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The EU's General Court upheld significant fines against UBS, Nomura, and UniCredit for colluding in the government bond markets during the 2008 financial crisis. The banks, along with others, were found to have shared sensitive information to gain an unfair advantage. UBS faces fines exceeding €172 million, while Nomura and UniCredit are fined €125.6 million and €65 million, respectively.
UniCredit, UBS, and Nomura have lost their appeal against a multi-million-euro fine imposed by the European Commission for participating in an illegal cartel involving European government bond trading from 2007 to 2011. The General Court of the European Union upheld the fines, reducing those for Nomura and UniCredit to just under €126 million and €65 million, respectively, while UBS's penalty remains at €172 million. The ruling is not final, and the banks may still appeal.
UBS and SuMi Trust have formed a joint venture to acquire the wealth management business of Credit Suisse in Japan. This strategic move aims to enhance their presence in the Japanese market and leverage the expertise of both firms in wealth management services.
Unicredit, UBS, and Nomura have faced a multi-million euro fine from the European Commission for participating in a cartel involving European government bonds from 2007 to 2011. The General Court of the European Union upheld the fines, with UBS facing the largest penalty of 172 million euros, while Nomura and Unicredit received reduced fines of approximately 126 million euros and 65 million euros, respectively. Seven banks were implicated, but others avoided penalties by acting as key witnesses.
Nissan's new CEO, Ivan Espinosa, aims to accelerate decision-making and model development to revitalize the struggling automaker, emphasizing a need for a more empathetic corporate culture. He plans to introduce new vehicles in 30 to 37 months and is open to partnerships beyond the auto industry, while showcasing a lineup that includes electric and hybrid models. Meanwhile, Saudi Arabia's telecom sector marks a milestone with the launch of its first live Cloud Radio Access Network site, enhancing 5G capabilities and supporting the Kingdom's digital transformation initiatives.
Bank of America forecasts a gradual recovery for the Japanese stock market from April to June, with a full rebound expected in the second half of the year. Analysts note that the market has begun to price in the impact of U.S. tariffs, and improvements in earnings expectations are providing support despite recent capital outflows. The benefits of inflation and corporate reforms are anticipated to outweigh the side effects of interest rate hikes, with ROE expected to surpass 9.5% later this year.
Paul Arni, former CEO of VP Bank, has joined WRISE Singapore as a non-executive director, effective immediately. He will guide the firm's corporate strategy, governance, and risk management, emphasizing the importance of robust governance in wealth management. WRISE Group is expanding its presence in Asia, having recently launched offices in Shenzhen and Dubai.
Nintendo shares surged over 6% after Goldman Sachs projected that the upcoming Switch 2 console, set to be unveiled on April 2, will boost active users and sales. The firm reinstated a buy rating with a price target of JPY 13,600, anticipating a renewed growth phase for Nintendo's earnings alongside new software titles. Analysts believe the phased release of games could mitigate scalping issues experienced with the original Switch.
Patent applications from China reached a record high in 2024, with Huawei leading the charge, ranking second overall at the European Patent Office. Chinese firms filed 20,081 applications, accounting for 10.1% of the total, with significant growth in battery technology and electrical machinery. Notable companies include CATL, ZTE, Xiaomi, Vivo Mobile, and Tencent, reflecting China's strong innovation capabilities in key technological fields.
Morgan Stanley has raised its targets for several Chinese stock indices, noting a potential earnings turnaround after 13 quarters of misses. The MSCI China Index has gained 16% this year, driven by tech advancements and a more favorable government stance, with fourth-quarter earnings showing an 8% net beat. Analysts recommend being overweight in A shares and suggest buying high-quality stocks on dips for non-US investors.
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eu court upholds fines against banks for colluding in bond markets
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19:33 26.03.2025
banks lose appeal against eu bond cartel fines with reduced penalties
13:53 26.03.2025
ubs and sumi trust to acquire credit suisse wealth management in japan
13:45 26.03.2025
banks face multi-million fines for government bond trading cartel
12:19 26.03.2025
nissan appoints new ceo to accelerate turnaround and boost model development
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10:50 26.03.2025
japanese stock market poised for recovery amid easing uncertainty and tariff impacts
10:03 26.03.2025
former vp bank ceo joins wrise singapore as non-executive director
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08:26 26.03.2025
nintendo shares surge on switch 2 release expectations from goldman sachs
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08:13 26.03.2025
Chinese patent applications reach record high led by Huawei in 2024
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07:19 26.03.2025
Morgan Stanley and Goldman Sachs bullish on China's stock market recovery
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07:10 26.03.2025
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