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The Rhaetian government has re-elected Barbara Heller to the Bank Council of Graubünden Cantonal Bank for another four years, extending her term until March 2029. Heller, an economist and business consultant, has been a member since 2021 and brings extensive knowledge of the finance sector. Founded in 1870, BCG operates over 40 branches and employs around 1,000 people, making it one of the largest employers in the canton.
UBS shares dropped 1.5% to CHF 27.39, despite a strong annual performance of 27.57%. The Swiss Financial Market Supervisory Authority has requested UBS to revise its contingency plans amid the integration of Credit Suisse, highlighting the challenges ahead for the bank. Investors are urged to consider their options as new analyses suggest urgent action is needed.
Somagenetix, a Zurich-based biotech company founded in 2019, has raised 10 million Swiss francs in a Series A financing round led by Vi Partners, with participation from Schroders Capital, Zürcher Kantonalbank, and Verve Ventures. The funds will advance their gene therapy SGX-001 for chronic granulomatous disease (CGD) into clinical trials, aiming to provide an alternative to limited stem cell transplants. CEO Andrin Oswald and co-founder Janine Reichenbach emphasize the potential of their innovative lentiviral gene therapy platform to transform treatment for phagocyte-related diseases.
Max Cotting highlights a critical shift in the asset management industry, where regulatory demands and administrative tasks overshadow client relationships. Smaller firms face significant challenges, while larger companies benefit from efficiencies through mergers and partnerships. This consolidation may enhance compliance but risks diminishing the personal touch clients value in independent advisory services.
UBS shares rose 0.3% to CHF 28.06 in early trading, with a daily high of CHF 28.11. The stock, which hit a 52-week high of CHF 28.78 on June 3, 2024, has seen significant fluctuations, dropping to CHF 20.88 on October 27, 2023. Analysts project a dividend of USD 0.823 for 2024 and expect earnings of USD 1.64 per share.
A recent study highlights the urgent need for women to save privately for pensions, as they often face lower earnings, career interruptions, and longer life expectancies. Using the example of a 50-year-old woman named "Jane," the research underscores that many women must set aside significant savings to maintain their standard of living in retirement. Investing, despite its risks, is recommended over saving alone, as it can yield better financial outcomes.
Barbara Heller has been re-elected for a four-year term on the Bank Council of Graubünden Cantonal Bank, extending her tenure until March 2029. An economist and business consultant, Heller has served on the supervisory body since 2021, contributing her extensive knowledge of the finance sector. Graubünden Cantonal Bank, founded in 1870, operates over 40 branches and employs around 1,000 people, making it one of the largest employers in the canton.
UBS has been instructed by the Swiss Financial Market Supervisory Authority (FINMA) to revise its contingency plans to enhance options for winding down the bank in a crisis. This includes preparing for potential market exits and the sale of individual business units, as well as the entire bank if necessary. The integration of Credit Suisse necessitates standardization of structures and processes, particularly in liquidity planning and refinancing, while legal frameworks must be adapted to ensure clarity in implementing new resolution options.
The Canton of Basel-Stadt will increase the annual compensation payment for the state guarantee provided to Basler Kantonalbank from CHF 10.2 million to CHF 15.2 million starting in 2025. This adjustment reflects the bank's larger balance sheet and aims to mitigate the canton’s risk while addressing BKB's financing cost advantage to prevent competition distortion. The compensation is determined using a "cost advantage model."
BKB will pay an additional 5 million for the state guarantee in the upcoming four-year period, as determined by the Government Council of Basel-Stadt. This compensation addresses the canton’s liability for the bank's debts in case of bankruptcy and considers the bank's competitive cost advantage. BKB shares fell 0.6% to CHF 66.00 on the SIX.
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