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The EU and Mercosur are set to finalize a contentious free trade agreement after over 20 years of negotiations, with a political announcement expected in Montevideo. However, the deal faces significant hurdles in Europe, particularly from France and other member states concerned about agricultural imports and environmental standards. Supporters argue it is crucial for diversifying trade and accessing South American markets.
Banque Heritage has expanded its Private Banking teams in Geneva and Zurich with the addition of three experts: Ksenija Benaroche, Marija Sarenac, and Clara Bulgheroni, each bringing extensive experience in wealth management and client relations. The independent Swiss bank, rooted in commodity trading, offers a range of services including asset management and family office solutions.
After over 25 years of negotiations, the EU and Mercosur states are nearing a free trade agreement, with EU Commission President Ursula von der Leyen reportedly in Uruguay to finalize discussions. The deal could create a market of 700 million people, but faces opposition from some EU members concerned about its implications for stability and unity. Key concessions include significant tariff reductions on agricultural products, with the gradual elimination of 91% of customs duties on EU exports and 92% on Mercosur imports.
Western Midstream Partners, LP focuses on acquiring, developing, and operating midstream assets, including the gathering, processing, and transportation of natural gas, crude oil, and NGLs. Its facilities are strategically located across Texas, New Mexico, Colorado, Utah, and Wyoming. The company also engages in buying and selling natural gas and related products on its own and as an agent for customers.
UBS is strategically expanding in Miami, a key hub for international wealth migration, particularly from Latin America. With a focus on the anticipated $9 trillion wealth transfer to women, UBS is adapting its wealth management services to meet the evolving needs of clients, emphasizing diversity and personalized strategies. However, Miami faces challenges such as high housing costs and increased pressure on education and infrastructure as it continues to grow.
Uruguay real estate developer La Tahona Desarrollos SA has successfully sold $40 million in bonds to both local and international investors. The funds will be allocated to the construction of offices and homes within its flagship gated community near Montevideo, as stated by Director Ignacio Añon. This sale comes just days before a contentious pension vote that could significantly impact the country's capital markets and public finances.
At COP16 in Cali, tensions rise over the future of the Global Biodiversity Framework Fund (GBFF), established at COP15 but struggling for contributions. Developing nations advocate for a new fund to enhance their influence, while developed countries, like Canada, resist, fearing fragmentation and increased costs. The GBFF has approved only 22 projects, highlighting challenges in accessing funds, with calls for reform to streamline support for biodiversity initiatives.
Swiss asset manager GAM has opened its second U.S. office in Miami to enhance its reach to international clients, particularly in North and Latin America. The office will be led by Alejandro Moreno, who has been with GAM since 2022, and will also feature Charissa Pal as Business Development Manager, bringing over 20 years of industry experience. This new location aims to strengthen GAM's collaboration with its New York office and other regional branches to cater to the growing demand from international customers.
A recent report highlights the intensifying competition in the commercial remote sensing industry, with the U.S. facing significant challenges from China. While the U.S. leads in synthetic aperture radar (SAR) technology, China outperformed in electro-optical and multispectral categories, emphasizing the need for increased government support for U.S. firms to maintain global competitiveness. The report underscores the importance of innovation and market differentiation as nearly half of the top satellite systems were launched between 2021 and 2024.
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