“King Charles first international visit as British Monarch…”

King Charles in Germany on first international visit as British monarch

King Charles spoke on Wednesday of the “enduring value” of the relationship between the United Kingdom and Germany, saying in his first state visit abroad since ascending the throne last year that he would do all he could to strengthen connections.

The king gave a speech to the Bundestag, Germany’s parliament, on Thursday. He will also meet Chancellor Olaf Scholz, talk to Ukrainian refugees and meet with British and Germany military personnel who are working together on joint projects.

The royal couple will go to Hamburg on Friday, where they will visit the Kindertransport memorial for Jewish children who fled from Germany to Britain during the Third Reich, and attend a green energy event before returning to the U.K.

The king was urged to make the trip by Sunak, who during his first six months in office negotiated a settlement to the long-running dispute over post-Brexit trading rules for Northern Ireland and reached a deal with France to combat the people smugglers ferrying migrants across the English Channel in small boats. Sunak hopes goodwill created by a royal visit can help pave the way for progress on other issues, including Britain’s return to an EU program that funds scientific research across Europe.

This is the first big test of whether Charles can be an effective conduit for the “soft power” the House of Windsor has traditionally wielded, helping Britain pursue its geopolitical goals through the glitz and glamor of a 1,000-year-old monarchy.

The Windsors are among the most recognisable people on the planet. While their formal powers are strictly limited by law and tradition, they draw attention from the media and the public partly because of the historic ceremonies and regalia that accompany them — and also because the public is fascinated by their personal lives.

Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover

UBS Group AG UBSG.S has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse CSGN.S – a surprise move to take advantage of the Swiss banker’s experience rebuilding the bank after the global financial crisis.

The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse’s investment bank and reassuring the world’s wealthy that UBS remains a safe harbour for their cash.

“We felt we had a better horse,” said UBS chairman Colm Kelleher of the decision to replace current CEO Ralph Hamers after less than three years in charge.

Kelleher said he brought back Ermotti because he was best equipped to see through the biggest deal in finance since the global banking crash more than a decade ago.

“This is not a Swiss solution,” he said, seeking to play down any role of Ermotti’s nationality in getting the job, and instead emphasised his focus was on the large risks of making the merger work for UBS.

“Being Swiss helps,” Kelleher said. “But the majority of our business is global.”

Ermotti, who was chief executive of UBS from 2011 to 2020 and is now chairman of Swiss Re SRENH.S, will take the helm from April 5. The 62-year old is credited with executing UBS’s turnaround after a series of scandals and losses nearly caused the bank’s implosion.

He made a plea on Wednesday for “a little bit of patience” over a “couple of months” to allow the bank to forge its strategic plan. “We cannot rush into decisions which are regrettable,” he told journalists.

He said he had returned to UBS after feeling what he termed “a call of duty” and added he had always wanted to be involved in a massive transaction like the takeover of Credit Suisse.

He takes charge weeks after UBS bought its Swiss rival in a shotgun merger engineered by Swiss authorities to stem turmoil after Credit Suisse ran aground.

That deal makes UBS Switzerland’s one and only global bank, underpinned by roughly 260 billion francs ($283 billion) in state loans and guarantees, a risky bet that makes the Swiss economy more dependent on a single lender.

Malta:

MFSA issued Supervisory Priorities for 2023

Digital finance and sustainable finance are among the top cross-sectoral priorities identified in the Supervisory Priorities for 2023 issued recently by the Malta Financial Services Authority.

The document aligns the regulatory activities with the MFSA’s Strategic Statement, and these have also been drawn up in line with the priorities identified by the European Supervisory Authorities’ and of the European Central Bank, as well as the direction provided by the European Commission.

The comprehensive document explains specific areas of supervision for each sector of financial services, most of which are continuations of the actions already being taken last year. However, there are also new elements outlined, explaining which opportunities the Authority will now be looking at, and well as new regulatory initiatives and legal developments that the sectors will need to embrace.

The priorities identified in the document are: governance, risk and compliance; financial crime compliance; and consumer protection and education.

There are also three cross-sectoral priorities: resilience of its supervised entities; digital finance; and sustainable finance.

Announcements:

BOV

On 23 March 2023, Bank of Valletta plc announced that its Board of Directors is scheduled to meet on Thursday 30 March 2023 to consider and approve the financial statements for the year ended 31 December 2022.

BMIT

The Directors of BMIT are recommending the payment of a net dividend of €0.0246 per share which is 1.5% lower than the net dividend of €0.02497 per share in respect of the 2021 financial year. Shareholders as at close of trading on 4 April 2023 will be entitled to receive the dividend which is expected to be paid on 12 May 2023 subject to shareholders’ approval during the upcoming Annual General Meeting which is scheduled to be held on 10 May 2023.

MIA

The Board of Directors is recommending a final net dividend of €0.12 per share to be paid not later than 26 May 2023 to all shareholders as at close of trading on 4 April 2023. MIA had last paid a dividend in September 2019 which amounted to €0.03 per share and related to the interim net dividend for the 2019 financial year.

GO

The Directors of GO are recommending the payment of an unchanged final net dividend of €0.09 per share. Coupled with the interim net dividend of €0.06 (2021: €0.07) per share paid in September 2022, the total net dividend for the year amounts to €0.15 per share which is 6.3% lower than the previous year. The final net dividend is payable on 15 May 2023 to all shareholders as at the close of trading on 5 April 2023 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 11 May 2023.

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