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LONDON (AP) — A British financial trader, who has been described as the ringleader in the manipulation of a key interest rate before and after the global financial crisis, lost his appeal Wednesday to have his conviction quashed. At a three-day hearing in London earlier this month, the men’s lawyers argued that their convictions were “unsafe” and should be quashed. An appeal to the Supreme Court has to be made within 14 days. The scandal emerged in 2012 when some banks were accused of submitting fake numbers on purpose to have the LIBOR set at a rate that better suited them. LIBOR has been phased out in recent years, partly because it was seen by many as worsening the 2008 financial crisis.

Persons: —, Tom Hayes, Hayes, Carlo Palombo, Palombo, dishonestly, “, LIBOR Organizations: Citigroup, Switzerland's UBS, London Inter, Barclays, Deutsche Bank, of Justice, Supreme, U.S Locations: British, U.S, London, France, Germany

☆ Global bank ranking removes Unicredit and moves up UBS, China banks
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Nov 27 (Reuters) - The Financial Stability Board (FSB) on Monday removed Italy's UniCredit (CRDI.MI) from the list of global systemically important banks and moved three banks, including Switzerland's UBS (UBSG.S), up a bucket. UniCredit, which was the only lender in Italy among those deemed as being of global systemic importance by the FSB, had no comment. UBS moved up a bucket after earlier this year taking over Credit Suisse in the first merger of two systemically important banks. Agricultural Bank of China and China Construction Bank also moved up from bucket 1 to bucket 2.

Persons: Dado Ruvic, Italy's, Noele Illien, Giulio Piovaccari, Louise Heavens, Sharon Singleton Organizations: REUTERS, Rights, UBS, UniCredit, Credit Suisse, China's Bank of Communications, Agricultural Bank of, China Construction Bank, Thomson Locations: Italy, Agricultural Bank of China

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

☆ Europe stocks higher ahead of central bank meets; UBS up 1% after completing Credit Suisse takeover
▼ + stars: | 2023-06-12 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets were higher Monday morning as investors prepare for a week of key central bank meetings in the United States, Asia and Europe. Switzerland's UBS moved higher after announcing it had completed the takeover of its embattled former rival Credit Suisse, which will cease trading. Under the deal terms, Credit Suisse shareholders receive one UBS share for every 22.48 outstanding shares held. Shares of the bank extended gains to 1% after it said it expected that Credit Suisse operating losses and "significant" restructuring charges would be offset by reductions in risk-weighted assets. The U.S. Federal Reserve will announce its latest monetary policy move Wednesday, while the European Central Bank will follow with its decision on Thursday.

Persons: Sergio Ermotti Organizations: Switzerland's UBS, Credit Suisse, UBS, U.S . Federal, European Central Bank, Japan's Locations: London, United States, Asia, Europe, Pacific

[1/5] Arlo Brownlee, an engineer, checks battery banks at GlidePath's Byrd Ranch energy storage facility in Sweeny, Texas, U.S., May 23, 2023. The battery rush also puts the Republican-controlled state at the forefront of President Joe Biden's push to expand renewable energy use. Reuters drew on previously unreported data and interviewed more than a dozen executives from private equity firms, utility companies and energy storage providers involved in some of the biggest battery storage deals for this report. But the legislation also contains provisions that industry groups said could encourage investment in battery storage. Miller said he expects ancillary market prices to "collapse" as more battery storage comes online.

Persons: Arlo Brownlee, Adrees Latif, Rhett Bennett, ”, Joe Biden's, Wood Mackenzie, Andrew Waranch, David Miller, Miller, Waranch, Dick Lewis, Andrew Tang, Chris McKissack, you've, McKissack, Nichola Groom, Laila Kearney, Richard Valdmanis, Suzanne Goldenberg Organizations: REUTERS, Korea's SK, Switzerland's UBS, Black, Energy, Texans, Republican, Reuters, U.S . Energy Information Administration, Developers, BlackRock, Jupiter, EnCap Investments, Korea's SK E, Vision Ridge Partners, UBS, SK E, SK, Mercom Capital Group, Reliability, of Texas, Spearmint Energy, Inc, Wartsila, Thomson Locations: Sweeny , Texas, U.S, BlackRock, Texas, California, Gridmatic

Companies UBS Group AG FollowMay 1 (Reuters) - The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland's UBS Group AG (UBSG.S). A Supreme Court ruling in favor of UBS could significantly curtail financial whistleblower lawsuits because it is often difficult for plaintiffs to prove a defendant's motives. Robert Herbst, a lawyer for Murray, said the 2nd Circuit decision ignored the text of the whistleblower law, adding that he looked forward to arguing the case before the Supreme Court. A UBS spokesperson said, "We expect the court will uphold the 2nd Circuit's decision." The Supreme Court is due to hear the case in its next term, which begins in October.

☆ UBS retains risk chief to bolster controls for Credit Suisse deal
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 24 (Reuters) - Switzerland's UBS said on Monday it will retain Christian Bluhm as chief risk officer for the "foreseeable future" as it bolsters controls during the takeover of Credit Suisse. Vogel has now been appointed to a newly-created role of group risk control head of integration, where he will oversee risk functions related to the Credit Suisse deal, UBS said. Credit Suisse was mired in a string of scandals over the years, resulting in a Swiss-orchestrated takeover by UBS. The larger bank, which has largely avoided the missteps of Credit Suisse, will publish its first-quarter result on Tuesday. Credit Suisse said on Monday it suffered 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter.

Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. "I have not considered or discussed anything having to do with blanket insurance or guarantees of deposits," she said. The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held-to-maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ UBS fourth-quarter profit rises 23%; beats estimates
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Jan 31 (Reuters) - Switzerland's UBS Group AG (UBSG.S) on Tuesday reported a 23% increase in fourth-quarter profit, beating analyst estimates, helped by a fall in costs despite a drop in financial markets. The Swiss bank reported net profit attributable to shareholders of $1.7 billion, versus the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll. "We are starting 2023 from a position of strength," Chief Executive Ralph Hamers said in a statement. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS Chairman Colm Kelleher has said his bank has not actively sought to benefit from Credit Suisse's troubles.

LONDON/FRANKFURT, Jan 27 (Reuters) - Rising borrowing costs are giving a long-awaited lift to Europe's beleaguered banks, but they come with a sting in the tail. Last year central banks ended a decade of rock-bottom interest rates as the U.S. Federal Reserve and then the European Central Bank moved towards tightening. But while rising rates are good news for bank profits, they herald a slowdown in an economy hit by war and runaway prices that squeeze borrowers and could prick pricing bubbles, most notably in property. "On the one hand, interest rates are going up, which is good and helps banks," said Jerome Legras of Axiom Alternative Investments. Germany's financial regulator BaFin recently warned that a rapid rise in interest rates could weigh on some banks, and that loans may sour.

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