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Raiffeisen Bank Romania reported a consolidated net profit of 1.686 billion lei ($365 million) for 2024, a slight decrease from 1.701 billion lei in 2023, attributed to rising operational costs and a new 2% banking tax. Operating income grew to 4.101 billion lei, while net interest income rose to 3.05 billion lei. The bank's total assets reached 82.878 billion lei, serving over 2.3 million clients through 272 units across Romania.
UBS's potential departure from Zurich poses a significant risk to the city's tax revenue and job market, as banks contribute nearly 40% of corporate taxes. Despite the challenges faced by the banking sector, tax contributions from banks have risen steadily since 2020, highlighting Zurich's ongoing dependence on its financial center. The city's efforts to diversify its economy have had limited success, with major tech companies like Google paying most taxes in their home countries.
UBS is advised to consider relocating from Switzerland as a contingency plan due to potential regulatory challenges. Analyst Stefan Stalmann suggests moving the option from "Plan D" to "Plan B," with New York identified as the most favorable destination. UBS may face a need for up to $30 billion in additional equity capital, and a shift away from its Swiss base could risk losing a significant portion of its $2.1 trillion in assets under management.
EUR/USD is expected to consolidate around 1.08-1.09 amid uncertainty following Trump's auto tariffs and potential reciprocal measures. The USD's reaction to these tariffs remains unclear, with mixed past impacts on import demand and inflation, while aggressive tariffs could heighten risk-off sentiment. Analysts suggest selling into potential USD rallies due to possible negotiation delays and reversals in market reactions.
Norges Bank acquired 27,498,205 shares of Citigroup Inc. (NYSE:C) in Q4, valued at approximately $1.94 billion, holding about 1.45% of the company. Analysts have a consensus "Moderate Buy" rating, with price targets ranging from $79 to $95, as Citigroup's stock trades at $73.20, down 1.7%. The firm reported Q4 earnings of $1.34 EPS, exceeding estimates, with a revenue increase of 12.3% year-over-year.
Citigroup has a Moderate Buy rating, with analysts raising price targets, including Keefe, Bruyette & Woods to $92 and Bank of America to $95. The company reported a Q1 EPS of $1.34, exceeding estimates, and announced a $20 billion stock repurchase plan, indicating management's belief in its undervalued stock. Additionally, Citigroup declared a quarterly dividend of $0.56 per share, yielding 3.06%.
UBS remains bullish on equities, asserting that while a speculative bubble is not dead, conditions for it are present. They predict no long-term recession, citing historical bear markets and targeting modest upside potential for major indices by year-end. Key conditions for a bubble include high P/E ratios and bond yields, which are not currently met.
Citigroup has received a mix of ratings from analysts, with StockNews.com upgrading it to "buy" and Morgan Stanley lowering its price target to $109.00. Insider trading activity includes CFO Mark Mason selling over 58,000 shares, while institutional investors hold 71.72% of the stock. The company recently announced a quarterly dividend of $0.56 per share and a $20 billion share buyback plan, indicating confidence in its valuation.
Gold prices have surged to a new record high, buoyed by political uncertainty and the impact of upcoming US tariffs, which may affect imports from Canada. The widening price gap between Comex and London spot prices indicates ongoing support for gold, especially as potential weak US economic indicators could lead to further interest rate cuts by the Fed.
Citigroup Inc. reported a 1.7% decline in stock price, opening at $73.20, with a market cap of $137.78 billion. The company announced a quarterly dividend of $0.56 per share and initiated a $20 billion share buyback plan, reflecting confidence in its stock value. Analysts project an EPS of 7.53 for the current year, with recent earnings surpassing estimates.
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raiffeisen bank romania reports slight profit decline amid rising costs
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