News

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Warburg is walking tall

The investment bank is back from the brink, its cultured style intact. Now it is taking the fight to Wall Street, says Peter Koenig

Outlook: UBS/CGIP

THE DISCOUNT to net asset value that British investment trust shares have begun to trade at seems bad enough, but as this column pointed out yesterday, this apparent anomaly has got nothing on French industrial holding companies. As if on cue, Warburg Dillon Read yesterday forked out pounds 300m to buy 10 per cent stakes in the interlinked Marine-Wendel and CGIP, presumably with the intention of helping to unlock some of the hidden value that lies within them.

UBS resists pressure to sell Warburg

UBS, Europe's largest bank, moved yesterday to quell speculation that it is seeking to sell Warburg Dillon Read, its investment banking arm despite worse-than-expected third-quarter losses of pounds 530m after tax.

UBS loses $100m in China

UBS, EUROPE'S largest bank, has lost $100m (pounds 60m) in China as a result of the collapse of Guandong International Trust and Investment Corporation (Gitic), a provincial institution which financed infrastructure projects in southern China with loans from foreign banks.

LTCM chiefs resisted UBS taking stake

LONG-TERM Capital Management, the hedge fund which had to be bailed out, turned down repeated requests from UBS to become a direct investor in the fund and only allowed the Swiss bank to take a stake because of the persistence of the bank's top executives.

UBS woos Deutsche Bank head as chairman

UBS HAS approached Josef Ackerman, the head of investment banking at Deutsche Bank, to take over as chairman in the wake of last week's departure by Mathis Caballiavetta, who quit over his role in the bank's loss- making investment in Long-Term Capital Management, the troubled hedge fund.

Outlook: Heads are bound to roll at UBS

MARTIN TAYLOR, chief executive of Barclays, is reported to be dismayed at the collapse of his share price. But if Mr Taylor thinks he's got problems, he should take a look at the price of UBS, Europe's largest bank. Down another 15 per cent yesterday, the shares have fallen all the way from 650 Swiss francs on 4 August to 270 by last night's close.

UBS profits

SHARES IN UBS, parent of Warburg Dillon Read, the investment bank, shrugged off a 554m Swiss franc (pounds 231m) hit from the Holocaust settlement to soar 4 per cent in Zurich yesterday after reporting a better-than-expected first half, thanks to buoyant equity markets world-wide.

UBS denies `$700m loss' claim

UBS yesterday issued a categorical denial of an article in The Economist which alleged that the Swiss bank incurred losses of up to $700m (pounds 425m) at its Singapore branch due to "poor risk control".

pounds 3m fine for UBS's Jersey private bank

CANTRADE private bank Switzerland (CI), the Jersey-based subsidiary of Swiss banking giant UBS, has been fined pounds 3m for criminal recklessness by the island's Royal Court.
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Independent Travel
Pompeii, Capri & the Bay of Naples
Dubrovnik, the Dalmatian Coast & Montenegro
Burgundy, the River Rhone & Provence
Lisbon, Oporto and the Douro Valley
Lake Garda, Venice & Verona
Spain
Prices correct as of 23 January 2015
Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee
World War Z author Max Brooks honours WW1's Harlem Hellfighters in new graphic novel

Max Brooks honours Harlem Hellfighters

The author talks about race, legacy and his Will Smith film option to Tim Walker