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Adel Al-Saleh, CEO of SES, discusses the company's innovative strategies in satellite technology, including the acquisition of Intelsat and a multi-orbit approach to enhance flexibility and resilience across various sectors. He emphasizes SES's commitment to agile development and seamless integration with 5G networks, positioning the company to lead in the evolving multi-orbit landscape. The insights are part of the SpaceNews Commercial Space Transformers series, which features key figures in the space industry's transformation.
VanEck has launched the Pyth ETN on Euronext Amsterdam and Paris, allowing investors to gain exposure to the PYTH token without direct ownership. This decentralized oracle network provides real-time data for smart contracts, crucial for sectors like DeFi and finance. The ETN is fully hedged and has a total expense ratio of 1.5%, with listings available in several European countries.
Swiss Re is divesting its digital insurer iptiQ, with Allianz Direkt acquiring its European property and casualty business, including over 130,000 customers and more than 100 employees. This move aligns with Allianz's strategy to enhance its presence in key European markets. The transaction is anticipated to finalize in the second or third quarter of 2025, pending regulatory approvals.
EFG Asset Management and BlueOrchard have launched the New Capital – BlueOrchard Global Impact Credit Fund, a Luxembourg-registered SICAV focused on sustainable corporate bonds. This Article 9 fund aims to generate financial returns while delivering measurable social and environmental benefits, responding to the rising demand for impact investments. With daily liquidity and multiple share classes in various currencies, the fund reflects a commitment to aligning investment portfolios with environmental and social values.
In August 2024, the wealth management sector saw significant leadership changes, including Ogier-Keltie as a senior listings analyst at the International Stock Exchange and appointments at NEBA Private Clients and Equiom. Notable moves included Sameer Deshpande as wealth management head at Emirates NBD in Singapore and Ashwin Jayaram at Julius Baer, alongside several key hires across Asia-Pacific firms.
The U.S. is targeting Swiss lawyers for alleged financial misconduct, raising concerns about double standards in regulatory practices. While Switzerland has made significant strides in compliance, the actions against two Zurich lawyers highlight the need for stricter due diligence obligations to maintain the country's reputation as a clean financial center. To avoid further disputes with U.S. authorities, Swiss Parliament should swiftly enact proposed legislation to address these issues and eliminate loopholes, ensuring that the financial sector remains competitive and transparent.
UBS reported a net profit of $1.43 billion for the third quarter, surpassing analysts' expectations of $825 million and marking a significant recovery from a $785 million loss in the same period last year. Operating income rose 5% to $12.33 billion, while expenses were reduced by $800 million, improving the expense ratio to 83.5%. The integration of Credit Suisse is progressing, with client accounts absorbed in Luxembourg and Hong Kong, and further completions expected in Japan and Singapore by year-end.
French-speaking Switzerland has experienced significant GDP growth of 49.5% from 2005 to 2024, driven by the chemical-pharmaceutical sector and strong diversification across industries. However, challenges such as an aging population, infrastructure needs, and geopolitical developments loom ahead, impacting future growth. Despite a slowdown in 2023, forecasts for 2024 suggest GDP growth will align closely with the Swiss average, with optimism for recovery in the secondary sector and construction.
UBS reported a net profit of $1.43 billion for the third quarter, significantly surpassing analyst expectations of $740 million and improving from a loss of $785 million a year prior. The bank saw net new money inflows of $25 billion in its international wealth management sector, while assets under management rose by 15% to approximately $6.2 trillion. Cost-cutting measures have further reduced expenses by $800 million, with a target of cutting $7.5 billion overall as UBS integrates Credit Suisse, completing initial account absorptions in Luxembourg and Hong Kong.
UBS reported a surprising net profit of $1.43 billion for Q3, significantly up from a loss of $785 million a year prior, with total net profit for the first nine months reaching $4.32 billion. The bank benefited from $25 billion in net new money inflows and a 15% increase in assets under management, while reducing risky assets by $41 billion since spring 2023. Despite a 4.5% drop in share price, analysts noted strong revenue contributions across all divisions and acknowledged the challenges of integrating Credit Suisse's client accounts.
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Adel Al-Saleh discusses SES's multi-orbit strategy and satellite innovation
15:46 05.11.2024
VanEck launches Pyth ETN offering staking rewards and access to real-time data
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11:07 05.11.2024
Swiss Re divests iptiQ platform to Allianz Direkt enhancing market presence
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EFG Asset Management and BlueOrchard launch global impact credit fund
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11:42 04.11.2024
global wealth management sector sees significant leadership changes in August 2024
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09:00 04.11.2024
Switzerland urged to enhance legal frameworks amid US scrutiny of lawyers
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Apple Inc.
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16:05 01.11.2024
ubs reports strong third quarter profit and successful credit suisse integration
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09:10 31.10.2024
challenges and growth prospects for french-speaking switzerland's economy ahead
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07:00 31.10.2024
UBS reports strong third-quarter profit amid successful Credit Suisse integration efforts
21:28 30.10.2024
ubs reports strong third-quarter profit amid credit suisse integration challenges
17:40 30.10.2024
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