Business
Ex-Google engineer’s conviction for AI trade secrets theft partially overturned
A U.S. judge vacated seven economic espionage counts against Linwei Ding, citing insufficient evidence of intent to benefit China, while upholding his conviction on trade secrets theft. Sentencing set for September 1.
LGT posts 17% profit rise in H1 2026 as assets under management hit record
Group net profit rose to 281.6 million francs as revenues climbed 5% to 1.49 billion francs, with net new money inflows reaching 12.3 billion francs. Managed assets surged 7% to a record 412.6 billion francs.
German imports from China surge 8.8% in H1 2026 as trade deficit widens
China remains Germany's top trade partner by turnover, but exports to Beijing fell 12.2% as Beijing's industrial policy fuels overcapacity. Total trade deficit with China jumps to €52.7bn.
Liechtenstein’s Bank Frick appoints ex-Leonteq executive to board
Thomas Aebli joins Bank Frick’s supervisory board to bolster expertise in structured products, private debt and tech-driven investment platforms. Appointment effective Aug. 1.
Mayr-Melnhof raises profit target to over €330 mln by 2027
Austrian packaging group lifts full-year guidance after strong H1 2026 earnings and Fit-For-Future program delivery. Shares trade near €80.80.
LGT posts 17% profit gain as assets top CHF400bn in H1 2026
Private bank’s net new money inflows hit CHF12.3bn, lifting managed assets to a record CHF412.6bn. CET1 ratio declines to 18.0% as costs rise 2%.
China Evergrande founder sentenced to life in prison for fraud
Hui Ka Yan, founder of the world’s most indebted property developer, received a life sentence with asset forfeiture after eight charges including fraud and misuse of funds. Verdict delivered in Hong Kong on Thursday.
Headhunter Jauch: Balancing growth and risk key to sustainable private banking
Headhunter Reto Jauch argues that Swiss private banks must blend aggressive growth with disciplined risk management, with robust governance and compliance at the core of long-term stability.
Holcim to acquire Fermacell for €840 million
Swiss cement group Holcim signed an agreement to buy European wall‑panel maker Fermacell, targeting €22 million of EBITDA synergies and an EPS boost in the first year.
Ares Management in talks for stake in Kolkata Knight Riders
U.S. alternative asset manager Ares Management is exploring a minority investment in the Indian Premier League franchise, according to sources. No final terms have been agreed.
Sonic Healthcare FY 2026 earnings miss forecasts, shares slide 9.9%
The Australian pathology group posted 13% revenue growth but EPS fell short of expectations, prompting a near‑10% drop in its stock and a modest dividend increase.
Genentech to invest $750 million in U.S. manufacturing expansion
Roche’s biotech unit plans new Hillsboro, Oregon facility as part of a $750 million investment to expand U.S. production capacity.
Trump orders U.S. to triple annual rocket launches to 1,000 by 2030
Executive order aims to boost private spaceflight, accelerate Moon base plans, and streamline regulatory approvals. SpaceX accounted for 170 of 178 U.S. launches in 2023.
Swiss EAMs face eight key trends amid market shifts
Consolidation, specialization and evolving client needs are reshaping Switzerland’s independent wealth management sector, with professionalization and risk management gaining prominence.
Chubb launches tailored insurance for Swiss investment managers
New Investment Management Insurance bundles D&O, professional indemnity and crime coverage for fund managers, private equity and venture capital firms. Policies adapt to corporate changes, including automatic inclusion of new funds.
LivePerson adjourns AI merger vote, reschedules to Sept. 2026
Preliminary results show over 97% support for SoundHound deal, but company remains short of required voting threshold. Special meeting adjourned after initial session.
CK Hutchison seeks $1.5 bln in Panama port arbitration claim
Hong Kong conglomerate files claim after Panama's Supreme Court annulled port concessions, citing damages exceeding $1.5 billion. Dispute centers on Balboa and Cristobal terminals.
Canada regulator moves to block B&G Foods’ Green Giant sale to Nortera
Competition Bureau files tribunal challenge over proposed $1.2 billion deal for Green Giant and Le Sieur Canadian operations. B&G Foods vows to pursue alternatives.
Earnings call transcript: Peter Warren Automotive falls on H2 2026 profit drop
Finance Review Daily is tracking this developing story; further verified details were not immediately available.
19 Brazilian cities join Vale-BHP dam collapse compensation deal
Total compensation package reaches 170 billion reais as 45 of 49 eligible municipalities now participate. Four cities remain outside the agreement.
CPPIB reports senior departures across multiple investment divisions
Canada Pension Plan Investment Board confirms exits in risk, credit, real assets and sustainable energy units amid routine staffing adjustments. Assets under management total C$863.6 billion.
Switzerland, China conclude trade deal to boost Swiss exports
Nearly all Swiss goods will enter China tariff-free under modernized pact, eliminating longstanding imbalance in bilateral trade terms.
Abbott settles $495 million infant formula appeal
Pharma giant Abbott Laboratories resolves appeal of a Missouri court verdict tied to claims its formula caused a severe infant bowel condition, terms undisclosed.
Commerzbank retires shares as UniCredit nears majority stake
UniCredit’s stake in Commerzbank rises to 49.65% after share buyback retirement, with 3.36% subject to conversion options. Commerzbank’s board had delayed retirement amid takeover dispute.
Canada, U.S. trade negotiators meet as tariff deadline approaches
Top officials from Ottawa and Washington convened for a second day of talks to avert a looming 50% tariff on $20 billion of Canadian goods. A deal on vehicles, steel and aluminum appears within reach.