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Huawei Technologies Co reported its first quarterly net loss in years, posting a deficit of about 300 million yuan despite a 9.5% revenue increase to approximately 276 billion yuan. The loss is attributed to heavy investments in research and development, particularly in electric vehicles and chips, amid ongoing US sanctions. While the consumer business grew 38% and the smart driving solutions became profitable, the company faces challenges as the US pressures European carriers to limit business with Huawei.
Grab Malaysia has partnered with BYD Sime Motors, Yinson Green Technologies, and Power-Up Tech to enhance electric vehicle (EV) adoption among its driver-partners. This collaboration aims to provide accessible EV solutions, develop charging infrastructure, and support Malaysia’s sustainability goals. BYD will offer exclusive pricing and training, while Yinson will provide favorable leasing and charging rates, and Power-Up Tech will ensure reliable mobile charging facilities.
UBS has upgraded CIMB Group Holdings Bhd to a "buy" rating from "neutral," setting a target price of MYR 8.50. This follows a 15% decline in share price after the announcement of CIMB's F30 medium-term strategy and ROE targets, which did not meet market expectations. The analyst noted that the high proportion of foreign shareholders and negative sentiment towards Indonesian banks may have influenced the stock's performance.
UBS analyst Aakash Rawat has upgraded CIMB Group Holdings Bhd from Neutral to Buy, setting a target price of MYR 8.50 following a 15% drop in shares. This decline was attributed to the company's new F30 strategy and unmet return on equity targets, alongside negative sentiment affecting Indonesian banks. The upgrade suggests a renewed confidence in CIMB's future performance, potentially presenting a buying opportunity for investors.
Heathrow Airport is closed due to a fire causing a power failure, while UBS threatens to relocate its headquarters amid capital demand concerns. FedEx and Nike both reported disappointing quarterly results, leading to significant stock declines. In Europe, various companies announced strategic moves, including Alfa Laval's acquisition of Fives group's cryogenics unit for €800 million and Energean's termination of an agreement with Carlyle.
HSBC's restructuring of its Asia division has resulted in a significant loss of senior roles for women, with only two out of 15 new positions going to female executives. Notable departures include Christina Ma and Amanda Murphy, while the majority of top roles in key markets were filled by men. Despite this, HSBC maintains that diversity remains a priority, with women holding 34.6% of senior leadership roles in 2024, a slight increase from the previous year.
Howden has promoted Bryan Pee to CEO for Singapore and Malaysia and Shirley Sy to deputy CEO for Hong Kong, emphasizing investment in home-grown talent. Meanwhile, Citigroup has appointed Ben Connolly and Philippe Perzi as co-heads of capital markets and advisory in Australia and New Zealand, pending regulatory approval. Both firms are enhancing their leadership to support growth and client services in the Asia-Pacific region.
Morgan Stanley has maintained an Overweight rating on Prudential plc, despite an anticipated profit decline for FY24. The financial services group primarily focuses on life and health insurance, which accounts for 96.8% of its revenues, with significant market presence in Hong Kong, Singapore, Malaysia, and Indonesia. Additionally, Prudential's asset management segment, Eastspring, manages USD 237.1 billion in funds as of 2023.
UBS has raised its gold price target to US$3,200 an ounce, citing heightened trade risks and a deteriorating US economic outlook as key factors driving demand for the precious metal. Analysts predict ongoing haven demand amid escalating trade conflicts and potential interest-rate cuts by the Federal Reserve. Other banks, including Macquarie and BNP Paribas, have also increased their forecasts, highlighting strong inflows into bullion-backed ETFs and robust central bank purchases as crucial support for prices.
UBS CEO Sergio Ermotti's pay package for 2024 is set at 14.9 million Swiss francs, with a stable base salary and a slight reduction in variable compensation. This decision comes amid ongoing political discussions about banking regulations following UBS's acquisition of Credit Suisse, which raised concerns about systemic risks. The total compensation for UBS's executive board is 143.6 million Swiss francs, with a group-wide bonus pool of US$4.7 billion.
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huawei reports first quarterly loss amid heavy research spending and sanctions
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11:10 31.03.2025
Grab Malaysia partners with EV companies to enhance driver adoption and infrastructure
05:53 27.03.2025
ubs upgrades cimb group to buy with target price of myr 8.50
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ubs upgrades cimb group to buy with new price target of myr 8.50
16:54 21.03.2025
market turmoil at heathrow and corporate shifts in europe and america
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08:45 21.03.2025
hsbc restructuring leads to loss of senior roles for women in asia
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06:01 20.03.2025
wealth management appointments in asia pacific howden and citigroup updates
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20:42 18.03.2025
Morgan Stanley maintains overweight rating on Prudential amid profit forecast decline
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09:02 18.03.2025
ubs raises gold price target to 3200 amid trade war concerns
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11:11 17.03.2025
ubs limits ceo ermotti's pay amid regulatory pressures in 2024
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09:42 17.03.2025
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