Better ‘Boring’ Than Wrong, SNB’s Jordan Says in Career Review
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(Bloomberg) — Outgoing Swiss National Bank President Thomas Jordan doesn’t have a problem if his 12 years leading the institution are viewed as dull in some quarters, saying he always did what was right for the country.
Stocks Climb as Fed Bets Rekindle Broadening Trade: Markets Wrap
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(Bloomberg) — The stock market got a boost at the end of a wild week after key economic data bolstered speculation the Federal Reserve will set up the stage for an interest-rate cut in September.
Bernard Arnault Confirms He Owns ‘Very Minor Stake’ in Richemont
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(Bloomberg) — Bernard Arnault confirmed he bought a small stake in Cartier owner Richemont, as the chief executive officer of rival luxury conglomerate LVMH seeks to cool speculation about his intentions.
Stocks Caught in Tug of War Between Tech and Rest: Markets Wrap
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(Bloomberg) — A renewed rout in the world’s largest technology companies dragged down the stock market in the last few minutes of trading, despite gains in areas that would benefit the most from Federal Reserve rate cuts.
Tom Hayes Gets UK Top Court Appeal Over Libor Conviction
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(Bloomberg) — Tom Hayes, the former star trader who became the face of the Libor scandal, was granted permission by the UK’s highest court to appeal his near decade-old criminal conviction.
French Power Export Curbs Could Boost Prices for Neighbors
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(Bloomberg) — French electricity grid limitations will constrain power exports from Monday for more than two months, threatening higher prices in neighboring countries.
UBS Questioned by Senator Over $350 Million Tax Evasion Case
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(Bloomberg) — UBS Group AG was asked by a powerful US lawmaker about whether the bank it acquired, Credit Suisse Group AG, failed to report an American accused of evading taxes on $350 million in income.
Julius Baer Slumps as CEO Limbo Creates Strategic Uncertainty
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(Bloomberg) — Julius Baer Group Ltd. shares fell the most of any major European bank on Thursday, as sharply lower profit and worries over a leadership gap overshadowed progress in regaining client funds.
Nestle Cuts Sales Guidance Amid Struggle to Win Back Shoppers
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(Bloomberg) — Nestle SA lowered its sales outlook for the year as consumers balk at price increases on branded food, water and pet-care products that had driven revenue growth during a post-pandemic bout of inflation.
Porsche in Talks With Creditors BlueBay, Hayfin Over Varta Deal
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(Bloomberg) — Varta AG’s creditors including RBC BlueBay Asset Management are in talks with Porsche AG to join forces on a restructuring deal for the embattled battery maker.
Stocks Tumble as Wall Street Gets AI Wake-Up Call: Markets Wrap
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(Bloomberg) — Wall Street got a reality check after a disappointing start of the megacap earnings season fueled concern the artificial-intelligence frenzy that has powered the bull market might be overblown.
The World’s Hunger Problem Is Barely Improving, UN Says
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(Bloomberg) — The world has made little progress in combating global hunger as conflict, extreme weather and economic challenges restrict people’s access to food, according to the United Nations.
Salt Lake City Gets Shot at Olympic Redemption With 2034 Games
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(Bloomberg) — The French Alps and Salt Lake City were picked as the hosts of the 2030 and 2034 Winter Games by the International Olympic Committee, with the US city given another shot at avoiding scandal.
Bumper SNB Profit Is Set to Keep Hopes for a Payout Alive, UBS Says
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(Bloomberg) — The Swiss National Bank is set for bumper first-half earnings, making a payout to the government for 2024 more likely, economists at UBS estimate after the central bank suspended payments two years in a row.
LVMH Holds Talks on Sponsoring Formula 1 in Blow to Rolex
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(Bloomberg) — A Swiss watch brand owned by French luxury conglomerate LVMH is in talks to take over as the official timekeeping sponsor of Formula 1 motor sports racing, one of the most high-profile and expensive marketing agreements in sport.
China’s Slowdown Is Taking a Rising Toll on European Profits
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(Bloomberg) — From luxury brands to car makers, European companies are taking a hit from China’s slowdown, and more trouble is coming for businesses heavily reliant on demand in the Asian economic giant.
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(Bloomberg) — Australia’s prolonged inflation and elevated interest rates have spurred a “baby recession,” with births plummeting to the lowest level since 2006, analysis by consultancy KPMG showed.
Tech Falls in Late Hours as Earnings Underwhelm: Markets Wrap
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(Bloomberg) — The start of the “Magnificent Seven” earnings season failed to impress investors after a powerful rally that drove the US stock market to a record-breaking run.
Porsche Warns on Profit as Supply Chain Hit Slows Production
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(Bloomberg) — Porsche AG shares fell the most on record after the luxury-car maker cut its outlook for the year, saying a shortage of aluminum parts could force it to stop production of some models.
