From Breakingviews: Julius Baer, Philips and Japanese reshoring. Read the daily column on pandemic-related financial insights
An employee wearing a protective face mask and face guard works on the automobile assembly line during the outbreak of the coronavirus disease , in Kawasaki, south of Tokyo, Japan May 18, 2020.PANDEMIC JITTERS. Julius Baer made hay in the first half of the year. The Swiss private banking group on Monday reported net profit of 491 million Swiss francs over that period, up 43% from a year earlier, thanks to frenetic trading by rich clients.
STRONG PROGNOSIS. Frans van Houten, chief executive of healthcare-kit specialist Koninklijke Philips, was finally able to deliver some good news about the patient’s progress on Monday. After a dire second quarter, in which hospitals paused non Covid-19 equipment orders and sent Philips’ sales down 6% year-on-year, he sees signs of life. Orders, which will be booked as revenue in future quarters, were 27% higher than a year earlier.
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