Buy Subordinated Bank Debt as Call Concerns Are Overdone, NAB's Watts Says Nov 16, 2009
Watts, 40, moved to Australia in June after 17 years working as a trader in London, most recently at UBS AG and Citigroup. Hes aiming to quadruple National Australias credit trading turnover this financial year, by targeting local and Asian institutional money. (Bloomberg -- Australia & New Zealand)
Dollar Drops as Europe's Economic Optimism Spurs Demand for Higher Yields Nov 15, 2009
The market is looking at appreciation expectations for the yuan again, said , a currency strategist at UBS AG in London. A stronger yuan will help other Asian nations be more comfortable allowing their own currencies to rise, Yu said. (Bloomberg -- US)
Ambassador: Tax amnesty affects UBS case Nov 14, 2009
He noted that a U.S.-Swiss agreement reached in August called for up to 4,450 accounts held by Americans at Swiss banking giant UBS AG to be handed over to the Internal Revenue Service, but only after the U.S. amnesty program. advertisement. (MSNBC -- Business)
Brazil Stocks Climb, Cap Weekly Rise, on Retail Sales Jump, Cyrela Profit Nov 14, 2009
The earnings were strong, UBS AG said. Rival Rossi Residencial SA reported net income of 62 million reais in the third quarter, topping the 54. (Bloomberg -- Latin America)
Liberty Global Will Buy German Cable Company Unitymedia for $2.98 Billion Nov 14, 2009
UBS AG, Morgan Stanley, Nomura Holdings Inc., HVB and Latham & Watkins advised Unitymedia, while. advised Liberty Global. (Bloomberg -- Germany)
Sumitomo Mitsui Second-Quarter Profit Rises as Bad-Loan Provisions Decline Nov 13, 2009
The bank is benefiting from higher margins on loans to small borrowers as government loan guarantees keep credit costs down, said , a Tokyo-based analyst at UBS AG. Banks are going to want more fee income as capital rules tighten so Sumitomo Mitsuis Nikko strategy is correct. . (Bloomberg -- Asia)
DAX Index Extends Weekly Advance as Economy Grows; Siemens, Lufthansa Gain Nov 13, 2009
37 euros, poised for the highest close this month, as UBS AG assigned a short-term buy recommendation. Deutsche Lufthansa AG climbed 1. (Bloomberg -- Germany)
MediciNova Reports Third Quarter 2009 Results Nov 13, 2009
In August 2008, UBS AG, the brokerage firm through which MediciNova purchased the majority of its ARS, entered into a settlement with the SEC, the New York Attorney General and other state agencies. Under the settlement, UBS issued Auction Rate Security Rights to MediciNova, which would allow the company to sell to UBS the ARS held in accounts with UBS, or the ARS Rights Offer. (Primezone Releases)
Wall Street Makes It Hard to Earn Legal Living Nov 13, 2009
This week, Manhattan federal court dealt with a case of insider trading when Michael Koulouroudis pleaded guilty to charges that he traded on secret tips from UBS AG investment banker , who previously took a guilty plea. a former money manager for Jefferies Group Inc.s Paragon Fund, was indicted by a federal grand jury last week for his role in the scheme. (Bloomberg -- Columnists)
XSEL Announces Financial Results for the Third Quarter 2009 Nov 12, 2009
0 million from UBS AG using the Principal Protected Note as collateral. On September 15, 2008, Lehman Brothers filed for bankruptcy, and, after the Company refused to post additional collateral for the loan, on September 25, 2008, UBS AG filed a demand for arbitration with the American Arbitration Association against the Company seeking repayment of the bank borrowings ... On October 1, 2009, the Company settled this dispute with UBS Financial Services and UBS AG without further financial... (Yahoo! Wire -- Entertainment News)
Pound Trades Near Three-Month High Against Dollar Before Inflation Report Nov 11, 2009
Policy makers may say inflation will be roughly at their target rate of 2 percent in two years time, according to UBS AG. The Office for National Statistics will say people claiming unemployment benefits rose by 20,000 in October, the slowest rate since May 2008, according to the median estimate of 28 economists in a Bloomberg survey. The Monetary Policy Committee will indicate early rate hikes are unlikely, and also leave the door open for more quantitative easing if necessary, , a... (Bloomberg -- UK)
Aussie Dollar Trades Near Year High as China's Output, Retail Sales Climb Nov 11, 2009
We are looking for the first rate hike by RBNZ to come in the first quarter of 2010, wrote , a currency strategist in Stamford, Connecticut, at UBS AG in a note to clients. We look for the New Zealand dollar to outperform when we get closer to an eventual RBNZ tightening. (Bloomberg -- Australia & New Zealand)
Swiss Pay, Bonus Rules Will Apply Only to 12 Biggest Financial Companies Nov 11, 2009
Bonuses for senior employees at seven banks, including UBS AG and , and five insurers should be deferred for three years and may be reduced if losses occur after they are awarded, the said in a statement today. The rules will take affect Jan. 1 and companies have one year to adjust pay plans. (Bloomberg -- Europe)
Asian stocks advance on commodities, upgrades Nov 10, 2009
3 per cent after UBS AG recommended buying the shares and Axa Asia Pacific Holdings Ltd. gained 2. 6 per cent after Credit Suisse Group AG lifted the stock to "neutral." Hyundai, South Korea's largest carmaker, rallied 3. (Sydney Morning Herald -- Business)
Bank of America Hires Imam, Three Directors to Boost Japan Equity Sales Nov 10, 2009
The latest Japan equity sales hires follow Merrill Lynchs recruitment of from Morgan Stanley as a managing director in May and from UBS AG who joined in March as a director. joined Merrill Lynch in Tokyo as vice president from Goldman Sachs Group Inc. in April. (Bloomberg -- Asia)
Indonesia Economic Growth Quickens in Third Quarter as Asia Leads Recovery Nov 10, 2009
Asian economies are strengthening and forecasts for the region are moving higher as a result, said , chief Asia economist at UBS AG in Hong Kong. Economies in the region look set to benefit from an upswing in global trade in the second half of 2009 and the first half of 2010. (Bloomberg -- Asia)
Hedge Funds Are Ready for New Boom in Start-Ups Nov 10, 2009
and , former managing directors at UBS AG, are starting a transport fund with the backing of Tufton Oceanic Finance Group, which runs the worlds biggest shipping hedge fund. Crazy. (Bloomberg -- Columnists)
Asian Stocks Rise as Exports Gain; Pound Declines on U.K. Rating Concern Nov 10, 2009
55 after UBS AG recommended buying the shares. An index of Japanese banks included in the Topix index rallied 1. (Bloomberg -- Asia)
* Big three preparing record bonuses Nov 10, 2009
JPMorgan and UBS AG are also raising base salaries for some employees to reduce the share of bonuses in total pay. Wall Street is all about creating wealth, and when banks start making money again, they have to pay their people, said Michael Karp, co-founder of Options Group. (Taipei Times, Taiwan -- World)
Zhou Seeks to Deflect European, Japanese Appeals for Yuan to Strengthen Nov 8, 2009
The eurozone and other G-10 nations wish to see the yuan strengthen, somewhat in contrast to Governor Zhous view, said , currency strategist in London at UBS AG. We believe the yuan will remain stable. . (Bloomberg -- Asia)
China Minsheng Banking Plans to Raise Up to $4 Billion in Hong Kong Sale Nov 8, 2009
BOC International (Holdings) Ltd., China International Capital Corp., Haitong Securities Co., Macquarie Group Ltd. and UBS AG are managing the sale. Mao Xiaofeng, Minshengs Beijing-based board secretary, and the investment banks were either not immediately reachable in their offices today or declined to comment. (Bloomberg -- Asia)
Ten-Year Gilts Post Biggest Weekly Drop Since January on BoE Slows Buying Nov 8, 2009
The Bank of England decision is basically an attempt to wean the market off, said , a strategist at UBS AG in London. This is probably what the bank wants to happen - - a controlled sell-off in medium- and longer-dated bonds. (Bloomberg -- UK)
Ackermann Lays Out Plan to Increase Deutsche Bank Profit, Expand in Asia Nov 8, 2009
Deutsche Bank has lured bankers in the region away from competitors including Merrill Lynch & Co., and in May named , former head of investment banking for Asia- Pacific at UBS AG, as CEO for the region, excluding Japan. Rankin will oversee about 17,500 employees in 16 countries, the bank said at the time. (Bloomberg -- Germany)
Dollar Falls on Bets U.S. Jobless Rate of 10.2% Will Keep Fed Rates Low Nov 7, 2009
Group of 20 finance chiefs will likely urge Asian nations to allow their currencies to appreciate during their meeting this weekend in Scotland, according to UBS AG.. While exchange rates wont be on the agenda, many nations will seek to bring it up, , currency strategist in London at UBS, wrote in a research report to clients. (Bloomberg -- US)
Canadian Stocks Rise, Led by Metals Producers, as Gold Rallies to Record Nov 7, 2009
Analyst of UBS AG raised his rating on Magna to buy from neutral, telling clients GMs decision not to sell Opel allows the Canadian company to return its focus to parts-making as car sales improve. Toronto-area auto-parts manufacturer , which reports quarterly earnings next week, jumped 11 percent to a 17-month high of C$8. (Bloomberg -- Canada)
Yacht broker gets 2 months prison in UBS case Nov 7, 2009
- A Florida yacht broker who admitted filing a false U.S. tax return and concealing millions of dollars in a secret account at Swiss bank UBS AG was sentenced Friday to two months in prison. U.S. District Judge James I. Cohn gave 58-year-old Robert Moran credit for immediately confessing his crime and for assisting U.S. investigators in a broad probe into tax evasion at UBS and other offshore banks. (MSNBC -- Business)
G-20 Members Will Seek Asian Currency Gains to Solve Imbalances, UBS Says Nov 6, 2009
Nov. 6 (Bloomberg) -- The Group of 20 finance chiefs will likely push for Asian nations to allow their currencies to appreciate when they meet in Scotland this weekend, according to UBS AG, the worlds second-largest foreign-exchange trader. G-20 finance ministers and central bankers, including U.S. Treasury Secretary Timothy Geithner and European Central Bank President Jean-Claude Trichet, start two days of talks today in St. Andrews, Scotland. (Bloomberg -- Germany)
Chinese Official Yao Warns Against `Excessive Growth' as Inflation Threat Nov 5, 2009
The government may tighten monetary policy next year by imposing lending quotas on banks, according to UBS AG and Royal Bank of Scotland. Chinas economy is assured of expanding 8 percent in 2009 from a year earlier, meeting the governments target, according to Yao. (Bloomberg -- Asia)
Morgan Stanley Hires Six Away From UBS For Latin Wealth Management Unit Nov 5, 2009
Nov. 4 (Bloomberg) -- Morgan Stanley, the sixth-biggest U.S. bank by assets, has hired six executives away from UBS AG to join its private wealth management unit for Latin America. Juan Larrain and will join Morgan Stanley as executive directors, while Lisa Markowitz, Helena Astor will be vice presidents, according to an e-mailed statement. (Bloomberg -- Latin America)
Canadian Currency Strengthens From One-Month Low as Gold, Crude Oil Gain Nov 4, 2009
The loonie earlier fell against its U.S. counterpart as a wider-than-estimated loss at UBS AG pushed down stocks. Equities trimmed a retreat after Berkshire Hathaway Inc. agreed to buy the railroad Burlington Northern Santa Fe Corp. The , which fell as much as 0. (Bloomberg -- Canada)
RBA's Stevens Tones Down Australia Rate Rhetoric as Currency Nears Parity Nov 4, 2009
Policy makers are probably glad for the parity talk as it reduces the amount of work they need to do with monetary policy, said , an interest-rate strategist at UBS AG in Sydney. A December move is a 50-50 proposition. (Bloomberg -- Asia)
Morgan Stanley Wins 30 Asia-Pacific Prime Brokerage Mandates Amid Recovery Nov 4, 2009
UBS AG had been approached by about 50 potential hedge fund startups in the Asia-Pacific region this year, , its head of prime services, said last month without mentioning the number of mandates added. The Swiss bank was the regions third-largest prime broker, with 211 mandates, yet commanded a smaller share of hedge fund assets than Goldman and Morgan Stanley, AsiaHedge estimated. (Bloomberg -- Asia)
Profit taking sees JSE end down Nov 4, 2009
Online Edition Powered By IOL. DisplayAds('SkyLEFT',17,). (Business Report, South Africa)
BMW Third-Quarter Profit Drops 74% as Economic Slump Saps Luxury-Car Sales Nov 3, 2009
Its a miss, said , an analyst with UBS AG in London. Its a surprise because I thought that there would be a base effect because they cut production early. (Bloomberg -- Germany)
RBS, Lloyds Get $51 Billion in Second Bailout Nov 3, 2009
HK), Bank of America Corp. (BAC), Citigroup Inc. (C), Goldman Sachs Group Inc. (GS), HSBC Holdings PLC (HBC), (HSBA.LN), J.P. Morgan Chase & Co. (JPM), (LLOY.LN), Lloyds TSB Group PLC (LYG), UBS AG (UBS), (UBSN.VX), (CH002489), (GB000540), (GB000870), (US060505), (US172967), (US38141G), (US46625H), ) at SmartMoney. com. (SmartMoney)
Shell in Talks With Infratil, Pension Fund to Sell Some New Zealand Assets Nov 3, 2009
Europes biggest oil company hired UBS AG in May to seek a buyer for the New Zealand downstream assets, including a stake in New Zealand Refining Co., which has a total market value of NZ$1. 26 billion ($900 million). (Bloomberg -- Australia & New Zealand)
Australian Dollar Pares Gains as Central Bank Flags Gradual Rate Increases Nov 3, 2009
Potentially it suggests that they are considering the Aussie dollars value now in determining their rate-tightening cycle up ahead, said , a currency strategist at UBS AG in Singapore. But theres no clue given with regard to what level theyd find the Aussie excessive. (Bloomberg -- Australia & New Zealand)
BNP Hires Bhattacharjee to Join Delmar in Latin America Debt Underwriting Nov 3, 2009
BNP Paribas hired Delmar last month from UBS AG, where he was head of Latin America debt capital markets. To contact the reporters responsible for this story: Veronica Navarro Espinosa in New York at ; Lester Pimentel at. (Bloomberg -- Latin America)
UBS Swings to Q3 Net Loss, Sees Outflows Nov 3, 2009
ZURICH -(Dow Jones)- UBS AG (UBS) Tuesday reported a net loss for the third quarter due to three big charges and cautioned that heavy withdrawals from wealthy clients will persist in coming months following a dismal performance from its private bank. UBS, among the hardest-hit banks by the financial crisis, said its swung to net loss of 564 million Swiss francs ($552. (SmartMoney)
DAX Index Retreats, Led by Shares of Deutsche Bank, Commerzbank, BMW Nov 3, 2009
Nov. 3 (Bloomberg) -- German stocks fell, led by banks after UBS AG, Switzerlands biggest, reported a wider-than- estimated loss. Deutsche Bank AG and Commerzbank AG both lost more than 1. (Bloomberg -- Germany)
UBS reports 3Q net loss of $542 million Nov 3, 2009
(AP) ZURICH - Swiss bank UBS AG reported a third-quarter net loss of 564 million Swiss francs ($542 million) Tuesday, blaming accounting charges of 2. 15 billion francs for keeping it in the red. (OregonLive, OR -- Business)
Mohi-uddin Heading to Asia for UBS Stays Dollar Bull as Growth Accelerates Nov 2, 2009
Nov. 2 (Bloomberg) -- For , the UBS AG managing director of currency strategy relocating to Singapore, Asias economic rebound can only be good news for the. As part of my job, I meet and work closely with policy makers and Im not under the impression they are about to desert the dollar, said Mohi-uddin, who predicted in March that the Swiss National Bank would sell the franc against the euro three days before the central bank acted. (Bloomberg -- Asia)
China's Manufacturing Expands at Fastest Pace in 18 Months, HSBC PMI Shows Nov 2, 2009
UBS AG says the government may tighten by imposing a lending target of about 7 trillion yuan ($1 trillion) for 2010. Chinas cabinet pledged Oct. 21 to continue monetary and fiscal stimulus even after growth exceeded officials expectations for the first nine months of the year. (Bloomberg -- Asia)
Delaware Beats Switzerland as Most Secretive Financial Center Nov 1, 2009
The United State sued Swiss global banking giant UBS AG, which paid a $780 million fine to settle a lawsuit against it by the government. As part of the deal, UBS admitted it actively helped Americans evade U.S. taxes. (ABC News -- Business)
Thailand's Industrial Production Unexpectedly Rises as Economy Recovers Oct 30, 2009
Firms are increasing production to catch up with final demand outside and inside of Thailand, said , a Singapore-based economist at UBS AG. We are on a pretty strong trend in the very near future. . (Bloomberg -- Asia)
China, `Prisoner of Success,' Facing Iron Ore Price Increase on Stimulus Oct 30, 2009
The market is against China, UBS AG commodity analyst Tom from Sydney Oct. 22. UBS has tipped a 20 percent price gain. (Bloomberg -- Australia & New Zealand)
CDR Founder David Rubin Indicted for Rigging Municipal Investment Deals Oct 30, 2009
Others, including JPMorgan Chase & Co. and UBS AG, have disclosed they may face charges by the Justice Department or the Securities and Exchange Commission in connection with the probe. The Justice Department is committed to protecting the competitive process and will hold accountable individuals and companies who participate in illegal and anticompetitive conduct, , the assistant U.S. Attorney General who heads the antitrust division, said in a statement. (Bloomberg -- US)
Calderon Bonds Sink Most in Nine Months as Mexico Rating Downgrade Looms Oct 30, 2009
Morgan Stanley, UBS AG, Bank of America Corp., RBC Capital Markets and Banco Santander SA all said this month that Mexico is likely to be downgraded. an S&P analyst, called the lower houses rejection of the 2 percent consumption tax a lost opportunity in an Oct. 21 interview. (Bloomberg -- Latin America)
Global stock rally out of puff: poll Oct 29, 2009
It's an emerging-market story,'' says Matthew Johnson, director of interest rate strategy for UBS AG in Sydney and a poll participant. It's all about inelastic supply and fast- growing demand. (Sydney Morning Herald -- Business)
UBS tax dodger is sentenced Oct 29, 2009
The first US client of UBS AG prosecuted in the US government's wide-ranging offshore tax-evasion probe was sentenced yesterday to three years of probation and a year of home-confinement ... The first US client of UBS AG prosecuted in the US government's wide-ranging offshore tax-evasion probe was sentenced yesterday to three years of probation and a year of home-confinement. (New York Post -- Business)
Tuesday Business Highlights Oct 28, 2009
Swiss investment bank UBS AG said Tuesday it has named former Merrill Lynch xecutive Robert McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February. The hiring of McCann, 51, comes after UBS became the target of an Internal Revenue Service effort to get the names of thousands of Americans thought to be hiding assets in secret accounts. (Pocatello Idaho State Journal, ID)
UBS Ex-Client Seeks Leniency for Tax Conviction Oct 28, 2009
A wealthy accountant is seeking a lenient sentence for his cooperation in the U.S. tax evasion investigation into Swiss bank UBS AG.. A Miami federal judge scheduled sentencing Wednesday for Steven Michael Rubinstein, the first American charged in the UBS probe. (ABC News -- Business)
UBS: McCann to lead US wealth management unit Oct 28, 2009
Swiss investment bank UBS AG on Tuesday, Oct. 27, 2009 it has named McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February ... Swiss investment bank UBS AG said Tuesday it has named former Merrill Lynch & Co. executive Robert McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February. (Muscatine Journal, IO)
U.S. Seeks Light Sentence for UBS Client in Tax Case Oct 27, 2009
MIAMI (Reuters) - The U.S. government asked for a reduced sentence on Monday for a former American client of UBS AG who pleaded guilty to tax evasion but provided information leading to the indictment of a Swiss banker and a Zurich lawyer. The request came in a court filing ahead of Friday's scheduled sentencing in Fort Lauderdale, Florida of Jeffrey Chernick, who acknowledged in July that he used Swiss bank accounts, including one at UBS, to hide more than $8 million from U.S. tax authorities. (ABC News -- Wire)
Hedge-Fund Boxers Take Black Eye in Hong Kong Contest, Dodge Market Blows Oct 27, 2009
Aside from Descourtieux, of UBS AG, Steve Dynamite Davidson from JPMorgan Chase & Co. and Jesse Happy Feet Kavanagh of Nomura Inc. will also fight in the finals. John Headcount Reduction Crane of 3A Asia Ltd., a fund of funds, is the oldest fighter at 49. (Bloomberg -- UK)
China Needs Unexpected Yuan Jump to Limit Inflows of `Hot Money,' UBS Says Oct 27, 2009
Oct. 27 (Bloomberg) -- China should allow an immediate one- off appreciation in the yuans value and widen the currencys trading band to stem inflows of speculative capital that may fuel inflation, said UBS AG economist. Chinas economic fundamentals mean that the yuan should strengthen, Beijing-based Wang said in a phone interview yesterday. (Bloomberg -- UK)
Moelis May Expand Australia Workforce Almost Sixfold in New Sydney Office Oct 27, 2009
Oct. 27 (Bloomberg) -- Moelis & Co., the advisory firm founded by former UBS AG executive , may expand its Australian workforce almost sixfold as it moves into new offices in Sydney. Moelis, which has six employees in the country, will rent half a floor of in the capitals central business district in February, Sydney-based Managing Director said by telephone today. (Bloomberg -- Australia & New Zealand)
CSR to Sell $347 Million in Shares to Help Fund Spin-Off of Sugar Business Oct 26, 2009
2 billion, UBS AG said in May ... UBS AG will manage and underwrite the sale, CSR said. (Bloomberg -- Australia & New Zealand)
Galleon Wiretaps Rattle Hedge Funds as Government Targets Insider Trading Oct 26, 2009
Thirteen people were criminally charged in a series of schemes that investigators said stretched over five years, yielded $15 million in illegal profits and also involved employees at UBS AG and Bank of America Corp.. Cooperating Witness. (Bloomberg -- US)
Woodside Pluto LNG Expansion Cost May Climb on Chevron Move, JPMorgan Says Oct 26, 2009
an analyst at UBS AG in Melbourne, agreed in a research report that costs will likely increase. However this has been offset by potential for Woodside to have a higher equity stake in the project, said Ramsay, who kept a buy rating on the stock. (Bloomberg -- Australia & New Zealand)
* European markets post weekly drop on growth concern Oct 25, 2009
1 percent as UBS AG advised buying shares in the worlds largest food company. The Dow Jones STOXX 600 Index slipped 0. (Taipei Times, Taiwan -- Sports)
Dollar ends week higher as caution takes over Oct 24, 2009
Central banks may act to weaken the euro should its gains against the dollar persist, according to UBS AG, the world's second-biggest currency trader. "If euro-dollar continues to gain in a volatile manner ahead of the November Group of 20 (meeting of finance ministers and central bank governors), action at that meeting can be expected," said Amelia Bourdeau, a currency strategist of UBS.. (Xinhuanet, China)
China May Add 11 Million Jobs This Year as Economic Recovery Gathers Pace Oct 23, 2009
27 trillion in the first nine months of 2009, UBS AG said. Policy makers may raise interest rates in the first quarter of next year, before the U.S., Japan and euro area, according to ING Groep NV.. (Bloomberg -- Asia)
Newcrest Mining Says Gold Production Dropped 22% in the First Quarter Oct 22, 2009
That compares with estimates of 420,000 ounces by UBS AG and 406,000 ounces by Credit Suisse Group AG.. Chief Executive Officer is seeking to increase output 40 percent over five years and is developing projects in Papua New Guinea and Fiji. (Bloomberg -- Australia & New Zealand)
Credit Suisse Upbeat After Topping Q3 Forecasts Oct 22, 2009
Credit Suisse, now worth more on the market than domestic rival UBS AG , said on Thursday it made a net profit of 2. 4 billion Swiss francs ($2. (ABC News -- Business)
