Nokia said the Indian firm's rollout, which will also lay the foundation for providing 5G connectivity in the future, will see some 300,000 radio network units deployed across 9 circles in India. "This is an important agreement for the future of connectivity in one of the world's largest telecoms markets and solidifies our position in India," Nokia Chief Executive Rajeev Suri said in a statement....
The world's largest wealth manager, UBS, reported a 40% rise in quarterly profit on Tuesday, with its core business enjoying its best three months since 2008, thanks to a restructure and rich clients reshuffling portfolios to respond to the coronavirus outbreak. The bank booked net profit of $1.595 billion, slightly ahead of its previous guidance of around $1.5 billion. "This quarter, I can comfortably say, you saw UBS at its best," Chief Executive Sergio Ermotti said on a call to analysts and journalists, sounding a confident note on the bank's preparedness as it braces for headwinds from a fall in asset valuations, sinking interest rates and a slowdown from bumper client activity levels....
The world's largest wealth manager, UBS, reported a 40% rise in January-March profit on Tuesday, buoyed by ultra rich clients reshuffling portfolios to cope with the coronavirus outbreak and as a revamp helped its core business to its best quarter since 2008. The bank booked net profit of $1.595 billion, slightly ahead of its previous guidance of around $1.5 billion. The bank recorded $268 million in credit loss expenses for the quarter, saying it was primarily exposed to credit related to wealth management clients and within Switzerland, noting its credit book was "of high quality"....
The world's largest wealth manager, UBS, reported a 40% increase in first-quarter net profit on Tuesday, as clients upped trading activity during market turmoil sparked by the coronavirus outbreak and as it extended more loans to its wealthy clients. The bank had previously said it expected to report first-quarter net profit of around $1.5 billion, with strong operating performance across all its business divisions, even after accounting for the risk of higher defaults as a result of the virus. It reported net profit of $1.595 billion on Tuesday....
(Bloomberg) -- U.S. stocks may be able to look through a dismal earnings season or two, and the deepest economic contraction in modern history, according to analysis by Goldman Sachs Group Inc.That’s based on historical analysis that suggests equities price in macroeconomic performance over a two-year horizon. As long as projections are -- as they indeed are now -- for the economy to rebound after the current and coming period of pain, then stocks don’t need to fall, the Wall Street bank concluded.“Investors usually discount at least the next two years of macroeconomic performance, suggesting markets may continue to look through bad news over the near term if it can reasonably be expected to reverse in the coming quarters,” Zach Pandl, co-head of global FX and EM strategy, wrote in a research note Monday.Stocks have recovered globally over the past month as governments lay out plans to ease shutdowns to fight...
(Bloomberg) -- Crude extended its slide below $11 a barrel after the biggest oil exchange-traded fund unexpectedly began selling all its holdings of the most active contract amid rapidly dwindling storage capacity.Futures fell almost 17% in New York after losing a quarter of their value on Monday. The United States Oil Fund LP sold all of its West Texas Intermediate June contracts, significantly widening the spread between July WTI and raising concerns of a repeat of the collapse that sent oil below zero for the first time ever last week. U.S. producers have started making crude deliveries to the nation’s emergency stockpile as storage space runs out.Oil has lost almost 80% this year as the coronavirus outbreak vaporized demand for everything from gasoline to crude despite global efforts to stem the spread. The world’s biggest producers have pledged to slash daily output from the start of next month to try and...
(Bloomberg) -- Gold fell for a third day as a drumbeat of moves toward reopening economies plus gains in stocks eroded appetite for havens, with prices sinking below $1,700 an ounce ahead of policy announcements from two of the world’s leading central banks.The precious metal eased after U.S. equities hit the highest in almost seven weeks as states including Florida took steps toward easing restrictions. Italy, one of the countries hit hardest, prepared to begin reopening, although the World Health Organization warned the coronavirus pandemic is far from over.While bullion is still near the highest in more than seven years amid the outbreak, investors are questioning if there’s scope for further gains given the restarts. At the same time, they’re tracking the stimulus by governments and central banks to aid growth, with the Federal Reserve and the European Central Bank to make policy announcements on Wednesday and Thursday.While bullion saw some...
