UBS Confirms 2025 Payout Plans After Swiss Bank Law Proposals
UBS Group AG said it will carry out its plans to make payouts to shareholders this year as previously announced after the Swiss government published proposals for a reform of banking laws.
It said it will update on its '2026 capital returns ambitions' when it discloses fourth-quarter results, it said in a statement on Friday. That event is slated to happen early next year.
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38 minutes ago
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In Musk v Trump, the markets will win
City AM columnist Rainer Zitelmann has been predicting a rift between Musk and Trump ever since the two started working together. Now that this has happened, the French daily newspaper L'Express has spoken to him again. The interview was conducted by Thomas Mahler. 'I never believed that the alliance between Elon Musk and Donald Trump would last,' you told L'Express in April. Why were you so certain that the alliance between the two men would fall apart so quickly? I have read every single biography about these two men and have been following their exploits closely for many years. Trump only tolerates people who completely subordinate themselves to him, whereas Musk won't bow to anyone. And especially not to someone he is so superior to both in terms of intelligence and as an entrepreneur. This is something I have stated on numerous occasions, including in an interview with L'Express in April. On top of that, Trump is not an advocate of economic freedom, his only two convictions are these: he is the greatest and should be all-powerful, and that tariffs are amazing. Trump thinks that tariff is the most beautiful word in the dictionary (which, by the way, is just as absurd as saying that taxes are the most wonderful word in the dictionary). Musk, in contrast, is in many ways a libertarian – he hates high taxes, tariffs, and excessive federal spending that ramp up U.S. debt. Tesla shares fell again after Musk's criticism of Trump's tax bill, and Trump threatened to cut public funding for SpaceX. As an entrepreneur, did Musk lose a lot with his political adventure? That may be the case – but no one can say for sure just yet. I admire Musk, he is driven by deep personal convictions and has consistently taken huge risks throughout his career. So far, those risks have always paid off. Whether Musk will prevail against Trump is debatable, because while Musk is a far superior entrepreneur, Trump outguns Musk in the field of political communication. If Musk were as politically desperate as Trump, he would go to China, which would quickly become the most successful nation in space exploration. If the European Union was not so stupid, it would offer Musk the opportunity to bring SpaceX to Europe on excellent terms. What would be the consequences for the US if they lose SpaceX? Without SpaceX, the US does not currently have much to offer. Prior to SpaceX, they couldn't even transport their own astronauts to the International Space Station and had to rely on outdated Russian rockets – and paid exorbitant prices to do so. In 2024, there were 134 SpaceX launches out of 261 space missions worldwide. If SpaceX were a country, it would easily surpass the second-largest, China, which had 68 launches. Notably, SpaceX is responsible for 86% of all U.S. launches and has delivered more than 80% of the world's total payload weight into orbit and beyond. Incidentally, there were just three launches in Europe. According to you, was Musk right to call Trump's funding bill a 'disgusting abomination'? Absolutely. Not because of the tax cuts – they're the right thing to do! But because Trump has thrown his weight behind a budget that dramatically exacerbates the national debt. Trump's funding bill is a continuation of the insane debt-fueled policies of Obama, Biden, and Trump's first term in office. Consequently, the US is spending more and more on interest payments. Musk must be deeply frustrated: he's neglected his companies for months to help the US government do something it is completely incapable of – namely, reducing the national debt, even just slightly, through the DOGE initiative. And then Trump turns around and backs legislation that does the exact opposite, massively expanding an already astronomical debt mountain. Does this mean that Trump will go even further in his obsessions for protectionism or immigration? Did the MAGA movement and Steve Bannon win the fight inside the Republican camp? It's too early to tell. But if Bannon did come out on top, it would be a disaster for the United States. Musk believes in political and economic freedom. Bannon, at heart, is a right-wing anti-capitalist. Are you worried about the US economy? Absolutely. Trump has promised the American people that his protectionist policies will bring about a new 'Golden Age.' That's complete nonsense. No country has ever become wealthy through protectionism – but many have become poor because of it. A hundred years ago, Argentina was as rich as the U.S., and then, over decades, Peronists drove it into poverty with their protectionist policies. My only hope lies in the capital markets – the stock and bond markets. If anyone can force Trump to change course, it will be the financial markets. I hope the markets prove to be stronger than Trump. Dr Rainer Zitelmann is a German historian, sociologist and author. His latest book is 'The Origins of Poverty and Wealth' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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38 minutes ago
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Winners of Defense Stock Frenzy in Europe, From Chemical to Goggle Makers
(Bloomberg) -- This year's surge in Europe's biggest defense stocks has elicited some obvious winners, leading investors to dig deeper beneath the surface for other names that might stand to benefit from the billions being diverted toward military budgets. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars From goggle makers to chemicals producers, and even a printing company, stocks with the merest link to defense have been snapped up, sending share prices soaring. While heavyweight Rheinmetall AG has tripled this year, the German tank and munitions maker's advance has been outshone by a fourfold jump in Exail Technologies SA, a supplier of maritime drone systems. Steyr Motors AG, a small producer of engines for tanks and boats, has seen a similar level of gains. 'There's been a real shift in investor appetite for UK and European small-cap defense companies,' said Jamie Murray, an analyst at Shore Capital Stockbrokers Ltd. 'There's a lot of momentum behind these stocks, with investors more willing to look past short-term challenges to medium-term opportunities.' Here's a look at some of the defense-related stocks that have caught the eye of investors: Night Vision Core defense stocks got an immediate boost when Russia invaded Ukraine in February 2022, but a handful of night vision specialists have come into focus more recently. Theon International Plc, which sells thermal-image and night vision goggles, listed in Amsterdam in February last year. The shares trade at more than three times their IPO price of €10 and at around 27 times blended forward earnings, its valuation is the most expensive of the night-vision cohort. Exosens SAS listed in June 2024 in Paris. It provides photo-detection and low light condition imaging solutions and serves customers worldwide. The shares are up 124% since their debut. Analysts are positive on the outlook for both Exosens and Theon, with most who cover the stocks rating them as a buy. Still, some investors are starting to book gains after this year's spectacular advance. More than €230 million ($262 million) of shares in Exosens and Theon were sold this week in separate block trades. Smaller peer NSE, also Paris-listed, is a producer of aircraft wiring, accessories and night vision systems. It's up around 45% in 2025, adding to two straight years of double-digit gains. Robotics Exail Technologies is another star of Europe's defense rally, its shares surging over 300% in 2025 and its market capitalization jumping to €1.26 billion from about €340 million in just a few months. The ascent started in early February with the announcement that the company had signed a contract worth hundreds of millions of euros for underwater drone systems for mine warfare. Exail has a full house of buy recommendations from the five analysts tracked by Bloomberg who cover the stock. Chemicals Alzchem AG, based in Trostberg, Germany, produces a raw material used in propellants for NATO-standard 155mm artillery ammunition. It has exposure to the defense push through its customers and European Commission funding. It also signed a contract with the US Department of Defense in 2024. Five out of six analysts tracked by Bloomberg who cover Alzchem have buy ratings on the stock. Industrials Industrial companies are enjoying varying degrees of success in aligning themselves with the lucrative defense theme. Obvious defense plays such as Rheinmetall, Leonardo SpA, Saab AB, Thales SA and BAE Systems Plc have become increasingly expensive, trading on average at around 34 times forward earnings, compared to less than 15 for the Stoxx 600 Index. No surprise then that investors have looked for cheaper alternatives. Thyssenkrupp AG, which trades at around 11 times forward earnings, has emerged as a major 2025 winner. The shares have more than doubled this year as the planned spinoff of its submarine-building unit drew fresh attention to the steel company's defense credentials. Deutz AG, an engine manufacturer, was initially reported to be among bidders for Thyssenkrupp's marine systems unit. There have been no concrete developments on that front, but the Cologne-based company's chief executive officer has said the firm is interested in defense. Its shares have soared 92% this year. On a similar theme, printing company Heidelberger Druckmaschinen AG is another German firm said to be exploring a shift toward defense. Its industry unit designs, constructs and equips factory production lines — capabilities that could have military applications. The stock is up around 56% this year. Other companies are finding ways to benefit from booming military budgets. In Italy, a bidding war for truckmaker Iveco Group NV's defense unit has sent the firm's shares to a record high. The company develops and manufactures specialized vehicles for defense and civil protection and has expanded into artificial intelligence and software technologies. It's said to be seeking up to €1.5 billion for its military unit. Mutares SE unlocked a spectacular return when the private equity firm listed Steyr Motors on the Frankfurt Stock Exchange in October. Steyr, formerly a struggling Austrian engine maker, is closing in on a 300% gain this year. Avio SpA, an Italian aerospace company, is exposed to two hot trends: defense and space propulsion. Its shares have surged over 50% this year. Avio says it is a key service partner to Italy's air force, manufacturing, designing and servicing the EJ200 engines for the Eurofighter Typhoon, among others. IT, Cybersecurity, Intelligence, Satellites Eutelsat SA has rallied this year, at one point soaring 300%, as investors saw it as likely to play a role in a new European military intelligence satellite network. The firm has put itself forward as an alternative to Starlink in Ukraine. Still, the shares have erased a large portion of their gains since the initial enthusiasm, weighed down partly by concerns around the company's debt. OHB SE, another satellite company, has also surged, and is regarded as a potential beneficiary of German investment after the Bremen-based manufacturer won a €2.1 billion order last year. Cohort Plc, a UK defense company based in Reading, has seven businesses specializing in areas such as satellite communications, surveillance, sonar systems, fire control and electronic warfare. Its shares rose 96% in 2024 and are up another 43% this year. Indra Sistemas SA, a Spanish IT firm which makes radar air defense systems, has more than doubled this year. Its chairman said in May that the firm also plans to build tanks. 'Accessories like telecommunications, radars, encryption — all of this is a big part of the value of the vehicle — and we were missing the other part,' Indra's Angel Escribano said last month. Shares in Mildef Group AB, a Swedish developer of military-grade laptops, tablets and tracking solutions, are up almost 80% this year, paring some of their advance on June 3 after CEO Daniel Ljunggren sold a third of his stake in the company. Headsets, Breathing Gear Invisio AB, another Swedish company, is the self-proclaimed global market leader in tactical communication and hearing protection systems. Its website features images of khaki headsets, intercom systems and cables. Its shares have climbed almost 30% since the year began. German medical equipment company Draegerwerk AG, whose breathing gear turned it into a Covid pandemic beneficiary, is up more than 50% so far in 2025. The company 'is positioning itself in the defense sector by leveraging its expertise in air filtration, sensor technology, and personal protective equipment,' Warburg analysts wrote in April. The two are part of the growing ranks of listed companies producing military gear, vehicles and weapons, and whose shares are surging as investors position for sustained defense spending by governments. 'The nature of warfare is changing,' said Graeme Bencke, a fund manager at Amati Global Investors Ltd. 'Things like space and cyber are increasingly important, as well as battlefield communication and autonomous vehicles.' --With assistance from Lisa Pham, Julien Ponthus and Julius Domoney. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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42 minutes ago
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Former Liverpool assistant lands managerial role
Vitor Matos Secures New Job at Maritimo Amid Liverpool Shake-Up Matos begins senior management journey in Portugal Liverpool's backroom overhaul has taken another turn as former Elite Development Coach Vitor Matos lands a first-team coaching role at Maritimo, marking his first move into senior management. The 36-year-old Portuguese coach will take the reins at the Liga Portugal 2 side, as confirmed by transfer specialist Fabrizio Romano. Advertisement Matos, who joined Liverpool in October 2019, was a pivotal figure under Jürgen Klopp, tasked primarily with bridging the gap between the academy and senior side. However, his remit expanded steadily, becoming a consistent presence in the dugout during Liverpool's domestic and European campaigns. 'Vitor Matos has landed himself a first-team job,' Romano stated, signalling a fresh chapter for the coach who departed Anfield alongside Klopp in June 2024. Ljinders heads to City while French follows Vitor Matos isn't the only former Klopp lieutenant stepping into a new challenge. Pep Ljinders, another trusted assistant, has agreed terms to become assistant manager at Manchester City under Pep Guardiola. It's a high-profile switch that further underlines the esteem Klopp's staff are held in across elite European football. Advertisement Joining Ljinders at the Etihad will be James French, the analyst who also left Liverpool at the end of the 2023/24 campaign. Their double arrival adds to an increasingly familiar pattern: ex-Liverpool staff continuing their journeys at top clubs across Europe. Downing returns to Liverpool in scouting capacity Amid the exodus, there have been arrivals too. Stewart Downing, who made 91 appearances for Liverpool between 2011 and 2013, has returned in a new guise — this time as a global talent scout. The 40-year-old will report to chief scout Barry Hunter as the Reds look to strengthen their talent acquisition strategy in under-tapped markets such as South America and Eastern Europe. The appointment is part of a broader effort to modernise and internationalise the club's recruitment framework under new head coach Arne Slot. Lewtas departs after 12 years of youth development Another notable exit is Barry Lewtas, who confirmed his departure after more than a decade in Liverpool's academy. Having led the U21s and played a central role in nurturing a generation of talent, Lewtas leaves behind a strong legacy at Kirkby. Advertisement His departure marks the end of an era, as the club looks to integrate new coaching philosophies under Slot's watch. Lewtas' influence spanned a transformative period for the academy, seeing players such as Curtis Jones, Harvey Elliott, and Jarell Quansah rise through the ranks. Heitinga leaves, returning to Ajax after brief stint Arne Slot's arrival also coincides with the departure of John Heitinga, who has opted to rejoin Ajax following a brief spell at Liverpool. The former Netherlands international is hoping to play a central role in the revival of the Dutch giants, who dramatically lost the Eredivisie title to PSV Eindhoven after surrendering a nine-point lead. His decision to return to Ajax reflects a broader theme of change and opportunity, with Liverpool's former coaching core now dispersed across Europe — but still leaving their mark.
