UBS has turned bullish on emerging markets (EM), including India, as it finds benign macro trends, positive momentum in earnings revisions, and resilient EM currencies helping these economies sustain higher valuations and attracting flows. Among regions, it has upgraded Mainland China to 'attractive' and China Tech to 'most attractive', while downgrading Philippines to 'neutral'.
UBS India, the domestic franchise of Swiss banking major UBS Group which last month surrendered its banking licence, has started laying off around 50 people, who are affected by the decision.
Telangana Police confirm that Sajid Akram, a suspect in the Bondi beach shooting in Australia, is originally from Hyderabad. He migrated to Australia 27 years ago.
India hosts the event from a position of unprecedented strength with a string of titles under its belt.
UBS AG's head of operations (India), Manisha Girotra has resigned from the bank to pursue her own business venture. The lender has named Aashish Kamat as the new head of its India business.
The US' move to raise the tariff on most Indian goods to 50 per cent could drag India's GDP growth for FY26 by 35 to 60 basis points, according to various economists. One basis point (bp) is equal to 0.01 per cent.
Indian information-technology (IT) service providers are likely to report another quarter (July-September) of low, single-digit growth owing to macro uncertainties, chiefly emanating from America, with no respite in sight even in the second half of the year.
'India is quickly becoming the beating heart of modern chess, and its role as an economic power is more and more visible.'
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
42 years of World Cup triumph: A Day that made Indian cricket what it is
Fair-trade regulator Competition Commission of India (CCI) on Thursday cleared the proposed merger of Credit Suisse Group AG with UBS Group AG. Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland.
India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23, a Swiss brokerage said on Wednesday. The slowdown was attributed to slowing global growth and tightening of monetary policies in the report by economists at UBS India. It said India will be among the "lesser affected economies" in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds.
International uncertainties such as the debt crisis in Greece would have an impact on equity markets globally, including India, a top financial sector expert said.
A new book details how a German submarine torpedoed the ship carrying B.R. Ambedkar's PhD dissertation and a vast collection of books during World War I. This setback did not deter the Dalit icon and architect of India's Constitution, who went on to earn multiple doctorates.
Heineken, among the world's top brewing firms, had been in protracted negotiations with UB, India's largest brewing firm and owned by billionaire Vijay Mallya. However, according to UB sources, Heineken is understood to have now agreed to bring Asia Pacific Breweries' India operations into the UB fold, thus ending the year-long impasse.
Over the next three - six months, UBS believes earnings will be the main driver for EM equities outperformance.
Asset financing firms are still witnessing subdued demand and meaningful recovery is likely only in FY16, the report said.
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd, Heineken NV, the world's third-largest brewery firm, on Monday agreed to permit UBL to brew and market the Heineken brand in India.
Analysts are warning of growing risks to the market's sustained momentum, and even to the possibility of consolidation at current levels. Domestically, markets are grappling with several challenges, including a slowing economy, as indicated by the latest GDP data for the July-September (Q2) quarter of 2024-25 (FY25), sticky inflation, fluctuations in the rupee, waning consumption, and high interest rates.
UBS has already recruited 180 people in the city.
Gold price outlook 2025: Gold prices that have climbed over 30 per cent so far in 2024 to Rs 7,300 per gram in the Indian markets (up 28 per cent in dollar terms till November-end), are set for their best calendar year performance in 10 years, suggests a recent report by World Gold Council (WGC). However, this stellar run, analysts believe, may not carry through till the end of 2025 in the backdrop of economic and geopolitical headwinds.
The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 10.5 per cent for FY26, a Business Standard poll of 10 economists showed. The first advance estimates released by the National Statistics Office (NSO) had estimated a nominal GDP growth of 9.7 per cent for FY25. Nominal GDP, calculated at current market prices, factors in the effect of inflation. It is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and debt-to-GDP ratio.
The economy faces more downside risks now as economic disruptions arising from the second wave are likely to stabilise only from July, warned the Swiss brokerage USB Securities. Last month, the brokerage had cut its GDP forecast by 150 bps to 10 per cent for FY22, which though is much higher than the consensus projections by others with some pegging it at as low as 8 per cent. Though adverse impacts on sequential growth is less severe than in the June 2020 quarter when it plunged by 23.9 per cent, as lockdowns are more targeted and localised and households and businesses have adjusted to the new normal now, still, it is increasingly possible that normalcy returns only by July as against our baseline assumption of June.
A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy. "Let me first go, join, understand the turf ... Here it is a different role," Malhotra said, speaking to reporters in front of North Block.
UBS is completely focused on India and especially on gaining a foothold in the wealth management space. The Swiss bank has operation centers in Hyderabad and is entering into projects in Mumbai. The latest subprime calamity struck deep wounds on UBS' management, forcing its Chairman Marcel Ospel to step down. The Swiss bank raised about $13 billion from investors in Singapore and West Asia last year.
Analysts are divided on their retail price inflation forecast, with some saying the first quarter numbers will overshoot the RBI target by as much as 60 bps while others are softer in their estimate. Consumer price inflation retreated from its 15-month peak of 7.4 per cent in July to 6.8 per cent in August, much lower than the market expectations, despite vegetable prices remaining elevated at 26.1 per cent. Food inflation eased to 9.9 per cent from 11.5 per cent, led by some cooling of inflation in vegetables, cereals, pulses and milk.
According to RBI data, it had 57 employees in India at the end of March 2012.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
We wish to build a leading investment banking set up in India.
Citing the massive surge in Omicron infections and the resultant impact on overall economic activities in the March quarter, Swiss brokerage UBS Securities has revised downwards its India's growth forecast for the current financial year to 9.1 per cent from 9.5 per cent earlier. However, UBS Securities does not see the third wave impact extending to the next financial year as it has revised upwards its real GDP forecast to 8.2 per cent, up from 7.7 per cent earlier, expecting the real GDP growth to remain well above the historical average. The World Bank pegs it at 8.3 per cent, unchanged from its June assessment, saying the recovery is not broad-based yet.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
New gold schemes may perform better than previous plans: UBS.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
The wide-based NSE sensitive index is currently hovering around 7,900.
Global financial markets are wrong in hoping that the worst is over in geopolitical crises such as the Iran-Israel conflict and the Russia-Ukraine war, wrote Christopher Wood, global head of equity strategy at Jefferies, in a recent note to investors called 'GREED & fear'. While most investors and the media are focused on United States (US) Federal Reserve policy and the "endless chatter" of Fed governors, Wood believes the news flow in the financial sphere "pales into complete insignificance" compared with the "tectonic shifts" going on in geopolitics.
Even after UBS Global Asset Management's $220 million deal to acquire Standard Chartered Bank's mutual fund management business in India fell through, the Swiss financial services giant exuded confidence that it will beef up its asset management business operations in the sub-continent.
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UBS added that its strategists are positively surprised by the scope and tone of the Plenum document.
After consumer price index jumped the 6.3-per cent mark in May and wholesale inflation set a record of 12.94 per cent, house economists at Swiss brokerage UBS Securities have warned that the country is facing more upside risks on the inflation front that is set to averaging at 5 per cent for the year. Rising prices of edible oils and protein rich items pushed retail inflation to a six-month high of 6.3 per cent in May, breaching the comfort level of the Reserve Bank and thus rendering reduction in interest rates a difficult proposition in the near term. Led by petrol price, that has crossed the Rs 100-mark in many states, wholesale inflation too accelerated to a record 12.94 per cent in May. While crude oil has crossed $70 a barrel on account of rising prices of crude oil and manufactured goods due to spike in commodities, and the low base of last year due to the lockdown.
The need to raise policy rates one more time still exists.
The drastic cost-saving drive unveiled by the bank would trim its workforce by nearly 16 per cent from the current strength of 64,000 people.
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