CH0244767585 - Common Stock
(Bloomberg) -- Blackwells Capital LLC asked a Delaware judge to force Walt Disney Co. to hand over records about its relationship with activist investor ValueAct Capital Management and the role it played in a fight over the makeup of the entertainment giant’s board of directors.Most Read from BloombergTesla’s $25,000 Car Means Tossing Out the 100-Year-Old Assembly LineBankman-Fried Is Sentenced to 25 Years in Prison Over FTX CollapseUBS Banker’s Frustration Exposes Cracks in World of Climate Fin
(Bloomberg) -- Equity markets in Asia look set to open higher Friday after a stellar quarter for US stocks ended on a positive note amid speculation the Federal Reserve will be able to achieve a soft landing.Most Read from BloombergTesla’s $25,000 Car Means Tossing Out the 100-Year-Old Assembly LineBankman-Fried Is Sentenced to 25 Years in Prison Over FTX CollapseUBS Banker’s Frustration Exposes Cracks in World of Climate FinanceDubai Is Losing Its Allure for Wealthy RussiansLondon Insurers Face
UBS flagged on Thursday the downturn in commercial real estate markets as one of the "top and emerging risks" facing the Swiss bank, as higher borrowing costs and a post-pandemic slump in demand for office space hit the sector. Commercial property markets in the United States and Europe are in the grip of the biggest slowdown since the 2008-9 crash. "Adverse effects on valuations from higher interest rates and structural decline in demand for office and retail space may trigger broader impacts given bank and non-bank lenders' material balance sheet exposure to the sector," the bank said in its 2023 annual report published on Thursday.
"The state-facilitated acquisition of Credit Suisse by UBS has stabilised the financial markets, but the experience and prospects also call for strong financial sector reforms," the IMF said after concluding its review of the Swiss economy. The Financial Stability Board, a grouping of central bankers, treasury officials and regulators from the group of 20 top global economies, has also highlighted the risk a failure of UBS would pose to Switzerland and urged Bern to strengthen its controls on banks. Pelin Berkmen, head of the IMF delegation, said the lender's 2019 recommendations remained relevant.
UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return to the helm of the Swiss banking giant.
UBS said it is still reviewing potential misstatements in Credit Suisse's financial reports and talks with regulators to address the issue are ongoing. The bank said on Thursday in its annual report that there is a risk that "a material error" may not be detected by UBS and could result in a material misstatement to Credit Suisse's reported financial results which are now merged with UBS's. In February, UBS said it was examining "material weaknesses" in Credit Suisse's internal controls for 2021 and 2022 that the U.S. Securities and Exchange Commission (SEC) and PricewaterhouseCoopers (PwC), Credit Suisse's auditor, had previously raised flags on.
UBS Group AG Chief Executive Officer Sergio Ermotti could remain at the helm of the Swiss bank even after the integration process with Credit Suisse is complete.
UBS will look to increase lending to the shipping sector and run off some loans to fossil fuel clients inherited from Credit Suisse, executives told Reuters, in the biggest test yet of the impact of a mega-merger on banks' sustainability commitments. The shotgun marriage of Switzerland's two biggest lenders last year kick-started a complex integration process including weaving together the pair's variety of environmental, social and governance-related products, pledges and targets. From basic differences in defining 'sustainable finance' to assessing client net-zero plans - unheard of in the big bank mergers of the global financial crisis - the process was complex, said Chief Sustainability Officer Michael Baldinger.
UBS Group AG cut its bonus pool for last year by 14% after a tougher year for deal-makers and traders, as the Swiss bank increases its cost-saving targets amid the integration of Credit Suisse.
Australia’s No.2 pathology group is cutting costs in a restructure to try to turn around a profit slump, as UBS pushes on with a strategic review.
The sale also marks the end of an agreement between Apollo and Credit Suisse over Atlas.
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. Tom Hayes, 44, who was a former trader at U.S. bank Citigroup and Switzerland's UBS, was found guilty in 2015 of manipulating the so-called London Inter-Bank Offered Rate, or LIBOR, between 2006 and 2010. Palombo had denied acting dishonestly, but was jailed for four years in April 2019 after a retrial.
We had not taken profits in this outperforming stock since last summer. A Wall Street downgrade Wednesday served as a wake-up call to do so.
UBS hoisted its price target on Disney stock on growth rate, free cash flow forecasts.
Tom Hayes, the first trader jailed worldwide for interest rate rigging, lost his appeal against his conviction in a London court on Wednesday. Hayes, a former star Citigroup and UBS trader, was convicted in 2015 of conspiracy to defraud by manipulating Libor, a benchmark rate once used to price trillions of financial products globally. Prosecutors said Hayes and other traders were acting illegally by taking their or their employer's commercial interests into account when they made submissions on the London interbank offered rate (Libor).
Tom Hayes, the former star trader who became the face of the Libor scandal, lost an appeal to overturn his near decade-old criminal conviction after London judges dismissed the case.