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.
Career Services

Day In a Page

Independent Travel
Lake Garda, Venice & Verona from £629pp
Dubrovnik
Vietnam
Bruges
South Africa
Spain
Prices correct as of 12 December 2014
Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas