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The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.
Persons: Linklaters, , Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow
It's worth noting the difference in phrasing I'm using here: bad managers vs. great leaders. They may have the title, but all the best work gets done when everyone works together — themselves included. The best leaders make everything all about the objective — not about titles and rank, not about you or me, but about the shared goal. Great leaders work hard to make the whole greater than the sum of the parts. Here, too, great leaders recognize the power of their positions.
Persons: Chris Williams, Williams, I've, , who's, isn't, Patience, they've, Candor, they're Organizations: Microsoft, Service, Navy, Team, asker Locations: Wall, Silicon
Veralto will consist of two primary divisions – water quality and product quality & innovation – which generated nearly $5 billion in combined sales in 2022 under the Danaher roof. The water quality unit contributed about 60% of that figure. Bottom line We expect to stay invested in both Danaher and Veralto once the spin-off is completed and the tax-free share distribution occurs on Sept. 30. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: we're, Jennifer Honeycutt, Melissa Aquino, , Sameer Ralhan, Ralhan, Danaher, Veralto, they're, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Wall Street, Veralto's, CNBC, Miami, Getty Locations: Danaher, Veralto, New York, U.S, . New York City
Analysts at Barclays have identified electrification as a "mega theme" and have named several stocks set to benefit. "The electric grid plays a key electrification and energy transition role," they said. Barclays' overweight rating corresponds to a buy recommendation. Barclays is overweight-rated on General Electric despite its plans to spin off GE Vernova, which comprises its power, renewable energy, digital and energy financial services businesses, in 2024. GE expects Vernova organic revenue to rise by mid single-digits on the year, with its renewable energy division revenue up high single-digits.
Persons: — CNBC's Michael Bloom Organizations: Barclays, U.S . Department of Energy, Stock, Schneider Electric, nVent, General Electric, GE Vernova, GE Locations: U.S, North America
Stick with us; we'll show you where to watch a free USA vs. Germany live stream. These handy apps let your devices mimic various international locations of your choosing so you can watch the FIBA World Cup online for free. Where to watch USA vs. Germany FIBA World Cup basketball live streams free from anywhereYou can catch USA vs. Germany in the FIBA World Cup for free using TVNZ, a streaming service in New Zealand showing much of this year's action even after New Zealand were knocked out. FIBA World Cup scheduleBelow is a full schedule of FIBA World Cup games that will run through the September 10 final. Take a look at our full guide on how to watch free FIBA World Cup live streams for information on other competing nations.
Persons: you'll, ExpressVPN Organizations: FIBA, Team USA, USA, Germany FIBA World, TVNZ, New Zealand, United, United States ESPN, FIBA World, ESPN2, ESPN Plus, ESPN, Subscription, Semifinals Serbia, Canada Locations: Germany, USA, Canada, Serbia, New Zealand, New, United States
The courts are set, and we'll show you how to watch Djokovic vs. Shelton and then Alcaraz vs. Medvedev live streams in the US Open men's semifinal showdowns. How to watch Djokovic vs. Shelton & Alcaraz vs. Medvedev US Open tennis live streams free from anywhereYou can watch the US Open men's semifinal tennis matches using one of the free live streams available. Both will show Alcaraz vs. Medvedev and Djokovic vs. Shelton. Sign in and watch Djokovic vs. Shelton and Alcaraz vs. Medvedev. US Open Tennis broadcast scheduleBelow is a schedule of all the 2023 US Open tennis broadcasts through September 10.
Persons: Carlos Alcaraz, Novak Djokovic, Daniil Medvedev —, Ben Shelton, Djokovic, Shelton, Medvedev, there's, We've, ExpressVPN Organizations: Alcaraz, Medvedev, New Zealand, TVNZ, ESPN, USA ESPN, ESPN Plus, ESPN Deportes, Subscription, Tennis Locations: Australia, New, 9Now, New Zealand
Learn moreThe 2023 US Open tennis tournament continues tonight with two semifinal matches to determine the Women's Singles bracket championship contenders. If you're hungering for masterful tennis play from the player atop the heap, you'll want to know where to watch free live streams for both Gauff vs. Muchova and Keys vs. Sabalenka. How to watch Gauff vs. Muchova & Keys vs. Sabalenka US Open Tennis live streams free from anywhereYou can watch the US Open women's semifinal tennis matches using one of the free live streams available. US Open Tennis broadcast scheduleBelow is a schedule of all the 2023 US Open tennis broadcasts through September 10. We'll keep updating our overall guide on how to get a free US Open tennis live stream as the tournament progresses too.
Persons: Coco Gauff, Karolina Muchova, Madison Keys, there's, We've, Muchova, ExpressVPN, CEST, AEST Organizations: United, Aryna, Free FIBA, New Zealand, TVNZ, ESPN, USA ESPN, ESPN Plus, ESPN Deportes, Subscription, Tennis Locations: United States, Czech Republic, Belarus, Australia, New, 9Now, New Zealand
Rewards Cards: Put Those Points to Work
  + stars: | 2023-09-07 | by ( Julie Weed | ) www.nytimes.com   time to read: +1 min
Sign-up bonuses, lounge access, cash rebates, free hotel rooms and plenty of fine print: The dizzying promotions and Byzantine rules on earning and redeeming points with rewards credit cards can make your head spin. Rewards cards offer three types of value. There is typically a sign-up bonus, up to 120,000 points or miles after spending a minimum amount within a certain period. Make partnerships work for youA co-branded card, like the Alaska Airlines Visa Signature (fee $95), helps you achieve status faster with that airline. Hotel chains offer similar co-branded cards.
Persons: Autopay Organizations: Alaska Airlines Visa, Hyatt Visa, Marriott Locations: Alaska
On a cloudy, gusty morning last month, three dozen students, teachers, construction workers, electricians and bartenders wore helmets and shoulder pads and boomed torpedoes, banana kicks and drop punts. Down the hill from a strip mall outside Melbourne, on a borrowed soccer field, they trained to become the next generation of Australian punters who greatly influence special teams play at the highest levels of American college football and, to a lesser extent, the N.F.L. This season, 61 of the 133 teams in the Football Bowl Subdivision, the top tier of N.C.A.A. football, have Aussie punters on their rosters, according to Prokick Australia, a Melbourne-based academy that converts Australian rules football players and some rugby players into punters (and a smaller number of kickers) for the American game.
Organizations: Football Locations: Melbourne, N.C.A.A, Australia
If you want to see every play, look below to see where to watch Chiefs vs. Lions live streams from anywhere. Read more: How to watch NFL football without cableHow to watch Chiefs vs. Lions live stream in the USNBC is the exclusive broadcaster of this Thursday Night NFL kickoff opener. You can watch the Chiefs vs. Lions game live for free over the air using a digital antenna. Deal Hulu + Live TV Hulu + Live TV includes over 85 channels, along with Hulu's on-demand library and access to Disney Plus and ESPN+. Shop at SlingHow to watch Chiefs vs. Lions live streams from anywhereFinding NFL coverage outside of the United States can be tricky.
Persons: Jared Goff, Amon, Ra St, Brown, David Montgomery, Will Patrick Mahomes, you'll, Hulu's, ExpressVPN, NBC Peacock, CEST Organizations: NFL, Detroit Lions, Super Bowl Champion Kansas City Chiefs, Chiefs, Lions, NBC, Football, . Lions, Hulu, Disney Plus, ESPN, Hulu Fubo, Fox, CBS, Insiders, Watch Chiefs, . Chiefs, Browns, Texans, Ravens, Buccaneers, . Vikings, Panthers, . Falcons, Cardinals, Jaguars, Colts, 49ers, Steelers, Broncos, Eagles, . Patriots, Rams, Seahawks, Dolphins, . Chargers, Packers, Bears, Cowboys, . Giants, Bills, . Jets Locations: United States
Childers grew up in East Kentucky in the shadow of the Baptist Church. At 15, Childers moved to a new school, where he coped with being the new kid by spending his lunch playing guitar. When he sings live, his eyes burn with the ferocity of a preacher, and fans hang on to every word. Childers went from opening shows with his band, the Food Stamps, to headlining the same venues in a little over a year. “There are a lot of artists out there trying to do the work,” Childers said.
Persons: Childers, Truckers, , who’d, Ricky Skaggs, Kurt Cobain, Sturgill Simpson, , Breonna Taylor, , ” Childers Organizations: Baptist Church, Food Locations: East Kentucky, Kentucky, West Virginia, Nashville
Iger told Chapek that he lived for those "two-shower days," according to people familiar with the conversation. In January 2020, Iger told Chapek the plan was back on. During his 27 years at the company, Chapek had only attended one annual meeting — as a guest in the audience. Bob Iger, Disney CEO, during a CNBC interview, Feb. 9, 2023. WATCH: Disney CEO Bob Iger's exclusive July 2023 CNBC interviewTake the 'A'During Chapek's tenure as CEO, Disney lost more than a quarter of its market value.
Persons: Elham, Bob Iger, Bob Chapek, Iger, wasn't, Chapek, Michael Eisner, , who's, he's, Clint Eastwood, Eastwood, Arthur Bochner, Jackie Hart, Kareem Daniel, Chapek —, Eisner, Michael Ovitz, Ovitz, Bob, Disney's, Kevin Mayer, Mayer, Bryan van der Beek, he'd, Tom Staggs, Staggs, Staggs —, Steve Jobs, cajoled Ike Perlmutter, George Lucas, Rupert Murdoch, Iger's, Susan Arnold, Arnold, Peter Rice, David Paul Morris, Rice, CNBC's Julia Boorstin, Mark Parker, Mary Barra, Michael Froman, Willow, Parker, John Donahoe, Roy Disney, Walt Disney, Stanley Gold, David A, CNBC Eisner, Big Bob, Little Bob, Christine McCarthy, Patrick T, He'd, McCarthy, Iger —, Coronavirus, Gavin Newsom, Michael Kovac, curtly, Nancy Pelosi, Chuck Schumer, Ben Smith, Smith, Disney, Randy Shropshire, Agnes Chu, Ricky Strauss, Chu, Strauss, Kevin Feige, Kathleen Kennedy, Who's, Alan Bergman, Bergman, Bob Kyncl, Daniel —, Iger didn't, Daniel rankled, Daniel, Chapek didn't, James Pitaro, Jesse Grant, CNBC Chapek, Jimmy Pitaro, Zenia Mucha, didn't, Mucha, Barbara Walters, Charles Eshelman, Scarlett Johansson, Scarlett Johansson —, Florence Pugh, Natasha, Yelena, " Johansson, Bryan Lourd, Johansson, Lourd, Steven Spielberg, Al Michaels, David Muir, Robin Roberts, Michael Strahan, Spielberg, Geoff Morrell, Alan Braverman, Alan Horn, Jayne Parker, Bochner, Claire Lee, Paul Richardson, Josh D'Amaro, Ron DeSantis, Morrell, Disney Animation —, George Floyd, Reba Saldanha, Reuters Chapek, DeSantis, Nicholas Maldonado, Octavio Jones, Chapek she'd, we're, " Morrell, CNN's Chris Wallace, Kristina Schake, John Skipper, Daniel steamrolled, Latondra Newton, Newton, Charles Krupa, Pitaro, NBCUniversal's Peacock, Dana Walden, Thomas Murphy, Josh Kushner, Privately, Schake, Barack Obama, Michelle Obama, Michelle Obama's, David Dee Delgado, Kara Swisher, hadn't, Netflix's, overhiring, McCarthy hadn't, Safra Catz, Kareem, DMED, Horacio Gutierrez, Justin Warbrooke, Alexia Quadrani, Bryan Castellani, Michael Buckner, Quadrani, Lindsay Lohan, Winnie, Nelson Peltz, Catz, Donald Trump's, they'd, Walden, Gutierrez, D'Amaro, Rich Polk, Walden he'd, Iger she'd, Mickey Mouse, Mark Rightmire, haven't, Indiana Jones, Halle Bailey, Ariel, Hamilton Faber, Rich Greenfield, Bob Iger's, — Mayer, McCarthy —, doesn't, they'll Organizations: Disney, Marvel, CNBC, Bloomberg, Getty, Walt Disney, Indiana University, Michigan State University, Shanghai Disney, Man, Hong Kong Disneyland, Walt Disney Parks, Resorts, Pixar, Fox, Chapek, Nike, General, Mastercard, Foreign Relations, University of Pennsylvania, Grogan, Disney's, Fallon, ABC, ESPN, ABC News, California Gov, New York Times, Disney confidants, Hollywood, Marvel Studios, Lucasfilm, Walt Disney Television, Walt Disney Studios, Hulu, HBO Max, Walt Disney Company, YouTube, Companies, Netflix, Apple, Disney Media, Entertainment, Stanford, Rights, Junior, petulant, Filmmagic, Brunswick Group, Covid, CAA, onetime Defense Department, Century Fox, Human, Florida Gov, Republican, Disney Animation, Reuters, Human Rights, HRC, Walt Disney World, Employees, American Foundation for Equal Rights, AP, Amazon Prime, Paramount, South Pacific, Capital Cities, Dow Jones, CVS, Kingdom, Variety, Trian Partners, Charter Communications, U.S, Comcast, Charter's, MediaNews, Orange, Allen, Co, Candle Media, Advisors Locations: Burbank , California, Midwestern, Brentwood, Los Angeles, Westlake Village, Iger, Hammond , Indiana, Shanghai, China, Hong, Fox, Willow Bay, Raleigh , North Carolina, Orlando, U.S, Hulu, Iger's Brentwood, coronavirus, Brunswick, Hollywood, Hawaii, Disney's, Marvel's, Anaheim , California, Montana, Florida, Rye , New Hampshire, Chapek, Hong Kong, California, missteps, South, DMED, Burbank, New York, India, Atlantic, Sun Valley , Idaho, America
Open Society Foundations said Tuesday that it will spin off its support for Europe's Roma communities into a new foundation and pledged €100 million, around $107 million, for that work. The Roma Foundation for Europe, which will be independent of OSF, launches in January and will be based in Brussels, said the foundations. Under Alex Soros' leadership, the foundations announced in July that it would significantly retool its structure and layoff 40% of its staff globally. “We will also keep up — and dramatically increase — our efforts to secure equal treatment for Europe’s largest ethnic minority, the 12 million Roma (who mostly live in Eastern Europe),” Alex Soros wrote. OSF will not have representatives on the board of the Roma Foundation for Europe, said Jovanovic, adding that the decision to start the foundation was made last year, independently of the restructuring.
Persons: Zeljko Jovanovic, ” Jovanovic, Alex Soros, George Soros, Soros, ” Alex Soros, Jovanovic, Alex Organizations: Roma, Roma Foundation for Europe, OSF, OSF's, Office, Associated Press, European Union, European Commission, AP, “ POLITICO, Central European University, Roma Foundation for, European Roma Institute for Arts and Culture, Roma Entrepreneurship Development, Democracy, Roma Education Fund, Associated, Lilly Endowment Inc Locations: Brussels, Roma, Europe, Berlin, , Ukraine, Moldova, Western Balkans, Eastern Europe, Roma Foundation for Europe
This is hardly the first fall to be full of reality shows. ABC will keep “America’s Funniest Home Videos” alive until the sun eats the earth. ABC’s “Golden Bachelor” is “The Bachelor” with a 71-year-old widower at its center. Fox has a new cartoon from Dan Harmon (“Krapopolis”), his third current animated series. Lastly, there is Fox’s “Snake Oil,” a hybrid of “Shark Tank” and “Bullsh*t,” hosted by David Spade.
Persons: , Dick Wolf, , Fox, Dan Harmon, Buddy, Josh Duhamel, Jaime Camil, David Spade Organizations: ABC, NBC, CBS, Fox, , Chicago, Buddy Games
Vladimir Putin apparently couldn't believe how fit Biden was in 2021, per a new book. In The Last Politician, Franklin Foer wrote about how the Russian president couldn't believe his eyes. Apparently, Putin had taken it to heart that Biden was a feeble man before their 2021 summit. But it was Putin who couldn't believe that President Joe Biden was looking good during their 2021 summit, according to a new book. Advertisement Advertisement Watch: Inside Putin's secret bunker and billion-dollar palace"When Putin called Angela Merkel to deliver the postmortem of the meeting, he told her, 'President Biden is very fit.'"
Persons: Vladimir Putin, Biden, Franklin Foer, couldn't, Putin, Joe Biden, Donald Trump, Joe Biden's, Foer, Scranton Joe wasn't scrawny, Angela Merkel, Biden's, Matthew McConaughey's, Boris Johnson Organizations: Service, Scranton, Capitol, British Locations: Russian, Wall, Silicon, Geneva, Ukraine, Rehoboth Beach
Companies PGE Polska Grupa Energetyczna SA FollowWARSAW, Sept 4 (Reuters) - Polish utility PGE (PGE.WA) said on Monday it was reversing a decision to bring forward its carbon-neutrality target to 2040 from 2050, changing course less than a week after the announcement of a strategy that caused political fallout. PGE is one of a few state-controlled energy firms that is seeking to move away from coal-fired plants in a coordinated overhaul of the country's energy sector. "The Management Board of PGE S.A. repealed the resolution adopting the update of the PGE Group Strategy," PGE said in a statement. "The decision is due to the need to complete the process of establishing the National Energy Security Agency (NABE)." Reporting by Alan Charlish and Marek Strzelecki; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: PGE's, Jacek Sasin, Alan Charlish, Marek Strzelecki, Alexander Smith Organizations: PGE Polska Grupa, WARSAW, PGE, Poland, State, PGE S.A, National Energy Security Agency, Thomson Locations: PGE, Poland, Warsaw
Russia's deputy finance minister said the country will not let foreign banks exit the market easily, per Reuters. Russia's decision to allow the banks to leave will "depend on the decision to unfreeze Russian assets," he said. It is not clear how many of these Russian assets were frozen by Western banks. AdvertisementAdvertisementMoiseev said at the Friday forum that there's one foreign bank applying to sell its assets in Russia, per Reuters. That jumped to nearly $10 billion at the end of March 2023, per the FT.AdvertisementAdvertisementRussia's finance ministry, Kyiv School of Economics, Bank of China, Industrial & Commercial Bank of China, China Construction Bank, and Agricultural Bank of China did not immediately respond to requests from Insider for comment.
Persons: Alexei Moiseev, Vladimir Putin's, it's, , Moiseev, Raiffeisen Organizations: Reuters, Service, Yale University, Raiffeisen, Kyiv School of Economics, Bank of China, Industrial, Commercial Bank of, China Construction Bank, Agricultural Bank of, Financial Times, Agricultural Bank of China Locations: Russia, Wall, Silicon, Russian, Ukraine, Moscow, Commercial Bank of China, China, Agricultural Bank of China
Learn moreWe can help you find everything you need to watch a free F1 live stream of the Italian Monza GP today. So take a look at the guide below for everything you need to watch the Italian F1 live stream for free from anywhere. Where to Watch a free Italian Monza F1 live streamThis weekend's simplest option for a free F1 live stream is using a VPN to tune into one of the free European streams mentioned above. How to watch the Italian Monza F1 live stream with a VPNSign up for a VPN if you don't have one. Turn it on and set it to a country with a free live stream.
Persons: Ferrari, Carlo Sainz, Leclerc, There's, We've, ExpressVPN Organizations: Italian Monza, BBC, Monza, RTL, US ESPN, ESPN Locations: Italian, Austria, Belgium, Luxembourg, TV's
Seen from Close-up: How the U.S. Open Dials in its Court SpeedFrom the seats in Arthur Ashe Stadium, the tennis court below appears smooth and uniform. The size, shape and density of the sand make up the hardcourt surface and dictate the speed of the ball after it bounces. Of course, players are not always universally happy with the court surface choices made for the tournaments on the pro tours. The court surface used at Flushing Meadows is called Laykold, which is made by Advanced Polymer Technology, an international manufacturer of sports surfaces. The bounce of a tennis ball generally lasts five milliseconds, an instant that will determine how the ball behaves.
Persons: Arthur Ashe, , Ben Depoorter, , Suresh Ponnusamy, Helmuth Rosales, Daniil Medvedev, ” Medvedev, Medvedev, Indian Wells, Carlos Alcaraz, Swiatek –, Rafael Nadal, hardcourts, Wesley Baum, Taylor Fritz, Coco Gauff, Elena Rybakina, Roger Federer, — Swiatek, Aryna, Alcaraz, Novak Djokovic — Organizations: U.S, U.S ., United States Tennis Association, BNP, Tennis Federation, Polymer Technology, Helmuth Rosales Professional, Wimbledon, Miami, Indian, Advanced Polymer Technology, Flushing Locations: Ashe, Indian Wells, Calif, Indian, Miami, Flushing Meadows
AI computing has a sustainability problem. Google data centers consumed 5.2 billion gallons of water in 2022, up 20% from a year earlier. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. While a regular cloud server uses 300 to 500 watts, according to Shaolei Ren , a researcher at UC Riverside who has studied how modern AI models use resources. Communities are setting up data privacy controls and internet connectivity on their own terms and in ways that don't rely as much on big tech companies.
Persons: Adrienne Russell, Jensen Huang, Cowen, Shaolei Ren, Russell Organizations: Tech, Microsoft, Google, Meta, Nvidia, Center for Journalism, Media, University of Washington, UC Riverside Locations: Virginia, Seattle, Arizona
Fortescue founder toys with reverse greenwashing
  + stars: | 2023-09-01 | by ( Antony Currie | ) www.reuters.com   time to read: +3 min
First the $43 billion iron ore miner’s CEO, Fiona Hick, left abruptly on Sunday, barely six months after joining. But in trying to shrug off the mounting exodus, founder and Executive Chair Andrew Forrest, also known as Twiggy, introduces a new risk: reverse greenwashing. His approach to the energy transition is forcing a lot of change on the company in short order. That process surely would have involved rigorous discussions to ensure they were on board with Forrest’s goals and methods. That makes his absolutist twist to climate spin as unhelpful as the more traditional form of greenwashing.
Persons: Oscar Wilde, Fortescue, Fiona Hick, Christine Morris, Guy Debelle, Andrew Forrest, Twiggy, Forrest, Hick, Morris, Una Galani, Thomas Shum Organizations: Reuters, Fortescue Metals, Reserve Bank of Australia, Fortescue Future Industries, Australian, Thomson Locations: MELBOURNE, Tivan
Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. HonorChinese consumer electronics firm Honor launched its flagship foldable smartphone overseas — venturing into a high-end market dominated by Samsung and Apple . The Honor Magic V2 will go on sale in markets in Europe and elsewhere — but not in the United States — no later than the first quarter of 2024, the company said. The Magic V2 is part of that. Honor Magic V2 details
Persons: United States —, Simon Baker, Baker Organizations: Samsung, Apple, Huawei, IDC, China, CNBC Locations: China, Europe, United States, Shenzhen
In a memo to staff Ermotti said that 3,000 Swiss jobs would go, while more people would leave of their own accord, for example, through retirement. With a market value of 77 billion Swiss francs, UBS also struck an optimistic note about its short-term outlook. With Credit Suisse in Switzerland intact and independent, as some politicians had hoped, fewer jobs would have been hit. [1/2]Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Reuters GraphicsThe bumper profit results from a huge one-off gain that reflects how the acquisition costs were far below Credit Suisse's value.
Persons: Ermotti, Sergio Ermotti, Denis Balibouse, Jefferies, Brenna Hughes, John O'Donnell, Noele, Edwina Gibbs, Tomasz Janowski, Alexander Smith Organizations: UBS, Credit Suisse Swiss, Credit Suisse, UBS grapples, REUTERS, Swiss Bank Employees Association, Analysts, Deutsche Bank, Reuters, Credit, Thomson Locations: Switzerland, ZURICH, Swiss, Zurich Switzerland, Zurich, London
London CNN —UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year. “The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement. UBS (UBS) agreed on March 19 to buy Credit Suisse for the bargain price of 3 billion Swiss francs ($3.4 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. UBS posted net profit of $29 billion for the second quarter, reflecting a one-off boost from the acquisition of Credit Suisse at a fraction of its value. It also said it no longer required a 100 billion franc ($114.2 billion) government-backed loan and that Credit Suisse had repaid an earlier loan from Switzerland’s central bank of 50 billion francs ($57.1 billion).
Persons: , Sergio Ermotti, ” Ermotti, Organizations: London CNN, UBS, Credit Suisse, Swiss Bank Employees Association, Credit, ” UBS, Swiss, Switzerland Credit Suisse, Silicon Valley Bank, Signature Bank, Taxpayers, Locations: Switzerland, Swiss
UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.
Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland
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