Nestle SA's stock has plummeted 25% this year, prompting J. Stern & Co to view it as a buying opportunity. Chief investment officer Christopher Rossbach believes the stock is “far too cheap,” despite challenges like a CEO exit and changing consumer habits. Analysts predict a potential gain of over 20% for Nestle shares from current levels.
The final report from the parliamentary commission investigating the merger between UBS and Credit Suisse has sparked significant reactions from key stakeholders, including Finma and the SNB, as well as various political parties. Ueli Maurer from the PLR criticized the Finance Department for being unprepared during the crisis, while Finance Minister Karin Keller-Sutter was praised for her effective crisis management that averted further turmoil.
The Greens and Socialist Party in Switzerland are urging authorities to expedite the strengthening of "too big to fail" legislation following concerns about the risks posed by UBS, the newly formed megabank after its takeover of Credit Suisse. They criticize the bank's management for excessive bonuses and call for strict regulations, including a ban on bonuses and improved liquidity requirements. Meanwhile, other parties emphasize the need for effective financial supervision without overregulation, highlighting the importance of UBS in supporting the Swiss economy.
A PUK has been established in Switzerland for the first time in nearly 30 years, producing a comprehensive 500-page report on the authorities' response to the Credit Suisse crisis. The findings include both praise and criticism, particularly directed at the former management, raising questions about the preparedness of Swiss politicians for future financial crises. For more insights, listen to the podcast series "The end of Credit Suisse" from "News Plus."
The ICC report on Credit Suisse has been criticized as uncritical and ineffective, with expert Peter V. Kunz labeling its 20 recommendations as useless. He argues that the report absolves authorities of responsibility, particularly highlighting the failures of the Swiss Financial Market Supervisory Authority (FINMA) while acknowledging the Swiss National Bank's professionalism. Overall, Kunz believes the report wasted valuable time without exerting necessary pressure on policymakers.
Finance Minister Karin Keller-Sutter's crisis management during the Credit Suisse debacle has been praised for preventing an international financial crisis, while her predecessor, Ueli Maurer, faced criticism for inaction. The FDP calls for earlier intervention from the Swiss Financial Market Supervisory Authority (Finma) and emphasizes the need for systematic application of existing supervisory tools rather than indiscriminate capital increases for systemically important banks.
Revolut has unexpectedly listed Binance Coin (BNB), prompting excitement from former Binance CEO Changpeng "CZ" Zhao, who noted this enhances global access and liquidity for the coin. This development reflects Binance's decentralized leadership and the organic growth of BNB's utility. Meanwhile, Revolut hints at launching a U.S. dollar-backed stablecoin, despite previous service cuts for other cryptocurrencies.
The PUK's report on the Credit Suisse crisis has sparked varied reactions from political parties, highlighting mismanagement by bank leaders and calling for stricter regulations. The FDP praises its Federal Councillor for crisis management, while the SP demands a ban on bonuses for UBS managers and compensation for taxpayers. The Greens and Center Party echo calls for enhanced oversight and accountability in the banking sector.
Wall Street faced volatility as the S&P 500 and Nasdaq marked their third consecutive day of losses, while the Dow ended a 10-day losing streak. FedEx surged 8.5% after a strategic spin-off, while Nike shares fell 6% amid a delayed turnaround plan. Novo Nordisk's obesity treatment trial results disappointed, causing its stock to drop, while Berkshire Hathaway increased its stake in Occidental Petroleum.
The Parliamentary Commission of Inquiry has concluded its investigation into the Credit Suisse collapse, revealing widespread frustration over the lack of accountability for those responsible. Critics argue that despite exposing numerous failures, no meaningful consequences will follow, leaving customers and employees as the primary victims. The role of supervisory authorities, particularly Finma, is also under scrutiny, with calls for reform and accountability from political figures like former finance minister Ueli Maurer.
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