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The BNP Paribas Open in Indian Wells, California, saw record attendance of over 504,000, crowning 17-year-old Mirra Andreeva as the women's champion after her comeback victory against world No. 1 Aryna Sabalenka. Jack Draper claimed his first ATP Masters 1000 title by defeating Holger Rune in the men's final. The tournament, which has evolved significantly since its inception in 1976, continues to attract families and a younger fan base, bolstered by a long-term sponsorship extension from BNP Paribas.
The Council of States has narrowly approved a motion to cap bank managers' salaries at UBS to 3-5 million francs, reflecting a troubling shift among politicians who traditionally support capitalism. This move raises questions about who determines fair wages and highlights the left's ongoing campaign against high earners, which could ultimately harm the economy and taxpayers. The agitation against wealth is seen as a tactic to undermine capitalism, targeting not just bankers but all high achievers.
Roger Federer has extended his role as an ambassador for UBS until 2029, following a ten-year contract initiated in 2009 and renewed in 2019. The partnership, valued at approximately CHF 6 million annually, includes his participation in advertisements, client engagements, and management seminars. Andre Agassi has also joined Federer in promoting the Swiss bank.
Sergio Ermotti, recently highlighted for his substantial earnings of over 14 million for just nine months of work in 2023, questions why high salaries in banking attract criticism while those in sports do not. Unlike top athletes who must consistently perform to earn their wealth, Ermotti's compensation stems from managing a bank rather than individual achievements. As he prepares for the challenging integration of Credit Suisse, his role contrasts sharply with entrepreneurs and athletes who risk personal investment and face direct accountability for their success or failure.
UBS has launched the cinematic campaign ‘Crafted for You’ as part of its global brand initiative ‘Banking is our Craft,’ featuring emotional narratives around financial planning and legacy. Directed by Edu Grau, the campaign aims to resonate with clients worldwide, showcasing authentic stories from diverse regions. Dr. Winfried Daun emphasizes the importance of creative collaboration and the campaign's alignment with UBS's vision of elevating banking to an art form.
Rafael Nadal, retiring as the second-highest earning tennis player with $134.9 million in career prize money, will compete in the 2024 Davis Cup. With 22 Grand Slam titles, he trails only Novak Djokovic, who leads with $185 million. Nadal"s off-court earnings from endorsements total approximately $415 million, solidifying his status among tennis" wealthiest.
On Holding AG has raised its sales outlook for the year, now expecting at least 2.29 billion Swiss francs ($2.6 billion) as it intensifies competition with giants like Adidas and Nike. The Swiss sneaker maker reported a record high in net sales last quarter, up 33% year-over-year, driven by increased sales through its own stores and websites.
Heavy flooding in Spain has resulted in at least 51 fatalities, particularly affecting the Valencia region, with ongoing rescue efforts. In Switzerland, the National Bank is launching a design competition for new banknotes themed "Switzerland and its altitudes," while UBS reports a quarterly profit of $1.43 billion. Roger Federer has abandoned plans for a boathouse in Rapperswil due to environmental appeals, and Kamala Harris delivered a significant campaign speech to over 75,000 supporters in Washington.
Finma has suspended the approval of UBS's emergency plans due to necessary adjustments from the integration of Credit Suisse. The authority emphasizes the need for improvements to ensure UBS can be effectively restructured or liquidated in a crisis, while also calling for expanded legal frameworks for resolution strategies. UBS has begun addressing these requirements, asserting its capacity to manage potential crises without taxpayer intervention.
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