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UBS says a third of staff could stay at home permanently


UBS says a third of staff could stay at home permanently UBS chief executive Sergio Ermotti said that the Swiss bank could shrink its office space, as up to a third of its employees potentially continue to work from home in the wake of the coronavirus crisis.To get more UBS news, you can visit shine news official website. The bank will be “reassessing the way we work going forward” Ermotti said during a call accompanying UBS’s second quarter results, after more than 90,000 staff have been working remotely for months as Covid-19 forced countries to lockdown. Ermotti said that 70-80% of its employees are still working from home, but as the Covid-19 crisis ends “20% to a third” of staff would permanently work remotely. “The ramifications of this are huge,” he added. Ermotti said that it would allow “flexibility in how we manage our real estate” and that the offices designed for business continuity management in the wake of an emergency have been “dramatically changed by Covid” as people have moved home instead of to a back-up site. However, he added that the bank could work “another few quarters managing the bank this way”, but that it was unlikely that a large proportion of UBS’s workforce would remain working from home in the long term. Any function “with advisory” needs “social interaction and interactions with clients” he said, adding that getting people back into the office was important for the bank’s culture. Ermotti is the latest major bank chief executive to raise the prospect of shrinking large centralised offices after the Covid-19 pandemic has upended working practices across the financial sector — an industry known for its culture of facetime. Barclays chief executive Jes Staley told reporters during the bank’s first quarter results that large offices “may be a thing of the past”. “There will be a long-term adjustment in how we think about our location strategy... the notion of putting 7,000 people in a building may be a thing of the past,” he said. Deutsche Bank chief executive Christian Sewing said during the bank’s annual general meeting in May that staff had delivered “excellent service to our clients” while working remotely. “Of course, we have to ask ourselves: can we give our staff additional flexibility to work from home if they want to?” he said. “And if that is the case, do we need quite so many offices in expensive urban centres?” Meanwhile, JPMorgan’s chief executive of corporate and investment banking Daniel Pinto said that he could “envision a scenario” where more employees work from home on a rotational basis that would mean “reducing square footage” of its offices. Large investment banks have been slow to bring employees back to the office in London despite the UK government lifting lockdown restrictions and encouraging staff back to work by 1 August. Royal Bank of Scotland said on 20 July that around 49,000 UK-based staff would remain working from home until 2021.

SAIC profit slumps in 2019


SAIC profit slumps in 2019 SAIC Motor Corp., hurt by weaker sales, tougher emissions rules and lower government subsidies for electrified vehicles, estimates net profit plunged 29 percent to 25.6 billion yuan ($3.7 billion) in 2019.To get more saic motor news, you can visit shine news official website. Sales at the state-owned automaker, which runs light-vehicle joint ventures with Volkswagen Group and General Motors, dropped 12 percent to 6.24 million cars and light trucks last year. At SAIC-VW, which builds light vehicles for the VW and Skoda brands, deliveries dipped 3.1 percent to around 2 million. Sales at SAIC-GM, a passenger vehicle partnership between SAIC and GM, fell 18 percent to roughly 1.6 million. SAIC-GM-Wuling, SAIC’s light-vehicle joint venture with GM, reported sales dropped 19 percent to below 1.67 million SAIC-GM produces vehicles for Cadillac, Buick and Chevrolet cars and light trucks, while SAIC-GM-Wuling builds vehicles for the entry-level Baojun brand and minibuses for the Wuling marque. In July, light-vehicle manufacturers in most Chinese municipalities and provinces were required to upgrade vehicle emission standards. The tighter emissions rules required automakers to improve engine technologies, resulting in additional costs. The Chinese government in June scaled back by more than 60 percent subsidies for full electrified vehicles and cut subsidies by 50 percent for plug-in hybrids. SAIC, a Shanghai-listed company, hasn’t disclosed a detailed financial report of its operations last year.

Tencent Builds Blockchain Platform for China’s Oldest Wine Producer


Tencent Builds Blockchain Platform for China’s Oldest Wine Producer Chinese tech giant Tencent has revealed its plan for creating a blockchain-based wine traceability platform in collaboration with Changyu, China’s biggest and oldest wine producer, according to local news on July 31. It is said to be a nationwide first for the country’s domestic wine industry.To get more Tencent news, you can visit shine news official website. According to Changyu, the platform is designed to trace every step of the wine-making and sales processes, including planting, brewing, distribution and management. It will issue a unique traceable certificate for each bottle of wine it produces. The whole process will be recorded on the blockchain network. The firm’s bottles’ scannable QR codes would allow consumers to verify the authenticity of the wine. The QR code will also present a whole set of data like plantation information of the grape types, origins, rainfall levels, temperature information among other things. The blockchain network will reportedly help distributors and sales outlets to catch counterfeit bottles and to identify bottles that have failed quality-control tests. As Cointelegraph previously reported, Symbol from NEM makes blockchain solutions to solve wine tampering and counterfeiting problems to save millions for the wine industry.

Looking for your WoW friends from 2020?


Looking for your WoW friends from 2020? Remember that friend you used to play World of Warcraft with religiously? Maybe you raided after school on weeknights and explored Azeroth at weekend? But, somehow you lost touch. Life has a habit of getting in the way.To get more news about Buy WoW Items, you can visit lootwowgold news official website. Well, Blizzard wants you to reconnect with those old friends through Classic Connections. The World of Warcraft developer has opened new forums dedicated to helping you reconnect with your friends from 2004 to 2006, so you can play the upcoming World of Warcraft Classic together.So what do you do if you want to find MagicMike87 or Butterballz? Firstly, head over to the Classic Connections forums. You'll then be presented with a thread tree of options to help you find your pal. Choices include whether they were Horde or Alliance, what type of server you played on together and what realm you mostly played. You'll then be taken to a thread where you can post your character’s name, race and class, the name of your original guild on that realm and the character names of other players you’re hoping to reconnect with.WoW Classic launches on August 27, so you're going to want to clear your calendar for the foreseeable future.

WoW Classic players squabble


WoW Classic players squabble Some player-crafted drama in WoW Classic appears to be brewing as guilds seek to complete a certain portion of the Scarab Lord quest chain. The incident in question involves the Horde guild Amnesty and the Alliance guild Sulfuras Alliance, both of which were attempting to finish the green scepter segment involving a boss fight. Just before Horde players managed to zerg the boss down and a player was about to earn the Scarab Lord title, members of the Sulfuras Alliance supposedly mass reported the player to the point that he was automatically banned, an event that was evidently caught on video.To get more news about WoW Classic Gold, you can visit lootwowgold news official website. This event caused concern among the playerbase and prompted some official responses, one of which was a follow-up to the event that confirmed that the Horde player was not in fact banned due to report abuse. But Blizzard also pointed out a portion of the terms of service that warns against people making malicious use of the report system and threatens actions against those that do; to that point, some accounts were found to be doing just that and have seen actions taken against them. Another official reply further discusses another form of griefing whereby low-level players are being brought in to engage with the boss and thereby buff its stats and abilities for those legitimately attempting the fight; the studio has stated that those found attempting as much could receive suspensions. So at the very least, Blizzard is aware that this whole quest chain is a hotbed for griefing activity.

WoW Classic Gets First Esports Event in NA and Europe


WoW Classic Gets First Esports Event in NA and Europe Blizzard has announced the “Summer Bowl,” a player versus player event for the restarted World of Warcraft Classic game which debuted, once again, on official company servers in August 2019. Since the launch date, interest in the game has been fluctuating, but still keeping steady.To get more news about WoW Gold Classic, you can visit lootwowgold news official website. Meanwhile, the Summer Bowl event will be held both in Europe and North America with two $4,000 prize pools, a smidgeon of what most esports tournaments expect, but still an exciting opportunity nevertheless. Blizzard recently implemented the War Game feature that makes it possible for players to team up and compete versus other groups. Summer Bowl will be held in a 10 versus 10 format in Warsong Gulch, the famous capture-the-flag battleground, with qualifiers kicking off as early as next Wednesday, June 17. Not all details have been revealed with Blizzard probably waiting to gauge interest in the event and then decide on qualifying events. To participate, all players must have a character level 60 and a team of at least 10 members. Only 10 members would be allowed to participate in any one matchup. The actual Summer Bowl event will take place on July 4-5. This is the first time Blizzard has announced an official esports tournament for WoW Classic, with the company still treading cautiously in the segment and not making any big promises. There are many experienced PvP players who have never had the opportunity to shine in the classic version of the game. World of Warcraft supports a competitive format for the latest expansion of the game. Esports Charts, an analytics company, keeps track of all recent WoW esports events, and particularly the AWC Spring 2020 Cups.

NZD/JPY Outlook Bullish After FOMC Rate Decision


NZD/JPY Outlook Bullish After FOMC Rate Decision The biggest event risk in Wall Street trade was the FOMC rate decision and subsequent press briefing by Fed Chairman Jerome Powell. Given the risk-on reaction in markets, it appears the Fed told investors exactly what they were hoping to hear – and more. The Chairman said that the central bank will be extending dollar repo and swap lines to March 31 and will be holding rates near zero due to the “considerable risks” of the virus.To get more news about upstox, you can visit wikifx news official website.   He emphasized that officials are not even thinking about raising rates and assured investors that they should not expect signals on stimulus removal for some time. This assurance of liquidity and flow of credit is “essential” for a recovery, particularly in taming volatility in financial markets. Concerns about a credit crunch as well as the second-and third-order impact from such an event are a bitter memory for 2008-meltdown survivors.   This is especially true when so-called “Black Swan” events – like the coronavirus – expose financial vulnerabilities that increase the likelihood of an asymmetric shock to the financial system. The fragile leveraged loan and corporate debt market continues to be a point of concern in terms of liquidity, though the Feds unprecedented efforts have helped quell fears in that area – at least for now.   Mr. Powell applauded Congress efforts towards implementing another fiscal package and stressed the importance of non-monetary measures to address areas that the central bank cannot. This theme of greater reliance on fiscal measures is also a major consideration in the sub-zero interest rate environment of Europe. The latest EU leaders summit and passage of a multi-billion Euro aid package underscores that point.   Digression aside, the Chairman warned that the Q2 GDP contraction will likely be the biggest on record, and that going forward the path ahead for the economy is “extraordinarily uncertain”. He emphasized a familiar point that the virus and medical metrics relating to it are arguably the central driver of the economy now, but added that the slowdown in growth may be short-lived.   To address concerns of financial stability, he said that monetary authorities can adjust forward guidance and asset buying if necessary. To top it off – in the spirit of former ECB President Mario Draghi – Mr. Powell said the Fed will do whatever they can and for as long as it takes to maintain financial stability and restore economic vitality. Consequently, stocks ended in the green with the Dow Jones, S&P 500 and Nasdaq indices closing 0.61, 1.24 and 1.35 percent higher, respectively. In the S&P 500 benchmark, financials and energy led with the highest gains. Not entirely by coincidence, crude oil and the petroleum-linked Norwegian Krone were also up for the day.   The Feds supportive message hammered the haven-linked US Dollar and put a premium on higher-beta assets like NOK and helped push equity markets higher. Credit spreads across the risk spectrum in the United States and Europe narrowed, with six out eight CDS indices showing a below-average spread over a three-month average. A relatively sparse data docket means investors may focus more on broader macro-fundamental themes following the FOMC rate decision and subsequent commentary. The risk-on dynamic in Wall Street trade may push the New Zealand Dollar higher with commodity-linked and emerging market assets at the expense of comparatively less-risky currencies like the Japanese Yen and US Dollar.   NZD/JPY Analysis   NZD/JPYs hesitancy to break below a frequently-brushed inflection range between 70.030 and 69.897 could mean a retest of stubborn resistance at 71.249. The pair encountered friction at this level in February, March, June and most recently in July where it subsequently led to the invalidation of the May uptrend. Conversely, puncturing 69.897 with follow-through could lead to a cascade of sellers wanting to capitalize on its retreat.

UBS, Citigroup Differ on Singapores Move to Cap Bank Dividends


UBS, Citigroup Differ on Singapores Move to Cap Bank Dividends UBS Group AG and Citigroup Inc. are at odds on how Singapore‘s move to cap dividend payouts at the nation’s banks will play out for equity investors.To get more news about upstox, you can visit wikifx news official website.   Citigroup says the move will be viewed negatively by investors as dividend yield is an important factor when considering buying bank stocks. UBS sees the central banks move as prudent in the context of the coronavirus pandemic and no threat to the sustainability of payouts.   Singapore‘s central bank on Wednesday ordered lenders to cap their 2020 dividends at 60% of last year’s levels, a move in line with other global central banks actions in the wake of the pandemic. The lenders command the biggest weighting in the MSCI Asean Index and are set to announce their quarterly earnings next week “The short term and prudent nature of this measure does not raise any question marks on the long-term sustainability of dividends,” UBS Group analyst Aakash Rawat wrote in a note. “Investors with a slightly longer term horizon are likely to see this weakness as a buying opportunity.”   The impact seems greatest for DBS Group Holdings Ltd., which investors see as a bigger proxy for generating dividend income than its peers, he wrote.   ‘Viewed as Negative’   “This will be viewed as negative for the banks as the dividend yield is considered an important component of the investment thesis for owning these names, especially DBS,” Citigroup analysts Robert Kong and Weldon Sng wrote in a note.   The cut in dividends will add to the pain of a sharp sequential fall in net interest margins and may prompt banks to front-load provisions, they wrote.   Prefer SGX to Banks   Jefferies Financial Group Inc. prefers shares of Singapore Exchange Ltd. to those of the nation‘s banks citing the bourse’s “similar but fully underwritten cash yield,” according to a note.   The announcement will weigh on sentiment as yield gets capped at around 4% versus 6% previously, although investors should remember the strong capital positions of the banks, analyst Krishna Guha wrote.

EUR/USD Reached Another Upside Target! What Now?


EUR/USD Reached Another Upside Target! What Now? EUR/USD has opened with a gap down today and now is trading in the red. The price is traded at 1.1761 level, far below 1.1807 yesterday‘s high. The perspective is still bullish despite today’s drop, the pair is expected to try to close the current gap and to pressure the 1.1800 psychological level.To get more news about upstox, you can visit wikifx news official website.   EUR/USD has decreased a little only because the USDX has recovered today. The US Dollar continues to be under massive selling pressure, so the rebound could be temporary. The dollar has continued to drop after the FOMC Meeting, the FED has maintained the monetary policy unchanged, reiterating that they could use the full range of tools to support the US economy to recover after the current health crisis.   The US Pending Home Sales rose by 16.6% in June, beating the 15.6% estimate, the Prelim Wholesale Inventories, and the Goods Trade Balance have come in better than expected as well, but unfortunately, the USD wasnt impressed.   The United States Advance GDP will be released today, the indicator could register a 34.5% drop, while the Advance GDP Price Index could increase by 0.0%. Unfortunately, the Unemployment Claims could increase again, from 1416K to 1440K in the previous week, this is not great news for the greenback. EUR/USD has reached the 1.1800 level and the 250% Fibonacci line as expected and now has decreased a little. The bias is bullish, so a minor drop could not affect the upside movement.   Actually, a minor decline could be natural after the impressive rally, EUR/USD could slip lower if the US Dollar Index will increase in the upcoming days. The aggressive breakout above the warning line (WL1) and above the 1.17 level have confirmed growth at least till the 1.18 level.   I‘ve said in yesterday’s article, analysis, that EUR/USD could be attracted by the 250% Fibonacci line if the USDX will hit new lows. The current drop could help us to go long again, EUR/USD stays bullish as long as the rate is traded above the warning line (WL1) and above the 1.1495 static support (resistance has turned into support).   The upwards movement will resume if EUR/USD will close the gap down, and if it will make a valid breakout above the 1.1800 level and above the 250% Fibonacci line. Another higher high will bring a buying opportunity as the pair will try to approach and reach the second warning line (WL2) of the former descending pitchfork.   The USDX is bearish, so EUR/USD is bullish, is understandable why we cannot talk about a selling opportunity on EUR/USD yet. Only a reversal on the US Dollar Index or a major reversal pattern on this pair will suggest selling, we are not there at this moment.

The Strong Swiss Franc May Last Through the End of the Year


The Strong Swiss Franc May Last Through the End of the Year With a glance at July, it is found that some currencies of major industrial countries, which plummeted in the first half of 2020, have rallied in different degrees. Among them, both EUR and AUD have turned their six-month negative inflation into positive one. The main reason is the boom in global stock markets arising from unprecedented quantitative easing implemented by central banks worldwide since March. This forces USD, a currency tending opposite against U.S. stocks, to constantly decline, providing chances for weak currencies to rebound at different levels.To get more news about upstox, you can visit wikifx news official website.   From this January till now, only CHF and JPY crowned winners for the whole journey. As of July 27, SEK has become the best performer, with an increase of 5.9%; followed by CHF, rising by 5.1%; while JPY has ranked sixth, with a gain of 2.3%. Under the premise that USD will stay weak in the short term, I will expect a strong CHF with constant buoyancy in the future forex market. CHF is the most stable one for me because there are latent risks in EUR, GBP and the commodity currencies of AUD, NZD and CAD .   With a glance at July, it is found that some currencies of major industrial countries, which plummeted in the first half of 2020, have rallied in different degrees. Among them, both EUR and AUD have turned their six-month negative inflation into positive one. The main reason is the boom in global stock markets arising from unprecedented quantitative easing implemented by central banks worldwide since March. This forces USD, a currency tending opposite against U.S. stocks, to constantly decline, providing chances for weak currencies to rebound at different levels.   From this January till now, only CHF and JPY crowned winners for the whole journey. As of July 27, SEK has become the best performer, with an increase of 5.9%; followed by CHF, rising by 5.1%; while JPY has ranked sixth, with a gain of 2.3%. Under the premise that USD will stay weak in the short term, I will expect a strong CHF with constant buoyancy in the future forex market. CHF is the most stable one for me because there are latent risks in EUR, GBP and the commodity currencies of AUD, NZD and CAD .   USD and JPY can play the role of safe haven only when stock markets suffer from sharp loss. Currently, stock markets stay uptrend despite of the global tension. Thus, investments may flow from U.S. to Switzerland for safe haven, encouraging more CHF purchases. In view of this, CHF is possible to achieve the 2015 high of 0.9071 before adjustment. But even it is adjusted, I hold that CHF will keep climbing to another high of 0.8700 in the second half of the year.   Finally, we should pay attention to DXY as well. On the one hand, it has been in highly oversold territory; on the other hand, it may see a retaliatory rebound if the risk hedging of USD takes effect again due to the slump in global stock markets arising from tension.