Most Asian Stock Markets Decline on Profit Concern; Rio, Hon Hai, DBS Fall Dec 22, 2008
1 percent as UBS AG cut its earnings target and as the worlds third-largest mining company halted production at an iron plant. the worlds biggest contract maker of electronics, lost 6. (Bloomberg -- Asia)
* MSCI Asia Pacific Index continues record decline Dec 22, 2008
1 percent as UBS AG cut its earnings target and as the worlds third-largest mining company halted production at an iron plant. HSBC Holdings Plc declined 2. (Taipei Times, Taiwan -- World Business)
BHP, Rio Tinto Earnings Forecasts Cut at UBS on Lower Coking Coal Prices Dec 22, 2008
Dec. 22 (Bloomberg) -- and had their earnings forecasts cut at UBS AG after the bank lowered its estimates for coking coal prices as steelmakers limit output. BHPs profit may be $13. (Bloomberg -- Australia & New Zealand)
Plug Power settles lawsuit with UBS Dec 21, 2008
8 million lawsuit against UBS AG. ... In a previous settlement with regulators, including New York Attorney General Andrew Cuomo, UBS agreed to repurchase $19 billion of auction-rate securities sold to retail investors and institutions. (Albany Times Union)
Santander Predicts 24% Gain for Brazil Stocks in 2009, Trails Most Rivals Dec 21, 2008
Merrill Lynch & Co. estimates the market may climb 40 percent next year, while UBS AG said Brazil is its favorite bourse in Latin America. The Santander strategist sees buy signals in seven out of 16 indicators, according to todays note. (Bloomberg -- Latin America)
FTSE 100 Index Falls, Led by Energy Producers; BP and Royal Dutch Retreat Dec 20, 2008
The fourth biggest diversified mining company was downgraded to neutral at UBS AG and given a short-term sell recommendation. Rio Tinto, the worlds third-largest mining company, fell 6. (Bloomberg -- UK)
Dollar Rises Versus Euro as Drop on Fed Cut Considered Too Big to Sustain Dec 20, 2008
The global nature of the current crisis, and increasingly linked global macro cycles, suggest the ECB needs to follow the Fed on the move lower, wrote , currency strategist at UBS AG in Stamford, Connecticut, in a research note today. The euro will fall to $1. (Bloomberg -- Japan)
Emerging-Market Profit May Drop 12% in 2009 on Commodity Outlook, UBS Says Dec 19, 2008
Dec. 18 (Bloomberg) -- Emerging-market corporate profits may drop 12 percent in 2009 because of the slowing global economy and a slump in commodity prices, UBS AG said. Weak macroeconomic conditions, coupled with continued tightness in credit markets has led to a widespread re-evaluation of earnings prospects for 2009, UBS strategists and Stephen Mo wrote in a report to clients dated yesterday. (Bloomberg -- Latin America)
Petrobras Oil Hunter Estrella Fights to Keep Finds for Brazil, not Exxon Dec 19, 2008
Over the next 20 years, it will cost $600 billion to extract the oil, according to , an analyst at UBS AG in Rio de Janeiro. Thats why it makes sense to sell more leases to big oil companies, said Delcido Amaral, Estrellas predecessor at Petrobras and one of his critics. (Bloomberg -- Latin America)
Canadian Dollar Drops From One-Month High as Oil Falls Below $40 a Barrel Dec 19, 2008
Oil may fall below $20 a barrel next year if producing countries fail to curb output as demand drops, UBS AG said in a list of 10 surprises. . (Bloomberg -- Canada)
Euro Will Weaken 10% Against Dollar in Three Months, UBS, Barclays Predict Dec 19, 2008
Dec. 19 (Bloomberg) -- The euro will fall about 10 percent against the dollar in the next three months as demand for safety and economic weakness in Europe boosts demand for the U.S. currency, UBS AG and Barclays Capital said. The 15-nation euro will weaken to $1. (Bloomberg -- Europe)
Commonwealth Bank's Disclosure to Be Probed by Regulator, Australian Says Dec 19, 2008
The share sale via Merrill was pulled after investors said they hadnt been informed of the increase in provisions, leading the bank to dump Merrill as arranger and sell the stock through UBS AG the next day. The information was internal management information which was confidential because it was only in the possession of management or other persons who had received it on the basis that it was confidential and was information which a reasonable person would not expect to be disclosed,... (Bloomberg -- Australia & New Zealand)
* Legislators turn sights on Mega Dec 18, 2008
In June of that year, Longreach Group, a buyout firm founded by Mark Chiba, a former UBS AG investment banker, agreed to buy a 51 percent stake in EnTie Commercial Bank (w) for US$694 million. This story has been viewed 372 times. (Taipei Times, Taiwan -- World)
Commonwealth Bank Tumbles Most in 17 Years on Rising Bad Debts, Stock Sale Dec 18, 2008
Commonwealth Bank yesterday turned to UBS AG to arrange a A$2 billion share sale, with A$1. 65 billion selling for A$26 apiece, an 11 percent discount to the prior closing share price. (Bloomberg -- Australia & New Zealand)
Goldman posts first loss Dec 17, 2008
Glenn Schorr, an analyst at UBS AG in New York, estimated Goldman Sachs would post a loss of $US5. 50 a share. (Sydney Morning Herald -- Business)
Australian Banks Buy Time for Centro, Avoid Fire Sale Dec 17, 2008
More than A$10 billion is owed to Australian banks from failed companies including and others struggling to repay debts, according to a Bad Boy Watch List compiled by UBS AG.. Chief Executive Officer struggled to pay down debt after taking over Jan. 15 at a company with a collection of malls stretching from Unity Plaza in East Fishkill, New York, to Centro Karratha in Western Australias Pilbara mining region. (Bloomberg)
Commonwealth Bank Sells Stock at Discount, Dumps Merrill Lynch as Arranger Dec 17, 2008
The Sydney-based lender turned to UBS AG to arrange the A$2 billion ($1. 4 billion) , with A$1. (Bloomberg -- Australia & New Zealand)
Mexican Peso Gains Most in Three Weeks on Rising Bets of Lower U.S. Rates Dec 16, 2008
The peso will strengthen to as much 12 per dollar next year as the yield differential between Mexican and U.S. lending rates lures foreign investors to purchase the local currency, said , an economist at UBS AG in Mexico City. A differential of more than 6 percentage points should be quite attractive to foreign investors, Casillas said. (Bloomberg -- Latin America)
Biotech Favorites With Breakthroughs Can Spurn Product-Hungry Bayer, Lilly Dec 16, 2008
Possible buyers include GlaxoSmithKline Plc, said , a London-based analyst at UBS AG, in an Oct. 21 note. Europes largest pharmaceutical company pays for half the cost of developing ofatumumab and holds 8. (Bloomberg)
Japan Stocks Decline as Recession Dents Demand for Resources; Inpex Slumps Dec 16, 2008
Asahi Glass Co. and Nippon Electric Glass Co. led makers of the material lower after UBS AG recommended selling the shares on slowing demand. dropped 5. (Bloomberg -- Japan)
Asian Stocks Gain as U.S. Automakers Move Closer to Bailout; Toyota Climb Dec 15, 2008
Todays advance was led by Denso Corp. and Aisin Seiki Co., the Japanese auto parts suppliers that sell the most to Detroit carmakers, according to UBS AG.. A surging yen and collapsing exports helped drive the Tankan measure of sentiment among the nations largest down the most in 34 years, the Bank of Japans quarterly survey showed today. (Bloomberg -- Asia)
China's industrial output growth stalls Dec 15, 2008
Chinese smelters will probably post losses next year, UBS AG said Dec. 9. President Hu Jintao visited Angang Steel Co. during a three-day visit to Liaoning Province, a center for heavy industry, the state-run Xinhua News Agency reported Dec. 14. (Sydney Morning Herald -- Business)
Grand Jury Probes Richardson Contributor's Fees From New Mexico Bond Deals Dec 15, 2008
CDR advised the New Mexico Finance Authority on the purchase of swaps from New York-based Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., JPMorgan Chase & Co., UBS AG of Zurich and Royal Bank of Canada in Toronto as part of Richardsons $1. 6 billion transportation proposal in 2003. (Bloomberg -- US)
Deutsche Bank Trading Woes Persist as Weinstein-Led Unit Loses $1 Billion Dec 14, 2008
Swiss rival UBS AG has had $49 billion of writedowns and Citigroup $67 billion. Deutsche Bank last quarter took advantage of new accounting rules to reduce by 845 million euros writedowns on assets such as leveraged loans and debt-related investments. (Bloomberg -- Europe)
Global Stocks, Dollar Tumble as Auto Bailout Fails; GM Slumps Dec 13, 2008
UBS AG, the European bank with the biggest losses from the credit crisis, lost 8. 5 percent to 14. (Bloomberg)
Deutsche Bank facing fresh trading losses Dec 13, 2008
Swiss rival UBS AG has had $US49 billion of writedowns and Citigroup $US67 billion. 1. (Sydney Morning Herald -- Business)
Municipal Bond Fees Rise at Fastest Pace Since 1981 as Institutions Flee Dec 13, 2008
The departing firms, which included No. 2 Merrill Lynch and No. 3 UBS AG of Zurich, handled one-third of last years record $429. 7 billion of sales, according to Thomson Reuters. (Bloomberg -- US)
ECB's Weber Cautions Against Reducing Benchmark Interest Rate Below 2% Dec 12, 2008
Given the slowing economy it looks unavoidable for the ECB to go to below 2 percent, said Stephane Deo, chief European economist at UBS AG in a report today. He predicted the ECB will cut to 1 percent next year. (Bloomberg -- Germany)
Citigroup, UBS Buying Back $30 Billion in Securities Dec 12, 2008
Citigroup Inc. and UBS AG on Thursday agreed to buy back a total of nearly $30 billion in risky auction-rate securities that regulators said the banks marketed to customers as safe. The Securities and Exchange Commission formally approved the settlements with the two banking giants following preliminary deals that were reached in August. (Law.com)
BMW, Continental AG, TUI Shares May Move: German Equity Market Preview Dec 11, 2008
Separately, UBS AG raised its recommendation on the stock to neutral from sell ... (QCE GY): Germanys largest solar company was lowered to sell from neutral at UBS AG, which also cut its price estimate on the shares. (Bloomberg -- Germany)
Nortel Gets Advice on Strategy From Lazard and Law Firm Cleary, People Say Dec 11, 2008
The unit may fetch $500 million, not the $1 billion Nortel initially anticipated, , a UBS AG analyst, wrote last month. Nortel could sell the CDMA unit to raise money, RBC analyst said in a report last month. (Bloomberg -- Canada)
Elpida Is Poised to Repurchase $540 Million Worth of Bonds on Share Price Dec 11, 2008
Redemption of the convertible bonds may also force Elpida to more than 66 billion yen of loans because of agreements tied to the companys net worth, UBS AG wrote in a research report on Nov. 5. The company may have to postpone spending on factories and equipment should the banks force loan repayment, the UBS report said. (Bloomberg -- Japan)
Deutsche Bank's McLaughlin Said to Lose Job as Positions Cut in Hong Kong Dec 10, 2008
Deutsche Bank follows rivals including Credit Suisse Group and UBS AG in cutting jobs in as the collapse of the U.S. subprime-mortgage market last year wiped out revenue from sales trading and investment. The German bank plans to cut about 900 positions in its global markets division, two people briefed on the plan said last month. (Bloomberg -- Germany)
Philippine Nannies Lose Out in Remittance Race as India Gets Overseas Jobs Dec 10, 2008
A decline in remittances represents a loss of income for the Philippines economy, said UBS AG economist in a Nov. 7 note. Money sent home by Filipinos working overseas may drop 5 percent next year, he predicted. (Bloomberg -- Asia)
Macquarie to Cut 600 Jobs, Australian Finance Shrinks 1st Time in a Decade Dec 10, 2008
has cut 10, 20, and UBS AG 50, the union said. That union estimate is extremely conservative on job cuts and we think its quite a bit higher, said Richard Gilbert, chief executive officer of the Investment and Financial Services Association. (Bloomberg -- Australia & New Zealand)
Yen Declines as Stock Gains Encourage Purchases of Higher-Yielding Assets Dec 10, 2008
Deleveraging is not fully done in the financial industry, said , a currency strategist in Stamford, Connecticut, at UBS AG, who predicted the yen may appreciate to 90 per dollar in a month. The yen still has buying potential. (Bloomberg -- Japan)
Officials Tout Plans for CDS Clearinghouses Dec 9, 2008
But even if it were not required, executives of several big investment banks who testified at the hearing JPMorgan Chase Goldman Sachs nd UBS AG, said their institutions likely would use the new trading platforms. "Our solution offers regulators the information and transparency they need to assess risks and prevent market abuse," said Terrence Duffy, executive chairman of Chicago-based CME Group, parent of the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile... (ABC News -- Wire)
Oilsands Stocks Whipsawed by Merger Speculation as Nexen, Opti, UTS Tumble Dec 9, 2008
The Calgary-based company must raise about $3 billion for Fort Hills, according to Andrew Potter, a UBS AG analyst in Calgary. One of the problems is how do you raise capital, said First Assets Stephenson. (Bloomberg -- Canada)
Westpac Bank Raises $1.6 Billion to Bolster Capital as Bad Debts Increase Dec 9, 2008
The transaction was underwritten by the Australian operations of JPMorgan Chase & Co., UBS AG, and Morgan Stanley. Westpac, which completed the A$14 billion takeover of St. George Bank Ltd. last month, had a 93 percent increase in bad debts last fiscal year after making loans to failed companies including and ABC Learning Centres Ltd.. (Bloomberg -- Australia & New Zealand)
Japan Stocks Advance as Crude, Metal Prices Rally; Mitsui Fudosan Surges Dec 9, 2008
UBS AG cut its rating on the stock to from neutral, citing a possible drop in product prices. The Topix Pulp & Paper Index has risen 56 percent since the broader gauge fell to a 24-year low on Oct. 27. (Bloomberg -- Japan)
* UBS predicts 1.6% contraction in GDP Dec 8, 2008
In its latest economic growth forecast, UBS AG said the local economy could contract by 1. 6 percent next year, revising down its previous estimate of 1. (Taipei Times, Taiwan -- World)
Euro Dreams Shattered for Poles, Hungarians, Czechs as Currencies Plummet Dec 8, 2008
Now, New York-based Morgan Stanley and UBS AG in Zurich predict more foreign exchange losses in eastern Europe ... Further reductions may add to pressure on the zloty and put into question the feasibility of Polands euro-adoption within the current time-frame, said , currency strategist for Europe, the Middle East and Africa at UBS AG in London. (Bloomberg -- Europe)
Qantas, British Airways Heads to Meet in Hong Kong on Merger, Review Says Dec 7, 2008
Qantas advisers, Macquarie Group Ltd. and Greenhill & Co., will resume talks with British Airways advisers UBS AG after the Christmas break to complete an appropriate merger ratio, the paper said. To contact the reporter on this story: in Melbourne at. (Bloomberg -- Australia & New Zealand)
Citigroup blocks longer General Growth extension: report Dec 6, 2008
The derivatives transactions with Morgan Stanley and Citigroup, and a similar deal with UBS AG, use a derivative known as a "total return swap" that give the fund exposure to another 12. 5 percent of General Growth's shares. (Crain's Chicago Business)
FTSE 100 Index Extends Declines After U.S. Jobs Report; Shell, BHP Retreat Dec 6, 2008
25 after the U.K.s third-biggest software maker was upgraded to buy from neutral at UBS AG, citing valuations. A late-December trading update my have some blemishes but not enough to justify todays valuation of the group, analysts wrote in note to clients. (Bloomberg -- UK)
Credit Suisse Trails Writedown-Laden UBS as Crisis Tolls: Chart of the Day Dec 6, 2008
Rival UBS AG, whose writedowns are almost four times Credit Suisses, has declined 27 percent. Lehmans collapse exposed the systemic risk of the whole banking market, where all banks are coming under pressure, said , a London-based analyst at JPMorgan Chase & Co.. (Bloomberg -- Europe)
TuneAir unable to secure acceptable financing Dec 6, 2008
Airlines are a risky business, said Damien Horth, an analyst with UBS AG in Hong Kong. It seems strange to be attempting a leveraged buyout, which adds further risk. (The Star Online, Malaysia -- Business)
Bad News Is Boost For Marts Dec 6, 2008
Prudential Financial Inc. and MetLife Inc. climbed at least 22 percent as UBS AG said they may benefit from potential regulatory changes. The gains helped the market overcome a morning tumble spurred by government data showing the nation lost the most jobs in 34 years last month as the recession deepened. (New York Post -- Business)
Microsoft Earnings May Not Meet Goal Dec 6, 2008
Microsoft Corp. may have to warn shareholders that profit and sales will fall short this quarter for the first time since 2000, according to Heather Bellini, an analyst at UBS AG.. Bellini, the top-ranked software analyst by Institutional Investor magazine, said every one of Microsoft's five divisions may miss the company's and analysts' sales forecasts. (New York Post -- Business)
China's yuan setto reverse course Dec 5, 2008
"So many local companies are in a rush to buy the dollar. And there are almost no sellers, excluding the central bank, because those sellers have no need to be in a rush to sell the dollar for the time being.'' The Chinese currency may move between 6.8 and 7 per dollar in six months on the spot market, Kurabe said. In the off-shore market, the non-deliverable forward rate of the yuan would fall further, he said, because of rising speculation over China's policy shift on the yuan, especially from... (Asia Times Online)
Yuan's Steepest Drop Lures Fortis, Union Over $586 Billion Spending Plan Dec 5, 2008
8 by the end of 2009, , an economist in Beijing for Zurich-based UBS AG, wrote in a Dec. 3 report. She said its performance will depend partly on strength in the dollar. (Bloomberg -- Asia)
Singapore's Lee Defends Investments by Temasek, GIC in Citigroup, Merrill Dec 5, 2008
The two companies have invested more than $23 billion in Citigroup, UBS AG and other banks as financial-services companies seek funds after posting close to $1 trillion of writedowns and credit losses. A measure of financial companies on the MSCI World Index has dropped 59 percent this year, the worst among its 10 industry groups. (Bloomberg -- Asia)
Chugai Pharma Falls After FDA Seeks Data on Actemra (Update3) Dec 5, 2008
Chugai received another regulatory setback for Actemra,'' , a health-care analyst at UBS AG in Tokyo, said in a report, reiterating his ``sell'' rating on the stock. We estimate best-case FDA approval in October `09 and a worst-case of March `10. (Bloomberg)
Julius Baer's Top Private Banker Dies Dec 5, 2008
Baer is Switzerland's biggest manager of assets for rich clients behind global peers UBS AG (UBS) and Credit Suisse (CS). This year, Julius Baer's private bank continued to attract fresh assets from clients, in part because it gained market share as clients were moving assets away from banks that also have investment banking operations, and therefore suffered more heavily from the downturn. (SmartMoney)
Wallace Absolute Return Fund Appoints Birch CEO After Losing 80% of Value Dec 5, 2008
He was previously a banking analyst at UBS AG and Macquarie Group Ltd. in Sydney. a listed fund that invests in Australian equities and fixed income securities, has lost 81 percent on the Australian stock exchange this year. (Bloomberg -- Australia & New Zealand)
Hana Bank to Get $645 Million Capital Boost From Parent as Bad Loans Rise Dec 4, 2008
Macquarie Securities Ltd. forecasts the economy will shrink 2 percent in 2009 and UBS AG sees a 3 percent contraction. To contact the reporter on this story: in Seoul at. (Bloomberg -- Asia)
UPDATE 1-Swiss regulator, big banks agree new capital rules Dec 4, 2008
ZURICH, Dec 4 (Reuters) - Switzerland's bank regulator has reached a deal with UBS AG (UBSN.VX: , , , ) and Credit Suisse Group AG (CSGN.VX: , , , ) on stricter bank capital requirements and said on Thursday it expected international rules to move in the same direction. The new rules, whose broad outline had already been made public, will include the introduction of a leverage ratio for the two banks and higher capital adequacy targets, the Swiss Federal Banking Commission said in a statement. (Reuters)
Mumbai market on hold Dec 4, 2008
The city's home sales dropped 21% in the seven months to October 31, according to estimates from UBS AG. That was before terrorists held south Mumbai under siege for almost 60 hours, with attacks on luxury hotels, a railway station and a Jewish center leaving more than 195 people dead last week. Terrorists targeted the foreigners who helped make Mumbai the world's second-most expensive city for offices last year, as companies including Macquarie Group Ltd. and Barclays Plc sought space in... (Sydney Morning Herald -- Business)
Enbridge Forecasts 2009 Operating Earnings That Beat Analysts' Estimates Dec 4, 2008
The guidance is solid and the distribution is a little better than expected, , an analyst at UBS AG in Calgary, who expects Enbridge to earn C$2. 21 a share in 2009 and rates the shares a buy, said in a telephone interview. (Bloomberg -- Canada)
Liechtenstein Allure to Wealthy Will Dim After Signing of U.S. Tax Accord Dec 3, 2008
The U.S. Justice Department is investigating possible tax evasion by as many as 17,000 American clients of UBS AG in neighboring Switzerland. A Switzerland-based UBS executive was indicted last month in Florida on a charge that he helped rich Americans evade taxes, and a former UBS banker pleaded guilty in a related case earlier this year. (Bloomberg -- Germany)
White & Case to Undergo Major Reorganization Dec 3, 2008
Those clients are: Novartis AG, Panasonic Corp., Qatar Investment Authority, The Royal Bank of Scotland Group and UBS AG.. White & Case has a head count -- about 2,000 lawyers -- that is similar to global firms like Linklaters, but it is not as profitable, even though profits have increased at a healthy clip in recent years. (Law.com)
China Is `Heart of Global Slowdown' as Property Slump Stalls Driver of GDP Dec 3, 2008
Countries with the most at stake are Taiwan, which shipped almost 36 percent of its exports to China last year; South Korea, 25 percent; and Japan, 19 percent, according to UBS AG.. Taiwan's export orders from China and Hong Kong dropped 23 percent in October, the biggest decline since 2001, the government reported Nov. 24. (Bloomberg)
Toshiba Will Speed Up Chip Business Reorganization Amid `Dire' Environment Dec 3, 2008
A glut of the devices, responsible for about a 70 percent price slump this year, will continue through 2009, UBS AG said in a report yesterday. Chip market conditions should begin to turn around in the second half of 2009, Muromachi said. (Bloomberg -- Japan)
Commodity Bonuses Fall Faster Than Crude as Goldman, Hedge Funds Retrench Dec 2, 2008
Zurich-based UBS AG, Switzerlands biggest bank, said in October it will end over-the-counter trading in industrial metals and energy. The manic scramble in commodities in 2007 and early 2008 has calmed down, said , 52, chief executive officer of , which has recruited for banks since 1992. (Bloomberg -- UK)
Swiss Central Bank Looks for New Tools to Tackle Zero Interest-Rate World Dec 2, 2008
They simply dont have much room left on interest rates following a 100 basis-point cut Nov. 20, said , senior economist at UBS AG in Zurich. Still, theyre actively using monetary policy and are looking for creative solutions, which may include buying bonds, intervening in currency markets and expanding swaps with other central banks, he said. (Bloomberg -- Europe)
