UBS Second Quarter Profit Beats Estimates as Outlook Brightens
The Zurich-based bank said net income was $2.4 billion in the three months to June, compared with estimates for $2.2 billion. Client inflows at the key wealth management unit reached $23 billion, in line with forecasts.
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USA Today
42 minutes ago
- USA Today
WNBA-to-Boston celebrations premature? League pushes back on CT Sun move after Pagliuca deal
Fans celebrating the arrival of the WNBA to the City of Boston might want to temper their expectations in the short term. Recent reporting from the Boston Globe's Gary Washburn relates that the WNBA itself is throwing cold water on ta potential move of the recently-purchased Connecticut Sun to a new location. Former Boston Celtics minority owner and Bain Capital executive Steve Pagliuca recently purchased the team for a record $325 million, with another $100 million earmarked to build a dedicated practice facility for the team in Boston. But per Washburn, after news of the sale broke this week, the league sent the reporter a release pushing back on a potential move out of the Nutmeg state. "Relocation decisions are made by the WNBA Board of Governors and not by individual teams," related the WNBA to Washburn, also noting that "no groups from Boston applied for a team." This could put a bit of a damper on things, given Pagliuca would be one of the first names for an expansion team in the area, yet the former Celtics owner now finds himself the new owner (pending league approval) of a team the WNBA appears determined to keep in Connecticut. "Nine additional cities also applied for WNBA teams and remain under active consideration. Those other cities remain under consideration based on the extensive work they did as part of the expansion process and currently have priority over Boston," added the league. This course of action may have actually put the city behind the proverbial eight ball, as the WNBA may be looking to avoid following in the footsteps of the NBA with the highly unpopular move of the Seattle SuperSonics to Oklahoma City in the aughts. Interestingly, the release tendered to Washburn also notes that a "prospective Celtics owner has also reached out to the league office and asked that Boston receive strong consideration for a WNBA franchise at the appropriate time." Does this mean the ownership group helmed by Bill Chisholm currently in the process of securing final NBA approval to buy the Boston-based NBA ball club is also the leading group to secure a WNBA team in the same city? At present, details on all of the above are murky, but will likely continue to develop in the coming weeks. Listen to "Havlicek Stole the Pod" on: Spotify: iTunes: YouTube:
Yahoo
2 hours ago
- Yahoo
Switzerland could revise offer on Trump tariffs, business minister says
By John Revill ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. "The timeline is tight, it may be hard to achieve something by the 7th, but we'll do everything we can to show goodwill and revise our offer," he added. Parmelin said Trump was focused on the U.S. trade deficit with Switzerland, which stood at 38.5 billion Swiss francs ($48 billion) last year, with Switzerland buying U.S liquefied natural gas (LNG) among the options under consideration. Another option could be further investments by Swiss companies in the United States, Switzerland's biggest export market for its pharmaceuticals, watches and machinery. "Look at the European Union, they promised to buy LNG. Switzerland imports LNG too — maybe that's one path," Parmelin said. "Maybe more investments. But to be sure it's a strong enough basis for continuing talks, we have to fully understand what the U.S. expects." Both Parmelin and Swiss President Karin Keller-Sutter were also ready to travel to Washington to pursue talks if necessary, he added. Swiss officials rejected reports that the higher than expected tariffs were imposed after a bad-tempered telephone call between Keller-Sutter and Trump late on Thursday. "The call was not a success, there was not a good outcome for Switzerland," a government source told Reuters. "But there was not a quarrel. Trump made it clear from the very beginning that he had a completely different point of view, that 10% tariffs were not enough. "We are working hard to find a solution and are in contact with the American side," the source added. "We hope we can find a solution before August 7." Tariffs would have a huge impact on Switzerland's export-orientated economy and raised the risk of a recession, said Hans Gersbach, an economist at ETH, a university in Zurich. Swiss economic output would be reduced by 0.3% to 0.6% if the 39% tariff was imposed, a figure which could rise to above 0.7% if pharmaceuticals - which are currently not covered by the U.S. import duties - were included. Prolonged disruptions could shrink Swiss GDP by more 1%, Gersbach said. "There would be a risk of a recession," Gersbach said. Swiss shares are expected to be hit by the tariffs news when the stock market reopens on Monday after being closed during the Swiss National Day holiday on Friday. The tariffs could also see the Swiss National Bank cut interest rates in September, said Nomura. "We expect one more 25bp policy rate cut from the SNB in September, which would take the rate to -0.25%," the bank said. "A hit to growth from U.S. tariffs on exports would likely weaken economic growth and cause further deflation pressures, adding to the likelihood of easing to a negative policy rate." Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 hours ago
- Yahoo
Switzerland could revise offer on Trump tariffs, business minister says
By John Revill ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. "The timeline is tight, it may be hard to achieve something by the 7th, but we'll do everything we can to show goodwill and revise our offer," he added. Parmelin said Trump was focused on the U.S. trade deficit with Switzerland, which stood at 38.5 billion Swiss francs ($48 billion) last year, with Switzerland buying U.S liquefied natural gas (LNG) among the options under consideration. Another option could be further investments by Swiss companies in the United States, Switzerland's biggest export market for its pharmaceuticals, watches and machinery. "Look at the European Union, they promised to buy LNG. Switzerland imports LNG too — maybe that's one path," Parmelin said. "Maybe more investments. But to be sure it's a strong enough basis for continuing talks, we have to fully understand what the U.S. expects." Both Parmelin and Swiss President Karin Keller-Sutter were also ready to travel to Washington to pursue talks if necessary, he added. Swiss officials rejected reports that the higher than expected tariffs were imposed after a bad-tempered telephone call between Keller-Sutter and Trump late on Thursday. "The call was not a success, there was not a good outcome for Switzerland," a government source told Reuters. "But there was not a quarrel. Trump made it clear from the very beginning that he had a completely different point of view, that 10% tariffs were not enough. "We are working hard to find a solution and are in contact with the American side," the source added. "We hope we can find a solution before August 7." Tariffs would have a huge impact on Switzerland's export-orientated economy and raised the risk of a recession, said Hans Gersbach, an economist at ETH, a university in Zurich. Swiss economic output would be reduced by 0.3% to 0.6% if the 39% tariff was imposed, a figure which could rise to above 0.7% if pharmaceuticals - which are currently not covered by the U.S. import duties - were included. Prolonged disruptions could shrink Swiss GDP by more 1%, Gersbach said. "There would be a risk of a recession," Gersbach said. Swiss shares are expected to be hit by the tariffs news when the stock market reopens on Monday after being closed during the Swiss National Day holiday on Friday. The tariffs could also see the Swiss National Bank cut interest rates in September, said Nomura. "We expect one more 25bp policy rate cut from the SNB in September, which would take the rate to -0.25%," the bank said. "A hit to growth from U.S. tariffs on exports would likely weaken economic growth and cause further deflation pressures, adding to the likelihood of easing to a negative policy rate." 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
