UBS Chief Urges Bankers to Bring in New Assets, Swedish Bank Can Weather Volatile Real Estate Market
Good morning. UBS Global Wealth Chief of Swiss Bank urges bankers to bring in new assets. Sweden's largest bank said that banks can withstand volatile real estate markets. Chinese scientists are trying to avoid the heat of the Great Tibetan Glacier, and the specific news describes this process. UBS Global Wealth Chief urges Asian bankers to focus on bringing in new funds. Swiss Bank also reorganized its Middle East wealth leadership and appointed a new manager for its Latin American business. According to Masih Yazdi, Chief Financial Officer of SEB, Sweden's largest bank, Swedish banks are strong enough to withstand volatile real estate markets, despite rising costs and risk exposures. According to Maklarstatistik's data on real estate, house prices fell 12% year-on-year in June and apartment prices fell 5%.
European Central Bank President Joachim Nagel said that in order to control inflation, the ECB will have to maintain a high interest rate for a long time. Today's data may show that German industrial output was unchanged in May compared to April.
British Chancellor of the Exchequer Rishi Sunak hopes to reduce the number of British people declared unable to work by reforming the "Fit Note" system issued by doctors, thus promoting economic growth. Government officials are concerned about the current situation because these certificates are used by employees and the unemployed to support applications for financial aid. Official statistics show that 94% of people are declared "unable to work" rather than recommended to receive support in the workplace. Options are being considered before the autumn statement, people familiar with the matter say. However, resolving this issue may be counter-productive close to the election, interpreted as the government trying to force patients to work.
According to people familiar with the situation, banks led by JPMorgan and Goldman Sachs are raising about $9.4 billion in debt to support GTCR's plan to buy shares of Worldpay, which will be the largest corporate acquisition financing transaction in more than a year. They are expected to be sold in September as institutional investors.
UK Latest News: After meeting with large British bankers, the UK Financial Conduct Authority said that banks must "accelerate" their efforts to ensure customers get the best savings rates. People familiar with the matter revealed that Jeremy Hunt will today cancel the EU's MiFID II ban on providing customers with free research. People familiar with the matter said US auditors have begun a new round of inspections of more than a dozen Chinese companies listed in New York, including Tencent Music, Didi and NetEase. Tsai Ing-wen will meet with Chinese Prime Minister Li Keqiang in Beijing today for a two-day discussion.
Japan is close to Shinzo Abe's grand vision, Gearoid Reidy writes. On the one-year anniversary of the former Prime Minister's assassination, the decline of rhetoric has disappeared and people no longer consider Japan a past-era country: from the think tanks to the hedge funds, Japan has become an object of everyone's attention. Money is flowing into the market, tourists are flocking back, and Tokyo is becoming the strategic center for Washington's "China Risk Transfer."
Chinese scientists are trying to avoid the heat of the Great Tibetan Glacier by scattering designed white films to reflect sunlight. This experiment in the Tibetan Plateau could help protect thousands of jobs, although it is only a temporary solution. Over the past half century, glaciers in the Great Tibetan Glacier have lost more than 70%.