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Ubs reported a net profit exceeding $5 billion in 2024, boosted by the Credit Suisse acquisition, with revenues rising from $40.8 billion to $48.6 billion. The bank plans a 29% increase in dividends to $0.90 per share and a $3 billion share buyback program for 2025, despite facing challenges in wealth management inflows and a higher expense ratio. Analysts remain neutral, projecting modest earnings growth amid ongoing pressures.
Australian retail tech startup Flagship has secured AU$6 million (US$3.75 million) in seed funding to bolster its expansion in the US, just six months post-launch. The funding round, led by US venture capital firms, follows an earlier AU$2 million round aimed at growth in both Australia and the US.Founded by Simon Molnar, Flagship provides a digital visual merchandising platform utilized by over 600 stores globally. The new funds will enhance US market strategies, support R&D, and integrate AI features, while the company plans to increase its workforce by 25% this year.
UBS Asset Management has revised its exclusion policy, allowing certain sustainability funds to invest in companies that produce conventional weapons, a shift from previous restrictions. While investments in controversial weapons like nuclear arms remain prohibited, this change reflects a broader trend in Europe towards accepting arms investments amid rising military expenditures. Other European asset managers, such as Allianz Global Investors and Danske Bank, have also adjusted their guidelines in this sector.
UBS plans to cut 30% of its workforce in Italy, reducing 180 of its 602 jobs in wealth management, group functions, and securities custody. Despite these cuts, Italy remains a strategic location for the bank, which is undergoing a broader cost-cutting initiative following its acquisition of Credit Suisse. Overall, UBS aims to reduce costs by approximately USD 13 billion by the end of 2026, with potential job losses in Switzerland and beyond.
Indian startups raised $3.1 billion across 232 deals in Q1 2025, a 41% increase from the previous year, maintaining funding levels from late 2024. Seed-stage startups attracted $188 million, while late-stage funding surged nearly 80% to over $1.8 billion, highlighted by major rounds for Innovaccer, Zolve, and DarwinBox. Fintech led the funding landscape with $739 million, followed by ecommerce and enterprise tech, as M&A activity rose 73% year-on-year.
Saudi Arabia's domestic tourism is booming, with a 45% increase in flight bookings during Eid Al-Fitr, driven by improved infrastructure and affordable travel options. The focus is shifting towards immersive cultural experiences and family-oriented activities, as the Kingdom aims to double its accommodation capacity by 2030. Emerging destinations are gaining popularity, highlighting the rich heritage and natural beauty of the region.
Coinbase shares have plummeted over 30%, marking the company's worst performance since the FTX collapse in late 2022. This decline is attributed to rising economic concerns in the US, including recession fears and trade tensions, prompting traders to shy away from riskier assets like cryptocurrencies. The S&P 500 Index is also on track for its worst quarter since mid-2022, reflecting broader market unease.
UBS plans to cut nearly 30% of its workforce in Italy, amounting to 180 jobs in wealth management, group functions, and securities custody, while investment banking remains unaffected. This move is part of a broader cost-cutting initiative following the acquisition of Credit Suisse, aiming to save around $13 billion by 2026. Currently, UBS employs 602 people in Italy, with potential job losses expected to reach tens of thousands globally.
Bank of America’s European banking unit in Dublin reported a 4.2% decline in pretax profit to $1.76 billion in 2024, impacted by an impairment charge and rising staff costs. Net interest income increased by 13% to $1.23 billion, driven by higher customer deposits, while net fee and commission income rose to $468 million. The bank set aside $90 million for potential bad loan losses, reversing a previous year’s provision release, as it continues to navigate a challenging economic environment.
Evenflow, a marketplace aggregator founded by former Uber executives Utsav Agarwal and Pulkit Chhabra, has secured $5 million in its Series A funding round, bringing its total funding to nearly $14 million. The investment, led by Venture Catalysts and angel investors, will be used to expand operations and enhance profitability across its portfolio, which includes brands like Xtrim, Yogarise, and BabyPro.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs reports five billion profit in 2024 with credit suisse acquisition
12:19 02.04.2025
Australian startup flagship secures 3.75 million seed funding for US expansion
08:39 02.04.2025
ubs relaxes investment restrictions on arms companies for sustainability funds
08:19 02.04.2025
ubs to reduce workforce by 30 percent in italy amid restructuring efforts
08:16 02.04.2025
Indian startups raise 3.1 billion dollars in record funding for Q1 2025
07:36 02.04.2025
saudi arabia's domestic tourism thrives with rising demand during eid al-fitr
07:34 02.04.2025
Coinbase shares plunge 30 percent amid US economic uncertainty
07:20 02.04.2025
ubs to cut 30 percent of jobs in italy amid cost reduction efforts
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07:09 02.04.2025
bank of america europe reports profit dip amid rising costs and provisions
07:01 02.04.2025
Evenflow secures 5 million dollars in series A funding round
06:50 02.04.2025
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