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☆ UBS posts large loss on costs of Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UBS made a hefty loss in the first full quarter since it closed a deal to rescue its stricken rival Credit Suisse, even as the bank attracted billions of dollars in new deposits from customers. UBS (UBS) saw $22 billion of net new money flow into its global wealth management business, as it gained new clients and won back assets from those who had pulled funds immediately after the takeover. That figure includes flows into Credit Suisse’s wealth management unit, which turned positive for the first time in 18 months. Across the group as a whole, UBS attracted net new deposits of $33 billion, with two-thirds of that coming from legacy Credit Suisse clients. CEO Sergio Ermotti was brought back to helm UBS through its takeover of Credit Suisse within days of the Swiss government-orchestrated deal being announced.

Persons: Sergio Ermotti, ” Ermotti, ” “, Benjamin Goy, Sharath Kumar, ” Organizations: London CNN, UBS, Credit Suisse, Swiss, ” “ UBS, Deutsche Bank Locations: Zurich, Swiss

GENEVA (AP) — UBS reported Tuesday a $255 million pre-tax loss as the giant Swiss bank shed some 4,000 jobs globally, cut costs faster than expected, and reaped billions in asset inflows in the third quarter while moving forward with its government-orchestrated merger with rival Credit Suisse. The Zurich-based bank said underlying profit before taxes came in at $884 million in the first full quarter since the merger was completed in June. Government authorities in Bern shepherded through the deal with bank chiefs to stave off a collapse of Credit Suisse and avert a financial crisis. UBS tallied $33 billion in net new deposits in its wealth management and personal and corporate banking segments, two-thirds of that from Credit Suisse clients. Political Cartoons View All 1234 Images“We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," UBS chief executive Sergio Ermotti said in a statement.

Persons: —, Sergio Ermotti, Benjamin Goy, Sharath Kumar, ” Organizations: GENEVA, — UBS, Credit Suisse, The, UBS, Six Swiss, Deutsche Bank, ” UBS Locations: Swiss, The Zurich, Bern shepherded, Zurich

☆ Build up not out: the high density housing push for Australian cities
▼ + stars: | 2023-08-31 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

Mahendran has joined the Sydney YIMBY (Yes In My Backyard) group, a fledgling grassroots movement seeking higher density housing in opposition to those branded NIMBYs (Not In My Backyard) that fight new and large developments, particularly in gentrified inner-city areas. For a continent as large and sparsely populated as Australia, it is almost counter-intuitive there could be a housing shortage. While the YIMBY movement is in its infancy in Australia, it marks a shift in community attitudes towards development as affordability worsens and a push for shorter commutes and better facilities become features of post-pandemic urban living. "The future is up by way of density," said Liz Allen, a researcher at Australian National University in Canberra. Greater Canberra, the YIMBY group in Canberra, has received support from both Labor and Greens for its push to lift density across the Australian Central Territory.

Persons: Stella Qiu, Mahendran, Sydney YIMBY, Liz Allen, Justin Simon, they've, Simon, Philip Lowe, Lowe, Anthony Albanese, Albanese, Simon Welsh, Lincoln Organizations: REUTERS, Rights, Sydney, New South, New South Wales Productivity, Australian National University, Reuters, Labor, Greens, Australian Central Territory ., Senate, Redbridge, Thomson Locations: Parramatta, Sydney, today's Australia, Australia, New South Wales, Canberra, Greater Canberra, May, Victoria

☆ 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

☆ Agarkar named India's new chairman of selectors
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

July 4 (Reuters) - Former India fast bowler Ajit Agarkar has been appointed chairman of India's selection committee, the country's cricket board (BCCI) said on Tuesday. The senior selection committee, led by Chetan Sharma, had initially been sacked in November after India were knocked out of the Twenty20 World Cup in the semi-finals in Australia. Agarkar was recently a coach with Indian Premier League side Delhi Capitals but parted ways after this year's tournament. "The Cricket Advisory Committee (CAC) ... interviewed applicants for the position of one selector in the Men's Selection Committee," the BCCI said in a statement. The 45-year-old played 26 tests for India, 191 one-day internationals and four T20 matches, taking a total of 349 wickets across all formats.

Persons: Ajit Agarkar, Chetan Sharma, Sharma, Agarkar, Shiv Sundar Das, Subroto Banerjee, Salil, Sharath, Rohith Nair, Ken Ferris Organizations: BCCI, Indian Premier League, Delhi Capitals, Cricket Advisory, CAC, Thomson Locations: India, Australia, Bengaluru

☆ Sudan one month on: Why cease-fires are failing, and what global leaders are missing
▼ + stars: | 2023-05-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

KHARTOUM, Sudan - May 6, 2023: Sudanese Army sodliers walk near armoured vehicles stationed on a street in southern Khartoum, amid ongoing fighting against the paramilitary Rapid Support Forces. AFP via Getty ImagesOne month after fighting between Sudan's two military factions broke out in the capital, Khartoum, internationally-brokered peace talks in Saudi Arabia have yielded no solution. Almost a million people have fled their homes, both to locations within Sudan and across the border to neighboring countries. The World Bank and several global powers froze aid to the country after the military takeover, honoring calls from civilians not to legitimize its leadership. Targeted and collaborative efforts by the international community to exert pressure on the countries supporting Sudan's military factions were needed, Abdel-Magied said.

☆ A 'tinderbox' with no easy off-ramps: What the Sudan conflict means for the world
▼ + stars: | 2023-04-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +10 min

Smoke rises during clashes between the Sudanese Armed Forces and the paramilitary Rapid Support Forces (RSF) in Khartoum, Sudan on April 19, 2023. "We urge the Sudanese army to respect the ceasefire and its conditions to alleviate the suffering of innocent civilians. - | Afp | Getty ImagesNotorious Russian mercenary force Wagner Group has been linked to various commercial and military operations in Sudan. Italian citizens are boarded on an Italian Air Force C130 aircraft during their evacuation from Khartoum, Sudan, in this undated photo obtained by Reuters on April 24, 2023. "The RSF is likely to target oil infrastructure linking South Sudan with Khartoum and the export terminal at Port Sudan," Verisk Maplecroft's Hunter suggested.

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