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UBS Asset Management has launched three overnight rate ETFs targeting the euro, US, and UK yield curves, each with a total expense ratio of 0.10%. The ETFs, which utilize synthetic replication to track their respective indices, are designed to provide a positive spread over the overnight rate by holding equities in their substitute baskets. With growing interest in overnight rate ETFs as cash substitutes, UBS aims to enhance its offerings in the low-fee ETF market.
Academic publishers are increasingly turning to AI licensing deals as a vital revenue source amid looming US research funding cuts. Informa’s Taylor & Francis reported $75 million in 2024 from such agreements, while concerns over author compensation and intellectual property rights persist. Publishers are adopting a dual strategy, leveraging AI for internal operations while monetizing content externally to navigate the evolving landscape of academic publishing.
British Prime Minister Keir Starmer and Nvidia co-founder Jensen Huang will announce a new initiative on June 9 to enhance AI education and research in the UK, supported by a £187 million program. This partnership aims to address the UK's AI skills gap, with only 15% of organizations classified as "AI pros," and to boost productivity amid economic challenges. The collaboration reflects a strategic shift towards leveraging private sector expertise to foster innovation and tackle labor market concerns related to AI displacement and job creation.
Monzo, the UK digital bank, has achieved a significant milestone by surpassing £1 billion (US$1.35 billion) in revenue for the first time, alongside a pretax profit of £60.5 million for the fiscal year ending March 31, 2025. This growth is attributed to an increase in personal and business accounts, reflecting a shift in customer preference towards digital-first banking. As Monzo prepares for an IPO, its valuation is expected to rise to £6-7 billion, showcasing strong investor confidence and marking its evolution into a mature financial institution.
The CIO anticipates renewed weakness in the US dollar as the economy slows and fiscal deficits come into focus. Despite a recent rebound, the dollar is expected to decline further, prompting recommendations for investors to reduce USD exposure and diversify into currencies like the yen, euro, and British pound. The unsustainable twin deficits and potential changes in Fed leadership may exacerbate this trend.
The Financial Conduct Authority (FCA) has banned Detelina Subeva, a former Credit Suisse banker, for lacking integrity following her US conviction for conspiracy to commit money laundering linked to corrupt loans to Mozambique. Subeva admitted to receiving $200,000 in illegal kickbacks related to the $1.3 billion loans, which were marred by corruption. She is the third ex-Credit Suisse employee to face sanctions, following the bans of her co-conspirators, Andrew Pearse and Surjan Singh, earlier this year.
Braime Group PLC has secured a GBP2 million loan from HSBC Holdings PLC to finance the replacement of the roof at its Leeds headquarters. The loan carries an interest rate of 2.5% above the Bank of England base rate and will last for either 18 months or until the project is completed, with plans to convert it into a five-year loan afterward. The company's current stock price is 636.00 pence, reflecting a 29% decline over the past year.
Detelina Subeva, a former vice president at Credit Suisse, has been banned from the UK financial services industry following her criminal conviction for money laundering related to corrupt loans to Mozambique. She pleaded guilty in the US to accepting $200,000 in illegal kickbacks, marking her as the third ex-employee of the bank to face such sanctions. The FCA emphasized its commitment to eradicating criminal behavior from financial markets.
HSBC Holdings plc has issued GBP 750 million in bonds due in 2033. The banking group generates revenues primarily from retail banking and wealth management (42.3%), commercial banking (31.8%), and investment banking (25.9%). As of the end of 2024, HSBC reported USD 1,654.9 billion in current deposits and USD 930.6 billion in current credits.
Lanark Master Issuer Plc has announced the issuance of GBP 300,000,000.00 in Series 2025 Class 1 A Reg S bonds. The bonds feature a fixed interest rate of 4.92287% with an interest payment of GBP 8.23 per GBP 1,000. The interest period runs from March 20, 2025, to May 20, 2025.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS Launches Three Overnight Rate ETFs for Enhanced Cash Management
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