Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a


Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a
Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investigates, units, firms, swiss, competition, credit, financial, investigated, suisse, mobile, companies, ubs, watchdog, weko, pay, agreements


Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS.

WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung.

The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said.

The competition watchdog also added that raids were carried out at offices of the companies being investigated.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investigates, units, firms, swiss, competition, credit, financial, investigated, suisse, mobile, companies, ubs, watchdog, weko, pay, agreements


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UBS Chairman Weber: Central banks are keeping cautious faith in policy normalization

The chairman of UBS told CNBC that central banks around the world will stick to the path of policy normalization in a bid to avoid the risk of volatility in markets. Policy normalization is the attempt by central banks to reduce the size of their balance sheet and raise benchmark interest rates so that monetary policy returns to the environment prior to the global financial crisis in 2008. Speaking to CNBC’s Joumanna Bercetche in an exclusive interview at the UBS European Conference in London on


The chairman of UBS told CNBC that central banks around the world will stick to the path of policy normalization in a bid to avoid the risk of volatility in markets. Policy normalization is the attempt by central banks to reduce the size of their balance sheet and raise benchmark interest rates so that monetary policy returns to the environment prior to the global financial crisis in 2008. Speaking to CNBC’s Joumanna Bercetche in an exclusive interview at the UBS European Conference in London on
UBS Chairman Weber: Central banks are keeping cautious faith in policy normalization Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: david reid
Keywords: news, cnbc, companies, normalization, monetary, keeping, chairman, central, cautious, volatility, faith, policy, global, weber, rates, markets, banks, ubs


UBS Chairman Weber: Central banks are keeping cautious faith in policy normalization

The chairman of UBS told CNBC that central banks around the world will stick to the path of policy normalization in a bid to avoid the risk of volatility in markets.

Policy normalization is the attempt by central banks to reduce the size of their balance sheet and raise benchmark interest rates so that monetary policy returns to the environment prior to the global financial crisis in 2008.

Speaking to CNBC’s Joumanna Bercetche in an exclusive interview at the UBS European Conference in London on Wednesday, Axel Weber said that global liquidity, while still increasing would soon start to shrink as central banks stopped buying assets.

“That’s going to produce a headwind to global markets, but the central banks are confident enough they can manage the situation and that their monetary policy normalization is the right way to go,” said Weber.

Weber said central banks fear that continued easy monetary policy will build up risks in markets as volatility grows, putting strain on any financial instabilities.

The U.S. Federal reserve has led the charge in raising interest rates, leading to some criticism that the world’s most influential central bank could choke off economic growth. That concern has been reflected in equity markets. The Dow Jones Industrial Average lost 600 points on Monday, and as of Tuesday 65 percent of S&P 500 stocks were considered to be in correction territory.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: david reid
Keywords: news, cnbc, companies, normalization, monetary, keeping, chairman, central, cautious, volatility, faith, policy, global, weber, rates, markets, banks, ubs


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Banking consolidation in Europe is ‘inevitable,’ UBS chief Ermotti says

Often investors, policy-makers and other industry experts refer to fragmentation as one of the biggest hurdles to profitability in European banks. UBS chief Sergio Ermotti told CNBC in an exclusive interview at the UBS European Conference that the issue is “not sustainable.” For sure consolidation needs to happen, in particular in Europe, where we see a lot of fragmentation that it is not sustainable,” Ermotti told CNBC’s Joumanna Bercetche. European banks have suffered from a trust deficit and


Often investors, policy-makers and other industry experts refer to fragmentation as one of the biggest hurdles to profitability in European banks. UBS chief Sergio Ermotti told CNBC in an exclusive interview at the UBS European Conference that the issue is “not sustainable.” For sure consolidation needs to happen, in particular in Europe, where we see a lot of fragmentation that it is not sustainable,” Ermotti told CNBC’s Joumanna Bercetche. European banks have suffered from a trust deficit and
Banking consolidation in Europe is ‘inevitable,’ UBS chief Ermotti says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: silvia amaro
Keywords: news, cnbc, companies, banks, inevitable, banking, ermotti, consolidation, investors, told, sector, ubs, european, predict, needs, europe, chief


Banking consolidation in Europe is 'inevitable,' UBS chief Ermotti says

The European banking system needs consolidation and “as time goes by, it will become more and more inevitable,” the head of one of the largest banks in Europe told CNBC on Tuesday.

Often investors, policy-makers and other industry experts refer to fragmentation as one of the biggest hurdles to profitability in European banks. UBS chief Sergio Ermotti told CNBC in an exclusive interview at the UBS European Conference that the issue is “not sustainable.”

“That’s something that as time goes by will become more and more inevitable, is part of the solutions. For sure consolidation needs to happen, in particular in Europe, where we see a lot of fragmentation that it is not sustainable,” Ermotti told CNBC’s Joumanna Bercetche.

He further added that technology will make the sector more “effective and more efficient.”

European banks have suffered from a trust deficit and have struggled to convince investors, since the global financial crisis. Since the start of the year, the European banking index is down about 20 percent.

Going forward it is hard to predict how investors will see European banks, Ermotti told CNBC.

“Difficult to predict sentiment and investors’ approach. I think it is quite clear that investors are very reluctant to invest in our sector,” he said. “I do respect the merits and a more balanced approach to valuations in our industry but we have to recognize this is a very challenging moment,” he added.

Banks have had to deal with several crisis-legacy issues, such as bad loans, amid a low-interest rate environment and tougher regulations.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: silvia amaro
Keywords: news, cnbc, companies, banks, inevitable, banking, ermotti, consolidation, investors, told, sector, ubs, european, predict, needs, europe, chief


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US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma


The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma
US sues UBS over alleged crisis-era mortgage securities fraud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis.

UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.

The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.

While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell.

A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit.

“The DOJ’s claims are not supported by the facts or the law,” it said in a statement. “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”

U.S. officials are seeking unspecified fines against UBS under a federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct.

The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.

Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland previously settled.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


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European markets lower after Fed meeting, Italy in focus; UBS down 3%

Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends. Investors are


Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends. Investors are
European markets lower after Fed meeting, Italy in focus; UBS down 3% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: silvia amaro
Keywords: news, cnbc, companies, meeting, european, dropped, uk, rates, investors, ubs, focus, profit, italy, markets, stocks, fed, mexico, president, trade, lower


European markets lower after Fed meeting, Italy in focus; UBS down 3%

The pan-European Stoxx 600 was 0.6 percent lower with almost every sector in the red.

Basic resources fell as much as 1.5 percent as global trade concerns are still weighing on sentiment. Banking stocks were also down by more than 1 percent. In particular, UBS shares dropped 2.7 percent after the U.S. Justice Department filed a suit against the bank for investors’ losses linked to mortgage-linked securities prior to the financial crisis.

Spanish lender BBVA was also under pressure, off by more than 5 percent. This was after the announcement of a new bill in Mexico, curbing banks from charging commissions for certain services. Mexico represents about 40 percent of BBVA’s overall net profit, Reuters reported.

The French-based Rubis dropped to the bottom of the European benchmark after posting its latest results and getting a rating downgrade. The stock was down by 10 percent.

The German group Thyssenkrupp dropped nearly 6 percent after cutting its profit outlook for the second time this year.

Apart from corporate news, investors are also tracking a number of political events.

Stateside, the Fed decided to keep rates unchanged but said that it expects “further gradual increases,” which pushed stocks slightly lower. Higher interest rates tend to dent stocks as investors believe companies will have less room for dividends.

Investors are also closely monitoring developments in Italy, after the European Commission said Thursday that Rome’s economic forecasts are not in line with its own calculations. Eurogroup President Mario Centeno is meeting Italy’s finance minister Giovanni Tria at 11.30 GMT.

Meanwhile, in Brexit news, the U.K. government is set to hold critical meetings during the weekend, as European Council President Donald Tusk said Thursday he hopes for a breakthrough within days.

On the data front, there will be balance of trade figures out in the U.K. at 9.30 am London time and GDP numbers also due at the same time.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: silvia amaro
Keywords: news, cnbc, companies, meeting, european, dropped, uk, rates, investors, ubs, focus, profit, italy, markets, stocks, fed, mexico, president, trade, lower


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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial


The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial
UBS expects to be sued by US Justice Department over crisis-era mortgage securities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


UBS expects to be sued by US Justice Department over crisis-era mortgage securities

UBS Group, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-2009 financial crisis, according to a company statement.

The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.”

The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.

It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis.

The Department of Justice has settled similar claims with Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America and Barclays.

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit.

More recently, HSBC Holdings agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group reached a $4.9 billion deal in May.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


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Manafort was in default on Trump Tower condo when he forfeited it

Ex-Trump campaign chief Paul Manafort was in default on a multimillion-dollar mortgage for his Trump Tower condo at the time he forfeited that property to the U.S. government as part of his guilty plea, lawyers for Manafort’s lender said in court papers. If UBS prevails in its request, the government could be forced to give the bank its share of the proceeds of any sale of the Trump Tower property. UBS did not say in its filing when Manafort fell into default on the mortgage or how much the cond


Ex-Trump campaign chief Paul Manafort was in default on a multimillion-dollar mortgage for his Trump Tower condo at the time he forfeited that property to the U.S. government as part of his guilty plea, lawyers for Manafort’s lender said in court papers. If UBS prevails in its request, the government could be forced to give the bank its share of the proceeds of any sale of the Trump Tower property. UBS did not say in its filing when Manafort fell into default on the mortgage or how much the cond
Manafort was in default on Trump Tower condo when he forfeited it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: dan mangan, yuri gripas
Keywords: news, cnbc, companies, tower, default, mortgage, court, ubs, filing, forfeited, trump, bank, manafort, manaforts, interest, property, condo


Manafort was in default on Trump Tower condo when he forfeited it

Ex-Trump campaign chief Paul Manafort was in default on a multimillion-dollar mortgage for his Trump Tower condo at the time he forfeited that property to the U.S. government as part of his guilty plea, lawyers for Manafort’s lender said in court papers.

And now the lender, UBS Bank, is asking a federal judge for a hearing to recognize and adjudicate that bank’s interest in Manafort’s condo in the landmark building owned by President Donald Trump on Fifth Avenue in New York, according to a filing in U.S. District Court in Washington, D.C.

UBS, which said Manafort owes about $3,110,000 on the mortgage, claims to have a “vested or superior interest in the Property,” the court filing said. The bank said the U.S. government notified the bank on Oct. 11 that the judge in Manafort’s case had signed off on the forfeiture of the property the day before.

On Thursday, the judge, Amy Berman Jackson, told prosecutors in special counsel Robert Mueller’s office to answer the bank’s filing by Nov. 21.

If UBS prevails in its request, the government could be forced to give the bank its share of the proceeds of any sale of the Trump Tower property.

UBS did not say in its filing when Manafort fell into default on the mortgage or how much the condo is believed to currently be worth.

A spokesman for Mueller declined to comment, as did Manafort’s spokesman, Jason Maloni. Lawyers for UBS and Manafort did not immediately respond to a request for comment.

Manafort, 69, pleaded guilty on Sept. 14 in Washington court to conspiracy charges related to income he earned from consulting work on behalf of pro-Russia politicians in Ukraine.

The plea came a month after he was convicted at trial in a related case in Virginia federal court. Both cases were being prosecuted by Mueller’s office.

As part of his guilty plea, made right before he was due to face a second trial in Washington, Manafort agreed to forfeit an estimated $46 million worth of assets and cash.

The assets Manafort originally agreed to surrender included his home in Arlington, Virginia; a condo in lower Manhattan; a townhouse in Brooklyn, New York; and a house in the Hamptons section of Long Island, New York, as well as four bank accounts.

Manafort soon afterward told prosecutors he would give up another lower Manhattan property instead of his Virginia home. And he said he would give up his Trump Tower condo instead of one of the bank accounts.

In its court filing, UBS said it holds a mortgage for the Trump Tower property that Manafort and his wife, Kathleen, granted in April 2015.

The mortgage was granted in exchange for a variable-interest, 25-year loan in the original amount of $3 million, according to the bank. Manafort and his wife originally were paying an interest rate of just 2.055 percent per year.

Under the terms of the loan, the Manaforts were only obligated to pay interest — and not any principal — until April 2025. After that, the couple is required to pay principal and interest on the loan through May 2040.

“The Mortgage and Note are in default,” UBS said in its filing. The bank said that in addition to the principal balance of $3 million, the Manaforts owe interest in the amount of $108,437.49, late fees of $4,848.75, other fees totaling $995, as well as unspecified attorneys’ fees.

As of this month, the interest rate on the note is 4.125 percent, or daily interest of $343.75.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: dan mangan, yuri gripas
Keywords: news, cnbc, companies, tower, default, mortgage, court, ubs, filing, forfeited, trump, bank, manafort, manaforts, interest, property, condo


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Companies have started shifting their supply chains: UBS

Companies have started shifting their supply chains: UBS14 Hours AgoKelvin Tay of UBS Global Wealth Management says some businesses have begun to move parts of their manufacturing operations out of China and others are preparing to do the same.


Companies have started shifting their supply chains: UBS14 Hours AgoKelvin Tay of UBS Global Wealth Management says some businesses have begun to move parts of their manufacturing operations out of China and others are preparing to do the same.
Companies have started shifting their supply chains: UBS Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07
Keywords: news, cnbc, companies, ubs, chains, parts, started, tay, wealth, shifting, supply, operations, companies, preparing, ubs14


Companies have started shifting their supply chains: UBS

Companies have started shifting their supply chains: UBS

14 Hours Ago

Kelvin Tay of UBS Global Wealth Management says some businesses have begun to move parts of their manufacturing operations out of China and others are preparing to do the same.


Company: cnbc, Activity: cnbc, Date: 2018-11-07
Keywords: news, cnbc, companies, ubs, chains, parts, started, tay, wealth, shifting, supply, operations, companies, preparing, ubs14


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UBS calls GE shares a buy despite market selloff: ‘Larry Culp is key’

UBS bumped its rating of General Electric shares to buy from neutral on Wednesday, saying the battered stock is primed for a turnaround with CEO Larry Culp at the helm. GE shares fell 1.7 percent in trading a day after falling below $10 for the first time since 2009. The stock initially rose as much as 1.2 percent in premarket trading after the UBS report. The first GE earnings report under Culp saw him cut to the quarterly dividend to just a penny a share. UBS has a $13 price target on GE share


UBS bumped its rating of General Electric shares to buy from neutral on Wednesday, saying the battered stock is primed for a turnaround with CEO Larry Culp at the helm. GE shares fell 1.7 percent in trading a day after falling below $10 for the first time since 2009. The stock initially rose as much as 1.2 percent in premarket trading after the UBS report. The first GE earnings report under Culp saw him cut to the quarterly dividend to just a penny a share. UBS has a $13 price target on GE share
UBS calls GE shares a buy despite market selloff: ‘Larry Culp is key’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: michael sheetz, yasuyoshi chiba, afp, getty images
Keywords: news, cnbc, companies, despite, selloff, saying, market, key, think, ubs, culp, stock, calls, larry, sec, winoker, ge, trading, shares


UBS calls GE shares a buy despite market selloff: 'Larry Culp is key'

UBS bumped its rating of General Electric shares to buy from neutral on Wednesday, saying the battered stock is primed for a turnaround with CEO Larry Culp at the helm.

GE shares fell 1.7 percent in trading a day after falling below $10 for the first time since 2009. The stock initially rose as much as 1.2 percent in premarket trading after the UBS report.

“We think peak uncertainty has been reached and expect forward corporate event catalysts and portfolio moves to improve visibility and to strengthen the balance sheet,” UBS analyst Steven Winoker said in a note. “Let’s be clear. Larry Culp is key to our upgrade.”

Culp’s ability to lead GE is Winoker’s number one conviction for upgrading the stock.

“Despite all the differences from the experience with Danaher, we think Culp will succeed in improving the businesses, optimizing capital allocation and cleaning up whatever needs to be cleaned up over time,” Winoker said.

The first GE earnings report under Culp saw him cut to the quarterly dividend to just a penny a share. The company also made a host of other third quarter announcements, including a $22 billion charge related to acquisitions in its power business which the SEC and DOJ are including in their investigations of GE accounting practices.

Winoker pointed out the “pace and magnitude” of the challenge facing Culp but says that “can be managed.” He laid out the risks, saying “the math” behind GE “highlights a number of risks.”

“With yet another SEC investigation and ongoing litigation, plus the lack of 2018 cash and earnings guidance, we remain concerned about the integrity of the numbers fed to senior management,” Winoker said.

Despite those risks, Winoker said UBS believes “the downside still gives us positive skew.” With the stock hitting new 9-year lows, “we think the greater risk is that we are early,” Winoker said.

The stock closed Tuesday at $10.18. UBS has a $13 price target on GE shares.


Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: michael sheetz, yasuyoshi chiba, afp, getty images
Keywords: news, cnbc, companies, despite, selloff, saying, market, key, think, ubs, culp, stock, calls, larry, sec, winoker, ge, trading, shares


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Forget trade wars, US and China compete for most billionaires

You may have bought a Mega Millions lottery ticket with dreams of becoming a billionaire. It turns out many individuals are reaching that level of wealth the old-fashioned way. The total number of billionaires is growing, both in the U.S. and elsewhere, reaching 2,158 individuals worldwide in 2017, a new study shows. Billionaire wealth grew by 19 percent to $8.9 trillion in 2017 — the largest increase historically, according to the latest report on billionaires from UBS and PwC.


You may have bought a Mega Millions lottery ticket with dreams of becoming a billionaire. It turns out many individuals are reaching that level of wealth the old-fashioned way. The total number of billionaires is growing, both in the U.S. and elsewhere, reaching 2,158 individuals worldwide in 2017, a new study shows. Billionaire wealth grew by 19 percent to $8.9 trillion in 2017 — the largest increase historically, according to the latest report on billionaires from UBS and PwC.
Forget trade wars, US and China compete for most billionaires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: lorie konish, source, crazy rich asians
Keywords: news, cnbc, companies, china, 2017, waythe, wealth, billionaires, forget, individuals, reaching, trillion, trade, compete, worldwide, ubs, turns, wars


Forget trade wars, US and China compete for most billionaires

You may have bought a Mega Millions lottery ticket with dreams of becoming a billionaire.

It turns out many individuals are reaching that level of wealth the old-fashioned way.

The total number of billionaires is growing, both in the U.S. and elsewhere, reaching 2,158 individuals worldwide in 2017, a new study shows.

Billionaire wealth grew by 19 percent to $8.9 trillion in 2017 — the largest increase historically, according to the latest report on billionaires from UBS and PwC.


Company: cnbc, Activity: cnbc, Date: 2018-10-29  Authors: lorie konish, source, crazy rich asians
Keywords: news, cnbc, companies, china, 2017, waythe, wealth, billionaires, forget, individuals, reaching, trillion, trade, compete, worldwide, ubs, turns, wars


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