Browse content similar to 25/10/2011. Check below for episodes and series from the same categories and more!
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Ennahda, has won the most votes. Those are the latest headlines. We | :00:04. | :00:14. | |
:00:14. | :00:16. | ||
now have the latest financial news. This is World Business Report. The | :00:16. | :00:25. | |
headlines: Paying the price, UBS looks set to unveil a major loss in | :00:25. | :00:30. | |
earnings. BP will show a sharp drop in earnings as the Gulf of Mexico | :00:30. | :00:38. | |
disaster still has an impact. In Singapore, the probe into a Olympus | :00:38. | :00:48. | |
:00:48. | :00:52. | ||
deepens as the FBI investigates its takeover of a British company. | :00:52. | :00:58. | |
Swiss banking giant, UBS, is due to release its latest banning Saturday. | :00:59. | :01:07. | |
The figures should have seen the bank firmly back in the black. | :01:07. | :01:14. | |
Recent events, including a 2 billion last by a rogue trader, | :01:14. | :01:20. | |
mean the balance sheet will not look as healthy as expected. UBS is | :01:20. | :01:25. | |
Switzerland's largest bank and a giant in global banking as well. | :01:25. | :01:33. | |
Its once famous reputation for rock solid reliability already suffering | :01:33. | :01:37. | |
after a multi-billion last in the sub-prime mortgage crisis, took | :01:37. | :01:44. | |
another pounding last month when a London trader cost the bank $2.3 | :01:44. | :01:50. | |
billion. The scandal could not have come at a worse possible time. UBS | :01:50. | :01:56. | |
is just beginning to regain customer confidence. They had to | :01:56. | :02:01. | |
pour a huge amount of money into their technology to make sure it | :02:01. | :02:09. | |
does that happen again. Maybe it is the safest, but clients will need | :02:09. | :02:16. | |
convincing. Most of UBS's third- quarter profits will have | :02:16. | :02:21. | |
disappeared overnight because of the rogue trade. The chief | :02:21. | :02:26. | |
executive has disappeared, resigning after trust in his | :02:26. | :02:32. | |
leadership evaporated. There is a new man at the harm. He faces a | :02:32. | :02:41. | |
huge challenges. Rebuilding come for the -- customer confidence once | :02:41. | :02:49. | |
again. Restructuring is expected at UBS, including a slimming down of | :02:49. | :02:56. | |
its troubled investment bank and more job cuts. UBS is not the only | :02:56. | :03:01. | |
European Bank recording profits today. Deutsche Bank will unveil | :03:01. | :03:10. | |
third-quarter profits. It has been exposed to the Greek debt crisis. | :03:10. | :03:18. | |
Good morning. Let's leave aside the rogue trader, the bank was having | :03:18. | :03:24. | |
difficulties beforehand, wasn't it? 7-8 years ago, the share price was | :03:24. | :03:32. | |
around 70 Swiss francs, it was at 14 in April this year, 11 yesterday. | :03:32. | :03:38. | |
It has been an uphill struggle because of the loss in such prime | :03:38. | :03:45. | |
lending and other types of toxic debt. It is the most conservative | :03:45. | :03:50. | |
nation and most conservative banking industry, that my surprise | :03:50. | :03:56. | |
people, they have changed chief executives and chairmen more often | :03:56. | :04:01. | |
than they would have chosen. They have not had the stability, but | :04:01. | :04:09. | |
they did get it, UBS had lost a lot of wealth management business to a | :04:09. | :04:15. | |
lot of other people. It was beginning to grow again, then this | :04:16. | :04:24. | |
gentleman got under the wire. It has been devastating news for UBS. | :04:24. | :04:28. | |
Not only that, there have been problems in the US with people | :04:28. | :04:35. | |
trying to evade tax. There is still the basis of a very good bank. I | :04:35. | :04:43. | |
think perhaps, we will see pressure from the Swiss politicians took | :04:43. | :04:52. | |
split the bank. The new CEO will probably say over my dead body. | :04:52. | :04:55. | |
Let's have a look at Deutsche Bank, slightly different, exposure to the | :04:55. | :05:04. | |
Greek debt. The share price was 44 euros earlier this year, it is down | :05:04. | :05:14. | |
:05:14. | :05:15. | ||
to 21 euros. There has been a huge emphasis on investment banking, but | :05:15. | :05:21. | |
the exposure is still there. That is why it has fallen. Profits will | :05:21. | :05:26. | |
certainly be down. We will see you later at the newspaper review. | :05:26. | :05:30. | |
Let's have a quick look at the markets. Investors have some | :05:30. | :05:38. | |
optimism. Optimism is slightly waning when we look at the Asia | :05:39. | :05:44. | |
markets this morning. The Nikkei is down 40 points. Some of the | :05:44. | :05:48. | |
investors are focusing on the corporate results that are coming | :05:48. | :05:54. | |
out. The UBS results will be out in 20 minutes' time. Shares in Japan's | :05:54. | :06:02. | |
Olympus have risen today wrecking a seven-day losing streak. It saw | :06:02. | :06:12. | |
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half its value why out because of a scandal. -- wiped out. The British | :06:13. | :06:22. | |
chief executive of Colin this raised questions? -- Olympus. | :06:22. | :06:26. | |
the probe into this company is getting deeper and more | :06:26. | :06:34. | |
comprehensive. The FBI is now involved. You mention the former | :06:34. | :06:39. | |
chief executive, he says he was fired for questioning the $700 | :06:39. | :06:44. | |
million payment to advisers in the takeover of a medical equipment | :06:44. | :06:50. | |
maker in 2008. He has called on authorities in Britain and Japan to | :06:50. | :06:56. | |
investigate the payments. Despite the ongoing probe, shares are | :06:56. | :07:01. | |
trading higher today by 8%. The stock price has been hammered since | :07:01. | :07:10. | |
the scandal. Traders say the stock is oversold and investors see value | :07:10. | :07:20. | |
:07:20. | :07:26. | ||
in Poland this stock. -- Olympus. You will keep us updated as the | :07:26. | :07:32. | |
saga goes on. Let's have a look at some other stories. There will be a | :07:32. | :07:37. | |
major summit on the sovereign debt crisis tomorrow. The eurozone could | :07:37. | :07:42. | |
boost the bail-out fund to one trillion euros. Leaders are | :07:42. | :07:47. | |
thinking about boosting the current 440 million euros fund by | :07:47. | :07:49. | |
attracting capital from private investors and sovereign wealth | :07:49. | :07:55. | |
groups. James Murdoch has received a sharp rebuke from NewsCorp | :07:55. | :08:00. | |
shareholders in a vote to re-elect him to the board. 35% of the votes | :08:00. | :08:10. | |
went against him. He will remain in the board. The Murdoch family | :08:10. | :08:20. | |
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control 40% of the voting rights. It reflects the displeasure over | :08:21. | :08:28. | |
the handling of the phone hacking scandal. The impacts of the Gulf of | :08:28. | :08:35. | |
Mexico will weigh heavily on BP's third-quarter figures. There has | :08:35. | :08:41. | |
been a sharp reduction. Before the Gulf of Mexico is village in April | :08:41. | :08:48. | |
2010, BP was producing 4 million barrels of crude oil a day. Now it | :08:48. | :08:54. | |
is a little over 3 million barrels a day. BP used $30 million worth of | :08:54. | :09:00. | |
assets to pay for the clean-up. A joint owner of the well with BP has | :09:00. | :09:07. | |
recently agreed to pay it $4 billion. Earlier this month the | :09:07. | :09:11. | |
chief executive announced he had won UK government approval for some | :09:11. | :09:21. | |
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major new business. A $6 billion project to drove north of Scotland. | :09:23. | :09:33. | |
:09:33. | :09:38. | ||
-- drill. Despite falling profits, it is thought BP will pay out a | :09:38. | :09:43. |