(MarketWatch) -- UBS shares fell as much as 9% Wednesday after the struggling Swiss bank said it expects to post a loss of nearly 2 billion Swiss francs ($1.8 billion) for the first three months of 2009 and added that nearly 9,000 more staff will lose their jobs.
The group said it will reduce its workforce to around 67,500 in 2010, from the current 76,200, which will help it slash costs by between 3.5 billion francs and 4 billion francs. Roughly 2,500 of the cuts will be in Switzerland.
In a statement UBS's newly appointed chief executive, Oswald Gruebel, also said that despite positive early signs, clients continued to withdraw their cash in the quarter.
Gruebel, a former head of arch-rival Credit Suisse, was hired in January to try and turn around the bank, but he told shareholders at the annual meeting Wednesday that there will be no quick fix.
Investors weighed the worse-than-expected quarterly loss against the group's deep cost-cutting plans, pushing the stock down around 9% in early trading before it recovered to trade down 3.2%.
Read more at MarketWatch
Showing posts with label UBS. Show all posts
Showing posts with label UBS. Show all posts
Wednesday, April 15, 2009
Thursday, July 26, 2007
Platinum Gains in Asia Trade After UBS Report Says Swiss Stockpiles Drop
(Bloomberg) -- Platinum rose in Asian trading after
a report that stockpiles in Switzerland dropped by almost half
this year, and as wage talks in South Africa raised concerns that
a strike may disrupt supplies.
Inventories in Switzerland, the European storage hub, fell
to 14.7 tons in June from 29 tons in December, John Reade,
London-based head of metals strategy at UBS Investment Bank, a
unit of Zurich-based UBS, said in an e-mailed report yesterday.
Read more at Bloomberg Commodities News
a report that stockpiles in Switzerland dropped by almost half
this year, and as wage talks in South Africa raised concerns that
a strike may disrupt supplies.
Inventories in Switzerland, the European storage hub, fell
to 14.7 tons in June from 29 tons in December, John Reade,
London-based head of metals strategy at UBS Investment Bank, a
unit of Zurich-based UBS, said in an e-mailed report yesterday.
Read more at Bloomberg Commodities News
Wednesday, July 25, 2007
Tyco Electronics Group S.A. to sell $1.5 bln notes
(Reuters) - The joint lead managers on the sale are UBS Investment Bank
and Goldman Sachs.
Read more at Reuters.com Bonds News
and Goldman Sachs.
Read more at Reuters.com Bonds News
Tuesday, July 24, 2007
UBS Starts Selling 3.2 Billion Euros of BBVA Mandatory Exchangeable Bonds
(Bloomberg) -- UBS AG started selling about 3.2
billion euros ($4.4 billion) of bonds that automatically convert
into shares of Banco Bilbao Vizcaya Argentaria SA, Spain's
second-largest lender.
The five-year exchangeable bonds will pay interest of 3.2
percent to 3.3 percent, Zurich-based UBS said in a note setting
out the terms of the deal. At maturity the bonds convert into
BBVA shares, which need to rise by 18 percent to 21 percent from
current prices for the trade to be profitable, the terms show.
BBVA shares today rose 40 cents, or 2.2 percent, to 18.5 euros in
Madrid.
Read more at Bloomberg Bonds News
billion euros ($4.4 billion) of bonds that automatically convert
into shares of Banco Bilbao Vizcaya Argentaria SA, Spain's
second-largest lender.
The five-year exchangeable bonds will pay interest of 3.2
percent to 3.3 percent, Zurich-based UBS said in a note setting
out the terms of the deal. At maturity the bonds convert into
BBVA shares, which need to rise by 18 percent to 21 percent from
current prices for the trade to be profitable, the terms show.
BBVA shares today rose 40 cents, or 2.2 percent, to 18.5 euros in
Madrid.
Read more at Bloomberg Bonds News
Monday, July 23, 2007
U.K. FTSE 100 Index Increases, Led by Friends Provident on Merger Talks
(Bloomberg) -- U.K. stocks rallied, led by Friends
Provident Plc after Resolution Plc said it is in ``advanced''
merger talks with the insurer. Prudential Plc and Legal & General
Group Plc rose after UBS AG recommended investors buy the shares.
Antofagasta Plc and Anglo American Plc paced gains in mining
companies. Barclays Plc rose after the bank increased its offer
for ABN Amro Holding NV.
Read more at Bloomberg Stocks News
Provident Plc after Resolution Plc said it is in ``advanced''
merger talks with the insurer. Prudential Plc and Legal & General
Group Plc rose after UBS AG recommended investors buy the shares.
Antofagasta Plc and Anglo American Plc paced gains in mining
companies. Barclays Plc rose after the bank increased its offer
for ABN Amro Holding NV.
Read more at Bloomberg Stocks News
Investor morale dips in July on housing, energy costs-UBS
(Reuters) - Investors' views on the U.S. economy in the next 12 months
fell even more steeply. The index's Economic Dimension
plummeted to 16 in July from 22 the prior month.
But strong stock market gains in the first half of the
month actually pushed the Index's Personal Dimension, which
measures optimism about investors' personal investment
portfolios, up four points in July to 71, UBS said.
Read more at Reuters.com Economic News
fell even more steeply. The index's Economic Dimension
plummeted to 16 in July from 22 the prior month.
But strong stock market gains in the first half of the
month actually pushed the Index's Personal Dimension, which
measures optimism about investors' personal investment
portfolios, up four points in July to 71, UBS said.
Read more at Reuters.com Economic News
Tuesday, July 17, 2007
Asian Stocks Rise, Led by Taiwan; Japan's Shares, Millea Drop on Quake
(Bloomberg) -- Asian stocks rose, paced by Taiwan's
biggest companies after UBS AG raised its estimate for the
nation's benchmark. Japanese stocks fell, led by insurers and
power producers, after yesterday's earthquake.
Taiwan Cement Corp. and Cathay Financial Holding Co. paced
gains after the brokerage raised its 12-month estimate for the
nation's Taiex index to 12,000.
Read more at Bloomberg Stocks News
biggest companies after UBS AG raised its estimate for the
nation's benchmark. Japanese stocks fell, led by insurers and
power producers, after yesterday's earthquake.
Taiwan Cement Corp. and Cathay Financial Holding Co. paced
gains after the brokerage raised its 12-month estimate for the
nation's Taiex index to 12,000.
Read more at Bloomberg Stocks News
Monday, July 16, 2007
Asian Stocks Are Little Changed; Japan's Shares Drop, Taiwan Advances
(Bloomberg) -- Japanese stocks fell, led by
insurers and power producers, after yesterday's earthquake.
Taiwan paced gains elsewhere in Asia after UBS AG raised its
estimate for the nation's benchmark.
Millea Holdings Inc., Japan's largest insurer by market
value, declined after the magnitude 6.8 quake in northwest Japan
killed at least nine people and destroyed property. Tokyo
Electric Power Co. dropped as it was ordered to keep closed a
damaged nuclear power plant that leaked contaminated water.
Read more at Bloomberg Stocks News
insurers and power producers, after yesterday's earthquake.
Taiwan paced gains elsewhere in Asia after UBS AG raised its
estimate for the nation's benchmark.
Millea Holdings Inc., Japan's largest insurer by market
value, declined after the magnitude 6.8 quake in northwest Japan
killed at least nine people and destroyed property. Tokyo
Electric Power Co. dropped as it was ordered to keep closed a
damaged nuclear power plant that leaked contaminated water.
Read more at Bloomberg Stocks News
Sunday, July 15, 2007
Indonesia's Cikarang Listrindo to Sell $425 Million of High-Yield Bonds
(Bloomberg) -- PT Cikarang Listrindo, an independent
power producer in Indonesia, plans to sell $425 million of high-
yield, high-risk bonds, according to an e-mail sent to investors.
The power company, which supplies to state-owned utility PT
Perusahaan Listrik Negara, hired Morgan Stanley and UBS AG to
arrange the sale, the e-mail shows.
Read more at Bloomberg Bonds News
power producer in Indonesia, plans to sell $425 million of high-
yield, high-risk bonds, according to an e-mail sent to investors.
The power company, which supplies to state-owned utility PT
Perusahaan Listrik Negara, hired Morgan Stanley and UBS AG to
arrange the sale, the e-mail shows.
Read more at Bloomberg Bonds News
Dubai stock market owner to bid for OMX: report
(Reuters) - Nasdaq's cash and stock offer was worth $3.7 billion when made in May and valued OMX at 208.1 crowns per share.
Bankers at UBS and Goldman Sachs are understood to have been asked to be on standby to launch a bid for OMX on behalf of the DIFC as early as next week, the website said.
Read more at Reuters.com Business News
Bankers at UBS and Goldman Sachs are understood to have been asked to be on standby to launch a bid for OMX on behalf of the DIFC as early as next week, the website said.
Read more at Reuters.com Business News
Wednesday, July 11, 2007
Bank of Mexico Won't Sell Dollars in Next 3 Months After Outflow, UBS Says
(Bloomberg) -- Banco de Mexico won't sell dollars
from August through October because of an outflow of
international reserves, UBS AG said in a report.
Banco de Mexico won't sell dollars in the next three months
for the first time since the bank began auctioning dollars on a
daily basis in 2003 in a bid to reduce the cost of holding
reserves, said Guillermo Aboumrad, a senior economist at UBS's
unit in Mexico City.
Read more at Bloomberg Currencies News
from August through October because of an outflow of
international reserves, UBS AG said in a report.
Banco de Mexico won't sell dollars in the next three months
for the first time since the bank began auctioning dollars on a
daily basis in 2003 in a bid to reduce the cost of holding
reserves, said Guillermo Aboumrad, a senior economist at UBS's
unit in Mexico City.
Read more at Bloomberg Currencies News
Monday, July 2, 2007
Centennial, Local.com, New York Times, Vornado: U.S. Equity Movers Final
(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.
Real estate investment trusts advanced after UBS AG said the
stocks may jump 21 percent as a group in the next 12 months and
Merrill Lynch & Co. upgraded Vornado Realty Trust (VNO US).
Read more at Bloomberg Stocks News
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.
Real estate investment trusts advanced after UBS AG said the
stocks may jump 21 percent as a group in the next 12 months and
Merrill Lynch & Co. upgraded Vornado Realty Trust (VNO US).
Read more at Bloomberg Stocks News
Thursday, June 14, 2007
Brazil's Real Rises as Central Bank Says Trade Surplus to Remain Strong
(Bloomberg) -- Brazil's real rose after the central
bank said it expects the country's trade surplus and flows into
local markets to remain strong.
The central bank also said in minutes released today from
last week's policy meeting that it expects inflation to remain in
check as the real's three-year rally keeps import prices in
check. That tame inflation outlook will help continue to lure
investment to Brazil's high-yielding assets, said Juliana Braga,
strategist at Banco UBS Pactual SA.
Read more at Bloomberg Currencies News
bank said it expects the country's trade surplus and flows into
local markets to remain strong.
The central bank also said in minutes released today from
last week's policy meeting that it expects inflation to remain in
check as the real's three-year rally keeps import prices in
check. That tame inflation outlook will help continue to lure
investment to Brazil's high-yielding assets, said Juliana Braga,
strategist at Banco UBS Pactual SA.
Read more at Bloomberg Currencies News
Indonesia's Listrik Negara Hires UBS for Planned $1 Billion Bond Sale
(Bloomberg) -- PT Perusahaan Listrik Negara,
Indonesia's state utility, hired UBS AG to help it raise about $1
billion selling bonds, President Director Eddie Widiono said.
The company plans to meet investors in Hong Kong, Singapore,
London and Los Angeles from tomorrow till June 20 to promote the
debt sale, according to an e-mail sent to investors today.
Read more at Bloomberg Bonds News
Indonesia's state utility, hired UBS AG to help it raise about $1
billion selling bonds, President Director Eddie Widiono said.
The company plans to meet investors in Hong Kong, Singapore,
London and Los Angeles from tomorrow till June 20 to promote the
debt sale, according to an e-mail sent to investors today.
Read more at Bloomberg Bonds News
Investors Should Cut Holdings of Dow Jones & Co. Shares, UBS Analysts Say
(Bloomberg) -- Investors should reduce holdings of
shares in Dow Jones & Co., the target of a $5 billion takeover
bid by News Corp., because there is no guarantee that the
controlling Bancroft family will accept the offer, UBS AG said.
Brian Shipman, a New York-based analyst at Europe's biggest
bank by assets, lowered his recommendation for the publisher of
the Wall Street Journal to ``reduce'' from ``neutral.''
Read more at Bloomberg Stocks News
shares in Dow Jones & Co., the target of a $5 billion takeover
bid by News Corp., because there is no guarantee that the
controlling Bancroft family will accept the offer, UBS AG said.
Brian Shipman, a New York-based analyst at Europe's biggest
bank by assets, lowered his recommendation for the publisher of
the Wall Street Journal to ``reduce'' from ``neutral.''
Read more at Bloomberg Stocks News
Thursday, June 7, 2007
European Stocks Fall on Yield Concerns, Led by UBS, E.ON; Volvo Declines
(Bloomberg) -- European stocks headed for the longest
losing streak in three months after the U.S. 10-year bond yield
rose above 5 percent for the first time since August, deepening
concern central banks are poised to raise interest rates.
UBS AG, the region's biggest bank by assets, utility E.ON AG
and insurer Axa SA paced declines by companies most sensitive to
higher rates. Volvo AB and SKF AB led industrial companies lower
after brokerages downgraded the stocks.
Read more at Bloomberg Stocks News
losing streak in three months after the U.S. 10-year bond yield
rose above 5 percent for the first time since August, deepening
concern central banks are poised to raise interest rates.
UBS AG, the region's biggest bank by assets, utility E.ON AG
and insurer Axa SA paced declines by companies most sensitive to
higher rates. Volvo AB and SKF AB led industrial companies lower
after brokerages downgraded the stocks.
Read more at Bloomberg Stocks News
Tuesday, June 5, 2007
Gold Futures Decline in New York on Sales by Central Banks: Silver Rises
(Bloomberg) -- Gold in New York fell on speculation
that central banks will increase bullion sales. Silver rose.
European central banks will probably sell all 500 metric
tons of gold allowed under an agreement that goes through Sept.
26, UBS AG said in a report today. UBS previously forecast sales
of 400 tons. Gold gained 1.5 percent on June 1, partly because
the European Central Bank, one of the signatories of the accord,
said it won't sell more gold until September.
Read more at Bloomberg Commodities News
that central banks will increase bullion sales. Silver rose.
European central banks will probably sell all 500 metric
tons of gold allowed under an agreement that goes through Sept.
26, UBS AG said in a report today. UBS previously forecast sales
of 400 tons. Gold gained 1.5 percent on June 1, partly because
the European Central Bank, one of the signatories of the accord,
said it won't sell more gold until September.
Read more at Bloomberg Commodities News
Gold May Decline for Second Day in London on Bank Sales; Silver Advances
(Bloomberg) -- Gold may decline in London for a
second straight day on speculation that central banks in Europe
will increase bullion sales. Silver gained.
Spain's central bank reduced its gold holdings to 9.9
million ounces in May, from 10.8 million ounces at the end of
April, according to a statement on its Web site today. European
central banks will probably sell all 500 tons of gold allowed
under an agreement that goes through Sept. 26, UBS AG said in a
report today. It previously forecast sales of 400 tons,
Read more at Bloomberg Commodities News
second straight day on speculation that central banks in Europe
will increase bullion sales. Silver gained.
Spain's central bank reduced its gold holdings to 9.9
million ounces in May, from 10.8 million ounces at the end of
April, according to a statement on its Web site today. European
central banks will probably sell all 500 tons of gold allowed
under an agreement that goes through Sept. 26, UBS AG said in a
report today. It previously forecast sales of 400 tons,
Read more at Bloomberg Commodities News
Monday, June 4, 2007
Deutsche Bank expands MBS research with five hires
(Reuters) - Yan Dong, William Natcher and Jichun Wu also joined
Deutsche as vice presidents in MBS research reporting to Shen,
the company said in a release.
Frank was most recently with Barclays Capital as director
in the mortgage strategy group. Shen joins from JPMorgan
where he was head of credit trading modeling. Dong came
from UBS , Natcher from National City Corp.
and Wu from Freddie Mac .
Read more at Reuters.com Bonds News
Deutsche as vice presidents in MBS research reporting to Shen,
the company said in a release.
Frank was most recently with Barclays Capital as director
in the mortgage strategy group. Shen joins from JPMorgan
where he was head of credit trading modeling. Dong came
from UBS , Natcher from National City Corp.
and Wu from Freddie Mac .
Read more at Reuters.com Bonds News
Friday, May 25, 2007
U.S. Stock-Index Futures Rise; Wal-Mart, General Motors, Boeing Advance
(Bloomberg) -- U.S. stock-index futures gained on
takeovers after Nasdaq Stock Market Inc. agreed to buy Sweden's
OMX AB, and on increasing signs that the world's largest economy
is recovering.
Nasdaq Stock Market agreed to buy Sweden's OMX AB for 25.1
billion Swedish kronor ($3.7 billion). MGM Mirage hired UBS AG to
advise on a possible breakup of the world's second-largest casino
company being considered by billionaire investor Kirk Kerkorian.
Read more at Bloomberg Stocks News
takeovers after Nasdaq Stock Market Inc. agreed to buy Sweden's
OMX AB, and on increasing signs that the world's largest economy
is recovering.
Nasdaq Stock Market agreed to buy Sweden's OMX AB for 25.1
billion Swedish kronor ($3.7 billion). MGM Mirage hired UBS AG to
advise on a possible breakup of the world's second-largest casino
company being considered by billionaire investor Kirk Kerkorian.
Read more at Bloomberg Stocks News
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