Highlight of the Week
UBS Posts Record Profit
- UBS, the world’s largest wealth manager, recorded a net income of $2.1b for 3Q2020.
- This was a 99% increase from Q2 of this year, and was driven by strong client activity despite the market volatility caused by coronavirus.
Coronavirus Updates (as of Monday Night)
- COVID-19 has registered 38 million cases and 1,085,373 deaths worldwide. There are over 28.5 million recovered cases.
- The US has accounted for over 8 million cases and has surpassed 220,000 deaths. The US has registered over 5.1 million recovered cases.
- Georgia has almost 333,000 cases and 7,429 deaths.
Ant Group Passes Hearing to IPO
- Ant Group has received approval for its initial public offering, which could value the company at as much as $200b.
- The financial technology giant is 33% owned by Alibaba and is controlled by founder Jack Ma.
Texas Teen Develops Potential COVID-19 Treatment
- A 14-year-old in Texas has won the 3M Young Scientist Challenge for her work on a potential drug to treat COVID-19. Anika Chebrolu used computer programs to identify a molecule that can bind to the COVID virus and render it unable to replicate.