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UBS has revised its forecast for the Franco-German spread, now expecting it to reach 90 basis points in October, up from an earlier estimate of 70-80. The bank cites political and fiscal uncertainties as factors preventing OAT spreads from returning to previous lows, despite the resilience of French bonds due to disinflation and a strong institutional investor base. Clients in Paris express mixed views on the outlook for OATs, with a general consensus on the risk of further spread widening.
The telemedicine market is experiencing significant growth, projected to reach $451.4 billion by 2032, up from $84.3 billion in 2022, with a CAGR of 18.3%. This surge is driven by the demand for remote healthcare solutions, particularly post-COVID-19, enhancing patient access to medical care through virtual consultations. Key trends include improved video conferencing technology, increased use of wearable devices, and the expansion of telemedicine services across various medical specialties.
Langen has experienced a positive trend in trade tax revenues, achieving a budget surplus of 1.8 million euros in 2023. However, rising expenditures, particularly in childcare, are leading to a projected deficit of 12.8 million euros for 2025, exacerbated by new legal obligations and a declining population. To address the budget gap, discussions are underway regarding a sustainability statute that would adjust property tax rates based on financial performance.
Regula Berger has been appointed CEO of Basler Kantonalbank, succeeding Basil Heeb, who is stepping down at 60. Previously Head of Commercial Client Sales and Deputy CEO, Berger joined BKB in 2018 after a decade at Zürcher Kantonalbank and has extensive legal and compliance experience. Chairman Adrian Bult praised her professional expertise and leadership skills.
The global RF energy transistors market, valued at USD 971.66 million in 2021, is projected to reach USD 2907.51 million by 2032, driven by the deployment of 5G technology and the rise of GaN transistors. The COVID-19 pandemic highlighted the importance of these components in enhancing remote communication and telemedicine, despite causing supply chain disruptions. North America leads the market, supported by advanced technology and significant R&D investments.
UBS has renewed its partnership with the Mercedes-AMG Petronas Formula 1 team, which has been in place since 2011, coinciding with the team's impressive record of seven drivers' and eight constructors' championships. Iqbal Khan, Co-Chairman of UBS Global Wealth Management, emphasized the shared values of innovation and teamwork that underpin this collaboration. The recent Singapore Grand Prix attracted around 250,000 fans, although the Mercedes team did not secure a podium finish, with Lando Norris from McLaren taking first place.
Digital asset bank Sygnum has secured regulatory approval to operate in Liechtenstein, positioning itself for expansion into the EU as the Markets in Crypto-Assets Regulation (MiCA) takes effect. Originally established in Switzerland in 2019, Sygnum is now licensed as a crypto asset service provider, offering brokerage, custody, and B2B banking services. With a network of over 20 partner banks and recent funding of $40 million, Sygnum aims to leverage its experience in the competitive European market.
UBS, shielded by legal protections, faces criticism for declining service quality, with 23% of surveyed clients expressing dissatisfaction. The Competition Commission can only act retrospectively, making it difficult to address current market dominance issues, prompting calls for reform in Swiss antitrust law to better monitor complex markets.
Germany's economic growth is showing signs of cooling, with the ZEW Indicator of Economic Sentiment dropping from 19.2 to 3.6 in September. Despite a slight GDP increase of 0.2% in Q1, the economy contracted by 0.1% in Q2, and private consumption is faltering due to high inflation and changing consumer preferences. The outlook suggests a challenging period ahead, with stagnation and slight declines in GDP likely in the coming months.
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