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UBS reports huge 2Q profit skewed by Credit Suisse takeover, foresees $10B in cost cuts

Published Wed, 26 Feb 2025 02:06:07 GMT

GENEVA (AP) — Swiss bank UBS announced Thursday plans to save $10 billion in costs as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations, as UBS released its first earnings report since the government-orchestrated merger to help stave off a possible global financial meltdown.The announcement came as the Zurich-based bank reported a whopping $29 billion in pre-tax profit in the second quarter. But underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other impacts of the Credit Suisse takeover.In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, announced a loss of 8.9 billion Swiss francs ($10.1 billion) as it wrapped up its accounting for all of 2023.UBS appeared to make no mention of one of the major outstanding questions: how many of Credit Suisse’s 50,000 employees would be kept on....

Tampa Bay area gets serious flooding but again dodges a direct hit from a major hurricane

Published Wed, 26 Feb 2025 02:06:07 GMT

Last year it was Hurricane Ian that drew a bead on Tampa Bay before abruptly shifting east to strike southwest Florida more than 130 miles (210 kilometers) away. This time it was Hurricane Idalia, which caused some serious flooding as it sideswiped the area but packed much more punch at landfall Wednesday, miles to the north.In fact, the Tampa Bay area hasn’t been hit directly by a major hurricane for more than a century. The last time it happened, there were just a few hundred thousand people living in the region, compared with more than 3 million today.“Tampa Bay avoided the worst again,” Brian McNoldy, a senior research associate at the University of Miami’s Rosenstiel School of Marine, Atmospheric and Earth Science, said via email. “A lot of it comes down to luck. It’s happened before ( 1848, 1921 ) and will happen again.” Many in the area live in low-lying neighborhoods that are highly vulnerable to storm surge and flooding they have rarely before experienced, which some ...

With an election looming, New Zealand lawmakers wrap up rowdy final session

Published Wed, 26 Feb 2025 02:06:07 GMT

WELLINGTON, New Zealand (AP) — New Zealand lawmakers rushed Thursday to pass legislation and criticize opponents during a rowdy final day of the nation’s 53rd Parliament.With an election looming in six weeks, lawmakers will now switch focus to the campaign trail. Opinion polls indicate the opposition conservatives hold a slight edge over the incumbent liberals.Lawmakers took just two hours to introduce and pass a new bill to ensure some violent sexual offenders will be kept under long-term supervision. Then a fiery debate session began, with loud cheers, laughter and groans. At one point, environmental protesters interrupted by unfurling a banner saying there were too many cows, before security guards escorted them out. Nicola Willis, deputy leader of the opposition, took aim at Grant Robertson, the finance minister.“Does he think he has been a good steward of taxpayers’ money when government spending is up 80%, our hospitals are in crisis, educational achievement is in ...

Tropical Storm Idalia descends on North Carolina after pounding Florida, Georgia and South Carolina

Published Wed, 26 Feb 2025 02:06:07 GMT

PERRY, Fla. (AP) — Tropical Storm Idalia descended on the Carolinas on its way out to the Atlantic Ocean on Thursday, leaving a trail of flooding and destruction throughout the Southeast that stretched back to its landfall as a hurricane in Florida.Rescue and repair efforts continued in the areas the storm passed Wednesday and there was no immediate word on the toll from the ferocious winds and inundating waters, but authorities counted at least one death.The storm left as many as a half-million customers without power in Florida and other states at one point as it ripped down power poles and lines. Still, it was far less destructive than feared, providing only glancing blows to Tampa Bay and other more populated areas as it came ashore with 125 mph (201 kph) winds in rural Florida.The weakening storm still packed winds of up to 60 mph (96 kph) as it blasted through Georgia and South Carolina on Wednesday evening. It was expected to reach the North Carolina coast Thursday and roll o...

Commission clears acquisition of Universo IME by Sonae and Bankinter

Published Wed, 26 Feb 2025 02:06:07 GMT

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Universo IME S.A. by Sonae SGPS S.A., both of Portugal, and Bankinter Consumer Finance E.F.C. S.A. (‘BKCF') of Spain.Universo IME is active in payment services to consumers, credit intermediation for consumer loans granted by third parties as well as in merchant acquiring services for retailers. Sonae is primarily active in food and non-food retail as well as in consumer finance and insurance. BKCF is mainly active in retail banking.The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited horizontal overlaps and vertical links between the activities of Sonae and BKCF in the European Economic Area. The transaction was examined under the simplified merger review procedure.More information is available on the Commission's competition website, in the public case register under the case number M.11130.

Two killed in Scotts Valley traffic collision

Published Wed, 26 Feb 2025 02:06:07 GMT

SCOTTS VALLEY – Two people were killed in a crash Wednesday afternoon in Scotts Valley, police said.The collision happened around 4:50 p.m. near Mount Hermon Road and Skypark Drive.Police closed Mount Hermon Road in both directions between Skypark Drive and Lockhart Gulch Road for an investigation. The roadway was reopened around 9:40 p.m.“We thank everyone for their patience dealing with the additional traffic delays,” the Scotts Valley Police Department said in a statement. “Unfortunately, the collision resulted in two fatalities.”Additional details about the crash were not immediately available Wednesday night.Related ArticlesCrashes and Disasters | Person standing outside van on I-580 shoulder fatally hit by SUV Crashes and Disasters | Elderly woman dies of injuries suffered in Aug. 21 South Bay crash Crashes and Disasters | Man dies after crashing stolen car into San Jose creek Crashes and Disasters | 3 rideshare passen...

Deputies nab 2 suspects in attempted bank robbery in San Leandro, hit-and-run of minor

Published Wed, 26 Feb 2025 02:06:07 GMT

(BCN) -- Two men have been arrested on suspicion of robbing a bank and the hit-and-run of a juvenile in San Lorenzo, the Alameda Sheriff's Office said Wednesday. Kevin Perry, 21, and Dewey Nguyen, 21, were arrested on suspicion of the attempted robbery of a Citibank and the felony hit-and-run of a juvenile in a crosswalk. Teen struck by fleeing bank robber’s car in San Lorenzo Police were initially searching for an unknown male in a dark hoodie and mask who entered the Citibank on Paseo Grande on Monday and passed a note demanding $20,000, "or the bank would be blown up," police said. A second man in his early 20s with a slender build, wearing all-black clothing, a black backpack and red and black shoes acted as a lookout. Both men left the bank before any money was surrendered, police said. The suspects got into a blue Ford Taurus and a brief vehicle pursuit by police ensued, but was ended for public safety after the suspects struck a juvenile walking across th...

Emergency services says death toll jumps to 52 in a fire in a building in South Africa’s biggest city

Published Wed, 26 Feb 2025 02:06:07 GMT

JOHANNESBURG (AP) — Emergency services says death toll jumps to 52 in a fire in a building in South Africa’s biggest city.Source

US, Indonesia and 5 other nations hold war drills amid China concerns

Published Wed, 26 Feb 2025 02:06:07 GMT

JAKARTA, Indonesia (AP) — Soldiers from the U.S., Indonesia and five other nations began annual training exercises Thursday on Indonesia’s main island of Java while China’s increasing aggression is raising concern.American and Indonesian soldiers have held the live-fire drill since 2009, and Australia, Japan and Singapore joined last year. The United Kingdom and French forces are participating in this year’s Super Garuda Shield exercises, with a total of about 5,000 personnel.China sees the expanded drills as a threat, accusing the U.S. of building an Indo-Pacific alliance similar to NATO to limit China’s growing military and diplomatic influence in the region.Brunei, Brazil, Canada, Germany, India, Malaysia, Netherlands, New Zealand, Papua New Guinea, Philippines, South Korea, and East Timor also sent observers to the two-week exercises in Baluran, a coastal town in East Java province.Commanding general of U.S. Army Pacific, Gen. Charles Flynn, said the 19 nations involved in the t...

Ousting of Gabon’s unpopular leader was a ‘smokescreen’ for soldiers to seize power, analysts say

Published Wed, 26 Feb 2025 02:06:07 GMT

DAKAR, Senegal (AP) — Gabonese awoke Thursday to a new military leader after mutinous soldiers ousted a president whose family had ruled the oil-rich Central African nation for more than five decades.The new leader is Gen. Brice Clotaire Oligui Nguema, head of the elite republican guard unit, soldiers announced on state TV Wednesday hours after President Ali Bongo Ondimba was declared winner of last week’s presidential election, which Gabonese and observers say was marred with irregularities and a lack of transparency.The soldiers accused Bongo of irresponsible governance that risked leading the country into chaos and have put him under house arrest and detained several people in his cabinet, they said. While there were legitimate grievances about the vote and Bongo’s rule, his ousting is just a pretext to claim power for themselves, Gabon experts say. “The timing of the coup, following the announcement of the implausible electoral results, and the speed with which the j...