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LLB has issued a bond worth 200 million, attracting significant investor interest, reflecting its strong market reputation. Group CEO Gabriel Brenna highlighted the bank's security and stability, supported by a Tier 1 ratio of 19.7% and an Aa2 Moody's rating. The ten-year bond, yielding 1.552%, will be listed on the SIX from October 29, 2024.
The cantonal government proposes a maximum fixed salary of CHF 395,000 for the Executive Board of Urner Kantonalbank, with an additional performance-related compensation of up to 30%. This decision responds to a motion to cap salaries at CHF 350,000, which the government deems too restrictive for attracting suitable candidates. In 2023, the three board members received total remuneration of CHF 1.675 million, including employer social security contributions.
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UBS warns clients of potential fraud following the integration with Credit Suisse, urging vigilance against impersonators and fake investment schemes. Clients are advised to verify any communication by contacting their advisors directly before sharing personal information or transferring funds. UBS emphasizes its commitment to holistic wealth management, combining global expertise with local knowledge to deliver tailored financial solutions, supported by a rich tradition of Swiss banking excellence.
UBS, a leading global wealth manager, combines extensive Swiss banking tradition with local expertise to offer tailored financial solutions for ultra-high-net-worth individuals and family offices. The integration of UBS and Credit Suisse enhances their capabilities, while clients are warned to be vigilant against potential fraud during this transition. Their comprehensive insights and personalized services aim to address the unique aspirations of each client, ensuring a holistic approach to wealth management.
The cantonal government proposes capping the highest fixed salary for the Executive Board of Urner Kantonalbank at CHF 395,000, with an additional performance-related compensation of up to 30%. This decision follows a motion to limit salaries to CHF 350,000, which the government deemed too restrictive for attracting suitable candidates. In 2023, the Executive Board's total remuneration was CHF 1.675 million, including social security contributions, with the CEO earning CHF 545,000.
UMAMI is expanding its production capacity fivefold with a new farm in Zurich, funded by a Series A financing round that raised 4.3 million Swiss francs. The farm will utilize an organic recirculation system, requiring 90% less water and 89% less land than traditional greenhouses, and will focus on cultivating microgreens, herbs, and potentially new products like tomatoes and strawberries. Co-founder Denis Weinberg emphasized the growing demand for local, pesticide-free products, which the new facility aims to meet sustainably.
Swiss Medical Network has acquired PDS Medical, which operates ten Centromedico practices in Ticino, aiming to establish a new integrated regional health network in Switzerland. This initiative, inspired by the Réseau de l'Arc, will introduce the Viva health plan in Ticino starting January 1. PDS Medical, which generated 42 million francs in sales last year, plays a crucial role in providing primary medical care to the local population.
The housing market in the canton of Glarus is experiencing stable demand amid limited supply, with a notable increase in residential rents by 4.5% last year. While home prices have stabilized following interest rate hikes, the recent drop in rates has revived demand, particularly for condominiums, which saw a 2.1% price increase year-on-year in Q2 2024. The outlook remains positive, with expectations of continued demand and rising rents for new apartments, although existing tenancy rents are likely to stabilize.
Cold progression, resulting from salary increases leading to higher tax burdens due to progressive tax rates, will be countered by annual adjustments to cantonal and municipal tax rates based on the national consumer price index. For the 2025 tax year, these adjustments, reflecting an inflation rate of 1.31% from June 2023 to June 2024, are expected to reduce annual revenue by approximately CHF 220,000 for the canton, CHF 230,000 for municipalities, and CHF 15,000 for parishes.
Glarner Kantonalbank released its 2024 real estate market report on October 7, providing crucial insights into the Swiss real estate sector. The bank's share price increased by 0.88% to EUR 22.80, with a market capitalization of EUR 307.8 million and a dividend yield of 4.82%. Analysts indicate a pressing need for action among shareholders, prompting discussions on whether to buy or sell.
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