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☆ Julius Baer 2022 profits fall as it hits business cycle targets
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 2 (Reuters) - Julius Baer (BAER.S) on Thursday said net profit fell 12% in 2022 in a tough market environment, as the Swiss bank said it closed its 2020-22 business cycle by hitting all its financial targets. Net profit dropped to 950 million Swiss francs ($1.05 billion) from 1.08 billion francs. Net new money totalled 9 billion Swiss francs over the year. "We are closing the 2020–2022 strategic cycle with the second-best result ever," Chief Executive Philipp Rickenbacher said in a statement. "...This puts us on a strong footing from which we have already started the work for the upcoming three-year cycle."

☆ 2023 has clearly had a better start than 2022, says Julius Baer CEO
▼ + stars: | 2023-02-02 | 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 Email2023 has clearly had a better start than 2022, says Julius Baer CEOPhilipp Rickenbacher, CEO of Julius Baer, discusses the wealth management group's results for 2022, and says that was a year with an "incredibly challenging backdrop."

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

A new trading year kicked off just weeks ago. After languishing throughout last year, growth stocks have zoomed higher. Tesla Inc. and Nvidia Corp., for example, have jumped more than 30%. The outlook for bonds is brightening after a historic rout. Even bitcoin has rallied, despite ongoing effects from the collapse of the crypto exchange FTX.

☆ S&P 500 Closes Lower as Investors Digest Earnings
▼ + stars: | 2023-01-26 | by ( Caitlin Mccabe | Justin Baer | ) www.wsj.com time to read: 1 min

U.S. stocks ended mixed Wednesday, as another busy day of earnings gave investors a fresh sense of how companies are coping with an economic slowdown and higher interest rates. The S&P 500 edged down less than a point, ending at 4016.22, as the benchmark index extended its losses into a second day. The Dow Jones Industrial Average rose 9.88 points to 33743.84, finishing less than 0.1% higher after spending most of the day in the red. The Nasdaq Composite dropped 20.91, or 0.2%, to 11313.36.

☆ We have a year of normalization and disinflation ahead, Julius Baer CIO says
▼ + stars: | 2023-01-26 | 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 EmailWe have a year of normalization and disinflation ahead, Julius Baer CIO saysYves Bonzon, chief investment officer at Julius Baer, says that's a "much better starting point" than 2022's.

☆ Logitech cuts sales outlook after Q3 miss; shares seen sinking
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 12 (Reuters) - Logitech International (LOGN.S) on Thursday reported lower earnings and sales between October and December and cut its sales outlook, citing a difficult economic backdrop and supply chain uncertainties linked to China's COVID-19 outbreak. CEO Bracken Darrell said the weaker-than-expected results reflected "challenging macroeconomic conditions including a slowdown in sales to enterprise customers in the quarter." The company was cutting its outlook based on the results and on "uncertainty in supply availability related to the current COVID outbreak in China." Last year, COVID restrictions drove Logitech to its highest ever second-quarter sales on the back of strong demand for home office products and computer gaming devices. Reporting by Noele Illien and John Stonestreet; Editing by Jacqueline Wong and Noele IllienOur Standards: The Thomson Reuters Trust Principles.

☆ Fidelity Investments Buys Shoobx to Expand Private-Company Stock-Plan Business
▼ + stars: | 2023-01-10 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Fidelity administers the stock plans of nearly 700 companies, most of which are publicly traded. Fidelity Investments struck its first takeover in more than seven years, acquiring a stock-plan software company that caters to technology startups and other privately held firms. Fidelity said Tuesday it bought closely held Shoobx Inc., which manages startups’ employee-equity plans and tracks their investors’ holdings from early stages to their initial public offerings. Terms weren’t disclosed.

☆ China's new Covid surge is crippling the world's most important factories and biggest ports
▼ + stars: | 2023-01-05 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

CFOTO | Future Publishing | Getty ImagesThe surge in Covid-19 cases in China is impacting the completion of manufacturing orders, according to CNBC Supply Chain Heat Map data. "The container pickup, loading, and drayage (trucking) are also affected as all businesses are facing the impacts of COVID. Three major ports across China are experiencing supply chain delivery problems because of Covid, according to the note. "The booking cancellation is increasing as many factories can't operate properly due to a lot of workers getting invested with Covid," the report said. As a result of the Covid impact on trucking, MarineTraffic is seeing a slowdown in port productivity in Shanghai.

☆ Supreme dollar rules the roost in gold market
▼ + stars: | 2022-12-30 | by ( Bharat Gautam | Swati Verma | ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukThe Fed’s fight against inflation is expected to dictate sentiment in precious metals markets next year. Russia’s invasion of Ukraine, surging inflation, COVID-19 restrictions and slowing growth meant precious metals had a mixed 2022. Spot gold at $1,821.50 an ounce at 19:28 GMT is on course to wrap up 2022 about 0.4% lower. Among other precious metals, silver at $23.87 an ounce is set to end the year over 2% up. Nornickel should also complete its smelter maintenance, allowing it to increase output,” according to Heraeus Precious Metals.

FTX co-founder Sam Bankman-Fried is planning to consent to extradition to the U.S. to face criminal charges related to the cryptocurrency exchange’s collapse, people familiar with the matter said. Mr. Bankman-Fried has been in custody in the Bahamas since he was arrested on Monday in connection with a slate of U.S. criminal charges, which were unsealed a day later. Federal prosecutors in Manhattan have charged Mr. Bankman-Fried with fraud and money-laundering offenses, alleging he defrauded customers, lenders and investors. They also alleged he violated campaign-finance rules by making illegal political contributions.

☆ Goldman Sachs Plans Thousands of Layoffs, Expects to Eliminate Some Bonuses
▼ + stars: | 2022-12-16 | by ( Annamaria Andriotis | Justin Baer | ) www.wsj.com time to read: 1 min

Amid a slump in technology stocks, Goldman’s investment bankers who cover tech could be hit hard by layoffs, according to people familiar with the matter. Goldman Sachs Group Inc. is planning to lay off several thousand employees, according to people familiar with the matter, another consequence of this year’s deal-making slump. A person familiar with the situation said the bank will be leaner in 2023, but it will still have more employees than it did before the pandemic. Goldman had some 49,000 employees as of September, up from about 38,000 at the end of 2019.

☆ Elon Musk’s Twitter blocked links to rival Mastodon. That could raise alarms among regulators
▼ + stars: | 2022-12-16 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Soon, however, Twitter began throwing up roadblocks — marking links to Mastodon as “unsafe” and potentially malicious, blocking tweets containing those links and preventing users from adding Mastodon links to their profiles. Now, legal experts are pondering whether there may be anticompetitive or other regulatory implications arising from Twitter’s blocking of Mastodon links. Eugen Rochko, the founder and CEO of Mastodon, has not publicly addressed Twitter’s link blocking, but has amplified a public report about it. Baer added that Twitter’s link blocking doesn’t just raise potential competition concerns. And prior to Thursday, there did not appear to be grounds for Twitter to claim that Mastodon links were unsafe.

☆ Caroline Ellison Was Alameda’s CEO, But Officials Say Sam Bankman-Fried Ran It
▼ + stars: | 2022-12-14 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

When Sam Bankman-Fried told his side of the story of what happened to FTX, the crypto exchange that went bankrupt on his watch last month, he often pointed the finger elsewhere. His favorite target was Alameda Research, the trading firm where Caroline Ellison was chief executive. This week, the U.S. government pointed back at Mr. Bankman-Fried.

☆ I'm the guy behind 'Pizza Rat.' The 7-year-old viral video still makes me money, got me my current job, and may even pay for my future home.
▼ + stars: | 2022-12-13 | by ( Andrew Ward | ) www.businessinsider.com time to read: +6 min

Matt Little is a creative director from New York whose "Pizza Rat" video went viral in 2015. He says going viral didn't change his financial situation completely, but it makes him money today. A clip of "Pizza Rat" on the move, from Little's 2015 YouTube video. If you've seen Pizza Rat on late-night TV, ads, or events, it's likely been legally signed off by a licensing firm and me. Jukin helps find requests I get for the Pizza Rat video and brand, handles unlicensed usage, and helps ensure essential negotiation specifics are in deals.

☆ Sam Bankman-Fried’s Parents Were There for FTX’s Rise, and Now Its Fall
▼ + stars: | 2022-12-12 | by ( Justin Baer | Hardika Singh | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried , founder of the collapsed exchange FTX, always stood apart from other cryptocurrency entrepreneurs, and it wasn’t for his baggy shorts or taste in videogames. Both his parents, as Mr. Bankman-Fried would note in meetings with Washington policy makers, are professors at Stanford Law School. Their reputations were a credential to their son as he grew his crypto empire, even to those inclined to see little value in the industry.

"The successful completion of the capital increase is a key milestone for the new Credit Suisse," its chief executive Ulrich Koerner said in a statement. Credit Suisse had already raised 1.8 billion francs by placing stock with a group of institutional investors led by Saudi National Bank (1180.SE). The exercise of subscription rights left only 16.4 million shares unsold. These are due to be sold on the market at or above the offer price of 2.52 Swiss francs, Credit Suisse said. Credit Suisse, has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos.

Credit Suisse has already placed some 1.8 billion francs worth of shares with a group of institutional investors led by Saudi National Bank. "The rights issue is the necessary start to the process, said Jerome Legras of Axiom Alternative Investments. REVAMP AND RECORD LOWSCredit Suisse shares, which have plumbed record lows, were buoyed last week as its leadership sought to reassure markets. After closing above 3 Swiss francs on Monday, they have retreated slightly, finishing Wednesday’s session at 2.851 Swiss francs. Crucially, they have held above the deal subscription price of 2.52 Swiss francs and were at 2.821 Swiss francs, down around 1% in mid-session trade on Thursday.

By contrast, the median forecast for a similar poll on the U.S. Federal Reserve is exactly where futures currently price the Fed's terminal rate next year - 5.0%. Any reversion of terminal rate pricing to consensus or below could see the pound wobble again. "That said, we have been stressing downside risks to our terminal rate projection, given the constant dovish messaging from the MPC. BoE poll question on Terminal Rate Risks? Central Bank Rate Hike CampaignSterling volatilityThe opinions expressed here are those of the author, a columnist for Reuters.

☆ Freight rates from China to West Coast down 90% as global trade falls off fast
▼ + stars: | 2022-12-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Logistics managers are sending the message to clients that the ocean freight market is correcting itself at a faster pace than anticipated. The peak in the market, according to Alan Baer, CEO of OL USA, was the second quarter. Trade data shows a decline in Asia imports to the U.S. by 11% year-over-year in October, which built on a September decline. "For many carriers, the fall in the XSI will trigger the fall in their average rates and will bring an end to record-breaking quarters," he said. Xeneta data indicates that 85% of customers plan to decrease ocean freight spending in 2023, while 42% say their volumes will stay "stable/consistent" with 2022, which Sand said suggests a further decline in cargo volumes.

Saudi Arabia’s crown prince and a U.S. private-equity firm run by Barclays PLC’s former chief executive are among investors preparing to invest $1 billion or more into Credit Suisse ‘s new investment bank, people familiar with the matter said. Crown Prince Mohammed bin Salman is considering an investment of around $500 million to back the new unit, CS First Boston, and its CEO-designate, Michael Klein , some of the people said. Additional financial backing could come from U.S. investors including veteran banker Bob Diamond ‘s Atlas Merchant Capital, people familiar with that potential investment said. Credit Suisse previously said it had $500 million committed from an additional investor it hasn’t named.

☆ Manufacturing orders from China down 40% in unrelenting demand collapse
▼ + stars: | 2022-12-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

U.S. manufacturing orders in China are down 40 percent, according to the latest CNBC Supply Chain Heat Map data. HLS expects most carriers to extend their West Coast rates until December 14, holding at $1,300-$1,400 per forty-foot equivalent containers (FEU). The 2M Alliance of Maersk and MSC has suspended almost half of its U.S. West Coast services for December. is also impacting Vietnam, which has been booming as a manufacturing hub as more trade moved away from China. Canceled ocean sailings bound for Vietnam are up 50% for December.

☆ Biotech Company Says Citadel, Other Big Traders Manipulated Its Stock Price
▼ + stars: | 2022-12-01 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

In the modern stock market, high-speed trading firms like Citadel provide stock quotes throughout the day. A biotechnology company accused Citadel Securities LLC, Susquehanna International Group LLP and other Wall Street firms of driving down its stock price through a series of illicit trades. In a lawsuit filed Thursday in Manhattan federal court, Northwest Biotherapeutics Inc. alleged the market makers had repeatedly engaged in “spoofing,” where traders place orders with an intent to fool other investors about a stock’s demand and manipulate the price.

☆ Biotech Company Says Citadel Securities, Other Big Traders Manipulated Its Stock Price
▼ + stars: | 2022-12-01 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

In the modern stock market, high-speed trading firms such as Citadel Securities provide stock quotes throughout the day. A biotechnology company accused Citadel Securities LLC, Susquehanna International Group LLP and other Wall Street firms of driving down its stock price through a series of illicit trading tactics. In a lawsuit filed Thursday in Manhattan federal court, Northwest Biotherapeutics Inc. alleged the market makers had repeatedly engaged in “spoofing,“ where traders place orders with an intent to fool other investors about a stock’s demand and manipulate the price.

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