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Emerging market equities are projected to achieve low-teen returns by the end of 2025, driven by a combination of factors including a potential shift in US tariff policies, China's stimulus efforts, and ongoing rate cuts by the Federal Reserve. Despite the promising outlook, challenges such as trade uncertainties and geopolitical tensions persist, particularly affecting countries like India and Brazil, which could benefit from the evolving global landscape if they adopt appropriate strategies.
DBS Group Holdings has expanded its wealth management team to cater to affluent Russians, hiring private bankers amid a climate where many global banks are retreating due to sanction risks. The bank's stock has surged, reflecting its growth in managing Russian assets, which, while small, is increasing as competitors like UBS and HSBC limit their dealings with such clients. DBS maintains rigorous compliance measures to ensure clients are not subject to sanctions, with a minimum asset requirement of $20 million for Russian clients.
Switzerland's inflation rate rose 0.7% year-on-year in November, slightly below expectations, with a 0.1% monthly drop in consumer prices. This cooling inflation may pressure the Swiss National Bank to cut interest rates further, as the country faces subdued inflation prospects.In France, Prime Minister Michel Barnier's minority government faces no-confidence motions amid political turmoil, potentially jeopardizing the country's financial stability and public deficit management. The CAC 40 index rose 0.8% despite the looming vote, reflecting market resilience amid uncertainty.
DBS Group Holdings has expanded its wealth management team to attract wealthy Russians, hiring two private bankers recently, despite many global banks retreating due to sanction risks. The Singapore lender now has at least nine Russian-speaking bankers and aims to double its wealth management fees by 2027, offering services to clients with a minimum of $20 million in assets. While it conducts rigorous risk assessments to ensure compliance with sanctions, DBS emphasizes that it does not specifically target Russian clients.
Carlsberg A/S shares rose by up to 3.9% following a decree from Russian President Vladimir Putin that ended government control over the brewer's Russian operations. The Kremlin's decision to exclude Baltika Breweries from temporary management has restored ownership to Carlsberg, although the company's shares are still down over 10% year-to-date.
On November 21st, the U.S. Treasury imposed new sanctions on over 40 Russian banks, including Gazprombank, to tighten financial restrictions amid the ongoing conflict. Starting December 20th, European buyers of Russian gas will need to navigate alternative payment methods, complicating transactions and potentially impacting energy supplies.
Russian President Vladimir Putin has approved a military-focused budget for the years 2025-2027. This decision was made public through a document published on the official legal acts website. The budget reflects a continued emphasis on military spending in the coming years.
The Indian government has finalized a Rs 1,207.5 crore deal for the short refit and dry docking of INS Vikramaditya, a modified Kiev-class aircraft carrier. The contract with Cochin Shipyard Ltd aims to enhance the ship's combat capabilities and support the Make in India initiative, involving nearly 50 MSMEs and generating over 3,500 jobs. This project is a significant step towards establishing Cochin Shipyard as a Maintenance, Repair, and Overhaul hub, contributing to the vision of self-reliant India.
Lombard Odier faces serious money laundering charges from the Swiss Attorney General, echoing the Credit Suisse scandal. The allegations stem from connections to Gulnara Karimova, daughter of Uzbekistan's former president, whose criminal organization funneled billions into the bank through a Russian consultant. Despite the charges, Lombard Odier claims the allegations are unfounded and plans to defend itself vigorously.
The Bank of Russia announced that no emergency measures are necessary to stabilize the ruble, as existing policies are sufficient. The currency experienced a decline following US sanctions on over 50 lenders, including Gazprombank, which led to the central bank suspending foreign currency purchases under the budget rule, allowing the ruble to recover some losses amid speculation of a potential key rate increase.
Russian Ruble
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
emerging market equities projected to deliver low-teen returns by 2025
11:05 03.12.2024
DBS Expands Wealth Management for Russian Clients Amid Sanction Concerns
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06:44 03.12.2024
French stocks rise amid political turmoil as no-confidence motions loom
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06:32 03.12.2024
dbs expands wealth management team for wealthy russian clients amid sanctions
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01:00 03.12.2024
carlsberg shares rise as kremlin ends control of russian business
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India secures 1207 crore deal for INS Vikramaditya refit and upgrade
17:18 30.11.2024
swiss bank embroiled in money laundering scandal linked to uzbek telecoms fortune
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21:01 29.11.2024
bank of russia sees no need for emergency measures to stabilize ruble
16:16 29.11.2024
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