BERLIN -About one in four German companies currently seeking new loans are reporting restraint from lenders as high inflation and concerns over energy supply rattle Europe’s largest economy, according to a survey published on Monday. The figure – 24.3 percent – is the highest seen since 2017, said the Ifo institute, which conducted the survey. “The difficult economic climate is currently making banks more cautious,” said Klaus Wohlrabe, Ifo’s head of surveys. “Without new loans, some companies might struggle for economic survival, ...
Union Bank of the Philippines (UnionBank) embarked on a digital transformation journey in 2016, long before the COVID-19 pandemic underscored the importance of digital readiness. This forward-thinking approach has enabled UnionBank to position itself as a digital trailblazer in the financial sector, allowing them to scale their operations efficiently and stay ahead of the curve. One of the most striking aspects of UnionBank’s digital transformation is the overhaul of their customer touchpoints. The bank has gone the extra mile to provide a se ...
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ZURICH, Switzerland -Swiss banking giant UBS posted a larger-than-expected loss in the third quarter on Tuesday, the first quarterly drop since 2017 as it integrates fallen rival Credit Suisse. ; UBS said the net loss in the third quarter stood at $785 million (732 million euros). Analysts surveyed by the AWP news agency had been expecting a smaller loss of $430 million. ; The last time Switzerland’s largest bank was in the red was in the fourth quarter of 2017. ; UBS, however, said that it had “now stabilized Credit Suisse and continued to grow our franchise” as it raked in $22 billion in net new money into its wealth management business in the quarter.
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Last year wasn’t a rewarding period for equity investors (the local benchmark index slipped 1.77 percent)—unless you have a fund manager who could beat considerable odds. Since taking over AB Capital & Investment Corp. in October 2021, capital market veteran Anton Periquet has catapulted the previously underperforming equity-laced and equity-based unit investment trust funds (UITFs) of this investment house to the top of the charts. Despite the challenging environment, AB Capital Equity Fund gained 4.58 percent in 2023, making it the best p ...
MANILA -Union Bank of the Philippines registered a weaker bottom line in the January-September period despite stronger revenues as expenses ballooned following the acquisition of Citi’s consumer business and rollout of its digital-only banking arm. On Tuesday, the Aboitiz-led bank announced its net income amounted to P8.1 billion in the first three quarters, lower by 19 percent than the P10.09 billion it booked in the same period last year. Net revenues climbed by 48 percent to P52.8 billion during the period as net interest income grew by 34 ...
WASHINGTON — U.S. President Joe Biden’s administration will soon announce a 10% cap on yearly rent increases for certain affordable housing units that are subsidized by the federal government, a senior administration official said on Friday. The step restricts rent increases by property owners if they are part of a tax credit program for low-income housing, the official added, confirming details reported by the Washington Post. The new regulations will be announced on Monday, the official said. ...
“It’s an early Easter for the market,” said a fund manager after Fitch Ratings raised the Philippine credit rating to investment grade on Wednesday, a move expected to boost investments and lift the country’s long-term growth potential. The upgrade is the first for the country, prompting a euphoric President Benigno Aquino III to highlight the dramatic shift of a largely impoverished nation from the “perennial laggard of Asia” to an economy finally “taking off.” · Amid the news...