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UBS makes first profit since Credit Suisse rescue
  + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.
Persons: Sergio Ermotti, Johann Scholtz, , Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland
Steve Eisman told Bloomberg TV that Apple will benefit from the coming wave of AI-based applications. Prospects of an AI iPhone have spurred bullish calls among other analysts. AdvertisementApple is well positioned to exploit the second leg of artificial intelligence, as the technology starts to take the form of mobile applications, Steve Eisman said. Sacconaghi's bullishness preceded Apple's winning earnings, during which CEO Tim Cook teased big AI announcements to come. AdvertisementWhen it comes to AI, Eisman has previously touted big investments in infrastructure, which would benefit from the tech's massive power demand.
Persons: Steve Eisman, , everybody's, Neuberger Berman, we're, Eisman, Bernstein's, Toni Sacconaghi, Sacconaghi's bullishness, Tim Cook, Dan Ives Organizations: Bloomberg, Apple, Service, Nvidia, AMD, Cook, Co, Securities, Worldwide Locations: China
At SFMOMA, Disability Artwork Makes History
  + stars: | 2024-05-07 | by ( Jonathan Griffin | ) www.nytimes.com   time to read: +1 min
In 1974, Florence Ludins-Katz and Elias Katz — she an artist, he a psychologist — turned the garage of their Berkeley home into an art studio for adults with developmental disabilities. Across California at that time, people with a range of disabilities were being deinstitutionalized, with little provision made for them after their release. Half a century on, Creative Growth — as the iconoclastic and influential studio in Oakland was named — is celebrating its 50th anniversary with an exhibition, “Creative Growth: The House That Art Built,” at the San Francisco Museum of Modern Art. The exhibition draws from SFMOMA’s half-million-dollar acquisition of more than 100 Creative Growth artworks, the largest purchase by any American museum of the work of disabled artists. The museum acquired 43 more pieces from Creative Growth’s sister organizations in California, also founded by the Katzes: Creativity Explored in San Francisco and NIAD (Nurturing Independence Through Artistic Development) in Richmond.
Persons: Florence Ludins, Katz, Elias Katz —, Organizations: San Francisco Museum of Modern Art Locations: California, Oakland, San Francisco, Richmond
UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues. Lower expenses and consolidation benefits following the takeover of Credit Suisse in June 2023 also helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million. The Swiss banking giant is continuing to process the mammoth integration of its former rival. The firm said Tuesday that it expects to complete the merger of UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter, and the merger of its Swiss entities in the third quarter.
Organizations: UBS, Credit Suisse, UBS AG, Credit Suisse AG Locations: Krakow, Poland, Swiss, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS CEO: We are making very good progress in our Credit Suisse integration plansSergio Ermotti, the CEO of UBS, speaks to CNBC's Silvia Amaro after the bank's first-quarter results.
Persons: Sergio Ermotti, CNBC's Silvia Amaro Organizations: UBS, Suisse
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS earnings: Numbers 'heavily influenced' by integration of Credit Suisse, analyst saysJohann Scholtz of Morningstar discusses UBS' first-quarter results, and says its integration of Credit Suisse makes it "tricky" to compare numbers across periods.
Persons: Johann Scholtz, Morningstar Organizations: UBS, Credit Suisse
BARCELONA, SPAIN - JANUARY 31: A logo sits illuminated outside the Amazon Web Services (AWS) booth at ISE 2023 and IOT Solution World Congress at Fira Barcelona on January 31, 2023 in Barcelona, Spain. (Photo by Cesc Maymo/Getty Images)SINGAPORE — Amazon Web Services on Tuesday said it will invest an additional 12 billion Singapore dollars (about $8.87 billion) over the next five years to grow its cloud infrastructure and services in Singapore. "The investment will go into the construction and build up of the DC capabilities, all associating with the Asia-Pacific Singapore region," Priscilla Chong, country manager of AWS Singapore, told CNBC's "Street Signs Asia" on Tuesday. The U.S. tech giant's cloud computing arm launched its first Asia-Pacific region in Singapore in 2010 – its first foray outside of the U.S. and Europe. Since then, AWS said it has pumped over SG$11 billion into Singapore's cloud infrastructure and ecosystem.
Persons: Cesc Maymo, Priscilla Chong, CNBC's, Chong Organizations: Amazon Web Services, Fira Barcelona, Integrated Systems, Services, AWS Singapore, ASEAN Locations: BARCELONA, SPAIN, Barcelona, Spain, Integrated Systems Europe, SINGAPORE, Singapore, Asia, Pacific Singapore, U.S, Pacific, Europe
There's mounting evidence of how serious Apple is about artificial intelligence, Jim Cramer said Tuesday, pointing to a Wall Street Journal report about the tech giant developing AI data center chips. "This is the beginning of what I regard as the Apple offense on AI." He also reiterated his Apple stock mantra: "Own it, don't trade it." Following a 48% gain last year and an all-time just under $200 per share back in December, Apple shares fell on hard times. Jim suggested Tuesday that Apple investors will be rewarded for their patience once management fully unveils their forthcoming AI strategy.
Persons: Jim Cramer, Jim, Tim Cook Organizations: Wall, Apple, Data Centers, Taiwan Semiconductor Manufacturing, Big Tech, Developers Conference
After years of delays, Boeing is finally set to launch two NASA astronauts to the International Space Station on its Starliner spacecraft. ET, atop an Atlas V rocket at Florida's Cape Canaveral Space Force Station. Astronauts Barry "Butch" Wilmore and Sunita Williams will pilot the Starliner on its inaugural crewed flight — a crucial final test before NASA can authorize Boeing to conduct routine flights to and from the space station for the agency. If successful, the flight will enable Boeing to challenge the dominance held by Elon Musk's SpaceX, which has been ferrying NASA astronauts to and from the orbiting outpost since 2020. At a preflight briefing last week, Wilmore said safety is paramount and that previous Starliner launch attempts — both uncrewed and crewed — were delayed because the capsule simply was not ready until now.
Persons: Astronauts Barry, Butch, Wilmore, Sunita Williams, Elon Musk's Organizations: National Aeronautics and Space Administration, NASA, United, Alliance, Boeing's, NASA's Boeing, Cape Canaveral Space Force, Boeing, International, Atlas, Canaveral Space Force, Astronauts, Elon, Elon Musk's SpaceX Locations: Florida
He sees California Forever. And if he can't undo the damage, there may never be a California Forever. California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. But here's the thing: California Forever may be a subdivision, but it's precisely the kind of subdivision America needs right now. Places like California Forever aren't being opposed by the people who are desperate for a place to live.
Persons: Jan Sramek's, Goldman Sachs, Sramek, Reid Hoffman, Laurene Powell Jobs, Marc Andreessen —, They've, Christie Hemm, Peter Thiel, Jan Sramek, Jan, Thiel, Goldman, CheatSheet, Sramek's, hadn't, Jonas Rave, who's, , Guy Saidenberg, Evernote, Marc Andreessen, Jane Jacobs, He's, he'd, Robert Moses, growth.y Christie Hemm, Flannery, Bronson Johnson, David George, Andreessen Horowitz, Marilyn Farley, Farley, Solano County's, Kathleen Threlfall, Bill Mortimore, California Forever's, Jessica Christian, he's, Lyle Lanley, Solano, Sam Houston, weren't, Gabriel Metcalf, You've, John Garamendi, Garamendi, isn't, they'll, latte, Christie, Travis, I've, aren't, They're Organizations: Silicon, California, BI Development, University of Cambridge, London School of Economics, Party, Rising Star, Facebook, York, Sramek's, BI Sramek, Google, American, Planners, Sacramento -, Travis Air Force Base, Area, titans, Farmers, councilwoman, California Forever, Sacramento Municipal Utility District, Air Force, Flannery Associates, Disney, San Francisco, Vallejo Naval, Historical Museum, Rep, BI, Solano, Sierra, Goldman Locations: San Francisco, It's, Sramek, California, Rio Vista, Solano County, Napa, Sacramento, Silicon Valley, America, London, Zurich, England, Czech Republic, Dřevohostice, York, British, Eastern Europe, Cambridge, Bay Area, Hayes Valley, America's cutest, Atlanta, Phoenix, Copenhagen, Barcelona, New York, Sacramento - San Joaquin, San Francisco Bay, Lake Tahoe, Toledo , Ohio, Silicon, Google's, Toronto, Big Tech, China, Calif, Springfield, Vallejo, He's, Atherton, Foreverville, Fairfield, Austin, Solano, Valley, Europe
Laurent Cantet, an eminent director who made penetrating films about the prickly undersides of French life and society, died on April 25 in Paris. His screenwriter and editor, Robin Campillo, said he died of cancer in a hospital. That ambiguity infuses the film with a rare tension, as a hapless language teacher struggles with his largely immigrant students, trying (with difficulty) to gain their acceptance of the strict rules of the French language, and French identity. In this frank chronicle of classroom life, the students, many of them from Africa, the Caribbean and Asia — bright, sometimes provocative — have the upper hand. Reviewing “The Class” in The New York Times, Manohla Dargis called it “artful, intelligent” and “urgently necessary.”
Persons: Laurent Cantet, Robin Campillo, Cantet’s, Palme, Oscar, Manohla Dargis, Organizations: Murs, Cannes Film, The New York Times Locations: Paris, Africa, Caribbean, Asia, The
Boeing is about to fly NASA astronauts to the International Space Station for the first time. Still, the FAA, NASA, and other aerospace experts have questioned Boeing's overall safety culture. NASA astronauts Butch Wilmore and Suni Williams conduct suited operations in the Boeing Starliner simulator at NASA's Johnson Space Center. This Crew Flight Test mission is over a decade in the making. He added that those calculations are for a full 210-day mission, while Whilmore's and Williams's test flight lasts just one week.
Persons: , NASA's Butch Wilmore, Suni Williams, Butch Wilmore, Robert Markowitz They're, jetliner, AeroSystems, Bill Nelson, Kim Shiflett, George Nield, Bjorn Fehrm, Fehrm, KPIs, Doug Loverro, Baz Ratner, Bill Ingalls, Steve Stich, Nield, We've, Wilmore, Starliner, Whitmore, Williams Organizations: Boeing, NASA, International Space Station, FAA, Service, Defense, Boeing's, International Space, Space Center, ISS, Max, NTSB, AP, Alaska Airlines, United Airlines, Federal Aviation Administration, Department of Justice, Atlas, Cape Canaveral Space Force, Space Transportation, New York Times, Leeham, Business, Ethiopian, Ethiopian Airlines, Aerospace, Committee, White, Bill Ingalls NASA, US, Spaceflight Locations: Portland, Florida, It's, New Mexico
Read previewThe Marine Corps wants to field better counter-drone capabilities yesterday. Since that is not possible, the service says it's looking to get them to Marines right now, or at least very soon. Over the last five years, the Marine Corps has been improving its counter-drone systems as it looks to reshape the force and compete with near-peer adversaries. US Marines observed targets during a counter-unmanned aircraft system (UAS) range on Marine Corps Base Camp Lejeune in North Carolina. That challenge has only grown, according to officials Tuesday, and the need for the Marine Corps to thwart it is critical.
Persons: , Steve Bowdren, It's, it's, Neil Mabini Bowdren, Stephen Lightfoot, Moises Sandoval Lightfoot, Camp, Military.com, Col, Brendan Sullivan, Lance Cpl, Anakin Smith, David Berger, Lightfoot Organizations: Service, Corps, Marines, Marine Corps, Modern, Business, Marine Air Defense Integrated Systems, US Navy, Marine Air Defense Integrated, Carter, . US Navy, Air Defense Battalion, Darwin, 1st Marine Division, Marine Corps Base, US Marine Corps, 24th Marine Expeditionary Unit, Light Marine Air Defense Integrated Locations: Washington ,, Russia, China, Yuma, Yuma , Arizona, Ukraine, Brig, Camp Lejeune, North Carolina
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon Web Services CEO Adam Selipsky on the battle for the hyperscale data center marketAdam Selipsky, AWS CEO, joins 'Closing Bell Overtime' to talk Amazon's quarterly results, the integration of generative AI.
Persons: Adam Selipsky Organizations: Web
Israel has never been impressed with the US-made Patriot air defense system. AdvertisementIsrael has never been satisfied with its version of the Patriot air defense system that Ukraine views as essential to its survival. AdvertisementA Patriot air defense system test-fired during a training in Chania, Greece, on November 8, 2017. Israel previously refused a US request for its vintage Hawk missiles, long in storage and out of service, for Ukraine. Jordan requested the US deploy a Patriot missile on its soil in October and helped intercept the Iranian barrage on April 13.
Persons: Israel, , Israel wouldn't, Ryan Bohl, RANE, Israel isn't, Bohl, Anthony Sweeney, US Army Federico Borsari, Borsari, it's, Jordan Organizations: Scud, Patriots, Service, Israel, Patriot, East, US Army, Center for, Patriot PAC, Patriot's PAC, Analysts, United Arab, Israeli PAC Locations: Israel, Ukraine, Iran, Iraq, Syria, Iraqi, Russia, North Africa, Chania, Greece, United States, Jordan, United Arab Emirates, Bahrain, Saudi Arabia
Earnings per share rose 1% to $1.53, a March quarter record, and exceeded the LSEG consensus estimate of $1.50. This resulted in stronger-than-expected free cash flow, which is more important than operating cash flow because it is cash Apple can ultimately return to shareholders via buybacks and dividends. During the reported quarter, Apple paid over $27 billion to shareholders, including $3.7 billion in dividends and equivalents and another $23.5 billion via the repurchase of 130 million shares. Quarterly results Apple's services sales notched another record, which offset a slight miss in product sales and led to beats on gross and operating income. iPad sales are expected to gain double digits year over year, much better than the 5.9% expected on Wall Street.
Persons: Tim Cook, Cook, we're, Apple, Luca Maestri, Maestri, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Management, MacBook, MacBook Air, Apple Watch, Fortune, Apple Vision, KLM Airlines, CNBC, Apple Inc, Visual China, Getty Locations: China, Greater China, America, East, Canada, India, Spain, Turkey, Indonesia, WWDC, U.S, Australia, France, Germany, Japan, Shanghai
Israeli Prime Minister Benjamin Netanyahu has long sought relations with Saudi Arabia, home of Islam’s holiest sites, as the move could domino across the wider Muslim world. The first component includes a package of agreements between the US and Saudi Arabia, another component has the normalization of relations between Saudi Arabia and Israel, and a third component for a pathway to a Palestinian state. The subsequent Israeli assault on Gaza, which has left the enclave in ruins and killed more than 34,000 Palestinians, may have changed the parameters of the deal for Saudi Arabia, analysts say. However, there has been no indication that the Biden administration would opt to bypass Congress for the bilateral agreement with Saudi Arabia to pass. Saudi Arabia is rich in uranium deposits and has insisted on being able to enrich it domestically, which would be a first for an Arab state.
Persons: Benjamin Netanyahu, Matthew Miller, ” Miller, Antony Blinken, , Blinken, Prince Mohamed bin Salman, Netanyahu, Biden, Prince Faisal bin Farhan, Israel, Lindsey Graham, ” Graham, Firas Maksad, , Jamal Khashoggi, ” Maksad, Crown Prince, Karen Young, Edward J, Markey Organizations: CNN, State, Saudi, State Department, Abraham Accords, Israel, MBS, Saudi Foreign, Republican, Senate, Bahrain, Biden, Strategic Outreach, Middle East Institute, Washington DC, Congress, Washington Post, Crown, Columbia University’s Center, Global Energy, Neighboring United, Democratic, Nuclear Weapons, NATO Locations: Saudi Arabia, United States, Israel, Iran, Russia, China, Palestinian, Gaza, , Riyadh, Saudi, Washington, Turkey, “ Saudi Arabia, Emirates, Bahrain, U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInformatica CEO Amit Walia talks quarterly results after earnings and revenue beatAmit Walia, Informatica CEO, joins 'Closing Bell Overtime' to talk quarterly results, AI integration, acquisition possibilities and more.
Persons: Amit Walia Locations: Informatica
As the new technology accelerates in skill and ubiquity, business leaders are racing to figure out what the relationship between workers and AI will look like in years to come. Business Insider's virtual event "Human-AI Collaboration: The Key to Workplace Efficiency and Innovation," presented by Dell Technologies, brought together a panel of experts to discuss the trials, triumphs, and future of AI. He discussed the major ways in which Dell is integrating AI into its processes, from increasing productivity for developers to automating content. "There are predictions that we could have two times, three times, even four times the employment demand for new job growth as a result of gen-AI and AI ethicists, AI translators, AI mediators, AI co-creative, AI legal, and compliance experts," Miscovich said. Working with AI from the ground floor can allow businesses to design the parameters that will guide AI's future presence in the workplace.
Persons: Matt Baker, Mozziyar Etemadi, Peter Miscovich, Tim Paradis, Baker, Miscovich, Etemadi Organizations: Service, Efficiency, Dell Technologies, Business, Dell, Northwestern Medicine, AIs
AI-powered solutions need to incorporate real-time data into their responses to be the most useful, he added. "My life has not been transformed by AI," MongoDB CEO Dev Ittycheria said in an interview with TechCrunch. AdvertisementAI services will have to incorporate "real-time data" to make them transformative to the average person, Ittycheria said. "I think that's where we will start seeing much more sophisticated apps, where you can embed real-time data along with all the reasoning." Bill Gates has compared AI to seismic tech advancements like the invention of the PC or the internet.
Persons: it's, Dev Ittycheria, , Ittycheria, Bill Gates, Mark Zuckerberg Organizations: Service, TechCrunch
A longtime Apple skeptic upgraded the iPhone maker, sending the struggling Club stock higher in Monday's session. "Apple got distorted today by an upgrade [from] someone who historically has been incredibly wrong" about the stock, Jim said on Monday. AAPL YTD mountain Apple (AAPL) year-to-date performance In Monday's upgrade, Sacconaghi offered a largely upbeat view on Apple's long-term prospects – a view that we share. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer, Bernstein, Toni Sacconaghi, Sacconaghi, Jim, Jim Cramer's Organizations: Apple, Club, Bloomberg, Microsoft, Google, CNBC, Nurphoto, Getty Locations: China
I wanted something different for my daughtersIn the US, individualism really makes it difficult to parent, especially as a single parent. I also wanted safety for all of usAs a gay woman, I wanted to live somewhere where I could have rights, community, and safety. In Portugal, children of all ages are found in restaurants at all hours with their families, and parks have kiosks for parents to enjoy drinks while their children play. There isn't an expectation for single moms to show up as if they aren't single moms. I am grateful that Portugal models other ways of being a parent: prioritizing ourselves, our children, and our time.
Persons: Aisha Canfield, I've Organizations: Service, Business, San Francisco Bay Area Locations: Portugal, San Francisco Bay
The sale features great discounts on everything tech, from 4K TVs to SodaStream soda makers. Whether shopping for a birthday gift or upgrading your devices, this Best Buy weekend sale is where to look. Shop at Best BuyBeats Studio Buds+ $129.99 $169.99 Save 24% The Beats Studio Buds+ offer powerful and balanced sound that fits in your pocket. Shop at Best BuyThis is just a small taste of this weekend's top Best Buy sale picks. Check out the full selection over at the Best Buy website.
Persons: Bissell, I've, you’ll Organizations: Business, Apple, LG, Samsung
As in the past, Biden told the story on Friday while recounting what his mother supposedly said while urging him to accept Barack Obama’s 2008 offer to be his running mate. His mom, he said, did not want him to turn down a man who was vying to become the first Black president. No other Biden memoir, either, says he was arrested at such a protest. They include the false claim that he “used to drive an 18-wheeler” and the false claim that he has never earned $400,000 in a year. After media outlets found no evidence of such an arrest, Biden told CNN that he had been “stopped” in South Africa but did not mean to say arrested.
Persons: Joe Biden, Howard Stern, , , Biden, Barack, Stern, ‘ Joey, , PolitiFact, Oprah Winfrey, Winfrey, you’d, Biden’s, Nelson Mandela, Mandela Organizations: Washington CNN, Washington Post, Wilmington News, CNN Locations: Delaware, Wilmington, African, , South Africa
Amazon Merch on DemandStart-up cost: $0 This platform has become my favorite passive income opportunity. My responsibilities include creating graphic designs, and listing them for sale on the various products available in the Amazon Merch catalog. Print on DemandStart up cost: $0 Amazon Merch is not the only way to make money with print on demand. It allows you to make passive income by creating video reviews of Amazon products that you own. The uploaded videos are displayed on the Amazon product detail page for the product you review, as well as similar products.
Persons: I've, Printful, they're Organizations: Walmart, eBay, Amazon, Amazon Influencer, YouTube
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