness, leading to disastrous consequences. The report highlights systemic failures by regulatory bodies but overlooks the profound impact of leadership on the bank's fate.
On December 20, 2024, Switzerland's Federal Council approved a framework agreement with the EU without fully understanding its content, raising concerns about a significant imbalance in rights and obligations. The treaty requires Switzerland to adopt EU law continuously and pay CHF 350 million annually, while Swiss industries face limited access to the internal market. Critics argue this submission to EU oversight reflects a troubling trend of semi-colonization, exacerbated by a history of misinformation from Swiss officials regarding the EU's legal authority.
The Parliamentary Commission of Inquiry into the UBS case reveals significant failures in the handling of Credit Suisse, highlighting a lack of lessons learned from the 2008 UBS crisis. Key issues include ineffective regulatory oversight, excessive bonus payouts amid losses, and a negligent response from Swiss authorities, culminating in a questionable sale to UBS without a viable strategy for future banking crises. The report fails to provide solutions for preventing another financial disaster, leaving taxpayers vulnerable.
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