Question-and-Answer SessionTrisha GosserCFO, Senior VP- Finance & Investor Relations Yes, absolutely. So our goal is to inform, inspire and connect communities. And we do that through what we believe is the only local to national media organization in the country. Our focus is on unbiased journalism, content that brings people together in the center. And it's created the largest digital audience of any media content creator in the country. We have 187 million unique visitors digitally to our properties ever ...

Core Insights - Tempo, a payments-focused blockchain backed by Stripe and Paradigm, has launched its public testnet to facilitate stablecoin payments for mainstream use [1][2] - The network has added new partners including Klarna, Kalshi, Mastercard, and UBS, joining existing partners like Deutsche Bank, Visa, Shopify, OpenAI, and Nubank [1] - The initiative aligns with the growing trend of stablecoin adoption, which is currently a $300 billion asset class, expected to enhance cross-border payment systems [3] Company Developments - Tempo is designed for high-volume financial transactions with low fees, instant finality, and native stablecoin support [2] - The testnet allows developers and corporate partners to experiment with real-world on-chain payments [2] - The network charges approximately one-tenth of a cent per transaction, payable in U.S. dollar-denominated stablecoins, addressing issues like network congestion and volatile fees [4] Industry Trends - The rise of stablecoins is projected to significantly impact business-to-business (B2B), peer-to-peer (P2P), and card payments, driving growth in the sector [3] - The launch of Tempo's testnet comes alongside Stripe's Bridge initiative, which is assisting Klarna in issuing its own digital dollar next year [4]

Group 1 - The core viewpoint of the report is that the wealth of global billionaires is expected to reach a historic high by 2025, with significant growth in the Asia-Pacific region, particularly in mainland China [2][4]. - By 2025, the number of billionaires globally is projected to increase by 8.8% to 2,919 individuals, with total wealth reaching a record $15.8 trillion, reflecting a 13% growth [4]. - The Asia-Pacific region will see a notable recovery, with the number of billionaires rising from 981 to 1,036, marking the highest growth rate globally [4]. Group 2 - In terms of wealth increase, billionaires in the Asia-Pacific region will experience an 11.1% growth, reaching $4.2 trillion, with mainland China leading at $1.8 trillion [4]. - The technology sector is highlighted as a significant driver of wealth, with billionaires in this industry seeing a 23.8% increase in wealth to $3 trillion, while the consumer and retail sector's growth has slowed to 5.3% [5]. - Investment enthusiasm in China and the Asia-Pacific region has surged, with 34% of surveyed billionaires believing China offers the greatest investment opportunities, a substantial increase from 11% in 2024 [7]. Group 3 - The report indicates that 61% of Asia-Pacific billionaires plan to increase investments in hedge funds, developed market stocks (50%), and gold/precious metals (48%) [8]. - There is a strong interest in emerging market stocks and private equity among billionaires, reflecting a shift in asset allocation preferences [8]. - The report anticipates a continued increase in the number of billionaires and millionaires globally, estimating that by 2040, approximately $6.9 trillion in wealth will be transferred, with at least $5.9 trillion going directly or indirectly to their children [8].

Group 1 - The core viewpoint of the UBS report indicates that the Asia-Pacific region will see the highest increase in billionaires globally by 2025, with a projected rise in the number of billionaires from 981 to 1,036, representing an increase of 8.8% [1] - By 2025, the total wealth of billionaires in the Asia-Pacific region is expected to grow by 11.1% to reach $4.2 trillion, contributing to a global total wealth of $15.8 trillion, which is a 13% increase [1] - The report highlights that 79% of billionaires in the Asia-Pacific region are self-made, the highest proportion among all regions [1] Group 2 - In terms of industry, billionaires investing in the technology sector are projected to see their wealth increase by 23.8% to $3 trillion, making technology and consumer/retail sectors the top wealth-generating industries globally [1] - Despite North America remaining the preferred investment region for 63% of surveyed billionaires, this figure has decreased from 80% in 2024 [2] - Confidence in China and the overall Asia-Pacific region has surged, with 34% of surveyed billionaires identifying China as offering the greatest investment opportunities, a significant increase from 11% in 2024 [2]

摩根大通分析师在9月的一份报告中告知客户，过去两年，与人工智能相关的公司贡献了标普500指数约 75%的回报。尽管对人工智能泡沫的担忧日益加剧，但这一趋势尚无消退迹象。 美联储宽松政策助力 美联储在9月和10月实施了降息，市场普遍预期本周还将再次降息，这一举措通过降低企业借贷成本、 支撑高企的股票估值，进一步利好股市。奥本海默表示，美联储降息是标普500指数上涨的主要催化剂 之一。 奥本海默市场策略师约翰·斯托尔茨弗斯（John Stoltzfus）周一在给客户的报告中写道："要实现我们 2026年的目标价，核心在于货币政策、财政政策，以及创新与企业盈利增长的持续推进——这些因素均 已对股价形成支撑，也是明年盈利和营收增长的关键。" 这位策略师还称，前景进一步向好的一点是，若通胀保持可控，美联储明年"可能会再将基准利率下调 一到两次"。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 三家华尔街券商发布的新年股市展望，均传递出一致的看涨信号：美股即将迎来大幅上涨。奥本海默 （Oppenheimer）预测，标普500指数到2026年底将飙升至8100点，较上周五收盘价上涨18%。沃尔夫 研究（Wolf ...

Core Insights - AT&T's Chairman and CEO, John Stankey, will discuss the company's multi-year growth strategy at the UBS Global Media & Communications Conference [2] Group 1: Growth Strategy and Network Development - AT&T is focused on becoming America's leading advanced connectivity provider through a differentiated investment-led strategy [3] - The company is modernizing its network by deploying mid-band spectrum acquired from EchoStar, which will enhance speed and capacity for customers in over 5,300 cities across 48 states [3] - AT&T plans to accelerate its fiber reach, aiming for over 60 million total fiber locations by the end of 2030, supported by the acquisition of Lumen's Mass Markets fiber internet connectivity business [4] Group 2: Financial Performance and Guidance - AT&T is on track to meet its 2025 financial guidance, including $4 billion in share repurchases for 2025 and an expected $20 billion in share repurchase capacity from 2025 to 2027 [6][9] - The company anticipates solid customer demand and expects higher subscriber net additions for its fiber and Mobility services in the second half of 2025 compared to the first half [7][8] - AT&T expects its net debt-to-adjusted EBITDA ratio to return to the target range of 2.5x within approximately three years after closing the EchoStar spectrum purchase [10]

Group 1: UBS Workforce Reductions - UBS Group AG plans to cut up to 10,000 employees globally by 2027, which could affect approximately 9% of its workforce of about 110,000 as of the end of 2024 [1][11] - Since acquiring Credit Suisse in 2023, UBS has already eliminated around 15,000 positions, primarily due to overlapping roles from the merger [2][11] - The bank's workforce reduction may accelerate depending on the integration progress of Credit Suisse, aimed at improving operational efficiency and removing redundant positions [2][5] Group 2: Operational Streamlining - UBS is making significant progress in cost reductions and streamlining operations, including branch consolidations and client account migrations, with over 90% of Credit Suisse's Wealth Management accounts migrated in key markets [3][5] - The company's risk-weighted assets in the Non-Core and Legacy division have decreased by 64% by the end of Q3 2025, with targets to fall below $8 billion by year-end and $4 billion by 2026 [4] - UBS has achieved $10 billion in gross savings since 2022, representing approximately 77% of its $13 billion exit-rate savings target for 2026 [4] Group 3: Industry Context - Other financial firms are also implementing workforce reductions; for instance, BlackRock announced plans to cut 300 jobs, and Citigroup plans to reduce approximately 3,500 jobs as part of broader global overhauls [6][8] - These reductions across the industry aim to streamline operations, optimize resources, and improve profitability while integrating recent acquisitions [7][9] Group 4: UBS Performance - Over the past six months, UBS shares have increased by 23.4%, outperforming the industry's growth of 20.4% [10]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Lithium and Battery Energy Storage Systems (BESS) - **Market Dynamics**: The lithium market is expected to experience a demand increase of approximately 10% through 2030, driven primarily by BESS and automotive sectors [2][3][4] Core Insights - **Demand Forecast**: - Global battery demand is upgraded to 11% CAGR from 2025 to 2030, with BESS demand projected to grow by 4-37% [3] - BESS is expected to account for ~31% of global battery demand by 2030, up from ~20% today [3] - In China, BESS demand is expected to grow at a CAGR of 27% from 2027 to 2030 [3] - The US market sees BESS as a solution for electricity supply-demand imbalances, supported by government subsidies and short lead times [3] - **Supply Response**: - Global lithium supply is expected to increase by 4-8% through 2030, with significant contributions from China, Australia, and Nigeria [4] - The market is currently in a deficit, with declining inventories indicating strong demand [4][58][59] - **Price Projections**: - Price assumptions for lithium have been increased by up to 150%, with spodumene prices expected to peak at $2,850/t and lithium carbonate at $24,375/t by 2027 [2][8] - The long-term price forecast remains stable at $18,000/t for lithium carbonate [8] Potential Risks - **Cost Implications**: - Higher lithium prices could increase EV costs by $400-800 per vehicle, but historical demand trends suggest sustainability at higher price levels [5] - For energy storage systems, lithium constitutes 24% of the overall cost, meaning a 30% increase in lithium prices would only translate to a 7% increase in total costs [5] Additional Insights - **Inventory Trends**: - Li2CO3 inventories in China have fallen significantly, indicating robust demand for EVs, with inventory months declining to below one month [58][59] - Current drawdown rates for Li2CO3 are annualizing over 120ktpa, reflecting strong market conditions [59] - **Global BESS Project Pipeline**: - The global BESS project pipeline from 2025 to 2030 is projected to exceed 1.8TWh across various development stages [65][70] Conclusion - The lithium market is poised for significant growth driven by BESS and automotive demand, with supply expected to catch up in the long term. Price increases are anticipated, but the market dynamics suggest that demand will remain robust despite potential cost pressures on end products.

USDINR flirting with the psychological 90 mark Earlier this week, USDINR breached the psychological 90 mark, reflecting depreciation pressure since September - emanating from the recent deterioration in external balance. Heavy RBI interventions (~US$50bn via spot/forwards/NDFs) had delayed this move thus far, but the break above 90 suggests a shift in policy tolerance. We now forecast year- end USD/INR at 92 for FY26 and 94 for FY27. BoP flows stress - driven by tariffs uncertainty, gold imports and weak do ...

Core Viewpoint - UBS is planning to cut approximately 10,000 jobs by 2027 as part of the integration of Credit Suisse, which it acquired after its collapse in 2023 [1][2] Group 1: Job Cuts and Workforce Impact - The job cuts will represent around 9% of UBS's total workforce, which is expected to be about 110,000 employees by the end of 2024 [2] - UBS anticipates around 3,000 job reductions in Switzerland as part of the Credit Suisse integration [2] - The bank has been reducing its workforce by approximately 1,250 roles each quarter [2] Group 2: Future Redundancies and Organizational Changes - UBS expects larger rounds of redundancies in the future, with up to 2,000 positions potentially affected, depending on the progress of the Credit Suisse integration [3] - In May 2023, UBS established a new unit within its Global Wealth Management division as part of broader organizational changes [3] Group 3: Legal and Regulatory Developments - UBS settled a historic legal case with French authorities, agreeing to pay €730 million in fines and €105 million in civil damages related to allegations of illegal client solicitation and money laundering from 2004 to 2012 [4] - In October 2023, UBS applied for a banking license in the US, planning to offer current and savings accounts, along with mortgage products, expecting regulatory approval in 2026 [4]