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Warren Buffett's Precision Castparts, acquired for $37bn in 2016, has seen its value rise by nearly $2bn, bringing it closer to break-even after a $10bn writedown in 2021. The aerospace parts maker's recovery aligns with the industry's rebound post-pandemic, as revenues surpassed pre-pandemic levels, reaching $10.4bn in 2024.
Elon Musk's X, formerly Twitter, is valued at $44 billion, the same amount he paid in 2022, despite a decline in tech stocks and previous investor write-downs. The company claims $1.2 billion in EBITDA, suggesting improved efficiency, but these figures are reportedly "wildly adjusted," raising concerns about their accuracy. Valuations in private markets can be misleading, as they often rely on a limited number of transactions, unlike the robust trading seen in public markets.
Santander is set to close 95 of its 444 UK branches, risking around 750 jobs, as part of a strategy to adapt to changing customer needs and reduce costs. The bank has noted a significant shift towards digital banking, with a 63% increase in online transactions since 2019, while branch transactions have dropped by 61%. This move follows a broader trend among UK banks to downsize physical locations in response to declining foot traffic.
In March 2023, Credit Suisse faced a crisis that culminated in its acquisition by UBS for $3.25 billion, driven by fears of a broader financial collapse. Duncan Mavin's "Meltdown" chronicles the bank's long history of greed and mismanagement, highlighting the failures of leadership and compliance that led to its downfall. The narrative underscores how recurring scandals made the bank's collapse seem inevitable, reflecting on the challenges faced by Tidjane Thiam during his tenure as CEO.
Lloyds Banking Group has apologized for a data breach in which a customer received a package containing sensitive investment statements of other clients, including one portfolio worth over £5 million. The bank attributed the error to human oversight during an internal review process and has offered the affected customer £300 in compensation. An investigation into the breach has been initiated, and the incident has been reported to the Information Commissioner’s Office.
Warren Buffett’s Berkshire Hathaway has increased its stakes in Japan's five largest trading houses, raising its holdings in Mitsubishi and Mitsui, among others, while negotiating to lift a 10% investment cap. These trading houses play a crucial role in Japan's economy, importing essential raw materials and supporting key export sectors. Despite Buffett's long-term commitment, challenges such as declining commodity prices and inflation may impact their performance.
UBS chief executive Sergio Ermotti was paid SFr14.9mn ($16.8mn) last year, maintaining his position as Europe’s highest-paid bank boss amid increasing scrutiny of executive compensation in Switzerland. His pay surpassed that of leaders at HSBC, Deutsche Bank, and Banco Santander.This disclosure comes as Switzerland's upper house has backed a motion to cap banking sector executive pay at SFr5mn, reflecting the political sensitivity surrounding remuneration following UBS's acquisition of Credit Suisse.
HSBC and UBS are expanding their wealth management operations in India, driven by a surge in new millionaires following a record year of IPOs. UBS is reportedly seeking to acquire shares in 360 ONE, while HSBC plans to nearly double its branches, targeting cities with growing wealth. The wealth management sector is projected to see significant growth, with the number of individuals worth over $30 million expected to rise sharply in the coming years.
Barclays is set to compensate customers up to £7.5 million following a three-day IT outage that caused over half of its online payments to fail. The incident, which began on January 31, disrupted services for millions, particularly affecting those making tax payments. The bank has already paid nearly £5 million in damages from previous outages, bringing potential total compensation to £12.5 million since January 2023.
US export controls intended to stifle China's chip industry have inadvertently accelerated its growth, particularly for Huawei, which has improved its AI chip yield to 40%. Despite challenges from Nvidia's established software ecosystem and limited access to advanced manufacturing tools, the shift towards inference-heavy AI workloads may favor Huawei as demand for cost-efficient chips rises. The ongoing chip war suggests that the US may have inadvertently strengthened China's technological self-sufficiency.
Roula Khalaf
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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