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Global Investing News: Bank of America (BAC), China Mobile (CHN), General Motors (GM), UBS AG (UBS), American International Group (AIG) and Eli Lilly & Co. (LLY)
BofA 1Q Profit Doubles; China Mobile Misses Estimates; GM Cutting 1,400 Salary Positions; UBS Selling Brazilian Unit; AIG Gets More Fed Funding; Leading Economic Indicators Fall More Than Forecast; Lilly Beats Estimates; Rubber Prices May Fall on Fading Auto Sales
- First-quarter profit for Bank of America Corp. (BAC) more than doubled, but a surge in troubled loans threw a wet blanket on the bank’s earnings report. So far, Bank of America has received $45 billion in government loans, and Chief Executive Kenneth Lewis said on a conference call that “we absolutely don’t think we need additional capital," Reuters reported.
- The world’s biggest wireless provider, China Mobile Ltd. (CHN),…
Global Investing Roundups
China Lifts Inflation Controls; Awful Year for India Rupee; 30-year Mortgage Rates Hit Record Low; First Recorded Decline in Online Holiday Shopping; UBS Offloads Bank of China Stake
- With inflation easing, China has lifted temporary inflation controls on key commodities such as liquefied petroleum gas, power-station coal, grains and cooking oil. Ten months ago, China was facing inflation at a 12-year high, Bloomberg reported. Now it’s slowed to the weakest pace in nearly two years.
- India’s rupee slid 19.2% in 2008, its worst annual performance since 1991, and the second-worst among the 10 most-active Asian currencies excluding Japan. “It has been ecstasy…
UBS Sued for Securities Fraud
New York State Attorney General Andrew Cuomo has brought a multi-billion lawsuit against UBS AG (UBS), accusing the Swiss banking giant of pushing billions of dollars in auction-rate securities onto ordinary investors as the market collapsed earlier this year.
UBS routinely presented the troubled auction-rate securities as safe, short-term liquid investments even as a senior executive at the bank called the market “a complete loser,†the civil complaint filed by Cuomo alleges.
The suit is yet another blow for the Zurich-based bank, which is also under investigation by U.S. Department of Justice to determine whether UBS helped American clients dodge paying U.S. taxes.
Story continues…
25Jul2008 | Money Morning | Comments Off | ContinuedUBS Embarks on Middle East Expansion
UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into the oil-fueled wealth creation occurring in the Middle East.
â€With over 40 years’ experience in the region our decision to set up operations in the Kingdom of Saudi Arabia is further evidence of UBS’ long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market,†Chairman and Chief Executive…
9Jul2008 | Money Morning | Comments Off | ContinuedIn the Valley of Gold
What you make of the gold market right now depends on what you make of the kind of data UBS’s precious metals team follows.
Big institutional players in the New York futures market slashed their bullish betting on gold in the week of June 10. Data from the CFTC — the U.S. regulator — shows a net reduction of 11 percent in the long gold positions held by what it calls “large speculators.â€
And this “reduction in the gross longs maybe a further sign that gold is losing its attraction,†reckon analysts at the Swiss banking and wealth management giant.
But less pressure…
21Jun2008 | Whiskey and Gunpowder | Comments Off | ContinuedNo Paternity Test was Required – or Desired
April 6, 2008 – Today’s “Sunday Business†section of The New York Times is a “keeper.†It contains several fine and germane articles which will bear reading again and again as time passes and as events in the financial world continue to develop.
The lead story is about the subprime-mortgage travails of UBS, the giant of Swiss banking, which was formed as a merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998. UBS found itself with a total exposure of $80 billion in less-than-stellar mortgages, some of which had been posted by its Dillon Read subsidiary. To date,…
6Apr2008 | William Kurtz | Comments Off | Continued
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