UBS Financial News

Team Global Express has appointed UBS in a broad-ranging advisory role – include defence strategies and canvassing preliminary inbound interest – two weeks after Street Talk first reported it was asking investment banks to pitch for the job after catching the attention of cashed-up overseas buyers.

BERLIN (Reuters) — Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.

Journey Beyond, owner of “experiential” tourism assets like The Ghan train and Cruise Whitsundays, is back on the auction block less than two years after it changed hands.

Max Financial Services, on Thursday, sold 3.3% stake in the company for Rs 982 crore. The promoter group entity sold 1.12 crore shares in Max Financial at Rs 873 apiece. This is at a discount of around 1% to Wednesday’s closing price of the stock. As of June-end, Max Ventures Investment held a 10% stake in the financial services company. Despite the selling, shares of Max Financial ended nearly 3% higher at Rs 904.35.

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Nvidia, Avery Dennison, Fulcrum Therapeutics, and Louisiana-Pacific.

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS agreed to pay nearly $500 million to settle an antitrust class action by U.S. pension funds over the banks’ control of the market for stock loans used for hedging and short selling.

Check out the companies making headlines in midday trading.

investment bankers in India as the US advisory firm looks to beef up its operations in the world’s most populous nation, people familiar with the matter told Bloomberg. As per the report, the firm is looking to add bankers in ranging from associate to managing director in order to expand its team in India to about 25 people. These new positions will focus on sectors such as infrastructure and industrials, said the people to Bloomberg, who asked not to be identified as the information is private.

Wednesday shaped up as a big day in the bond market with a range of deals coming to market.

The Lottery Corporation chief executive Sue van der Merwe said the aggressive marketing of offshore lotteries has not had a financial impact on the $11.5 billion giant, but claimed the advertising push was concerning newsagencies that a cut from local competitions.

APA Group is seeking to raise $750 million in new equity to help fund the acquisition of remote power assets from Alinta Energy in its biggest move yet into the electricity sector, opening up a new avenue of growth.

UBS equity capital markets banker Richard Wilks has been named head of equity capital market syndicate for Asia Pacific, Street Talk understands.

National Australia Bank’s latest hybrid issuance had gathered $1.45 billion in bids by 8am Tuesday morning, as investor demand outstripped the $1 billion expected deal size at launch.

Royal Bank of Canada hired Credit Suisse Group AG banker Tim Perry, people with knowledge of the matter said.

Australia has witnessed a boom in family offices over the past decade as the country’s long recession-free streak delivered untold wealth to the richest families, new data shows.

Happy days for UBS deal makers Kelvin Barry and Jon Mant, who have snagged the lucrative gig of advising Premier Investments on whether to split the Solomon Lew-controlled retail and investment group into four separate ASX-listed companies.

Matthew Nicholls, the former co-head of Morgan Stanley Wealth Management, has reappeared at Wilsons as head of private wealth advice.

Australia’s largest steelmaker, BlueScope, will spend $1.15 billion relining a blast furnace at its Port Kembla steelworks in what chief executive Mark Vassella describes as a “bridge to the future”, with old-school steelmaking processes needed for at least 10 years.

Premier Investments chief executive Richard Murray has quit as the retail group controlled by Solomon Lew evaluates a possible demerger of some of its businesses, including brands Peter Alexander and Smiggle.

industrial activity may have recovered from pre-pandemic levels, but experts indicate that a broad-based recovery remains elusive. An ET analysis found that 12 of the 22 manufacturing firms captured in the index of industrial production were still operating at lower levels than during the pre-pandemic period. “It is becoming progressively clear that notwithstanding some high volatile growth numbers, it is not broad-based. Deficiency in spending is manifest here,” said Madan Sabnavis, chief economist, Bank of Baroda. While the overall industrial activity was up 9.6% in Q1 FY24 compared with Q1FY20, computer electronic and optical products was down 33.1%, whereas wearing apparel was down 34.5% during this period. “The weakness in electronic good productions is despite the fact that India’s electronic goods exports has shown strong growth of 47% YoY in Q1FY24 and 51% in FY23. On the import front, electronic goods has seen a more moderate growth at 4.9% YoY in FY23 and 6.3% growth in Q1FY24. As a result, net electronic goods imports has reduced in Q1FY24,” said Gaura Sengupta, India Economist, IDFC First Bank. Economists note that government capex also has much to do with diverse performance. “While infrastructure and construction-linked sectors have been outperforming, the consumer-linked segments still need to catch up,” said Upasna Bhardwaj, chief economist, Kotak Mahindra Bank.

RBC Wealth Management said Friday that it had hired a substantial practice in Atlanta, the ESOP Group, with close to $5.5 billion in client assets, fromUBS.