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☆ At UN, Kenya's President Asks World Not to Leave Haiti Behind
▼ + stars: | 2023-09-21 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

By Michelle NicholsUNITED NATIONS (Reuters) - Kenyan President William Ruto urged the United Nations Security Council on Thursday to formally back a security support mission to Haiti, which Kenya has shown a willingness to lead, saying the Caribbean country "deserves better from the world." The council could vote as soon as next week, diplomats said, on a U.S.-drafted resolution supporting a multinational police deployment. Haiti last year asked for help to combat violent gangs that have largely overrun the capital Port-au-Prince. "As we mobilize to show up for Ukraine, and countries that have experienced the devastating impact of climate shocks including Libya, Morocco and Hawaii, we must not leave Haiti behind," Ruto said. U.N. peacekeepers were deployed to Haiti in 2004 after a rebellion led to the ouster and exile of then-President Jean-Bertrand Aristide.

Persons: Michelle Nichols UNITED, William Ruto, Ruto, U.N, Antonio Guterres, Guterres, Ariel Henry, Jean, Bertrand Aristide, Michelle Nichols, Grant McCool Organizations: Michelle Nichols UNITED NATIONS, Reuters, Kenyan, United Nations Security, General, Peacekeeping Locations: Haiti, Kenya, Caribbean, U.S, Ukraine, Libya, Morocco, Hawaii, Bahamas, Jamaica, Antigua, Barbuda, Americas

☆ At UN, Kenya's president asks world not to leave Haiti behind
▼ + stars: | 2023-09-21 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

Kenya's President William Samoei Ruto addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 21, 2023. The council could vote as soon as next week, diplomats said, on a U.S.-drafted resolution supporting a multinational police deployment. Haiti last year asked for help to combat violent gangs that have largely overrun the capital Port-au-Prince. "As we mobilize to show up for Ukraine, and countries that have experienced the devastating impact of climate shocks including Libya, Morocco and Hawaii, we must not leave Haiti behind," Ruto said. U.N. peacekeepers were deployed to Haiti in 2004 after a rebellion led to the ouster and exile of then-President Jean-Bertrand Aristide.

Persons: William Samoei Ruto, Brendan McDermid, William Ruto, Ruto, U.N, Antonio Guterres, Guterres, Ariel Henry, Jean, Bertrand Aristide, Michelle Nichols, Grant McCool Organizations: General Assembly, REUTERS, UNITED NATIONS, Kenyan, United Nations Security, General, Peacekeeping, Thomson Locations: New York City, U.S, Haiti, Kenya, Caribbean, Ukraine, Libya, Morocco, Hawaii, Bahamas, Jamaica, Antigua, Barbuda, Americas

CNN —House Democrats have begun internal discussions about how to deal with the prospects of a chaotic situation: The possibility that Speaker Kevin McCarthy could lose his job in an unprecedented vote on the floor. One of the strategies being discussed by Democrats is to vote “present” or vote to kill it all together if a motion to oust McCarthy is brought to the floor. Bacon warned that he would cut a deal with Democrats if they reach an impasse with conservative hardliners. Democrats considering bailing out McCarthy say it wouldn’t necessarily stop there. If McCarthy were challenged, it may only take a handful of Democrats to save him.

Persons: Kevin McCarthy, McCarthy, Hakeem Jeffries, he’d, McCarthy’s speakership, Jeffries, Dan Kildee of, “, Kevin can’t, –, ”, Joe Biden –, you’re, ” It’s, Matt Gaetz, Gaetz, Don Bacon, Bacon, Biden, Debbie Wasserman Schultz, Dean Phillips, you’d, Paul Ryan, John Boehner –, Richard Neal of, ” Rep, Mary Gay Scanlon Organizations: CNN — House Democrats, Publicly, Democratic, ” Democratic, CNN, GOP, Democrats, Freedom Caucus, Republican, Republicans, Capitol, House, Florida, Dean Phillips of, Richard Neal of Massachusetts, ”, Pennsylvania Locations: Dan Kildee of Michigan, Florida, Nebraska, Dean Phillips of Minnesota

☆ Iran demands US show goodwill after quitting nuclear deal
▼ + stars: | 2023-09-19 | by ( Parisa Hafezi | ) www.reuters.com time to read: +3 min

"By exiting the JCPOA, the United States violated the agreement and the principle of good faith. America should demonstrate its goodwill and determination," Raisi said in a speech at the U.N. General Assembly, referring to the Joint Comprehensive Plan of Action between Tehran and six world powers. But months of nuclear talks have stalled since last September, with both sides accusing each other of demanding excessive concessions. U.S. and European officials have been searching for ways to curb Tehran’s nuclear activities since the breakdown of indirect American-Iranian talks a year ago. Further straining already difficult ties, the United States and its Western allies have imposed sanctions on Iran over its handling of months of protests sparked by the death in custody of young Iranian Kurdish women Mahsa Amini.

Persons: Ebrahim Raisi, Mike Segar, Raisi, Donald Trump, Joe Biden, Mahsa Amini, Iran's Raisi, Gilad Erdan, Parisa Hafezi, Arshad Mohammed, Howard Goller, Grant McCool Organizations: United Nations General Assembly, General Assembly, REUTERS, UNITED NATIONS, Former U.S, Union, Reuters, United, United Nations, Thomson Locations: New York City, U.S, United States, Tehran, Former, Iran, America, Washington, Qatar, South Korea, of Israel, United Nations, Israel

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

☆ Analysis: China may not fear a closer Russia and North Korea like the West
▼ + stars: | 2023-09-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

“China is too important for both North Korea and Russia, so for them it would be foolish to do something behind China’s back that it wouldn’t like,” he said. Shen Hong/Xinhua/Getty ImagesBalance of powerChina, which supported communist North Korea in the Korean War some 70 years ago, has maintained a complicated relationship with its rogue neighbor. “China would support a more capable North Korea in many respects – economically, militarily – and a North Korea that continues to serve as a troublemaker for the US,” said Li. “When you have a more assertive North Korea it will lead to some sort of incentive for the US and South Korea to seek China’s cooperation in terms of dealing with North Korea,” he said. But despite the potential gains, experts also say China is not immune to the risks that can come from a stronger Russia or a stronger North Korea.

Persons: Russia’s Vladimir Putin, Kim Jong, ”, Alexander Korolev, China’s, Putin, Kim, what’s, Li Mingjiang, Xi Jinping, Shen Hong, it’s, Li, ” Yun Sun, Leif, Eric Easley Organizations: Hong Kong CNN, Relations, University of New, North, Vostochny, Foreign Ministry, Singapore’s Nanyang Technological University, “, Korean, Getty, United, US, China Program, Stimson, NATO, Ewha University Locations: China, Hong Kong, Russian, South Korea, Japan, Ukraine, United States, Europe, Moscow, Pyongyang, Russia, North Korea, Beijing, University of New South Wales, Australia, Ukraine –, Xi, Xinhua, United Nations, Korea, Washington, Sun, US, —, “ Beijing, Seoul, “

ATLANTA (AP) — Democratic Sen. Raphael Warnock on Friday urged Atlanta's mayor to be more transparent in how city officials handle a petition drive led by opponents of a proposed police and firefighter training center, saying he is “closely monitoring” the issue. Warnock's letter comes after weeks of calls from “Stop Cop City” activists who were furious that the state's top Democrats had stayed largely silent over the city's plan to adopt a signature-matching verification process. Activists and prominent voting rights groups have decried the restriction as voter suppression. The deadline had been previously extended until September by a federal judge, but an appellate court on Sept. 1 paused the enforcement of that order, throwing the effort into legal limbo. That announcement from the city prompted a federal judge overseeing the case to accuse officials of moving the goalposts on the campaign, saying they have “directly contributed” to a widespread sense of confusion over the matter.

Persons: — Democratic Sen, Raphael Warnock, Atlanta's, ” Warnock, Andre Dickens, “, Dickens, ” Dickens Organizations: ATLANTA, — Democratic, City ”, Atlanta Locations: Georgia, City, Atlanta

☆ Inside Infillion's 4-year plan to revive fallen adtech pioneer MediaMath back to a $100 million business
▼ + stars: | 2023-09-14 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +6 min

Adtech platform Infillion closed its $22 million deal to buy fallen adtech firm MediaMath out of bankruptcy on Friday. Now Infillion CEO Rob Emrich must make good on a business plan to get MediaMath back to earning $100 million in net revenue within 4 years. It's aiming to relaunch the MediaMath platform in early 2024. Zawadzki and his adtech focused venture capital firm Aperiam Ventures are providing Infillion with strategic advice on getting MediaMath back off the ground. Emrich previously told Insider that Infillion is preparing to take $30 million in operating losses on MediaMath over the next three years.

Persons: Rob Emrich, Infillion, Emrich, MediaMath, there's, Tom Triscari, Infillion isn't, Emirch, Joe Zawadzki, —, Zawadzki, Joe, Aperiam, Eric Franchi Organizations: Facebook, Sanofi, Mobile, Trade, Google, Leomade, Aperiam Ventures, TrueX, Disney Locations: Staples

☆ U.S. Treasury official says Iraq must act to avoid further action on banks
▼ + stars: | 2023-09-14 | by ( Timour Azhari | ) www.reuters.com time to read: +6 min

Employees walk at the headquarters of the Central Bank of Iraq in Baghdad, Iraq August 15, 2023. Despite the crackdown, the senior U.S. Treasury official, who spoke on condition of anonymity, said there were still other Iraqi banks operating with risks "that must be remediated". Iraq's central bank governor has said Iraq is committed to implementing tighter financial regulations and combating the smuggling of dollars. The central bank did not immediately respond to a request for comment on Thursday. However, there were still "vested interests comfortable with the status quo that can create friction to driving change," the Treasury official said, without identifying who these were.

Persons: Ahmed Saad, Farhad Alaadin, Alaadin, Saddam Hussein, Mohammed Shia Al, Timour Azhari, Alexander Smith Organizations: Central Bank of, REUTERS, Treasury, U.S, Reuters, Iraqi, U.S . Federal, Iraq, U.S . Treasury, Thomson Locations: Central Bank of Iraq, Baghdad, Iraq, Iran, BAGHDAD, U.S, United States, Iraqi, Iranian, Tehran, Iraq's

☆ Psychology experts share 9 things the 'most persuasive' people always do when talking to others—without being manipulative
▼ + stars: | 2023-09-12 | by ( Kathy | Ross Petras | ) www.cnbc.com time to read: +5 min

It's just a matter of saying the right words in the right way at the right time. You make it clear that you're talking directly to them and considering their individual needs, thoughts and interests. It makes what you're saying seem more personal and relatable, which will help you win people over. Repeating the main thrust of your argument and certain key phrases can make what you're saying more memorable and create a feeling of persuasive familiarity. The result is people are usually more interested in what you're talking about because you've engaged their imagination.

Persons: we've, they'll, It's, you've, Kathy, Ross Petras Organizations: The New York Times, Washington Post, Harvard Business, Twitter

☆ What we learned from Week 1 of 2023 NFL season
▼ + stars: | 2023-09-12 | by ( Ben Morse | ) edition.cnn.com time to read: +7 min

CNN —Week 1 of the new NFL season is in books and there are no shortage of talking points. This year’s influx of rookies made their first steps in the NFL over the weekend with varying success. Most notably was the serious-looking injury suffered by Aaron Rodgers on his New York Jets debut on Monday Night Football. It is the second serious injury Dobbins has suffered in his short NFL career after he tore his ACL, ruling him out of the 2021 season entirely. Matt Durisko/APAlso, can Zach Wilson – who was relegated to the Jets’ bench after Rodgers’ arrival – maintain a playoff push?

Persons: –, Brock Purdy, Matt Freed, – Bryce Young, C.J ., Anthony Richardson –, Richardson, Bijan Robinson, he’s, Robinson, Danny Karnik, Derek Carr, Jimmy Garoppolo, Baker Mayfield, Jordan Love, Aaron Rodgers, Sam Howell, Quinn Harris, Rodgers, Robert Saleh, Achilles, MRI’s, it’s, ” Rodgers, Michael Owens, Dobbins, John Harbaugh, Joe Burrow, Justin Herbert, Brandon Aiyuk, Matt Durisko, Zach Wilson – Organizations: CNN, NFL, Super, San Francisco 49ers, Pittsburgh Steelers, C.J, Stroud, Atlanta Falcons, Young’s Carolina Panthers, Carolina Panthers, New, New Orleans Saints, Las Vegas Raiders, Tampa Bay Buccaneers, Green Bay Packers, Soldier Field, NFC North, Chicago Bears, Getty, New York Jets, Monday, Jets, Packers, Buffalo Bills, Bills, Baltimore Ravens, Houston Texans, Steelers, Dallas Cowboys, New York Giants, Detroit Lions, Kansas City Chiefs, Cleveland Browns, Cincinnati Bengals, Browns, Bengals, Los Angeles Chargers, Miami Dolphins, Chargers, Jacksonville Jaguars, Washington, Philadelphia Eagles, New England Patriots, Indianapolis Colts, Kansas City Chiefs Carolina Panthers, Atlanta Falcons Houston Texans, Baltimore Ravens Cincinnati Bengals, Cleveland Browns Jacksonville Jaguars, Indianapolis Colts Tampa Bay Buccaneers, Minnesota Vikings Tennessee Titans, New Orleans Saints San Francisco 49ers, Pittsburgh Steelers Arizona Cardinals, Washington Commanders Green Bay Packers, Chicago Bears Las Vegas Raiders, Denver Broncos Miami Dolphins, Los Angeles Chargers Philadelphia Eagles, New England Patriots Los Angeles Rams, Seattle Seahawks Dallas Cowboys, New York Giants Buffalo Bills Locations: C.J . Stroud, New Orleans, Florida, Washington, J.K, Sunday’s

U.S. President Joe Biden holds a press conference in Hanoi, Vietnam, September 10, 2023. Biden also said in Hanoi he had talked with Xi’s deputy at the G20, and that the two talked about stability. In recent weeks, Vietnam has engaged in several high-level defence meetings with top Russian officials. CHIPS, RARE EARTHSBiden’s visit comes as bilateral trade and investment ties are growing and a long-simmering territorial dispute between Vietnam and China heats up in the South China Sea. A large part of it could go to Vietnam, officials said.

Persons: Joe Biden, Evelyn Hockstein The, Biden, ”, ” Biden, Xi Jinping, Nguyen Phu Trong, Pham Minh Chinh, Jon, “, Antony Blinken Organizations: Sunday, REUTERS, Communist Party, Communist Party General, Reuters, Vietnam’s, Vietnam Airlines, Boeing, Max, Google, Intel, Marvell, GlobalFoundries, U.S Locations: HANOI, WASHINGTON, Vietnam, Washington, China, Russia, Hanoi, United States, Pacific, Hanoi . Vietnam, Beijing, Ukraine, Moscow, U.S, India, South China, America

At the Nairobi orphanage, program manager Paul Mulongo has a message for Washington. Without that, the virus could come back, ”and about 20 million lives might be lost in the coming years,” he said. But Reach Out helps anyone who walks in needing HIV drugs, Kaleebi said. “Sometimes it’s so crazy when you hear people saying that these HIV drugs should be bought by the local government,” he said. Some are among the 1.4 million children and adults living with HIV in Kenya, according to UNAIDS.

Persons: George W, Bush, Paul Mulongo, “, Mulongo, ”, Tom Hart, PEPFAR, Biden, Chris Smith, Smith, ” Smith, John Nkengasong, we’ve, Josephine Kaleebi, ” Kaleebi, Kaleebi, Mark Dybul, Bernard Mwololo, David Shitika, “ Nobody, ” Shitika, ” ___ Amiri, Knickmeyer, Rodney Muhumuza Organizations: Republican U.S, President’s, AIDS Relief, Republicans, Democrats, ONE, Heritage Foundation, State Department, ” Conservatives, PEPFAR, Republican, Foreign, Associated Press, AP, Health Initiative, Uganda’s Catholic, AIDS, UNAIDS Locations: NAIROBI, Kenya, United States, Africa, Ukraine, Brazil, Indonesia, Nairobi, Washington, ”, Uganda, Kampala, Russia, China

☆ Nigerian election tribunal to decide if Tinubu stays as president
▼ + stars: | 2023-09-06 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS Acquire Licensing RightsABUJA, Sept 6 (Reuters) - Nigeria's presidential election tribunal is due to rule on Wednesday on whether Bola Tinubu should stay as president after two rivals challenged his victory in February's disputed vote. There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none have succeeded. The tribunal, which will deliver its ruling in the capital Abuja, has the power to cancel an election and order a fresh one, among other remedies. Tinubu, who is in India ahead of a G20 Summit, has defended his victory and says he is focused on reviving the economy.

Persons: Bola Tinubu, Lewis Joly, Bola, February's, Atiku Abubakar, Peter Obi, Atiku, Obi, Muhammadu Buhari, MacDonald Dzirutwe, Alison Williams Organizations: New Global Financial, REUTERS Acquire, Rights, Tinubu's, People's Democratic Party, Labour, Thomson Locations: Nigeria, Paris, France, Rights ABUJA, Abuja, India

☆ Maldives election: could be key for China, India rivalry
▼ + stars: | 2023-09-06 | by ( Mohamed Junayd | ) www.reuters.com time to read: +3 min

A Progressive Party of Maldives worker poses with an "India Out" flag in Male, Maldives, March 21, 2022. REUTERS/Alasdair Pal/File Photo Acquire Licensing RightsMALE, Sept 6 (Reuters) - A presidential election in the Maldives on Saturday could be decisive in determining whether China or India win a competition for influence over the tiny Indian Ocean island chain. While India has longstanding cultural, financial and security ties with the Maldives, China has in recent years invested in infrastructure projects as it builds closer ties and pursues its Belt and Road vision of transport and energy networks. India, which denies that, is helping to build a naval harbour for Maldivian forces, who will be trained by the Indian military. Reporting by Mohamed Junayd in Male; Writing by Krishn Kaushik; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Alasdair Pal, Ibrahim Mohamed Solih, Mohamed Muizzu, Ahmed Shaheed, Shaheed, handouts, Solih, Muizzu, Mohamed Junayd, Krishn Kaushik, Robert Birsel Organizations: Progressive Party of, REUTERS, Reuters, Baani, Progressive Party, People's National Congress, Solih's Maldivian Democratic Party, Thomson Locations: Progressive Party of Maldives, India, Male, Maldives, China, Solih's

☆ We opened a restaurant with a no-tipping policy. We have to charge more, but it's been totally worth it.
▼ + stars: | 2023-09-04 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Vinod Kalathil and his wife recently opened the restaurant Thattu in Chicago. The restaurant doesn't take tips but instead pays servers a competitive wage. My wife and I opened our restaurant, Thattu, about four months ago on the Northwest side of Chicago. Before we opened, we talked to other restaurant owners about plans for opening a "no-tip" restaurant. We actually opened the first iteration of Thattu back in 2019 in a food hall in Politan Row.

Persons: Vinod Kalathil, Thattu, what's Organizations: Service, Labor, City, Block Club Chicago, Block Locations: Chicago, Wall, Silicon, Kerala, India, Politan, Thattu, City of Chicago

☆ Taiwan hopes Pope's China engagement helps 'worsening' religious freedom
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

Pope Francis attends a welcome ceremony at the bishop's house during his Apostolic Journey, in Ulaanbaatar, Mongolia September 1, 2023. China's foreign ministry said the pope's blessing reflected friendship and goodwill, noting China and the Vatican had maintained communication in recent years. "We hope that Vatican-China exchanges will help improve China's worsening religious freedom and human rights issues," it added. China's constitution guarantees religious freedom, but in recent years the government has tightened restrictions on religions seen as a challenge to the authority of the ruling Communist Party. Taiwan puts no restrictions on freedom of faith and has a thriving religious community that includes Christians, Buddhists and Muslims.

Persons: Pope Francis, Pope Francis messaged, Xi Jinping, Francis, Xi, Ben Blanchard, William Mallard Organizations: Vatican, Handout, REUTERS Acquire, Rights, Catholic Church, Communist Party, Taiwan, Thomson Locations: Ulaanbaatar, Mongolia, Rights TAIPEI, Taiwan, China, Taipei, Beijing, China's

☆ Protester killed, dozen wounded in clashes in Iraq city of Kirkuk, police say
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Sept 2 (Reuters) - A protester was shot dead and a dozen wounded on Saturday during clashes between ethnic groups in the northern Iraqi oil city of Kirkuk that broke out after days of tensions, security forces and police said. Security officials and police in the city say they were investigating the circumstances of how a protester - a Kurd - was killed, and who opened fire. People from both protest groups were wounded as stones were thrown and metal bars used to attack, said Kirkuk police. Kurdish forces controlled Kirkuk city after driving Islamic State out in 2014 but were ejected by the Iraqi army in 2017, bringing the city back under Baghdad's control. But Arab residents and minority groups who said they suffered under Kurdish rule, such as the Turkmen, have protested the KDP's return.

Persons: Mohammed al, Sudani, Ahmed Rasheed, Rosalba O'Brien Organizations: Kurdistan Democratic Party, Security, Iraq's Shi'ite, Thomson Locations: BAGHDAD, Kirkuk, Iraq, State, Iraqi

☆ Danai Gurira on standing up against stereotypes
▼ + stars: | 2023-09-01 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDanai Gurira on standing up against stereotypesActor and playwright Danai Gurira is a UN Women Goodwill Ambassador. Here she speaks to CNBC's Tania Bryer about its "Unstereotype Alliance" which looks to eradicate harmful stereotyping in media and advertising.

Persons: Danai Gurira, CNBC's Tania Bryer Organizations: UN Women Goodwill

☆ A 'historic' result but still a 'construction site': Analysts react to blowout UBS earnings
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.

Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland

☆ European markets higher following UBS earnings; Swiss bank up 5%
▼ + stars: | 2023-08-31 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

UBS on Thursday 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. Underlying profit before tax, which excludes negative goodwill, integration-related expenses and acquisition costs, came in at $1.1 billion. The fate of Credit Suisse's flagship Swiss bank, a key profit center for the group and the only division still generating positive earnings in 2022, was a focal point of the acquisition. The emergency rescue deal that saw UBS purchase Credit Suisse at a heavily discounted 3 billion Swiss francs was mediated by Swiss authorities over the course of a weekend in March.

Persons: Read, — Elliot Smith Organizations: UBS, Credit Suisse, Credit, Suisse's, Swiss Locations: Swiss

☆ UBS CEO Sergio Ermotti discusses first earnings report since Credit Suisse acquisition
▼ + stars: | 2023-08-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO Sergio Ermotti discusses first earnings report since Credit Suisse acquisitionUBS CEO Sergio Ermotti speaks to CNBC following the bank's first earnings report since its acquisition of stricken rival Credit Suisse was completed in June. UBS posted a $29 billion net profit as a result of negative goodwill from the deal.

Persons: Sergio Ermotti Organizations: UBS, Credit Suisse, CNBC

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

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

The magic of “badwill”When UBS agreed to buy its archrival, Credit Suisse, for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. Today, the bank reported a $29 billion profit — yes, you read that right — for the second quarter, the biggest quarterly profit in banking history. But that paper gain belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis. (It’s also known as “negative goodwill.”) UBS reported that its underlying profit for the quarter was just $1.1 billion.

Persons: “, It’s Organizations: UBS, Credit Suisse

☆ UBS Reports Record-Breaking $29 Billion Profit
▼ + stars: | 2023-08-31 | by ( Michael J. De La Merced | More About Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

When UBS agreed to buy its archrival Credit Suisse for a little over $3 billion this spring at the Swiss government’s behest, analysts and investors said that price represented a steep discount. UBS’s latest financial results reflect just how much of a steal it was. On Thursday, the bank reported a $29 billion profit in its second quarter — yes, billion with a “b” — the biggest quarterly profit in banking history. But that paper gain belies the challenges that UBS faces as it moves to complete the largest takeover of a bank since the 2008 financial crisis. That process will include absorbing some of its onetime competitor’s domestic footprint and shuttering a large portion of its investment banking operations.

Persons: “, It’s Organizations: UBS, Credit Suisse

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