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ZKB has emerged as a key player following the fallout from Credit Suisse's decline, acquiring over 30 billion in private client assets and a skilled team of philanthropists from the former Accentus Foundation. This strategic move enhances ZKB's influence in the competitive philanthropy sector, where experienced professionals like Guido Baschler and his team are now positioned to lead. Joëlle Pianzola, who joined from Sonova, heads the newly established ZKB Philanthropy Foundation, further solidifying the bank's commitment to impactful giving.
ÖAMTC, Raiffeisen, and Siemens have launched a mobility partnership aimed at enhancing e-vehicle charging through local energy cooperatives. Starting in 2025, e-car drivers can purchase green electricity at charging stations, benefiting from significant savings and promoting sustainable energy use across Austria. The initiative, which began in Burgenland, will expand to other regions, showcasing a model for affordable and environmentally friendly mobility.
The ASX 200 fell 19 points (-0.23%) to 8333, marking its lowest level in three weeks as markets reassessed the likelihood of an RBA interest rate cut in February following a strong November jobs report, which showed unemployment at 3.9%. The property and consumer discretionary sectors experienced notable declines, while the energy sector rebounded after crude oil prices rose above $70. Technical analysis indicates the index may close below a critical support level, potentially leading to further declines.
The Nikkei index rose 1.4% to 39,906.84 points, reaching a two-month high, driven by positive US inflation data that bolstered expectations for a Federal Reserve rate cut. The broader Topix also increased by 1.1% to 2,778.63 points. Market analysts anticipate a Bank of Japan rate hike by January, with its monetary policy decision due next week.
Reinout Böttcher, Head of Swiss Investment Banking at J.P. Morgan, expresses cautious optimism for 2025, anticipating a recovery in IPOs and M&A activity despite a challenging 2024. While the loss of Credit Suisse has a modest direct impact, it may lead to increased openness towards foreign banks among Swiss companies. Böttcher highlights a vibrant DCM business and a well-filled M&A pipeline, indicating potential growth opportunities ahead.
Home ownership in the Linth region remains highly sought after, with demand significantly outpacing supply. Despite a slight increase in available condominiums and single-family homes, prices have surged, with condominiums rising by 6% and single-family homes by 3.6% over the past year. The limited availability and attractive pricing compared to nearby municipalities are expected to drive further price increases in the coming year.
Since launching its first in-house investment funds in 2015, SZKB has significantly expanded its offerings. As of December 12, 2024, the total assets in SZKB investment funds have surpassed the 2 billion mark, marking a notable milestone in their growth.
AUD/USD and EUR/GBP have fallen to multi-year lows, with AUD/USD dropping to a 13-month low following the RBA's decision to maintain rates at 4.35% while adopting a dovish stance. EUR/GBP has slipped to a 2¾-year low, facing resistance in the £0.8260 to £0.8271 range. Meanwhile, EUR/USD is retreating from a recent high, approaching last week's low of $1.0461.
AXIS Capital's President and CEO Vince Tizzio and CFO Pete Vogt will participate in a fireside chat at the 2024 UBS Global Specialty Insurance/Reinsurance Virtual Conference on December 17, 2024, at 9:15 am Eastern Time. The discussion, moderated by UBS analyst Brian Meredith, will be accessible via a live webcast, with an archived replay available afterward.
The UBS ETF - MSCI World Socially Responsible ETF A has seen a recent upward trend, gaining 1.02% to reach EUR 1.68 in STU trading. The ETF's price peaked at EUR 166.22 during the day, starting at EUR 164.58, with a total of 148,543 shares traded. On December 4, 2024, it hit a 52-week high of EUR 166.36.
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ZKB Strengthens Philanthropy Division with Acquisition of Credit Suisse Team
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