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☆ Zürcher Kantonalbank held takeover talks with GAM Holding -FT
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 22 (Reuters) - Swiss lender Zurcher Kantonalbank, known locally as ZKB, has held takeover talks with GAM Holding AG (GAMH.S), the Financial Times reported on Saturday, citing people familiar with the matter. London-listed Liontrust Asset Management also said earlier this week that it was discussing a potential merger of its investment management unit with GAM, which is headquartered in Zurich. Swiss asset manager GAM, which has lost over 95% of its value following a bond fund scandal in 2018, is now looking to sell itself. Z Capital Group, a New York-based investment firm, is also interested in buying GAM, the newspaper added. GAM, ZKB and Z Capital did not immediately respond to Reuters' requests for comment.

☆ India court acquits 69 Hindus of murder of 11 Muslims during 2002 riots
▼ + stars: | 2023-04-20 | by ( ) edition.cnn.com time to read: +2 min

An Indian court on Thursday acquitted 69 Hindus, including a former minister from the ruling Bharatiya Janata Party (BJP), of the murder of 11 Muslims during communal riots in the western state of Gujarat in 2002. A total of 86 Hindus were accused of the killings in the Naroda Gam district of Ahmedabad, 17 of whom died during trial. We will study the grounds on which the court has acquitted the accused persons,” Pathan said. Kodnani was also an accused in a case in which 97 people were killed in the 2002 riots. At least 1,000 people, mostly Muslims, were killed across Gujarat in the 2002 riots.

☆ UK economy flat in February as strikes and inflation bite — and the IMF delivers reality check
▼ + stars: | 2023-04-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LONDON — The U.K. economy flatlined in February as widespread industrial action and persistently high inflation stymied activity. Large-scale strike action has been carried out in recent months by teachers, doctors, civil servants and rail workers, among others — members of the sectors that were the largest contributors to the fall in February services output. The independent Office for Budget Responsibility no longer expects the U.K. economy to enter a technical recession in 2023 — defined as two consecutive quarters of contractions. "Industrial strike action was the primary root cause of stagnating growth in the U.K. over the month. Much of the population also remains mired in a cost-of-living crisis, as inflation continues to vastly outpace wage growth, exacerbating the threat of further industrial action.

REUTERS/Dado Ruvic/IllustrationMarch 31 (Reuters) - General Electric Co (GE.N) has settled all its outstanding wind turbine technology patent disputes in the United States and Europe with Siemens Gamesa Renewable Energy S.A (GAM.HA), the companies said on Friday. Siemens Gamesa had sued GE for patent infringement in 2020 over the latter's Haliade-X turbines. Last year, a Boston federal judge barred GE from making and selling its Haliade-X wind turbines in the United States, after a jury found they infringed a patent owned by Siemens Gamesa. But GE was allowed to continue making and operating the turbines for existing projects off the coasts of Massachusetts and New Jersey with royalty payments to Siemens Gamesa. In February, the same judge ruled GE must double its patent royalty payments to Siemens Gamesa for the turbines it uses in a renewable energy project off the New Jersey coast.

☆ Nvidia's stock has climbed as Wall Street bets on A.I. Why investors say its promise is worth the premium
▼ + stars: | 2023-03-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +7 min

NVDA YTD mountain Nvidia shares so far this year Nvidia's stock' is trading at a forward price-to-earnings ratio of roughly 58 times. The focus on Nvidia's capabilities in this area have only grown since it unveiled new AI technologies at its GTC conference. On the heels of the conference, Goldman Sachs called the chipmaker a "key AI enabler," while Bank of America said Nvidia's AI dominance could "reshape the existing tech industry." That's in part because along with the hardware and software, Nvidia offers the engineers and relationships with both end-users and research organizations, which could stunt competitor plans from the get-go, Freund explained . Because so many engineers are already using Nvidia's software, some companies may face resistance if attempting to transition to a new language, explained Pieran Maru, an investment analyst at global asset management firm GAM Investments.

LONDON, March 20 (Reuters) - Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday. Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. PIMCO had 3.49% of its 5.66 billion euro ($6.06 billion) GIS Capital Securities Fund in Credit Suisse AT1 bonds, the Morningstar data showed. Lazard Asset Management had 7.4% of its 1.45 billion euro Lazard Capital Fi SRI fund allocated to Credit Suisse AT1 debt. GAM's 1.15 billion euro Star Credit Opportunities fund's exposure to Credit Suisse AT1 debt was 4.81% at the end of last month, based on the Morningstar data.

☆ A risk gauge for European banks is surging after SVB collapse: Here are the worst impacted
▼ + stars: | 2023-03-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Risk indicators such as the rates on credit default swaps are rising for the European banking sector following the failure of Silicon Valley Bank last week. CDS — a type of financial derivative — rise in value as the risk of default increases. CDS rates above one percentage point are an extremely rare event seen only during market stress, such as the height of the euro zone debt crisis in 2012. No other European bank had rates above this level. CDS rates were at about 0.6% for Germany's largest lender Deutsche Bank , the second highest currently, which saw a nine basis point jump in CDS rates since the beginning of March.

☆ Big Tech stocks are exciting, investment director says
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig Tech stocks are exciting, investment director saysBig tech stocks look exciting ahead of a lower rate environment, Lead Investment Director of Multi Asset Solutions at GAM Julian Howard told CNBC.

Consumer Price Index (CPI) rose 0.4% in February from 0.5% in January as Americans faced persistently higher costs for rents and food. On a yearly basis, the CPI rose 6% in February, compared with 6.4% the previous month. The S&P 500 banking index (.SPXBK) rose 2.9% after recording its biggest one-day percentage drop since June 2020 in the previous session. Advancing issues outnumbered decliners by a 6.05-to-1 ratio on the NYSE and by a 3.52-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and five new lows, while the Nasdaq recorded 18 new highs and 79 new lows.

☆ GE's investors seek solutions to renewable energy, supply chain challenges
▼ + stars: | 2023-03-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

But renewable energy remains a problem. Analysts have raised questions about whether GE may be forced to alter a plan to spin off GE Vernova into a separate company next year, including a possible delay or changing which assets are included. "I want to kind of understand is there any chance at all that Vernova will not include GE wind," William Blair analyst Nicholas Heymann said. But overall, GE is expected to reiterate its 2023 adjusted earnings outlook of $1.60 to $2.00 per share on Thursday. The aerospace business, which supplies engines to Airbus (AIR.PA) and Boeing (BA.N), is grappling with shortages of labor, parts and raw materials.

☆ A.I. is all the rage. This investor shares a less obvious way — and one stock — to play the trend
▼ + stars: | 2023-03-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

And according to tech investor Mark Hawtin, there's a smart way to jump on the trend: playing the data theme. But Hawtin, investment director at Zurich-based GAM Investments, has identified data as another way to get into the game. Data generation is growing by between 30% and 40% every year, according to Hawtin, who added that he likes data storage companies. The U.S. data storage company Seagate. Hawtin isn't the only one to flag hardware companies as a way to invest in AI.

☆ Top investors share 3 tips for buying stocks in this turbulent market
▼ + stars: | 2023-03-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Markets have been volatile of late, leading investors to wonder which corner of the market to seek refuge in. Investors are worrying that the U.S. Federal Reserve could keep rates higher for longer amid a renewed focus on hotter-than-expected inflation . Higher rates for longer is expected to be bad news for growth stocks such as tech, which tumbled last year as the era of zero rates ended. Some Big Tech stocks are now "quite mature," Hawtin said, noting that Alphabet and Facebook are essentially dependent on advertising. Steve Eisman of "The Big Short" fame said Monday that gone are the days when investors could win by simply buying technology stocks.

☆ 'High-quality' and 'reliable': Investor says Apple is a good stock for a volatile market
▼ + stars: | 2023-02-28 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

But the path of interest rate hikes remains uncertain amid stubbornly high inflation and the continuing strength of the U.S. consumer, while the prospect of a recession persists in the minds of investors. Against this backdrop, tech investor Mark Hawtin believes Apple could be a safer bet within the mega-cap space. I think if the macro remains uncertain, then Apple remains a good stock to hold, because it provides certainty in an uncertain environment. "I think [Apple] will always overcome the supply chain obstacles in the end. Analysts think the stock could go higher, with about 78% of those covering the stock rating it a "buy" and giving it average upside of around 15%.

☆ 'Pretty bearish on Tesla': Market pro says price cuts will hit the EV giant's share price
▼ + stars: | 2023-02-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Tesla shares are unlikely to make a comeback over the medium term partly due to the price cuts the electric automaker announced late last year, according to tech investor Mark Hawtin. "I'm pretty bearish on Tesla," said Hawtin, investment director at Zurich-based GAM Investments. This, in turn, could lead to lower demand for Tesla's products, impacting margins and profitability, according to Hawtin. "I think we will see lower demand at a time when they're ramping up factories around the world," he added. According to Jonas, the stock could jump on any new plans from the automaker for the "mass adoption of EVs at far lower price points" on its Mar.

☆ Investor says tech has yet to bottom — and reveals the mega-cap stocks to avoid
▼ + stars: | 2023-02-27 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Tech stocks have been on the up this year; the Nasdaq Composite is the best-performing Wall Street index, up around 11% since the start of 2023. But tech investor Mark Hawtin believes the sector's resurgence is nothing more than just another bear market rally. "At the end of the day, Google and Facebook are advertising businesses, they use technology to run their platforms, but they are dependent on advertising," Hawtin said. About 88% of analysts covering Alphabet rate it a "buy," and give it average upside of 36.3%. Meta is also well-liked by analysts, with 67% of its analysts giving it a buy rating, and potential upside of 19.3%.

☆ 'Without a doubt our favorite mega cap': Investor names the stock to buy for the next 10 years
▼ + stars: | 2023-02-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Microsoft offers the greatest potential reward for investors looking to invest in a stock over the next five-to-10 years, according to veteran investor Mark Hawtin. "It is without a doubt our favorite mega-cap name," he told CNBC's Pro Talks Wednesday. According to Hawtin, Microsoft will outperform the wider market as it has a diverse revenue stream. "I think one of the key things about understanding Microsoft is, they are so ingrained and embedded in so many companies," Hawtin said. Microsoft bundles its workplace collaboration software Teams with Office 365, hitting growth at rivals Zoom and Slack, which is owned by Salesforce.

☆ CNBC Pro Talks: Veteran investor Mark Hawtin talks tech investing and calls the bottom
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: Veteran investor Mark Hawtin talks tech investing and calls the bottomIs it time for tech to stage a comeback? Mark Hawtin of GAM Investments shared what’s next for beaten-down growth stocks. Hawtin also shared his thoughts on favorites including Tesla and other Big Tech names, plus when he thinks the market will hit the bottom.

☆ CNBC Pro Talks: Veteran investor Mark Hawtin talks tech, Tesla and calling the bottom
▼ + stars: | 2023-02-21 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

After a brutal year for growth investors, Mark Hawtin of GAM Investments will join Pro Talks to discuss the outlook for tech stocks and when he sees the market hitting the bottom. Hawtin, investment director of the Swiss asset management firm, will speak with CNBC's Karen Tso to share his thoughts on investor favorites such as Tesla , Big Tech stocks, and the companies he expects to grow despite a downturn. Click here to watch CNBC Pro Talks live on Wednesday, February 22 at 12 p.m. GMT / 8 p.m. SGT / 7 a.m. See more from our previous Pro Talks: Fund manager names two U.S. stocks he thinks might not survive 2023 Thinking of jumping back into Big Tech? Click here to watch CNBC Pro Talks live on Wednesday, February 22 at 12 p.m. GMT / 8 p.m. SGT / 7 a.m.

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

☆ GAM expects a net loss of around $336 mln for 2022
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Jan 25 (Reuters) - GAM (GAMH.S) expects to report a net loss after tax of approximately 309.9 million Swiss francs ($335.83 million) for the full year 2022, after experiencing negative asset flows, the Swiss asset manager said on Wednesday. The group said it also expects to report an underlying pre-tax loss of approximately 42.8 million Swiss francs. "2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management," GAM's Chairman David Jacob said. Vontobel analyst Andreas Venditti said 2022 was a challenging year for the asset management industry and said he welcomed the news of GAM's planned strategic update. In December it was reported that GAM had hired bankers from UBS (UBSG.S) to explore strategic options, including a possible sale.

☆ Europe Inc earnings offer market optimists more hope
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +5 min

Shares in ASML were lower after the results, having rallied recently to hit their highest since last April. Helped by strong orders in Europe, French train maker Alstom (ALSO.PA) posted an 8% rise in third-quarter sales. While it is still early in the corporate earnings season, the results offer some hope that recent economic data which has buoyed equities this month is grounded in reality. Swiss asset manager GAM (GAMH.S) meanwhile warned on profits after experiencing negative asset flows, knocking its shares 2.5% lower in early morning trading. ($1 = 0.8115 pounds)Reporting by Reuters newsroom; Writing by Josephine Mason; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

Shifts in tones at big banks suggest they are warming up to Chinese equities, especially as the strong returns so far and the fear of missing out on more gains start to apply pressure. "This is still a long path and we remain very bullish on Chinese equities ...and also the currency," he said. "When the market goes up, naturally that will attract international investors to look at China again," said Nicholas Yeo, head of China equities at abrdn. Foreign investors bought a net 41 billion yuan ($6.06 billion) of China stocks via the China-Hong Kong Stock Connect Scheme so far this year, compared with 90 billion yuan of China stocks bought in all of 2022. They bought a net 35 billion yuan of China stocks in December.

☆ Analysis: Move over TINA, it's time for TARA
▼ + stars: | 2023-01-11 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

Reuters GraphicsIdanna Appio, a portfolio manager at First Eagle Investments, said that TINA was good for passive investors as it meant that equity prices went up because bond yields went down. "The risk free rate," he added, referring to core government bond yields, "actually gives you something." Bond funds recorded net inflows for six straight weeks until early January, BofA said, based on its analysis of EPFR data. "The end of TINA is very important," said Francesco Sandrini, head of multi-asset strategies at Amundi, Europe's largest fund manager. "You don’t need a bond bull market, you now have income," said Jeffrey Sherman, deputy chief investment officer at U.S. money manager DoubleLine.

☆ 2022 was the year the Overconfidence Man fell back to earth
▼ + stars: | 2022-12-29 | by ( Maureen Tkacik | ) www.businessinsider.com time to read: +22 min

Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.

LONDON, Dec 16 (Reuters) - The Bank of England looks like it's being outed as the weakest link. The primary reason was that two of the nine-person MPC voted to end the Bank's rate rise campaign right away as the recession the Bank thinks is already underway will get entrenched next year. But with the median economist forecast for the Bank's terminal rate somewhere around 4.25%, markets still seem aggressively positioned for a hawkish surprise and the pound may be more vulnerable to that revision as the winter progresses. Significantly, the implied Fed terminal rate edged higher to 4.9% after its policy setpiece on Wednesday - even if is still below the 5.1% the Fed indicated. Reuters Graphics Reuters GraphicsReuters GraphicsReuters Graphics Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

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