Credit Suisse Group Management Will Not Receive Bonuses
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The year 2022 was extremely difficult in many ways. Rising inflation and interest rates, Russia's invasion of Ukraine and other numerous crises. The effects of all this are already visible. For Credit Suisse, it is evident in the losses and the lack of bonuses.
In this article:
- The direction for Volkswagen is electrification and digitalization
- Meta is ending with NFT?
- Without Bonuses
- High inflation and tech sector
The direction for Volkswagen is electrification and digitalization
The German auto giant earlier this month reported an operating profit for the full year 2022 of €22.5 billion, an increase of 13% over the previous year, with deliveries of batteries and electric vehicles (BEVs) up 26%. BEV's expansion was driven by 68 percent growth in China, while the company also completed the groundbreaking electrification of its plant in Chattanooga, Tennessee.
Volkswagen announced plans to invest €180 billion ($192.6 billion) between 2023 and 2027, more than two-thirds of which will go to electrification and digitalization.
Arno Antlitz, Chief Financial Officer and Chief Operating Officer of the Volkswagen Group, said the strong financial position should enable the company to continue investing in electrification and digitization even in a "difficult economic environment.
Volkswagen announces five-year $193 billion investment plan as electrification gathers pace https://t.co/G4WlC68YeS
— CNBC (@CNBC) March 14, 2023
Meta is ending with NFT?
The meta introduces significant changes. Some of these changes relate to messengers and others to the NFT market. Meta through Instagram and Facebook ceases to support NFT. There are comments from
Meta has jumped on the hype train without actually being involved in the ecosystem and in this current economy they are looking to cut costs.
NEWS: Instagram and Facebook winds down support for NFTs as cost cutting and reprioritization measure kicks in at Meta
— CoinGecko (@coingecko) March 13, 2023
Without bonuses
In February, Credit Suisse Group reported that 2022 was its biggest annual loss since the global financial crisis in 2008. Furthermore, Credit Suisse group management received 32.2 million Swiss francs ($35.27 million) in fixed compensation while waiving bonuses for the first time in over 15 years.
Credit Suisse executive board will not receive a bonus for 2022 https://t.co/iyqPeViPCM pic.twitter.com/B7Oy7SlnLM
— Reuters Business (@ReutersBiz) March 14, 2023
High inflation and tech sector
High inflation in everyday life is felt, but is it also felt in the technological sector?
Given that macro factors are increasingly present in TMT discussions, we are launching a series of reports examining the fundamental impact on the sector. UBS believes ISPs face the biggest challenge in the inflation scenario.
Furthermore, UBS believes that the Tech segment is best positioned in a higher inflation scenario. Even though a significant part of the operating costs of companies is indexed by inflation.
How is inflation affecting the Latin America Technology, Media & Telecom sector? Why do internet service providers face the most challenges, and what’s our take on Large Telcos and Tech? Read the latest update from #UBSResearch to find out more. #shareUBS
— UBS (@UBS) March 13, 2023
