Latest news with #Pictet
Reuters
01-08-2025
- Business
- Reuters
Breakingviews - Markets' Trump truce is on ever-shakier ground
LONDON, Aug 1 (Reuters Breakingviews) - If stock markets are to be believed, Donald Trump has pulled off a masterstroke. The U.S. president has ratcheted up tariffs on trading partners while avoiding tanking either the economy or asset prices. Yet investors' muted response to Thursday's latest levies, opens new tab may be misleading. The Trump-market truce will soon face steeper tests. Equities have come a long way since April 2, when the president's so-called reciprocal tariffs sent the S&P 500 Index (.SPX), opens new tab down about 10% in a week. Stocks quickly bounced back and then set records, boosted by the idea that Trump would always chicken out, known as the TACO trade. That theory is crumbling. Thursday's assault raised the average U.S. levy on imports to about 20% – not far off the April 2 level of 22%, Société Générale economists reckon. Canada, Switzerland and others saw their scheduled duties spike. Yet S&P 500 futures fell just 1% before U.S. markets opened, which would still leave the benchmark about a quarter above its April nadir. There are some good reasons for the nonchalance. Some levies, like India's 25% rate, may yet come down. The new package may just be a last-minute ploy to maximise pressure on trading partners before striking deals. And the most damaging scenario – a global trade war – looks unlikely given key trading partners like Europe and Japan have agreed deals without retaliation. Lastly, even if tariffs are now a reality, looser fiscal policy in the U.S. and Germany means there is more money sloshing around two of the world's biggest economies, helping short-term growth. Yet the full brunt of the tariff war is still only starting to emerge, and the final implementation of the global levies is due next week. Core U.S. goods inflation was a reassuring 2.4% in July, yet price rises may have been kept lower by importers bringing in more goods ahead of the duties. Analysts at Pictet reckon the impact will become more apparent in August and September. They note that surveys point to between 60% and 80% of U.S. firms planning price increases over the next three months. That may squeeze consumer confidence, hurting growth. Higher U.S. inflation may also make it harder for the Federal Reserve to cut. That will fuel tensions with Trump, who has a $1.9-trillion deficit to fund this year and wants lower rates. The more the administration attacks Chair Jerome Powell, the more bond markets will fret over wayward fiscal policy and higher inflation, driving up long-term borrowing costs and hitting asset prices. Nor can the rest of the world rest easy. As other countries face more obstacles selling the $3.3 trillion of goods shipped into the United States annually, they will need to find alternative markets, driving down prices elsewhere and hurting rival exporters. Governments like Britain and France can't afford to offset the hit, given stretched budgets. In other words, the full pain of Trump's global tariff onslaught may still be coming. Follow @Unmack1, opens new tab on X
Yahoo
01-07-2025
- Business
- Yahoo
UBS announces new $2bn share buyback programme
UBS Group has revealed plans for a new share repurchase initiative, even as the Swiss government's new proposals require it to hold more capital. The buyback programme was authorised during its annual general meeting in April 2025. The two-year programme will allow the bank to buy back up to $2bn of its shares. "As previously announced, UBS intends to repurchase up to $2bn of shares in the second half of 2025," the company said in a statement issued on 30 June. This follows the completion of a prior buyback programme launched in April 2024, which achieved its target of repurchasing $2bn in shares. The Zurich-based bank plans to provide further details on its capital return strategy for 2026 when it releases its fourth-quarter and full-year 2025 financial results early next year. Last month, the Swiss government proposed new capital rules, requiring UBS to boost its core capital by $26bn after acquiring Credit Suisse. This initiative aims to strengthen financial stability and avert future banking crises. According to Reuters, the regulations would also require UBS to fully capitalise its foreign subsidiaries. This decision comes as Switzerland seeks to strengthen banking regulations following the 2023 collapse of Credit Suisse. Meanwhile, recently, UBS along with Pictet were also in the news for a data leak due to a cyber attack on their subcontractor, Chain IQ. A Reuters report, referencing Swiss newspaper Le Temps, reveals that personal data of tens of thousands of UBS employees was compromised in the breach. "UBS announces new $2bn share buyback programme" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
20-06-2025
- Business
- Yahoo
UBS and Pictet data leak after Chain IQ cyber attack
Swiss banks UBS and Pictet have confirmed a data leak resulting from a cyber attack on their subcontractor, Chain IQ, in Switzerland. According to a report by Reuters, citing Swiss newspaper Le Temps, files containing personal data of tens of thousands of UBS employees were stolen in the data breach. Separately, SWI part of the Swiss Broadcasting Corporation, reported that at Pictet, the cyber attack led to the theft of tens of thousands of supplier invoices dating back several years. Chain IQ revealed that it, along with 19 other companies, was targeted in the attack, which resulted in a data leak published on the darknet. The company stated that it has taken steps to contain the situation and is unable to provide details on ransom demands or interactions with the attackers due to security and investigative reasons. Chain IQ first communicated the breach on 13 June. The company, based in Baar, has subsidiaries in New York, London, Singapore, Mumbai, and Bucharest. 'A cyber-attack at an external supplier has led to information about UBS and several other companies being stolen. No client data has been affected,' UBS was quoted by Reuters as saying. 'As soon as UBS became aware of the incident, it took swift and decisive action to avoid any impact on its operations.' UBS is currently facing additional challenges. The Swiss government recently proposed new capital norms requiring UBS to increase its core capital by $26bn following its acquisition of Credit Suisse. This proposal aims to enhance financial stability and prevent future banking crises, mandating UBS to fully capitalise its foreign subsidiaries. UBS has been given a timeframe of six to eight years to comply once the legislation is enacted. Meanwhile, Pictet Bank is dealing with another issue. Switzerland's Office of the Attorney General imposed a fine on Pictet for organisational shortcomings that facilitated money laundering. "UBS and Pictet data leak after Chain IQ cyber attack " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Time of India
20-06-2025
- Business
- Time of India
16 Billion Passwords Leak: Is your data safe with third-party vendors of any company? Cyber attack on Swiss supplier exposes UBS and Pictet employee data while banks claim no client data was affected. Here's what you should do now to be safe online
Two major Swiss banks, UBS and Pictet, have reported a data breach caused by a cyber attack on one of their Swiss-based suppliers. The incident has raised questions about third-party risks and the wider implications for the country's banking sector. Service Provider Breach Affects Employee Info UBS and Pictet confirmed that their internal data was exposed due to a cyber attack on Baar-based company Chain IQ. The leaked data included information related to UBS employees. UBS stated that no client data was affected. Chain IQ provides business services to several firms, including KPMG and Mizuho. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day Cyber Attack Disrupts Multiple Companies Chain IQ reported that it and 19 other firms were targeted. The stolen data was later found published on the darknet. UBS said it acted immediately to prevent operational disruption. Le Temps reported that the exposed data included a direct line number of UBS CEO Sergio Ermotti. Regulators and Partners Respond Swiss regulator Finma confirmed it was aware of the incident and had started following its internal procedures. KPMG stated that its systems were not impacted but it had added extra protective measures. Pictet said that only limited data related to invoices and suppliers was affected, not client data. Live Events Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online Chain IQ Statement Chain IQ said the breach occurred on June 12. The firm mentioned that it could not share details about ransom demands or communication with the attackers due to ongoing investigations. It stated that it had taken actions to contain the breach. What you should do now to be safe online? In a separate but related issue, 16 billion passwords continue to be exposed online. A previous leak involved nearly 10 billion passwords. Even if you believe you are not affected by this or other leaks, it is still a good idea to reset your passwords. You should use strong and unique passwords for each platform, turn on multi-factor authentication (MFA) where available, keep a close watch on your account activity and reach out to customer support if you notice anything unusual. FAQs Was client data affected by the UBS and Pictet data breach? No. Both UBS and Pictet confirmed that the cyber attack did not compromise any client-related information, only internal employee or supplier data. How can users protect themselves from password leaks? Users should reset their passwords, avoid reusing them, enable multi-factor authentication, and monitor accounts for unusual activities.
Economic Times
20-06-2025
- Business
- Economic Times
16 Billion Passwords Leak: Is your data safe with third-party vendors of any company? Cyber attack on Swiss supplier exposes UBS and Pictet employee data while banks claim no client data was affected. Here's what you should do now to be safe online
Agencies Representative image Two major Swiss banks, UBS and Pictet, have reported a data breach caused by a cyber attack on one of their Swiss-based suppliers. The incident has raised questions about third-party risks and the wider implications for the country's banking and Pictet confirmed that their internal data was exposed due to a cyber attack on Baar-based company Chain IQ. The leaked data included information related to UBS employees. UBS stated that no client data was affected. Chain IQ provides business services to several firms, including KPMG and Mizuho. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day Chain IQ reported that it and 19 other firms were targeted. The stolen data was later found published on the darknet. UBS said it acted immediately to prevent operational disruption. Le Temps reported that the exposed data included a direct line number of UBS CEO Sergio regulator Finma confirmed it was aware of the incident and had started following its internal procedures. KPMG stated that its systems were not impacted but it had added extra protective measures. Pictet said that only limited data related to invoices and suppliers was affected, not client data. Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online Chain IQ said the breach occurred on June 12. The firm mentioned that it could not share details about ransom demands or communication with the attackers due to ongoing investigations. It stated that it had taken actions to contain the a separate but related issue, 16 billion passwords continue to be exposed online. A previous leak involved nearly 10 billion passwords. Even if you believe you are not affected by this or other leaks, it is still a good idea to reset your should use strong and unique passwords for each platform, turn on multi-factor authentication (MFA) where available, keep a close watch on your account activity and reach out to customer support if you notice anything unusual. Was client data affected by the UBS and Pictet data breach? No. Both UBS and Pictet confirmed that the cyber attack did not compromise any client-related information, only internal employee or supplier data. How can users protect themselves from password leaks? Users should reset their passwords, avoid reusing them, enable multi-factor authentication, and monitor accounts for unusual activities.
