Swiss private bank EFG International expects to hit its target for attracting net new assets from wealthy clients in 2019, Chief Financial Officer Giorgio Pradelli said on Wednesday. Zurich-based EFG, which bought Bank BSI last year, has a medium-term target of 3-6 percent net new money growth, applicable once it has completed the BSI integration.
The UBS Swiss consumption indicator rose to 1.38 points in June from a downwardly revised 1.32 in May, the Swiss bank's economists said on Wednesday. "UBS consumption indicator printed 1.38 in June, pointing to subdued growth in Swiss private consumption in recent months. Relatively weak growth in employment was much to blame for the lackluster number, however this was offset somewhat by robust new car registrations data and overnight hotel stays by Swiss nationals" the noted reported.
Suspected hackers have accessed client data of Italy's biggest lender, UniCredit, in two attacks over the past 10 months which affected around 400,000 Italian customers, the most serious hack ever reported by a major Italian lender. The Milan-based bank blamed a “third party provider” for the two data breaches it discovered, which it said happened between September and October 2016 and again between June and July of this year.
The CBOE Volatility Index .VIX, better known as the VIX and the most widely followed barometer of expected near-term stock market volatility, was down 0.24 points to 9.19, after earlier falling to 9.04, its lowest since December 1993. The VIX has never ended a session under 9 in its history but is on pace to log a close near that level today. The VIX is derived from the price of S&P 500 Index .SPX options. A low VIX reading typically indicates a bullish outlook for stocks.
LafargeHolcim posted slightly better-than-expected second-quarter results on Wednesday as the world's biggest cement maker sought to put a scandal over payments to armed groups in Syria behind it. It reported net income to shareholders of 787 million Swiss francs, up 96.5 percent from 400 million francs in the year-ago period. The Franco-Swiss company reported adjusted operating profit of 1.735 billion Swiss francs ($1.82 billion) for the three months ended June 30, slightly ahead of the average estimate of 1.714 billion Swiss francs in a Reuters poll.
The acquisitive Chinese conglomerate HNA Group pulled an unusual move on Monday revealing its ownership structure after striking multi-billion dollar deals that have raised questions about corporate governance, strategic motivations, financial health and who exactly is calling the shots.
The administration of President Hassan Rouhani in a cabinet meeting on Sunday approved a bill to switch Iran's national currency from rial to toman, an official said here on Monday. The secretary of the Cabinet Mohsen Haji Mirzaei said the issue had been scrutinized in the government's economic commission during the past six months. He added the move aims to facilitate the transactions by the public. The move is aimed at improving the performance of banking sector, he added.
The fifth annual Global Retirement Index ranking from Natixis Global Asset Management has Norway, Switzerland, and Iceland holding on to the top three slots from 2016. The ranking creates an overall retirement security score for each country from 18 performance indicators that address finances, healthcare, material well-being, and quality of life. Countries are also ranked by those four sub-indexes. Switzerland has consistently topped the rankings since the index was launched five years ago.
Logitech International today announced financial results for the first quarter of Fiscal Year 2018. The Q1 sales were $530 million, up 13% in constant currency compared to Q1 of the prior year, beating forecasts of $512 million in a Reuters poll. Logitech raised its outlook 2018 to 10% to 12% sales growth. Net profit increased to $37 million, ahead of estimates of $26 million.
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