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The Clearway Capital creditors' group has expressed skepticism over GZO Spital Wetzikon's recent property valuation, which includes a write-down of up to CHF 127 million. They argue that this move is intended to intimidate creditors ahead of the crucial meeting on October 25, 2024, where the repayment of a CHF 170 million bond will be discussed. The group believes their own valuation, supported by industry experts, indicates that sufficient value exists to satisfy all creditors in the event of liquidation.
UBS AG has maintained a "Buy" rating for Merck KGaA, setting a target price of 190 euros following a recent capital market day that reinforced the stock's attractive valuation. Despite a slight decline in share price to EUR 159.75, there remains a growth potential of 18.94%. The company anticipates its Q3 2024 results on November 14, 2024.
UBS has maintained its "Buy" rating for Merck KGaA, setting a target price of 190 euros. This decision follows the company's capital markets day, which reinforced the analyst's positive view on the stock's attractive valuation, according to analyst Matthew Weston.
UBS has reduced its price target for L'Oréal from 415 to 409 euros following disappointing third-quarter sales figures, maintaining a "Neutral" rating. Analyst Guillaume Delmas noted that the personal care group's comparable revenue growth fell short of expectations.
Scor Investment Partners (Scor IP), a subsidiary of the French insurance group Scor, focuses on niche fixed income products and aims to expand its presence among institutional investors in German-speaking Switzerland. With over €20 billion in assets under management, it offers strategies like insurance-linked securities, infrastructure debt, and corporate credit, targeting large institutional clients. The ILS segment, valued at over $4 billion, is a key growth area, reflecting a broader market expansion from $60 billion to over $100 billion in the last decade.
Swiss voters will decide on November 24 whether to approve amendments to tenancy laws that grant landlords more power to terminate leases and restrict subletting. Opponents, including tenant associations, argue these changes will worsen rental conditions and favor property owners, while supporters claim they clarify existing laws and address subletting abuses.
Swiss SMEs are increasingly optimistic about export growth, with 50% expecting an increase in the second half of the year, up from earlier stagnation. Despite this positive outlook, companies remain cautious, focusing on stable markets like Europe and the USA due to ongoing geopolitical tensions and economic challenges. Sustainability efforts are rising, with half of the firms familiar with sustainability reporting, while only 39% utilize artificial intelligence in their international operations.
Switzerland remains the top global wealth management center, managing $2.2 trillion in foreign assets, but its lead is narrowing, with the UK and USA closing in. Factors such as growth in Asia, increased competition, the fallout from the Credit Suisse crisis, and overregulation are challenging its dominance. To maintain its position, Switzerland must enhance regulatory frameworks and invest in digital transformation.
The International Monetary Fund (IMF) has revised Switzerland's 2025 economic growth forecast down to 1.3%, slightly lower than the previous estimate of 1.4%. For 2024, growth is still expected at 1.3%, with inflation projected to decrease from 1.3% this year to 1.0% in 2025. Meanwhile, the global economic outlook remains stable but cautious, with growth anticipated at 3.2% for both this year and next, amid ongoing risks from regional conflicts and monetary policy challenges.
Raiffeisen has commenced construction of its new Neuchâtel et Vallées center in Cernier, with the foundation stone laid on October 23. The building, set to be operational by mid-2026, will house around forty employees currently spread across Gorgier, Coffrane, and Neuchâtel, featuring a total floor space of 1400 m².

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