35 Burst results for "UBS"
Streaming Services Are Booming Right Now
"Topic is one of my favorites streaming video. If you remember back in february i mentioned how streaming had grown during our stay at home. Twenty twenty with many homes pain for perhaps five or more services up from three before the pandemic while there's no slowdown in sight. That's according to motley fool. Contributor adam levy in a column you can find on tech dot. Usa today com. He reports that analysts had global financial firm. Ubs expect that americans will add fifty million net new video subscriptions this year. That's up from forty seven million increase in twenty twenty. You expect newer service to see. The most growth among those are disney plus and paramount plus which are expected to add eight million subscribers. Each each max. Discovery plus expected to add seven million subscribers.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"As we said just said there is an explosion of interest in seeing the in of house and salt water we consume. The sweet are all very very important and we know is saying that to beg matra with us from cookie nine hundred attack and then we're being it means everything is an trucks and we're being is to benefit so at the moment is an explosion in tech tools that are going to benefit and in the future decrease could in an experience for the technology and many things that were just conceivable The year ago like medicines that was stuck in regulatory issues and very very slow to act is now given tele-medicine is is everywhere etc. I'm just going to the point veto. Made about this Potent combination of tech awareness which is the market the group will markets for up that measure the quality of the breeze where these apps didn't exist three or four years ago it was to market the were being realized by governments local sororities but none of us could benefit from the tells you instantly in the rotation. You are what the quality is like. Well now. it's a it's a deal. Markets a year dirties according to some in buying that is moving by about fifty percent a year and i want to give the example to illustrate this celebrity into univation zik example into of an israeli startup. The just produced to not that would be suitable to us. That measures the quality of a city block by block and slow by slow so amazing and it's an example of an algorithm and taking ovation in general babysitting wellness so from the perspective of europe. William base to gain. I can't think of one single family. Private investor who is not invested in wellness and investing. This can mean anything can mean when it's resorts take oneness in to organic wine for example which is one particular segment of the wellness industry if that is also exploding growing six hundred percent the year so as i was saying earlier when he's not an asset class it's everywhere anywhere. You have excessive..
Wall Street analysts on what to expect from Apple earnings
"The pre earnings financial analyst frenzy continues even analysts. That aren't that sold on apple shares long-term or all about anticipated december quarter numbers among them. Ubs analyst david vote apple insider had him issuing note monday wherein he raised his revenue and earnings per share expectations for the first quarter of fiscal year. Twenty twenty one. He had been looking for revenue of ninety eight point nine billion dollars on earnings per share of a buck thirty five. He is now looking revenue of one hundred six point nine billion dollars on earnings per share of one forty five. What's not to like would seem to be question. He thinks apple ship more iphones than he expected. He thinks the phones they sold had a higher average selling price than expected. He thinks max did better than the same quarter a year earlier and he is really just not into apple. Shares these got a hold rating on apple. Shares is a matter of fact and our price target of one hundred fifteen dollars other firms see apple beating expectations and they are in the apple. Shares take j. P. morgan melissa. Chatterjee please apple through reynaud from chapman to clients in it. He has the cupertino company back with another one of those buster beats when it comes to revenue expectations his appears to be the highest. He is looking for december revenue of one hundred ten billion dollars on earnings of one dollar and fifty six cents.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Their financial futures with the ultimate goal of helping women and their loved ones achieve financial wellbeing. So we do that through a variety of different ways on the day to day as well as sort of long-term looking at our strategy so we developed intellectual capital and research focused on the topic of how women approach the major financial decisions in their households. we produce supporting content videos. Podcasts articles Virtual event series more. And then we also do training programs financial education working with our our terrific advisers around the country Really to make sure that. Ubs is best positioned to help serve our female clients and prospective clients and their families. So that's really a little bit of background about what our team does and really why. It was such a great and natural fit for us to partner with kate and the luminary team to launch the ubs and luminary fellowship program aimed.
S13E37 Haircut on Tuesdays - burst 2
"That is there are members of the team the want to start contributing a of a package maintenance and updating packages capacity and that kind of new to that i asked for me to cover off like some of the introductory levels stuff for updating packages I did a relatively short stream on that anonymity really long hours. I did a really long stream which will get to later and Then the other stream. I date was Of got if. I may say if i may be so bold. I've got quite good. Ibs or at least i've learned a few things about aps studio and there's a bunch of people being asking me so of show. I'm formation so i did a stream where i basically demo d- like what my a studio setup looks like and how it works so we using studio to stream your studio that's Yes i so. This was the the of hidden gem. Here i was doing. Ob s inception. I was using ubs to demo ibs. And if someone wanted to know how if you wanted to live stream oh bs using oh bs and someone wanted to know how you would do that would you do livestream and asked me the that'd be asked show how you would have done the livestream that you did. I think i can do three. I think i can go many levels deep. I think i can i. What is it. Inception go like four or five levels. Deep i think i can reproduce that with with many. Ob s.'s excellent allen. Have you been up to. I have been on the popular website azkaban to oh i found myself every so often having five minutes to spare here and there and i i thought i'd have a bit of a Go back to my roots where very first started contributing turban t which was answering support questions. I thought i'd go back to azkaban and give back to people who are asking questions now and some of it was just looking for questions. Don't have answers and trying to provide an answer or leaving. Come in asking for more detail all just up voting good answers and downloading the not so get answers just the general stuff you do. A stock exchange size is quite nice way to pass time and give something back so it's been a while since you've like really focused on that right because you started your a boon to adventure during that. Have you noticed if the nature of the questions are different now to what they were when you were doing back in like i suppose what like nine years ago something like that. He had a harder. It's more than that. It was like back in two thousand and six style idea that something like that There's some weird esoteric stuff. I don't touch and so i've got no idea how to what i'm saying question. That's the wonderful world of open source. You've an abundance desktop. Run all kinds of stuff on top of it and people are asking questions not just about. How do i get my wife as working all my system. Crashes what do i do. But they're asking you know. How do i create show scripts. That does this thing. All life half created this thing. How do i finish off. Kind of stuff is fascinating. And the thing that i discovered was that you can create saved filters so it's easy to search for stuff and such photonics that questions get tagged and such unanswered questions. Because she saved as a filter so that when you come back the site you can just press one button. And i can see all of the unanswered questions and i think those are the right ones. I aim for simply because there is someone out. There has a problem and nobody has answered. That question offered any kind of help. Toolan so i feel those are the ones i always want to take a look at first. Because someone's clearly go a problem and often you go there. I mean spirits ago someone ask. The question is not something that sat there for days and days and days and has no onset. people will often common answer but it's his interesting just to highlight the popularity of into is how fast thick and fast. These questions are coming in from people needing help. So you'll you'll advocating for answering the fresh unanswered questions as opposed to providing a better answer to an already answered question. It's all good stuff. I mean if you if you if you wanna browse the ones that are currently haute and Have a bunch of contentious answers and you wanna help clarify the best one or tidy up the answers because someone's just bashed out quick answer and you want to tidy up. You could do that as well. There's so many ways in which to get involved in ottoman too. I love it it's It's quite therapeutic and like you say it's a good way to give back to people inside. You spend a little bit of time. Doing that also helps. It's got a points system. And i'm a very points driven persons. There are no prizes but you get light activated like features and stuff within oscar onto which is quite nice motivator to get you to keep coming back. It's quite good. When you say points driven. I think you mean Soccer fa instant gamification. Yes and on that note. Let's get on with the show and now it's time for the community news and i up in the community use martin. What did you find so torsten friends who has recently voted back. Our no not voted back voted onto the bantu community council decided to write a blog post reflecting on his first month serving on the c. c. Which as a previous member of the community council. I found uninteresting a little read. Yeah i think this is a fantastic idea. Having because the the community council have closed mailing. Where conversation happens. I mean i've also been on the c some years ago and a lot of the conversations happen on that closely happens. Irc is private emails. And he's a private irc channel and these back channels where things are done But there's an open meeting on irc as well so you can join the meeting in get involved and have conversations with the c. c. But i don't think anyone's ever done like reports this of going on in my first month or my first week in the cc. I i hope does and keeps up. I hope some of the other people on the cc provide their perspective as well. Because you need you need to see you know all the different angles because on the cc find people have Opposing views on things on how to deal with conflict or what strategies might be done to improve things in the community. I think is fantastic. And i was really pleased to say this. Yeah i think a little bit of retrospective is healthy If torsten is listening. I don't think he listens I spoke to his people and his people set. No but you know to people if they were to payment touch maybe not every month but periodically like a little retrospective on how it's going Would be helpful because there are some people on the cc the all coming around the second or third time and there are other people who are fresh in and i think having a little bit of perspective and reflection on how this is working is A little bit of a healthy you know critique and analysis and he included links to two of the irc meetings of taken place. I will have links to those in the show notes for anyone that wants to see what goes on in assisi meeting Any also explains timezones hard. Because obviously the cdc is composed of people from all over the world. And i think they've actually say if you'll subscribed to a up onto fridge calendar don't expect to find the community council meeting at the time that's in the fridge because i think they've had to change the times to suit this new composition of the of the community council. Yeah it's always the way working for canonical. You get you know this people all over the world and after you shift your stuff around but people cannot call a pay to do that as polish jones whereas
How Are Sales On The iPhone 12 lIneup Going?
"Power sales of the various models of iphone. Twelve going will never know for sure. But that won't keep the financial folks guessing. I'm sorry guesstimate philip. Elmer dewitt's apple three oh had ubs analyst. David vote telling tapping tale. Then again. he's jojo manappl- so maybe that's not surprising. Bottom line. he thinks. Iphone expectations might be a bit high for the current quarter. Thanks to ready availability of iphone. Twelve many and the standard iphone twelve and again the more expensive iphone. Twelve pro and iphone twelve pro max or both playing hard to get especially the twelve pro. Max quoting his note initial availability. Data highlights strong demand for the iphone. Twelve pro max. Version relative to the iphone twelve pro and the iphone eleven. Pro max last year shortly after. Launch pro max. Availability has exceeded three weeks. Similar to eleven pro max last year and modestly above the twelve. Pro he does point out. Though that the iphone twelve pro max did launch late so add that to the mix as for the perceived weakness on the lower end of the line vote wrote while potentially softer demand for the to skews does not indicate an earnings miss given the holiday selling season. Still to come get does suggest. Unit upside might be muted relative to investor expectations. Just a month ago and of course apple doesn't report unit numbers anymore so go crazy man go crazy. Votes on a neutral rating on apple shares. His price target on the shares is one hundred fifteen dollars spending a somewhat more positive take as j. p. morgan analyst samir chatterjee then again he's double plus good on apple so maybe that's not surprising. Another post from apple. Three dot o. Had chat chatman seeing similar trends as mr vote quoting his note. We find lead times for the twelve many and the twelve tracking lower than in prior weeks while lead times for the twelve pro and twelve pro. Max have been largely stable at roughly twenty four days while he thinks it's too early to know whether unit numbers will meet expectations. He doesn't expect changes. And i phone. Orders from apple for the supply chain thing so cool it on the mini and the twelve and ramp up production on the pro and pro max. Tragedy has an overweight rating on apple shares. His price target on the shares is one hundred fifty dollars.
Inside Uber's Push to Win California Ballot Race
"Opponents of a ballot measure, bankrolled by Uber lift, have questioned the use of uber hubs as voting locations in L. A county. This comes pretty close pretty close to buying a vote. Democratic Assemblyman Miguel Santiago from L. A says it's a conflict for people to cast votes at the location that's tied to a company with a proposition on the ballot. It doesn't make any sense. It would be like me running a full fledged campaign and having a voting center in sight of my campaign office, close to $200 million has been spent to push the ballot measure, which would keep drivers classified his independent contractors to uber UBS in Burbank and Redondo Beach are among the 800 voting locations in L. A county that opened the weekend before Election Day in
Ray Ecosystem with Ion Stoica
"So. What, other applications do you anticipate being built on top of Ray that have not been built yet? So I think that one excited I think sting is about engine that I love about. Of Platform which is general is that you can run on that platform. Wetlands, it was hard before because they for many deficiencies stems ran the same ought about. So these putting them together and I think that you know have these like. You know a lot of analogies like iphone ipad before the IPHONE smartphones you'll have different use cases or defendant capabilities which are embedded in defendant devices like UBS for getting direction as for. Maps and getting direction driving directions they will have Remember you know like a cameras digital cameras so you can have sleep. Utah this device for recording or You ambitiously ladders and seem like. Something that I on like bring goal of this guess at its go now you're an. Obligation on your device, and now you can build new obligation which can use. Like virtual reality you can put that in an indoor you know put together in in a game and UCONN. and. Some seemed like that which you are away at about was location because. Yes I. think that's one that actually did exciting in the big picture. So the example is I have in mind which I believe. Talk a little bit about Bobby was at. Embedding. Now you can have one system to runs. Hope almost the entire beckoned. And? Business logic last machine learning you can have say. Many companies don't run only one model on a number of modern Caesar backhands and then needed. To figure out which models are they're going to use how going to the request between this model. So for instance, if you look at the image and you may want to identify locates. License, plates like only have you know annual you can have a model which look at your image and Suzanne if the image. Has a kagyu identify Ikat only then you can look that. Defy. Something of that car, light? licensed. Licensed like that I if he's not a car, you don't need to do that. So that's an example, a very simple example of business logic that allows example business. each other, very useful cutting stunts. Some industries you need to provence I'm that. Relations in the you are going to make and to verify before you give an asset back that Z. Circulation Salamat. So that's you know that's another example because in. You know like like, for instance, say. One example it's about you make a decision on. Something like a mortgage. You apply for the mortgage and I'm a bank and I'm going to decide on that bondage and it turns out that if I deny you, you can ask me why denied I need to explain you the reason for that I need to make sure to tell you and to assure you that I'd be done denial because using Sam, say racial profiling what seemed like that right to check illegal. So then if I use them in and lovely model, a deep learning, they city hard explain what that is an has been made. So that's why but on the other hand if before I give you the asset I kind of. The asset to make sure that. Is. Not you know it's in. So to speak, it cannot be interpreted like being based on race or something like that which somehow the model had picked it up. then. That's one way to use a machine deep learning model, which I cannot explain in an obligation. We requires me by AG relation to met some rules and even be eight Boko explained that it was. I didn't use in my decision, some of the imports which are not against relations that. I think that's one. John Exciting sinks that I had so madding classic. settting obligation with developing D- obligation billing it on. And Platform
UBS Severs Ties With Some Wealthy Venezuelans Amid Sanctions
"Is severing ties with some Venezuelan clients as it Serves from the U. S. At the Trump Administration tighten sanctions on a country that's mired in a power struggle. Sources say The decision affects the number of accounts with links to Venezuela's government, or to Petroleos de Venezuela. A state owned oil company. That's a Bloomberg business. Flash.
Sasol shares climb more than 20.5%; Braskem shares fall 2.3%
"South Africa's Sasso is quite more than twenty and a half percent people familiar with the matter said the oil and chemical companies receive multiple offers for a stake in a Louisiana plant they said the suitors include LyondellBasell industries and a joint venture of chevron and Phillips sixty six Brazilian chemical company Braskem has fallen two point three percent after being cut to neutral from buy at UBS the firm side a thirty five percent gain in the ADRs underlying shares since mid may when the firm raised Braskem to body from
German government to bail Lufthansa out of bankruptcy
"Air France a bit of a conditional type of of bailout happening there And then a lot of discussions and of course. This has been going on for for a while. Would we see Berlin looking at some type of loan scheme investment in Lufthansa? A LOT OF PEOPLE. Also saying yeah. Governments have no part of this But of course it seems like something is going to go ahead. what What do we know yet could often intimate afternoon indeed? Yeah Lifthansa. They've they've got there. They've got their annual shareholder meeting today. And of course I mean it's it's an AGM in a shareholder meeting without shareholders. Because you know everyone has to watch it removes Anyway Long Story. Short like other airlines. Lufthansa is also fighting for its survival. government bailout looks. Uh looks likely well. It looks absolutely necessary to be honest. the figure we've hurt is around ten billion euros and of course the The controversial story is that how big will the government influence be once they've provided the ten billion and you know if Lift chief executive officer. Cast boy has any say. I mean he doesn't want an easy to government people on his supervisory board and tell him how to run an airline and I think history's poorly shown that Governments aren't good owners of many assets airlines in particular. So so he. As far as we know he doesn't want the government in there but of course he needs the money so this is kind of this kind of the the question. That's that's being discussed in Berlin as we speak. How much government influence You know will will lift and up with overall. I mean the The the shares have had a pretty disastrous year. Obviously they've Haft lift has has said it will cut the number of aircraft operates permanently They've they've closed a few weeks ago. They've closed their discount Germanwings As a as a first step to to cut back on expenses so at the moment the company is burning through eight hundred million euros a month I think got fourbillion liquidity. Right now You do the math. It's it's it's not a unique situation but maybe just before we get to unique situations. Do we have any indication as to how much going to be Loans and then securities in? Are we looking at? The German state would actually go in and end up with fifteen percent right away or does that come as a second stage potentially I think I think it's really still still up in the. I mean as an example. You look at Suisse the Swiss army of of Lufthansa. They fully They got their money and the Swiss government Hey decided rather than to take a direct stake in the company which is giving medicine hundred percent owned by. Lufthansa would be difficult to pull off. Anyway Dave basically provided credit guarantees so Swiss will receive money from the banks from UBS in Credit Suisse and the government will provide guarantees to the tune of one point three billion francs
Why Negative Prices Exist and What They Can Teach Us
"Last week? The price of the May twenty twenty West Texas intermediate crude oil futures contract known as WTI fell to as low as negative thirty seven dollars per contract that means the holder who was long oil was willing to pay to exit the contract. Cnbc markets reporter. Pippa Stevens wrote on Monday for the first time on record west Texas intermediate the US oil benchmark plunged below zero and into negative territory before Monday. Many thought this was impossible. Maybe just maybe it could drop to zero effectively erasing. All value but negative territory seemed unimaginable. Not least because it's hard even to wrap one's mind around it pay someone to take your oil in this episode. We're going to see why oil prices went negative. We'll also look at other examples of negative prices and why they exist and what we can learn from them. The WTI futures contract has a physical settlement which whoever holds the contract when it expires receives a barrel of oil the contract settles in Cushing Oklahoma. That's where that of oil is delivered if he owned the contract. That's where you're going to get your oil or at least arrange for somebody to store it for you. Us crude inventories are near an all time record high. In cushing Oklahoma. Seventy percent of the storage capacity was four as a mid April and a Reuters. Article suggested that most of the available space already leased out. There's nowhere to put that oil. That is being received as part of the future contract settlement. Now the May oil futures contract has since expired and now the June oil futures contract is the front month contract that will expire in the third week of May. Yesterday the June contract fell twenty five percent just under thirteen dollars. They United States oil. Etf USO fell fifteen percent. It has lost eighty three percent year to date leveraged exchange traded funds tied to oil have shut down. They lost all the money products by wisdom tree. Ubs and velocity shares which is owned by Janice. Jim Cramer said there are times in life where people know that there's an instrument that is faulty and they can shoot against that instrument and bury these people there is this financial problem people who are buying the USO that United States oil energy T.F. Bay our financial people. So if you're a real person or you're a large contractor a large player they can wipe out the USO in. I think that's been what's going on. It's not a conspiracy. It's a reality when you have an organization that can't take delivery. Well you should crushed that organization every time and that's what probably happened. Who are these people that are getting crushed that own USO? Well some of them are retail investors. But most are institutional investors John Highland. He's now retired but he was the former investment officer of the United States Commodity Fund which manages USO. He pointed out that eighty percent of USOC shares are held by non retail investors hedge funds include energy trading desk and other professional players the purpose of this ETF was to allow investors to get exposure to the front month contract of oil at the end of twenty nine thousand nine. It had one point. Two billion dollars under management and the vast majority of its investment at the end of December was in the February wti crude oil futures contract that expired in January every month this ETF would sell that contract right before it expired. And then by the next contract in order to make money it needed to sell that contract for a higher price than what it paid for it right now when you look at the price of West Texas intermediate crude futures contract or is a steep premium as you go further out
HSBC sees mounting credit losses after pandemic halves first-quarter profit
"So much now let's get back to the banking earnings from this morning Europe's biggest lenders have reported a surge in credit losses amid the corona virus outbreak HSBC taking its biggest charged about deaths in almost nine years and saying it expects credit losses to rise to as much as eleven billion dollars this year the picture was a bit better over at UBS which saw net profit surged forty percent despite concerns about income streams from its wealth management unit for more let's bring in Jonathan Tice senior analyst for European banks at Bloomberg intelligence I'm Jonathan great to have you with us I know going into this you were hoping perhaps for some sort of guidance from the transformation planned they announced back in February a lot of which has of course been put on hold because of corona virus the shares are down just a little bit today down one and a half percent in London and a what was the biggest takeaway for you what sets the scale of the credit losses that we might see in twenty twenty but also the fact that that number as CFO you Stevenson said to us on TV could be subject to change
The US is now in a recession — How long will it last?
"We are in a recession like right now already thing is this isn't like the recessions we usually get were something wrong with the financial system or another part of the economy a problem it might take a while to fix right this is a pandemic a really fast moving pandemic that at some point is going to be over and that let us today to wonder how bad this recession might get how quickly it might pass and how long it's gonna take us to get back to where we were marketplace's Sabri Banna shore starts us off in one week jobless claims went from two hundred and eighty two thousand to three point three million one week that is how fast this economic downturn is happening but just because it is coming on quickly does not mean it will go away quickly the recovery is going to be staggered a sharp V. shaped recession doesn't seem likely says carpenter is chief U. S. economist at UBS securities as different parts of the country get hacked and shut down at different times the recession spreads out across time how much time welcome here says he thinks the lockdowns in the worst of the virus could pass by June but the economy we knew will not be waiting on the other side there are millions upon millions of Americans who have already and will have lost their jobs I suspect spending will be damped pretty dramatically for a lot of those people as they try to rebuild their lives the unemployment rate could fall somewhere between ten and thirty percent even people who don't lose their jobs may not spend the same way Ian Bremmer is president of Eurasia group people are not going to feel comfortable going to concerts going to bars or getting on a crowded plane after nine eleven it took about two years for the truck to return to the pre attack levels here Norman bar this is chief economist of IHS Markit he says businesses like people will take on debt to get through this which will leave them much less likely to make big investments as some businesses go under supply chains will lose links we don't think will regain the pre opened nineteen levels of GDP for another two or three years so in two to three years the economy will be where it was a few months ago forget where we would have been had this pandemic not happened but despite that the US has one piece of advice this too shall pass one more time this too shall
Why You Need Trustology
"Really interesting Willie. Our at the moment when it comes to crypto now this is going to a affiliate shortly so paper will still be in the midst of this covered. Nineteen virus that has you locked down and may on lockdown and probably many more people listening to this. Because they're in lockdown. I wanted to so to speak to you today. About is that affecting the market it before we get to that stage A little bit about yourself. Trust in when you started a little shocked System just og back in November twenty seventeen now so well now And that was a with consensus so we started a consensus spoke. Lubin enough to Ye away spun out as a separate legal entity Within BEEN INVESTED BY CONSENSUS. So thank you to them and to Sigma Ventures. Thank you to them to Based out of London Swell of us a cutting code enduring also stuff Yeah and we've been ready kind of waking ready. Huts Custodial will it platform So we say cup. People's case and held them to put transactions through onto it coin theorem and we'll be adding spoiled to other bulk. James like finance shortly as well as looking after kind of assets on exchanges as world helping flakes managed that before that very kind of now Career for a lot of people in crypto half of the people in Crypto works for banks used Iran innovation for UBS Swear I was looking at all sorts of stuff from cool mobile projects looking to security on the streets Moving into kind of machine learning Big dates all that kind of stuff. Undiscovered blockchain also super cool Ended up opening lap at a level nine or UBS where we did a lot of work on small bones and so on Ammon Windy being one Mellon Custody and then tried to tried to stop mining company. Did we just just just energy raw. Have been you've been every women as they cite financing around but I mean all in the same industry. Did you serve when you? Ubs did you jump ship because you saw something. Bigger your bold. What was the raising V to leave your mothers and fathers would call a good job. A styling count it. It's a big step to walk away from From those sorts of organizations what was it. That really inspired you to do that. I felt like I had a once in a life. Chance to try and build something an look Lodge organizations ready kind of a very important function But being very big F you simply cannot say the same wrist yet When you playing a trillion with a pension funds and stuff like that he just socially irresponsible to take the kind of risks startup candidate I wake up with startups in my role back in the banks. Mentoring them will genie to do you. Know to kind of In engineering assistance. Full Bank grade scale But after a year. Raila us that if you are trying to be on Leandro Angel Tech You have to have a go at a small company. The only place that you'll be able to do that in a way. That's except risky is in data system. There's anything wrong with a bank or it's more the fact that quite right. You have to choose the level risk. You want to work on and then said negotiations. I see jewel and others for an Nightclub Stanton. And the word that you used there was was responsible obviously a startup. You is the risk to reward ratio. You take bigger risks than you are looking for bigger rewards. These institutions tend to sometimes not taking bigger risks. And I need to keep chipping away completely. Understand that point of view I guess moving into the actual service itself. Do you WanNa tell us a little bit about who you sane because you've been around for a good couple of years now it's to be around or Saudi accompanying two thousand seventeen in this space. It is and is still be alive. Audits ushered should tied with that to still be around. 'cause many let's face it many of those are see is popped up have also pumped out And then longer around. But you've been around. You continue to move for us to way and it's interesting to say the China the monitoring what sort of changes you say in the space transform of that so two hundred eight years You saying a different demographic coming now to use your product. Yeah absolutely so you know if if you look at the early days he had Ic craze radius kind of crowd funded many way but with very tech savvy people so those not mind for custody that Boyne because GonNa defects that will get into this space Wanted to connect fully control a case just completely respect and they didn't need assistance. We've seen a change in that on the ICS kind of the Public. Lachey gone and his lawyer worry about whether they seem to be securities and so on So instead a lot more private placements but actually we've seen of people who are buying the tokens They now from wider People but they tend to be less technical so they need a little more Holding they're looking for much more school. Two Point Zero experience where a lot of things to handle for them which is kind of what we designed
UBS Bank won’t fund new offshore Arctic oil, gas projects
"A Swiss bank has joined with three major U. S. banks and ending support for offshore drilling in the arctic brain shock reports UBS invested roughly three hundred million dollars into arctic oil and gas projects between twenty sixteen and twenty eighteen according to an environmental group this comes after similar announcements from Wells Fargo JPMorgan chase and Goldman Sachs Wells Fargo and Goldman Sachs specifically said they would avoid future drilling in the arctic National Wildlife
Bank of England keeps main interest rate unchanged at 0.75%
"Money tree policy committee meeting as the governor of the bank of England is one of the most unpredictable of his tenure money markets are pricing the chances of a twenty five basis point cut just under fifty percent same as a toss of a coin that's down from seventy percent two weeks ago as improving economic indicators may trade is less sure the bank needs to take action over to say joining us here in our London studio John Rafe UBS heads off you Kate rates a strategy will earlier Richard Jones called and said he reckoned it would be a cop today what do you think how you use the use the expression coin toss I think you're right it is a coin toss which is not in possession of some of the information the bank of England is what they've basically told us is that going to act early and aggressively if an awesome when they see a need to ease if I see anything in the data that worries them that likely to certify first and ask questions later have they seen something yet we don't know its internal intelligence some gets published next week which is quite significant there is the mantra policy report being published today which will have to tell for cost and information as well off he was that not gonna cut we've been saying that for a while and on the economic outlook I'm what we do know in leading indicators in terms of him awesome things we don't miss any case for them to do so we wouldn't be having this conversation were it not for the comments made about three weeks ago by Mister Khan and others yeah absolutely and I think that you know initially it really pushed up of bets on an interest rate cut but now they've sort of kind of waned essentially why do you think that that is what I think when they the comments were initially made the markets what was he trying to understand why they'd come out at that time it was any three weeks off the last meeting when they sounded much more sanguine that they came out with these much more urgent sounding calm and acting in a more private preemptively and there was a sense that maybe they were speaks about Walt had rob hadn't happened post election post clarity around that face the first phase of brexit that and the bounce back they were hoping for was materializing so that's why the market reprise so dramatically now we've had the PMR eyes in the CBI survey which suggest will be early in soft later and I'm very early stuff like that that's been something of a rebound people say well maybe they weren't talking about this meeting that just talking about that reaction function going forward and if the PMR is tell us anything it's that there has been a bit of an improvement that full they don't need to go as soon as today so this is just huge confusion and that's why the market split down the middle works I say to you have the C. B. eyes you said PM eyes with holiday of course it's backward looking I understand that is much less impressive I mean inflation weakest in three years British consumers shopping stores during the the December the key pad or if I mean if you were being really solid about what you believe that that that's going to be your main consideration I mean I think what what they really told us a nice comments it wasn't just that they sounded concerned it was about them saying pretty explicitly at least for those members from now on we can out act very swiftly and therefore it becomes more about we looking at those we are looking forward in two cases if they wait until the end of the first quarter to say well how did the holiday to look for January December their argument seems to be that'll be too late so they have changed the way they behave and that's why it becomes on certain for markets because they're looking at real time data the market often isn't privy to so that's why it's introduced this new amounts of volatility we thought and still think that they'll cut in may by which time it will be clear that Q. one wasn't grates and momentum starting to fade again as we head through the air in the brexit situation sauce come back in focus what they're suggesting and what the market reprocessing is happened is maybe they're not going to wait that long neck and what first and more about it often okay very briefly in the kills market is looking pretty cheap across various maturities I mean I'm in the hunt for yielded across Europe yeah well I mean that that yeah you need to say you have to call the law yes any of around fifty basis points that was awful costs for the end of the first quarter so we've got that by the end of the first month I'm at these levels you know guilt actually started a quite expensive to us partly depends on what goes on elsewhere if treasury yields keep falling away to have some of the last few days then you know never to be guilty of willful some offered the role that we think that they'll under perform treasury's in on the ongoing rally from here the front and we think it's likely to get a very dovish message today whether the MPC council not said every scarred for from ten years to for a bit further with
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"<Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <SpeakerChange> <Speech_Music_Male> Finally <Speech_Male> on the show up <Speech_Male> in Davos last week monaco-type <Speech_Male> with the Lord <Speech_Male> Parker of Battle <Speech_Male> Executive Chairman <Speech_Male> of the N.. Plus <Speech_Male> Group we <Speech_Male> asked him why he <Speech_Male> was at Davos <Speech_Male> and to share a view <Speech_Male> on the prominence of <Speech_Male> themes like sustainability <Speech_Male> <SpeakerChange> and the climate <Speech_Male> crisis. <Speech_Female> <Speech_Male> <Speech_Male> <Speech_Male> uh-huh <Speech_Male>
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"In Davos. CBS launched the paper with remarks from the chairman of UBS Axel Vaber he spoke alongside Sunni Horford president of UBS asset management and Mark Heffler chief investment officer at UBS Global Wealth Management. Here first Axel Vaber that sets up the scale of the challenge and how UBS is addressing it this year marks the fifth anniversary of the landmark Paris climate agreement to combat climate change into keep the Royce global temperatures well below two percent degree Celsius in the century achieving his goals requires unprecedented levels investment. But right now there is a vast Gulf that exists between the funding that is needed and the amount of cabinet actually deployed in making it happened. Well there's no single estimate to the investments that are needed for example is put out a number of more than ninety trillion. US West dollar that needs to be invested in low carbon infrastructure investments by the year. Twenty twenty this is a enormous effort. Everyone needs to have here. The world cannot close the climate financing gap without relocating existing investments as well as mobilizing new cabinet sources yes and banks like. UBS have been talking about this. See the need for it. And in my view have important role to play here by redirecting capital flows towards proactive climate. Change Mitigation and adaption efforts financial institutions. Can help to protect client. Desert's while at the same time preserving our planet for future and for future generations. This is why I'm delighted that. UBS to put together the White Paper this year which explores in great detail why investments levels fall short of what is needed and second how acid owners can invest in climate-smart future. Today I'm going to focus briefly on the first question. Various to investment and what is needed to lower the barrier that is identified in the paper has has four main categories of Action Points Regulatory Dynamics Investment Horizons data imperfections and practically constrains to financial innovation. What is clear to me? Is that no one of these issues can be solved by a single organization at the heart of any solution to the climate risk into the climate crisis since the need for massively increasing our collaboration across the industry you and across a number of players and let me just mentioned that it's vital to have joined efforts from finance from business from academia and from policy make us regulators that need to be much better coordinated than they are today and we all need to pull in the same direction I want to urge all of us to redouble double our efforts to enable financial markets to help the fundamental challenges that need to be managed to help manage these opportunities and challenges post by climate risk. The time to act is now and we've been saying that consistently for four years in a row. It's becoming more orgin. Sitting Hawford president of asset management and one of the lead authors of the peace explains more of the background to the White Paper The idea of the framework is to create a glide allied path right every client has their own objectives every client views the SDG goals differently so creating something that can be forward looking and custom for our customers is what we wanted to create so we do that taking a lot of RND. We can't do that without a lot of commitment from the top that starts with axl obviously our board of directors my fellow members on the Executive Board in fact all of our employees have been engaged in this dialogue for quite some time to come up with this With this approach so we are obviously committed to the UN SDG's all of them but Specifically here for affordable clean energy and climate action and we do believe that the capital markets are the best way to transmit change around climate aware. So not an easy challenge to me as as actual said there's a tremendous amount of money to be raised show. We are working on a the leading sustainable investing platform. That's it's got four tenants to it. One investment products a lot of clients care but they don't know what to invest in so we have to create products that are available to them. They need a framework. So that we can customize that glide path that I spoke about to their specific needs we want to be able to personalize the advice. In fact advice is the perfect word because our wealth management colleagues have developed a framework Fort called advice vice that allows a high net worth and private wealth management clients to design their own personalized approach to the SEC. SDG's and of course philanthropy is also a big part about mobilising allies in capital and UBS. Does that as well. More carefully is chief investment officer. UBS Global Wealth Management and a regular on this show he was asked about the Moore established exclusion lesion based approaches and how the latest developments have shifted both the challenges and the opportunities ahead his mark UBS wealth management. We are very privileged. took the largest wealth manager in the world and we have two and a half trillion dollars in assets under management but estimates are that there's about one hundred and fifty fifty trillion dollars of private savings in the United States alone right so on the inclusion front if we can draw even a small portion of those assets towards sustainable investing. That's where we see having a greater impact magnified impact on the inclusion side rather than the exclusion side that you highlight it. Maybe I'll just add another point to that along along. The same theme. One of the points of corporate engagement is to drive arrived changing behavior right making people educated and aware of the changes so we have a scorecard now that we use a cross are investing and particularly on the on the carbon footprint using not cf framework forty nine fifty companies. We've engaged with to talk with them about what they're doing and how they're doing it so give two examples so we go and we engaged with Shell and we do that individually and we do that collaboratively with some of our some of our partners in climate action one hundred plus and they've changed and they've made a commitment to anchor their net carbon footprint commissions with targets linked to executive pay Okay Equador Norway's largest oil and gas company. UBS lead that group of climate action. One hundred plus they'd committed to material investments toward a well below two degrees scenario and they've strengthened their link between updated climate related targets and their executive remuneration. This is how you drive. Dr Changed and this is really really powerful stuff. So that's why when we talk about engagement. It's legit and it really is important clients care and they engage with us because they know that's where the money is going to flow and they need to keep their cost of capital as a matter of business so it will drive change Sunni Horford of UBS asset management mentioned before that mark hastily..
Are financial institutions waking up to climate change?
"Concerned about climate change is rising around the world on the streets in parliaments and among investors questions about the future of fossil fuels are putting new pressure on companies. He's and financial institutions so he was made to discuss what this means are hugh vents daynuss chair of the sustainable finance committee at UBS and former adviser to to Bank of England governor mark. Carney and billy nauman a reporter for the FTA's moral money. which covers the world of sustainable finance? I billy let's talk about some examples of the financial impact of climate change. What's been the economic fallout from the Australian? Bushfires that's a very good example I think and and it's one that's still kind of playing out obviously so it will take some time to see. The True Fallout Bank of America made some projections that the fires just for the first quarter of twenty twenty twenty could subtract at least zero point zero point four percent from Australia's entire GDP. So yeah. It's it's bad and probably a bit worse than people. Were expecting only a month six weeks ago absolutely. Yeah I mean the numbers were seeing on the insurance sector at this point they. They don't jump off the page. Necessarily I think they were close to nine. Thousand fire related claims from September until early January but that compares to just fourteen hundred fifteen hundred hundred for the yearly average of the last five years. I think so. It's a massive uptick in so much is still coming at this point. It's hard to say with the crisis. It's still playing out how bad it's going to be right. Hugh you recently wrote pace for the FDA about why investors and boards NATO take climate. I'm at risk into account now the Australian fires an example of that sort of risk. Or you have other. Things changed as well. Australia is clearly very stark reminder of the potential attention challenges but I think it's a much broader range of issues and I think there's always a push poll we're seeing regulators start to impose stress tests on the banks and their insurers shores particularly led by Governor Connie but also there have been some great initiatives to improve the quality of data. Because the key issue if you can't measure it you can't manage it and I think one of the companies and boards in particular realized they will increasingly be held to account through numbers which could be used both by investors by pressure groups. And we shouldn't underestimate the impact or pressure groups oops grabbing and using this data so far it's been a kind of voluntary initiative nine hundred of the biggest one thousand five hundred companies now starting to measure data but bit by bit is improving but the challenges as just investor behavior themselves. A growing number of vest design meet. Astonished say well they're all GONNA be big valley dispersions not just more Stralia. It could be from changes in tax. Six regulation or Brandon Pam if people think the company simply not honoring its responsibility. So it's it's a range of issues but there was definite groundswell in the market and that son what we're seeing in all business. Yeah you mentioned shareholder pressure there. We've just seen shareholders in Barclays Bank demanding that it starts the phase out financing companies that are not aligned with the Paris agreement. I wonder if both of you this seems to be something of a step up in relation relation to shareholder action when it comes to financial institutions. Is that how you say it or do you think. It's a trend already saying certainly I see. It's a growing trend and I think it comes from particularly some of the AH owners the big pension funds who are demanding action something like two thirds of all new mandates which are granted have some sort of sustainable finance aspect so they're pressurizing the managers to put their money where the mouth is but secondly on billy side of the pond in the states. There's a much richer. Set of data around proxy voting. One of the most striking statistics about the current round was the provos around environment were as frequent has governance. I think that's the first year that I've seen that. Yeah that's absolutely been the trend in it's been increasing and and one of the things I think is interesting is looking at some of these pressure groups some of these activist groups. And they're really ramping up their efforts. I was at a thing in in September around climate week here in New York and it was the principles for responsible banking which is a big. UN Consortium of banks talking about what their responsibility is as bankers anchors in terms of helping the world achieved the sustainable development goals and even at that event there was a group of protesters out there. And you could tell it really struck a chord with the bankers anchors. That were there. You know they're thinking well we're the ones that are doing well. We signed our names to this piece of paper and replacing to do this but from the activist groups. The message was that's not enough. We need to see action on this. And they're very adamant about keeping up this pressure on the banks that are financing fossil fuel companies. That's the case isn't Hugh that the banks are moving. They are taking steps to be more transparent in many cases but at the same time activists are saying listen. That's great but we just want. You should get out of fossil fuels. Yeah I think this is very challenging because you know let's face it finances the arterial system of the economy. And so we always you need power and and whilst I think many can be frustrated with the pace of change this will be more evolutionary than revolutionary some stats that McConnell US recently is one hundred trillion dollars of power and a sustainable projects which needs to be financed of the next decade and some of the going green so a new soda plant but some of them can try to be improving the quality of what we've God and we shouldn't underestimate improving. The bad to good is actually still step forward and I think that's a very nuanced and difficult argument for a financial innovation to make into a pressure. Group agree with what you said and it is very important that we have financing for going from bad to good from Brown to green. Or however you want to phrase it but I think that at that area gets very ripe for greenwashing for putting money into things that are not actually improving climate emissions. Like they might say they. Are you talking. In relation onto green bonds there perhaps green bonds is a perfect example. Yeah and then there's these things called transition bond which is a relatively new development. You Know Green bonds you run into the the problem where these companies are issuing green bonds for these projects that are allegedly going to improve carbon emissions. But it's just they were going to do anyway at stuff they're mandated to do you buy some new set of regulations and they are going out with this green bond and getting better terms as a result because they can label it his green the transition bonds. It's something that's offered offered to companies that might not usually qualify for green bond but they need to transition to be more green so this is a new category of financing financing available to these companies that helps them fund projects that move along that spectrum from Brown to green. Yeah and I mean greenwashing is a concern obviously and seems to me that more and more focus has come onto these sorts of bonds at some people find a suspect however broadly speaking. Isn't this a structural troll issue. I mean it. Doesn't it really point to the fact that there's not enough regulation either national or international of this market. I'm not sure if it's necessarily the regulation because you know if you make an example. Sir Chris hones dissolve all the company's portfolio disclose. Just this Christopher Hon who has a large hedge fund and here in London and. He said that he's not going to invest in any company that doesn't abide by the climate disclosure guidelines. That Mr Connie and you helped develop the Governor Carney server initiative but I think that the bottom line here is that actually sometimes the activists in the regulators may not be that far apart. Obviously there's a lot of good hard work to be done around the Standards Serum the investor point of view. Wouldn't it be great if as early as possible tomorrow. Really these guidelines which as you say currently voluntary were made mandatory. So I think actually in the best thing to do would be say within three years it will be mandatory and get companies to get on undo it there are still some some creases to iron out in the methodology but I think I would be very encouraging of that. Why should we wait three years when we've got the climate scientists telling us that this is a matter of extreme urgency and we really need eight to be cutting emissions as quickly as possible and therefore financing of fossil fuels needs to be effectively reigned in so for me? I would want all the companies to start today. Hey but you may not want to co defy methodologies. There's still a work in progress so I think it's by saying we will make it managed to in three years and we really rather expect you to do it. This year is sort of awed. Get to and billy what about the US. Do you think that you're going to be seeing. Regulators introducing mandatory disclosure anytime soon. No no I don't think the Political Otago Environment here is is going to lead to that at all. Unfortunately and what does that mean then if we have a world in which we have say European countries are making it mandatory the US and others a saying saying it's fine. You don't need to what then happens if we have a very uneven playing field. Well I mean I think we kind of saw something like this with GDP right where American companies have to abide by GDP CPR if they have European clients or do business in Europe so it's it's not ideal that the US is dragging its feet on these sorts of issues. But I do think that US companies will have to come around to some degree depending on what sort of regulation comes out of the you just moving onto another area. Do you think there are parts of the financial world old that Performing will when it comes to taking climate concerns into account for example green bond market is expected to keep growing this year. And we've forty saint extraordinary growth there there any other areas where we are starting to see a real change. You're starting to see a lot of sustainability linked loans Richard similar to green bonds where banks are incentivizing borrowers to hit targets whether it's emissions reductions by whatever means they can do it and if they do so they get better terms on their loans. That kind of stuff is growing a lot of support. You'll nap there's lots of really interesting pockets. One of the ones which is hardly reported about is the private equity quarter to also trying to become more sustainable an increasing number of creating their own sustainable funds. But also if you turn this around and it's not just climate if you've got a very concentrated portfolio do you really WanNa make sure your companies are being well run and that by the time you come until I was seldom they actually look as valuable as possible. So there's an increasing focus on what I'd say is the sustainability the inability of the franchise in all its manifestations and clearly firms will prioritize. But there's a growing market as well in private equity. I'm a little skeptical of of a lot of the claims coming out of the private equity market cricket and that's because of the lack of transparency. A lot of the major major companies have come out with these big impact funds. And when you look under the hood at some of the investments they've made aide you know there since there are no kind of set definitions on what is impact or how impact is measured. Some of them do a little dubious. I've been doing some research into one. One of the the bigger impact funds and just looking at some of the underlying investments. This is the Bane Double Impact Fund which is run by Duval. Patrick who's a former governor of Massachusetts. WHO's now running for president here in the US and A lot of the investments are in home health care which is a growing sector but is that really impact or is that just a play for a sector that they think. There's going to be growth in. I think more transparency from the private equity market would help a lot in terms of if they do deserve credit on this to give them that credit. But I'm skeptical of a lot of their claims this to be frank right. I'd like to ask both of you when you think we will see major banks in Europe and on wall all straight no longer financing fossil fuels. Never sorry to be a downer. But unless they're strict regulation that says you cannot do this someone will always do. Okay never look we will want to keep the lights on and so I. My sense is that this isn't evolution. And I got back the statistic if there's one hundred trillion over investments be made in energy clean energy and transition. That's an extraordinary amount of money. And fumbled in central banks buying and so whether it's capital markets all banks or insurers don't need be financing all the overall transition I think that what regulators can do and what I was certainly arguing for in the pieces through stress testing the banks us through providing better data. You can at least act to trump bring forward when that transition happens and that's probably the best one can hope for. I mean even the practice of with that transition though is likely to have an impact on a lot of industries. And how should that be managed. Well this comes down to the big public policy questions which you know the F. T. writes about so eloquently silently. I mean these are genuinely as much political questions other opportunities. I think that you know Al Gore says the investing in Green Tech is one of the biggest investment opportunities in his lifetime and at one level we need to also change the language so it was seen as much. The investment opportunities immobilized the capital in the way. That governor Connie is going to be going onto after the bank as much chaz trying to stress test and think through the risks. And I think it's a bit of sticks and carrots to try not just along but that's not going to take away the very big political challenges ages of you know who wants a carbon tax. I think that's an excellent point. Actually I I will amend my never if there is a disruptive technology that makes fossil fuel obsolete then then they will stop financing it because it will no longer be profitable. Think about whale oil. I suppose you could compare it to that. When fossil fuels came along and made will oil obsolete than nobody nobody is financing it anymore? So maybe if there is some sort of green technology that completely upends the energy sector then that could lead to it from a fan perspective. I suppose billy thank very much end. Hugh thank
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Freshest thinkers in the world of finance. Take you beyond the number hype right to the heart of big issues of the day this week. We're at the Greater China Conference in Shanghai in the past week. A record number of delegates attended the twentieth annual edition of the event the Leading Forum Forum for investors and companies seeking insight and access to the world's second largest economy as well as reflecting on some highlights and key themes from the conference. Our panel. Final will put these strategic importance of China as a market in the spotlight. And we'll ask them to share their unrivalled insights into what the rest of twenty twenty might hold in store with global geopolitical uncertainty dominating. The agenda of many investors. We'll delve a little deeper and consider how other critical themes from philanthropy to the opening up of markets to certain the secular trends are also shaping the narrative we start with towering. UBS chief China Economist Towers here to provide something of a big picture. Take I Austin Outlook on the Chinese economy specifically just for that though towing to start with why is the. UBS Great China Conference so important well UBS greater data. China conference has been in. Shanghai has been in China for twenty years so China is key. Strategic Market for us for UBS es we invested early on will continue to further develop our footprint in China over the coming year so it is a great platform and channel for us to to meet our clients and four clients to meet the companies. They invest in forever to come together and discuss the future of the economy and the financial financial markets in China Taiwan. Where are we with? US China phase. One trade deal does risk remain despite some positive steps this week the US China trade deal has been signed in Washington DC on generated. Fifteen and the deal is actually a very comprehensive one. I know the media media focused mainly on the big purchases of agriculture and energy products. And so on so forth but it actually covered many structural actual issues including the IP protection technology transfer markets opening exchange rate and implementation details until and so forth. I I think the biggest significance that it helps to put a break in the U. S. China relationship that had been fast deteriorating rating over the past year. And so everybody can sit down and rethink and actually talk together work together so that helps reduce. WHO's the uncertainty in global markets and global trade and reduce the risk of things? Getting worse very quickly so it does not completely remove moved on certainty. Of course many of the uncertainty remains and we actually don't expect a face to part of the deal anytime soon such need. Okay not this year but I think the fact that that after all this declaration there is a phase one deal and it's actually quite comprehensive is meaningful from the the risk reduction uncertainty reduction point of view on. What's the growth picture? As a result of this town well we had upgraded China growth forecast from five point seven seven to six percent last month in anticipation off the face. One you so the shelving of the plan December Tariff Sheriff hike is positive especially for the consumer electronics and also reduction of the September type by half on mostly consumer because it's also positive that means China's exports will take less of Hit that also. Means less of a labor market hit and supportive if confidence and consumption but at the same time of course the earlier tariff hikes are still there and the negative impact are still some of that a still coming and the policies in China will remain supportive of growth so that they can you know offset some of this negative impact so own an an old we are looking for a stabilization of growth to about six percent rather than further slow-down this year. What have we been hearing from the People's Bank of China? PBC Tau the bank sticking to its prudent monetary policy position as if at say part of the face one deal has something to do with exchange rate and PBC releasing release their details and guidelines and so the commitment to keeping the R&B stable to some extent constraints but monetary policy to but to some extent is also so that they will not have much of a use of exchange-rate tool but this will help actually stabilize success rate expectation so that gives the PBC a little bit more room on using other monetary policy to such as interest rate so they will stick to there Putin the monetary policy stance. But what that means. Actually this year is that we think they will ease liquidity and also cut M. O. F. Rate by ten to fifteen basis points. They will cut trip again by another fifty basis. Points are Wang. And let's get into the detail of the we see and find out what was dominating the agenda in Shanghai this past week. Thomas Fang is UBS head of China global markets. It's almost joins us for a bit of an overview overview of the GCC. Thomas Maybe I will just remind us we've heard from toweling already but what's the UBS all about. Why is it so important? We gather there were record numbers members in attendance this year. I try to conference for you. It is the biggest event for US each year globally. So it's a very important and was a critical Max. It is also the big event you can China for any global financial institutions so with the scale and also. This is the twentieth year so we started off into southern where we had only around two hundred attendees and forty companies where this year web two hundred seventy companies was over three thousand attendees so it's definitely grow intense the importance the scale and also so being the solid or in China for capital markets in particular. Well I guess it's almost prompts me to ask if we take a further step back almost and and you could tell us a bit. What about China as a market for you? What does it represent that country? It's obviously Heasley poten but put it in some kind of context for us well. China is critical for for. UBS for many years from is Strategic Opportunity also our own groups strategic focus so for now we already they have twelve hundred employees in China over sixty entity some cross investment bank whilst met anyone and management and depending on how you look at it represents a very critical portion all follower overall e. pack thinness and also chocolate Business Tomas almost I know. UBS IS APEC President Edmund Co Opening Event Talking about twenty twenty being a year of geopolitical uncertainty. Is it hard almost to look past that. At times does that issue rather dominate discussions for the past eighteen months especially on top of many investor clients and our our key forums agenda and so does this year and hopefully with the face one. Do signed and some of the other more certain it's an event such as US elections and this topic for twenty twenty will bring less uncertainty in terms of overall investment community community. Thomas you mentioned the phase one trade deal. We heard from your colleague Tang about that earlier but does risk remain despite positive steps on this. We all more cautiously optimistic. You know. I think our chief economist Tall Win at her view. So the deal obviously if one states only but it is better than what we had expected so I think the market should take relatively positively more from the uncertainty addressed and economic impact will be better than what we expected but looking beyond face. Ace One there are definitely a lot of uncertainties. There are a lot of narrative some Po- side and also the rest of the war. You more or less Involved as well so you wouldn't be easy Polish but the good news is what's the poss eighteen months of education and and the overall economy you Muslim community just to issue awful. US China tension which lead to other areas of discussion into including technology at an investment. So I think human community has learned to do attracted an price. It which is a good thing in terms of sustainability and clean energy where two more themes one attachments were key topics week. I wonder though Thomas. How different is the conversation around those areas at the then perhaps it is elsewhere in one hand we're pot both described of? US's sustainable growth and also we bring Saul leader from a overall policy level and also industry or even company level to try to team. I think what we can help really. Is We interact with so many China Company listed at Improv. Did we sell we other than being the investment specialist. We want to be part of this journey where we help those company and then the importance not only throng investment angle but also From all structure angle to pay attention to this holiday you improve their practice and also put it into communication was the investors which will be hugely helpful for the real economy at A. I'd it also for their company. Share Price in one of twenty four regular finance and business. Voices is Bloomberg's UN parts. You want to ask you about the big picture here. The outlook for China China in two thousand nine hundred ninety s the picture all about trade talks. US relations. We've heard that mentioned already. Is that very much the the only game in town. The world's second largest economy expanded Spanish by six point one percent in two thousand nine hundred and that was the slowest pace in twenty nine years. That was down from six point six percent in the previous year. US tariffs have undoubtedly weighed on China's growth. So the signing of the phase one trade deal very welcome news for the economy but we found out that Washington plans continue. Partial tariffs at at least until the US election in November. But it's important not to overstate. The impact of the trade war with China is an enormous economy and China is is an enormous economy in China's companies are increasingly able to depend on the Chinese consumer. Will you mentioned this there. How would you characterize concerns about growth rates both both within and without China urine? They suggest that China's economy has started to stabilize in the final quarter. The data suggesting this pickup investment since June fixed asset investment investment rose by more than five percent over the course of the year with manufacturing expenditure especially buoyant now per country. This better known for its all out investment binges China's faced these financial jitters and the return of factory gate deflation with a rare level of restraint. You and just finally. We've talked often on this show about structural reform the long term problems for China. The big challenges do you think we should or could expect to see anything that really moves the needle on that in two thousand twenty you back to twenty twenty eight. In the years. After the global financial crisis China unleashed a stimulus binge that led to one of the fastest buildups of debt in history more debt for government more debt for companies Taymor debt for consumers in the eight years off the two thousand eight total debt in China Group. I one hundred percent of GDP so there are concerns about that. It's a build up of debt and the imbalances in the economy. And it was that which led to President Jacques launch a three a campaign against the financial risk. That campaign is coming it to an end at the moment and it's really been tested by the slowing growth pitcher. We've seen in China also been a decisive shift towards fiscal policy policy as a mechanism to box dot growth. We saw that's unprecedented two. Trillion Yuan of tax cuts announced last year. Nearly three hundred billion dollars policymakers because also striving to direct more credit to private sector companies that are more efficient than state enterprises and expect to see more of that this year. You in parts there. Tell us we you can come back to you also on some of those big picture themes was talking about. Let's consider the outlook for the year ahead. We've heard you take what's the base case for you and your colleagues L. Base case. Is that the phase one deal means that some of the terrorists are rolled back but no more improvement on that front and also also no more deterioration and policies were remain modestly supportive with some easy on the monetary side and also more physical so easy to support infrastructure investment to grow by six to eight percent as a result of. This is judy growing by about six. Percents this this year inflation peaks in January. Then come down averaging year just about three percent. Exchange Rate's stabilizing at around seven by end of the year so not huge amount of volatility and and so it's a basically a picture of stabilization until I just finally in terms of longer term trends structural reform challenges that we've discussed frequently before. What's the outlook? And do you think that the dial has shifted on those does in terms of the long term trends in China I think they will continue for example that the economy will continue to move more towards services and in consumption as income braces. Consumption upgrade will continue and China will also continue to move up the value chain increase spending on technology and China will also continue to improve on environmental protection and so on these things will continue the challenge of of course the China's facing with aging population with less friendly external environment with you know forces that are pushing for China no not to to decouple and to import more and also of course the Inefficiencies in the state owned enterprises in those sectors so those challenges remain. We have seen a faster pace of opening up the markets and in the last one and half years we'll we'll continue to see that acceleration opened opening and hopefully we will also see acceleration of the structural reforms including on the soap's partly As ways of dealing with external pressure from the US but also partly to help sustain China's growth in the longer term so we. We're looking out for faster. Reforms and opening going forward. And that's tower and bring us to the end of this two hundred and seventy six edition of the bulletin with UBS setting the agenda in the fast moving world of finance each week here Monaco. Twenty four listen again and find out more AT MONACO DOT COM or catch up by your preferred podcast platform the bulletin with CBS. On Miracle Twenty Four mm-hmm..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Uh-huh the yeah. Yeah the the uh-huh the the uh-huh uh-huh the mm-hmm uh-huh uh-huh yeah the yeah. Yeah the uh-huh uh-huh the yeah the the yeah. The mark hopefully is chief investment officer. UBS Global Wealth Management. We heard heard from him on that panel. We grabbed a word with him. Though after the event to and I began by asking him for a broad brush takeaway on the European conference and its agenda. I don't see what if anything had surprised him in terms of what was discussed. But I think one of the great things about this conference is the way you're directly from central bankers Akerson former central bankers and I think what apprising was how strongly the central bankers want to defend Asset for banking as an independent Regime focused on monetary policy. And why this is interesting is because monetary policy Assey in near the zero bound around the world and therefore what comes next if we have another crisis is a question and I think A little the debate was about you protecting this institution versus Is Not the primary goal of investors even if it is of central bankers I investors have to kind of look through the central bank policy and think about levers like this policy that may be deployed if we get more of a slowdown. Is there an argument. More carefully that global investors have been perhaps overly pessimistic in two thousand nineteen if you look at indices near an all all time high and you look at positioning and you look at active fund managers and you look at what we see on a proprietary basis about the cash holdings of many private clients well and there is some reading the thing that it's been very difficult for people to price in political risk that has been raised around how things like the US China trade conflict on the other hand You know the year is over yet and we still don't know and I'm not sure that the trade renegotiate or even know what president trump is going to do about the next round of terrorists so that is really the swing factor that has markets Grip markets right now well on that point about trump. Let's jump back to Aaron. CATILINE are just finally. Is there any other game in town rally in two thousand twenty other than the. US presidential elections. Or is that the only place to look uh-huh the uh-huh the and that's Aaron cotton bringing us to the end of this two hundred seventy third edition of the bulletin with ups Cetinje Agenda and the fast moving world of finance each week. Here Oracle Twenty Four. Listen again and find out more at multiple DOT com. We'll catch up your preferred podcast platform bulletin. WOULD YOU BE S A monocle. Twenty.
UBS fined £40 million in Hong Kong over client-trade overcharges
"The huge Swiss bank UBS is in trouble in Hong Kong find fifty one million dollars Hong Kong securities regulator says UBS group over charged in misled wealthy clients for ten years UBS as those workers have been
What we talk about when we talk about jobs
"We introduced you earlier. This week to a group called the Institute for Supply Management Management IFM for short literally people who do all things supply chain for a living we were talking about their manufacturing index how busy American manufacturing and factories these are not all that busy and getting less so it turns out was the macro economically troubling upshot today. It's their service sector survey. We want to talk about the non-manufacturing manufacturing side of this economy still growing but at a much slower pace than anybody had thought so to get us going on this Thursday marketplace's Marielle Sagarra has the service service sector primer accountants lawyers Baristas Uber Drivers math tutors. What are they all have in common their part of the services sector and radio reporters quarters? I'm a creator. I'm out here toiling away cranking out radio pieces but apparently I'm in the services sector to produce a good or a structure. You're right you produce service so that's the difference that's Gad Lebanon Chief Economist for North America at the Conference Board also a service sector the job if you make car parts you're in manufacturing. If you're a farmer you're in agriculture but as a rule of thumb if you don't produce a physical thing you're part of the services sector of the economy about eighty percent of American workers fall into this category it wasn't always this way one hundred years ago the majority of Workers Hello Greek culture or manufacturing and now those with Sharon significantly and that's how it usually goes Danny Bachman the US second omic forecaster at Deloitte says as a country's economy develops it tends to shift towards services one reason that manufacturing become more more productive. There's better technology and that makes a lot of manufacturing jobs obsolete. We just need fewer people to produce the same amount of manufactured goods up by the way the exact same thing happened with agriculture. Meanwhile as people who live in this developing economy get wealthier they start to demand more services like banking king in healthcare. Now the services sector is not an island when there's a downturn in manufacturing say workers an auto factory get laid off. They may be less likely to spend money on services like restaurants and travel. I'm Maryelle Sagarra for marketplace so continuing with the theme here that is in its manufacturing services services indexes Kimberly Adams story for us yesterday about what seemed like as of yesterday the possibility that we're just in for a long slow period of economic economic met that a recession might just never come. It'll just be slow but perhaps we were too hasty because maybe what's happening. Is that the slow hello is speeding up. Marketplace's Sabrina sure explains the Institute for Supply Management in their survey. They ask companies questions including just basic stuff a flight. How's business best at the moment. Eric Harrison is CEO of the Jay Renee Group an importer and wholesaler of shoes which puts him in one of the sectors actors covered by ISM's non-manufacturing index. He is worried his business is going to get hammered by the next round of tariffs so he's not investing in new technology not hiring new people as much as he normally would just trying to play closer to the best which on Portuguese were a lot of our customers are doing as well so it has kind of ripple effect. That's the story behind the numbers I assume survey of non-manufacturers was the weakest in two years a common theme and the comments businesses are worried about trade and that's been true for manufacturers for a while the big takeaway here is that it is not just them anymore. Sam Coffin is a senior economist at UBS looks as if from today's Today's data that the manufacturing weaknesses spreading into the rest of the economy take for example accommodation and food services hotels big importers of furniture furniture. That's tariff. This is Anthony Nevis. He helps run. ISM's non-manufacturing survey and there's food products that they're starting to see increases on stuff coming in from MM. China higher priced imports could seep into more of the economy. Ian Shepherdson is chief economist at Pantheon macroeconomics will probably have good to go up which retailers but it also hurts everybody else who's selling things you can see him is because people are less cash to spend on discretionary services like entertainment and leisure activity so so it seems to be scaring everyone for now. It's possible that the US economy might just be slowing down to a creep but these numbers are assigned that maybe it is worse than that in New York. I'm sure for
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Mark post is a professor of physiology at maastricht university another UBS global global visionary post. You're working. If you'll forgive the pun of cutting edge of engineering of tissue i guess for all sorts of different applications uh-huh but you're here today to talk on this panel about the future of food. Just give us a little bit of a an indication about why what you do and the specialism that you have is so important if we're looking at the future of food production and consumption might well sow tissue engineering is originally a medical technology. That's why i i started doing this for a medical applications until i realized that making meat out of this is also a possibility and has potentially a lot the societal impact than doing this for medical purposes. Although there's nothing wrong with the medical application i consider meat production a big part of the problem of food production in general and the unsustainability of it in the near future for two reasons one is that meat consumption assumption is going to increase globally in the next thirty five years according to the mostly because of increasing demand in india and china and at some point africa because when people become wealthy erdei star to the tend to eat more animal proteins than before because they are expensive and the second is because meat is a really resource intense part of our diet and it's very inefficiently produced through animals. They cannot help it. They were never willie evolutionary developed to serve as our food but they are really inefficient in as a food system now. It's always funny. I i guess you must get frustrated about some of the media coverage of what you do to address these problems because people always talk about oh this professor price must be he's like dr frankenstein and stein and it's all it's all natural you describe. The need is so urgent and how you do so relevant. Why do you think that there are these lazy stereotypes types. Do you understand it. Is it frustrating yeah. I mean food is emotion by definition. It's something that you ingest and so. It's very close to us so every time you try to mess with it you stir up emotions and you get responses like and i can understand that i think you should actually take them very seriously. At the same in time you know we are just consumers and we need to realize that consumption pattern is indian not sustainable for this planet. So so what do we like it or not. I don't think we're going to have a lot of choice in the future. Mark post <music> next up. Let's hear from gail girls head of europe indigo ago agriculture. Just kick us off. What is indigo. What's the mission statement of this company company which was founded four or five years ago flex repairing wpro nearing so the our mission is to harness nature to help farmers to sustainably feed the planet now with do this through three main goal go. It's going to make the more profitable to help them to generate profits to support the introduction of more sustainable aquaculture and a cultural <unk> practices and thirdly to have consumers to give the consumer snow paternity to rape meg resources so that the consumer demands can be we met in a more definitive way than it is today the way we go after it is that we look at it from a systems approach as we call it so it's an integrative approach because we believe that if few we want to bring change in question yourself on you know ask yourself house aquaculture done today and what could be done differently of challenge yourself and put these questions questions we believe that requires a systemic and integrative approach and give you three examples of those perhaps to illustrated so in the form of produced today they have a lot of input material they use and we have a research on microbials which basically helped the farmers to grow roll plants and <hes> the mcrae will help them to have more water use efficiency for the plan to use efficiency and eventually also some chemistry juice efficiency so they are now turned input. The farmer can use when they grow the plant to more sustainable production in the more different shade production the other thing we've been launching what because they're marketplace indigo marketplace as we allow farmers to market their grain directly on a marketplace and get biased directly in the position of purchasing from farmer. Why is that important. It's important because the the farmer then has to also to different shane more so you move from a commodity market into more dakota's market where you can different shade the different products which come from the fields because every field effectively is different things we have produced the quality's different etc etc so the decolonization what does asian and with this of course the traceability of the products that allows also to source for more specific demands a consumer might happen to purchase a source on the marketplace last button on this and that's relatively new launches in june this year which we call the territory initiative where we basically want to sequester one zero tone on of CO two back into the soil knowing you look at the short term opportunity. It's the biggest opportunity out there to sequester. CO two is is farmland which is available right now and we can we can change things from today onwards and we have about three point six billion afam nen which is cultivated today so it's a big salsa also of possibilities sequestering of putting CO two back into the soil and with his territory initiative. It's basically we don't only make sure that the family gets compensated for what they produce which is largely today taunts but we also get the family into the opportunity to get compensated for how they produce so when they apply regenerative heretic practices on their farm and sequester issue to the soul we will make sure that they get compensated and painful that to supply these carbon credits sodas okay which then can be purchased by companies on the demand side were interested in of settings dot com footprint with a targeted approach agriculture and that is a phenomenon opportunity not only for the famous before the whole society because it would bring more come out of the atmosphere back into the salts googlers. Why is adoption of these ideas. I wanted to pick up of the technology. It'll make such eminent good sense. Why is the adoption slow or perhaps slower than we might like well first of our from our aw experience with the relatively company and we've just announced the turtle negative in june but to give you a number the in the first few weeks we had foulness signing up to the program in the US who are interested in participating of which is more than six billion acres of land today just again two and a half million hectares or whatever which is quite sizable so i think demand or the interest is absolutely there. When we talked to the companies who would sit on the demand side who would purchase trades in the future. It's colloquially everybody. We've been talking to him calling update. They picked up the phone and talk to us so i think there's no question that the interest is there and people are willing to change asian willing to make that happen now what could be reasons in the past why it might have been slow in adopting than what we would have liked so one of which of course is you need to put the right incentive structure out and you need to have a system as well which is able to cater for the different things we're offering and so far what we have a lot of individuals solutions which cia brought to the market which are very important and i fully support. I'm not talking against them but thing nobody yet has we looked at it. From at least we believe i believe nobody's looked did it end to end from the beginning of the production process up to the the hobson but the consumer has indian on their player in the fridge or when the consumer so and then there's another element must also take into consideration is that technology today enables us to do things we were not able to do in the past and that scale gurus bringing us to the end of this two hundred and fifty seventh addition of the bulletin with UBS setting the agenda and the fascinating world of finance every week here on monaco twenty four you get him off from sonia low in the coming weeks on the program and we'll have more from the inaugural UBS ESPN sustainability symposium in another future gotcha program in the meantime listen again to this episode and find out more monaco dot com okay for your preferred podcast platform the bulletin with UBS monocle twenty four aw..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"To you, Mark. Hi fli. It's always good to talk about the meaning of the sorts of issues for investors portfolio construction. And so on on the panel this week, he made some interesting points about US fixed incomes as insurance, for example. Tell us more. Sure. So I think over the past few years, we said it was a Tina market. There is no alternative to stocks. And now we've moved to a year a market where there is a real alternative. And that is the US tenure where we think that most of the rise in the yields there have taken place and that that can be stabiliser four portfolios going forward. Nothing. I thought it was interesting. I think it was you'll Chamnan about you'll sort of stewardship in particular of this sort of out your high net worth clients of the of he spent a lot of time talking tape how that positioning through the kinds of shifts you've been talking about. And that was interesting reflections on the prominence of alternatives and also sustainability themes, and I wanted if you could explain to us why those issues resonate so much particularly with that client demographic. Well, I think that the the ultra clients have a real global perspective, and they recognize that we have something of a regime shift. We have very different monetary policies and fiscal policies being pursued around the world, and they want to try and invest in a diversified way. Globally. They also are concerned with both that bond yields still are low that traditional assets are overvalued and they wanna reach deeper into some of the more early stage company and. They increase their private investment. So many of them talk about having half their portfolios in private markets, which is a real shift. And then the second thing is we have seen a real increase in sustainable investing. The family offices almost half of them are really looking at this in Asia investors, that we serve eight sixty percent of them already have stable investments in their portfolio and fifty eight percent of investors globally think that in the next ten years all of investments it will be the norm to invest sustainably. Plea just finally there was a place for discussion in the panel about styling, of course, on the panel was taking place haven hair in London and looking at the pound may be twelve months, hence once you and your colleagues return for the next iteration of the European conference. For example, we've had a yet more tubby couple of days politically since it's still kind of unfolding simmer. Flexes for. View on that. I guess the advisory certainly of studying would be stay well clear for now. And is there any kind of sense emerging from the mayhem we've seen in the last couple of days to your is. Well, I think that one of the things listener should realize for global investors. It is extremely difficult to bet on what the cabinet will do or three hundred minutes three hundred twenty ministers may do and therefore they want to try and shield themselves from from this volatility and not invest in the UK in many cases. So that I think that's unfortunate. My own view is that there will be further back and back and forth where you know, alternately. If this deal is accepted, which is I think the base case there's going to be perhaps the parliament rejecting and the EU saying that they're not going to get a better deal. And then perhaps a minister or some MP stepping forward. To say that well fine. We'll vote for it for the good of the country. It's our best alternative. I don't really have a prediction other than that. We're far from the end of this in this being done deal carefully bringing us to the end of this two hundred fifty edition of the bulletin with UBS Cetinje gender and the false movie world of finance every week on monocle twenty four listen again and find out more at the website monocle dot com catch up you'll You'll perfect. perfect the bulletin with EVS twenty four..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Very well, both the US would superior to be kind of the intellectual father and mother of this type of policy and the number of other central banks. They followed in the footsteps, including CB, and also, you know, be J and to some extent buckling land. So what happened? Now, what's what has been interesting in two thousand eighteen is with the new leadership. The fed is that we've observed probably a non announcing anticipated distance from this type of policy to the extent that they've almost appear. Here to have completely discounted type of initiative, and they focused on almost the other extreme which is what I pointed out in our presentation and discussion that we had yesterday which was that ultimately if you focus too much on instead of if you're not as nuanced as you used to be in in the past and kind of present several over -tunities, depending on what hits you into the future. But he just saying well things are pretty good today at some gonna keep hiking rates, that's an easy to communicate policy. But also, it might be a fairly abrupt and dangerous way of trying to normalize policy. And the reason that this might be the case is that obviously the market is not other states of the world that they feel that we are certainly back into normal and also because as part of the communication, the pasta used to say that we have several interesting models by which we figure out what an neutral rate is or where things. Would be if everything wasn't equlibrium. And now, I appears that the fed is saying not only I'm gonna keep hiking us since you know, the situation is good right now. But I'm also I don't really know what the neutral rate is. So I don't know what I'm stopping. So if you think about if you put those two together the communication now is one that basically says beware market. I'm gonna hit the wall. And then I'm going to stop. So that's the problem often, not having a more nuanced communication states. And what I think in the current or part of what has affected the congress cough right now global chief investment officer of UBS wealth management, Mark on this question of normalizing monetary policy. And he's rather expensive question. But what do all this need to know about the status if you like of the process? Well, I think the most important thing is that the United States is furthest along in this process. And that means the Federal Reserve. Irv has the most influence over the path going forward. And I I want to talk about something that was discussed on the panel incident bro times, and that was the idea that maybe policy if notice it of regime change, but really pronounced shift. And there was some interesting features Aaron Katz until about this research he and his team to forty years of data from forty countries, many recessions, I've one hundred and that the current data sort of didn't didn't stack up with anything that had been saying before we in sort of I don't know a seismic shift. How would you characterize it? Well, the chairman of the Federal Reserve mister Powell said that he is navigating by the stars. And I don't think that any recent dead presidents have put it quite that way. So I would say there is something of a regime change. I think that as the fed has started to tighten it strengthened the dollar..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"The bulletin with UBS monocle twenty four inch. We hear from the shop. It's minds and freshest thing in the world of finance taking on the numbers in the height. Getting to the heart of the big issues of the day this week, which egging in the UBS European conference here in London annual gathering of dozens of European CEO's investors and thought leaders that features penalties Gushin's, plenty of lively debates and full program of small group meetings by laterals and networking opportunities. Its third annual visit to the conference and for this week's edition, focus falls on a panel in which a number of UBS opinion leaders who also happen to be friends of this program zeroed in on the topic of normalizing global monetary policy in the program. We'll hear from two of those panelists announce them to unpack the panel discussion and explain how investors should best position to profit from challenges to the prevailing economic orthodoxy. We start with Yana Capello's global head of macro strategy UBS investment Bank. We're talking about normalizing global monetary policy today in the panel, you talked about two primary components to this. Can you tell us about that the normalization basically all monetary policy as affectively? Special on in the cycle because he's a retaining from two components. The first one is from the presence of the north of doc policies, which is the balance sheets of central banks. So those are presumably are set to be unwound and the course over the course of the next few years, and the US has already started the process and in parallel to that. What you have is the more standard way of looking at the a normalization of policy, which is to move away from very low interest rates and start raising and engaging some sort of hiking cycle. So those are the two components that I think are different from the usual cycles of observed in the past, and what has not implied is that central bankers in general because they've never experienced some sort of normalization of short. They've been very careful on how they engage in and those process both in in terms of having a number of high. Hiking cycles on us, stop and go type of pattern as opposed to the more typical, you know, once every month or every once every other month hike that we were used to in, you know, ten twenty thirty years ago and also being very very gentle and from of how quickly the wind the balance sheet from Powell how quickly they let guess either that back the the security actually they let the secures that they bought from the market expire. And they try to do that enough passive FOSS possible? Meaning that they Don actively salad into the market. But once they start unwinding just online with the passage of time. So all of this is implying if essentially a very gentle pattern, the US's started on this. Maybe the known now for the markets as we look in two thousand nineteen when the Europeans and up knees joining in that type of more unorthodox, unwinding of and normalization policy. Something else that was discussed on the panel, which and you had an insight on which I thought was really striking was this idea of a change in the ways of communication sickly of the US central Bank. And this wasn't so much about the big price. It was a communications question. Could you talk through? That's again because that was it was really interesting of the of the panel. I thought so the I guess once you go into areas that you've never been before in terms of monetary policy, and you start pushing yourself different options, what central banks had to come up with as more than my of types of policy initiatives. And indeed part of the poster is a communication about what they're going to be doing in the future, depending on different scenarios. This is what basically they've coined us forward guidance. So they will come out at certain points in time and basically claim that they will or will not do something for either. Either EPA particular period period of time had or until certain things happen, which is an attempt to basically tied their hands behind the back. But also give us firms to the market that they can think of policy not just in present terms, but also some sort of a future path that they can discount, and as they do that that would affect their choices today. So trying to get something for nothing, but it has worked and ate has actually served..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"I wouldn't. Courage, your listeners to use this report in the appropriate way. Which is to help them assess both absolute and relative risk and not to say, oh my God. I do not wanna buy market ex because it's in quote, unquote, bubble territory, I will bind market y because it scored as underpriced because there's a lot of decisions go into that. Which really takes me into what I wanted to add. Which is I spent a lot of time with our clients talking about the decision to buy a home. And when a client will ask the question is this a good time to buy a home? Or should I buy this home? I will typically go back to them with a series of questions before I answer it, and I let their answers basically be their answer. And the very first question. I asked him are you buying this for shelter? Are you buying it for investment 'cause if you're buying it for investment than we have to start asking about things like time horizon near term midterm and longterm liquidity needs and should values decline. How will that impact your lifestyle your financial situation? And so these are all part and parcel of the investment decision. So whether it's purchasing a home for investment purposes, or for a shelter purposes. This is part and parcel of an overall financial decision, and we constantly emphasized to our clients. This should be done in conjunction with your financial adviser because this is part and parcel of one's overall financial picture. And so please consult your financial advisers. So they can help understand nine only help understand for themselves that help listeners understand how this visited the Rover or financial picture. And that's Jonathan Wallison. Bring us to the end of the two hundred fourteenth edition of the bulletin with UBS setting the agenda and the false moving world of finance each week on twenty four listen again and find out more at the website, Monaco dot com catch up while you'll performed platform bulletin with UBS twenty four.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Hello and welcome to bulletin with UBS Monaco twenty four inch week. We hear from the show. It's mines and freshest thing is in the world of finance taking on the numbers and the height and getting the haunt of the big issues of the day this week, the focus of our program is the twenty thousand nine edition of the UBS. Global real estate bubble index price bubbles often seen in property markets referred to substantial sustained mispricing of particular asset the existence of which cannot be proved until and unless bursts the annual UBS index gauges the risk of a bubble on the basis of such patterns, which global cities are at highest risk of experiencing. This panel will tell us also discussed the affordability crisis. That's gripping markets and dominating headlines will hear too from the editor of Monaco for some tips on addressing that crisis and building sustainable, an effective residential developments neighborhoods in our cities. We start with Jonathan Walsh executive director and head of US real estate research for the of UBS wealth management Jonathan we've talked about previous bubble indexes. Maybe you can start by telling us why this area remains of interest and relevance to you and your colleagues. Excellent question, Tom, and there's a few things I mean real estate in general has always been an asset class of great interest to our client based whether it be residential or commercial real estate. And if you take it one step further, many, many of our clients, not only ONA primary residence as many people around the world do but for a number of higher net worth clients own multiple residences in different geographies. And so the purpose of this is to really help our clients were looking to purchase residential real estate either as primary residence or for investment purposes to understand the both the absolute and relative risk of major business centers around the world. This is obviously not all encompassing in that. There are a lot of different markets in the world. But that's what we're trying to help people do. But I think it's also important to help people what this report doesn't do. Because when people see the word bubble. There are times they hearken back. Most recently two thousand two thousand nine where there was global worldwide liquidity crisis and the bursting of the housing bubble in the US. We're not seeing here. I wanna emphasize that we're getting we're not seeing here is that any of these markets, even the ones that score high on in bubble rift ever Ori that the bubble is imminently going to burst in for. We're very clear we're saying, we're highlighting what we think our extended valuations or based on the metrics that we use report these are markets that are extended in value that are at risk. And I emphasize the word at risk for a correction, but the key here isn't I'll look at Hong Kong which has scored in our in the four years, we've done this very high hung hung has been a market. You could have made this argument about for years. But Hong Kong is. Very vibrant market. There's limited amount of land. And so it's important for member that. Yeah. Excesses or extreme valuation situations in any asset class can go on for very very long. So what we're not doing calling a top knuckling bursting the bubble. We are highlighting risks. So I hope that helps another would Jonathan like bubble the needs to use Kathleen as crisis, and it's a time that crops up in the section of the pace and a good few times out in Dade, particularly in the context of this affordability crisis. Can you tell us that as and maybe what it means affordability? I suppose if you've got ten people you get twelve answers to it. But the way we think about affordability is when you look at it, and you look at it both relative to incomes and relative to alternative forms of shelter. And I think it's important to remember that people tend to think the hear the word housing, they tend to think of a single family residence whether that be single family or theoretically, be a condominium or something. Like that. But remember their shelter? So for people who opt not to live at home, or in multi generational settings. Their choices really are to own or rent in that shelter decision. And so in looking at the relative cost of ownership to shelter that can also help people understand Ford ability. So in the US, and let me speak just the US for a second..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"They need to know better how to make the content more trustworthy as people start to question it. So you need to think how to adopt your skills and your type ticks as you move forward and also becomes really important how you engage with the platforms and it's why we do the two things really supporting an any given year about a million people with the skill sets at grassroots level, but also engaging the platforms as platforms, feel tremendous pressure to respond to the negative issues. And so you can see how response to, for example, fake news might say, let's only try. An emphasis is really started of new sources like the New York Times or the guardian or Spiegel while the consequence of citizen journalism as you might lose all of that as collateral damage of that approach. And so it's really important. That's where advocacy platforms comes in to say, look, be really careful. That's not news the vitality, even as we take good responses to the problematic elements I wanted to ask you about. The UBS global visionaries. You are one such and we've spoken to one or two on our program, which is always a privilege to hear from them firsthand, how they're waging the particular campaigns they feel most passionately about. Can I ask you what the global Vishnu campaign and partnering with institutions, whether it's like UBS or others? What those partnerships mean does that afford you support? Is it about spreading the message? Is it about resources that may be about the tools you need talking to other people who understand those challenges that attack? No, so sure. I think was the expression used in character. What does punish mean for you? We're an interesting organization because we're at that intersection of technology and media and human rights. And what that means is that we try and find the partnerships that cut across our. And so what the global visionaries has been interesting in terms of is sort of three elements. One is we're still a relatively small organization. We're always struggling for resources and expertise. Leveraging the internal capacity of a company like UBS that has smart, talented people working on things like design and how to engage audiences is tremendously valuable. So there's a, there's a resorts leveraging question, and then the other one is trying to think about how we connect to the mainstream of the communities we're engaged with. So the mainstream of technology community right where we are leveraging technology to support marginalized communities to protect these civic journalists and human rights. Defenders to do that, we need to really be talking to the people who also build technology at scale who thinking in startups. And so that's been another space where UBS is has been trying to think how to connect us to the people. They work within that space in the public spaces where we can talk about that and reach people who probably would never expecting to hear about how human rights defenders use these tools in pockets and sound just finally, we cost an eye to the future. I guess a lot of what you've always been speaking to us about, speaks to the pace of change the requirements for technology to. Up and you sort of painted a broad brush picture of the changing nature of the challenge. But what if I asked you to look down the line medium-term say, what? What do you think the most important things for you and your colleagues focus on? What would you sort of ask people to maybe think about, you know, what should have prominence when people talk about addressing recording addressing and hopefully ending human rights abuses? I remain optimistic though we can move forward with many more people feeling they can be part of human rights solutions. I think historically, that's been a sense that it's kind of task that has passed off to the lawyers or to amnesty or Human Rights Watch. And at the heart of what we believe is that many more people can show what's happening can mobilize maybe just the people next door with what they film in share, maybe people halfway across the world. And although at the moment can feel pessimistic in the world, right? It feels like we have a rising authoritarianism arising populism the ability that's continuing to grow of many more people to be able to show what's happening to them to advocate to others near. Ear off our around what's happening is critical. So I'm up to mystic that we're moving towards that..
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"What is important on our side is the following the findings that we've highlighted in our taking action pay thaw are not something that ubs couldn't solve and actually you could argue that we are in the privileged position of serving worldwide decline in them this problem is the smallest because if you have significant twelve agreed investment strategy would allow you for a good life styles if you have no what brackets a 12 then it becomes absolutely critical you have an appropriate to investment strategy now having said that outside of switzerland we all know to retail bank so just finishing lisa of the high end was fracking we do believe however that the its findings should faulk industry debate and that there is room four lots of players in the face to say we have a very very strong role to play as well to best to surf women i really do believe that data investment decisions the single most on top source of social change and i think that if we can get fifty percent of the time it much more engaged in the financial decisions no meaning that they care even more strongly about impact it simply means that we can achieve two things we can achieve women to be more financially confidently the outcomes in terms of their own life their families and the longevity that they will face inevitably and at the same time we can hope to see a real celebration of investments directed towards sustainable investing.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"His you how cells demonstrates its commitment with its inhouse instance there are many important ways ubs is demonstrating its commitment to women and in committing to women frankly to society i would start with how we run the company in the house the leadership views it's talent leadership of our company is incredibly committed to remarkably talented women here at the firm whether that be in the uh financial advisory community or whether it's in turn away um in addition this paper is a perfect example of the commitment that we have to really understanding what the important issues women face as they are managing their wealth and their lives and putting our advisers in the best position possible to help them through that and finally i would say um another example is that we are now the firm is putting tremendous resources behind a an entire business focusing on the needs of our female clients and again generally everybody needs to how improved their financial literacy but more specifically are widows and single woman horan known to how the least financial knowledge and obviously the least financial wellbeing because the left knowledge we have the less likely we are to start planning to start fading acting in our best interests and the reason is that specifically for women 55 an all or the different than financial literacy has been attributed to the decisionmaking dynamics within the household for for example woman who are in the long relationship they accumulate less financial knowledge because there's usually dominant decisionmaker.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Hello and welcome to the bulletin with ubs who twins each week this boeing's versus the world since taking on the numbers in the whole like getting to the whole this week we're training spotlight on a new study by ubs wealth management to taking action how women can best protect and grow their wells the gender gap can be widened by investment decisions on behaviors as well as by being comes marcy pay disparity flexible working and legitimacy this report sets out the reasons behind this and addresses some of these little batom requirements to address these outcomes the findings are key reason why ubs wealth management has moved ubs unique plans to significantly skywards expertise in serving female clients let's start with more harvey of all about which suit unheard of global ultra that was for germany austria and italy mara begun the by explaining the background to taking action ripples his mara and putting the questions this week is motorcycles henry research poll finds months ago now having works on this initiative for several years creating research understanding older dynamics in the market i asked myself a very simple question has anybody ever done the mox on how big the wealth gap is between men and women if we factory in all the elements that has shown in paper that we know affects the women's well journey and the reality was we couldn't find a single piece of research the additives will it up we commissioned our chief investment toughest to see and we awesome could you might let's could you take five five mentions from.
"ubs" Discussed on Monocle 24: The Bulletin with UBS
"Michael maybe you can explain to us why the pension gap is is such a evergreen till one that ubs comes back to that it's than evergreen issue because we have behavioural issues that keep us from saving enough money for retirement basically i think that's part of the human condition for lack of a better way of saying that you see that really across all countries across all the age groups to a large extent your most of us her bid shortsighted when it comes to saving money for retirement a lot of countries have concerns mandatory pension schemes that people are at least involved and if they're working but they're not sufficient and that's that's why this is really important that we now in addition to those pension schemes look people need to be saving a digital assets and we've got to keep an eye on that because it's a lot easier if you start when you're younger than it is when you're old two jackie power again and jackie this time for something of an view the ubs international pension gap index essentially this is sort of evaluated what a dozen systems around the world tell us a bit more about it exactly sauid we did with a ups international pension get index is we created this tissues person that we call jane an average chain so it should be an average representative person that we can compare that these twelve countries that we look at and what we do is we calculate the pension income that this jane can expect from the mandatory pension system in each of the country.