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China has announced retaliatory tariffs of 10-15% on various US imports, including liquefied natural gas and crude oil, following President Trump's new tariffs. Meanwhile, UBS reported a strong fourth-quarter profit, driven by increased trading activity, and plans to repurchase $3bn in shares. Standard Chartered appointed Maria Ramos as its new chair amid rising global trade tensions.
At Davos 2025, Barclays CEO CS Venkatakrishnan urged patience for the new Labour government, emphasizing the UK's potential and the need for time to implement policies. Meanwhile, Lloyds CEO Charlie Nunn called for the government to accelerate its plans to boost competitiveness and growth amid concerns over a £40 billion tax-raising budget that could lead to job losses and inflation. Business leaders expressed mixed feelings, with some supporting the government's proactive approach while others warned of the economic impact of recent tax increases.
UBS reported a Q3 net profit of $1.4bn, nearly doubling forecasts, driven by increased trading and cost-cutting, while Standard Chartered's pre-tax profit surged to $1.72bn, prompting plans to double wealth management investment. Meanwhile, China's largest banks saw profit growth despite declining net interest margins, and Bank of America is considering litigation over a CFPB inquiry into Zelle's handling of funds amid rising fraud concerns.
Standard Chartered upgraded its 2024 income guidance after reporting a third-quarter pre-tax profit of $1.81 billion, surpassing expectations, driven by strong wealth management performance. The bank's net interest income rose to $2.6 billion, with a net interest margin increase to 1.95%. Operating expenses grew by 3% to $2.9 billion, but efficiency measures are in place to save approximately $1.5 billion over three years.
At the Future Investment Initiative in Saudi Arabia, top finance executives from firms like Goldman Sachs, Morgan Stanley, and Apollo Global Management expressed skepticism about the likelihood of two Federal Reserve interest-rate cuts this year. None of the panelists indicated support for such market expectations, suggesting that bets on rate reductions may be excessive.
Bill Winters
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
China retaliates with tariffs as UBS reports strong profit recovery
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12:32 04.02.2025
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11:15 21.01.2025
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12:18 30.10.2024
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10:46 29.10.2024
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