:00:04. > :00:14.Ennahda, has won the most votes. Those are the latest headlines. We
:00:14. > :00:16.
:00:16. > :00:25.now have the latest financial news. This is World Business Report. The
:00:25. > :00:30.headlines: Paying the price, UBS looks set to unveil a major loss in
:00:30. > :00:38.earnings. BP will show a sharp drop in earnings as the Gulf of Mexico
:00:38. > :00:48.disaster still has an impact. In Singapore, the probe into a Olympus
:00:48. > :00:52.
:00:52. > :00:58.deepens as the FBI investigates its takeover of a British company.
:00:59. > :01:07.Swiss banking giant, UBS, is due to release its latest banning Saturday.
:01:07. > :01:14.The figures should have seen the bank firmly back in the black.
:01:14. > :01:20.Recent events, including a 2 billion last by a rogue trader,
:01:20. > :01:25.mean the balance sheet will not look as healthy as expected. UBS is
:01:25. > :01:33.Switzerland's largest bank and a giant in global banking as well.
:01:33. > :01:37.Its once famous reputation for rock solid reliability already suffering
:01:37. > :01:44.after a multi-billion last in the sub-prime mortgage crisis, took
:01:44. > :01:50.another pounding last month when a London trader cost the bank $2.3
:01:50. > :01:56.billion. The scandal could not have come at a worse possible time. UBS
:01:56. > :02:01.is just beginning to regain customer confidence. They had to
:02:01. > :02:09.pour a huge amount of money into their technology to make sure it
:02:09. > :02:16.does that happen again. Maybe it is the safest, but clients will need
:02:16. > :02:21.convincing. Most of UBS's third- quarter profits will have
:02:21. > :02:26.disappeared overnight because of the rogue trade. The chief
:02:26. > :02:32.executive has disappeared, resigning after trust in his
:02:32. > :02:41.leadership evaporated. There is a new man at the harm. He faces a
:02:41. > :02:49.huge challenges. Rebuilding come for the -- customer confidence once
:02:49. > :02:56.again. Restructuring is expected at UBS, including a slimming down of
:02:56. > :03:01.its troubled investment bank and more job cuts. UBS is not the only
:03:01. > :03:10.European Bank recording profits today. Deutsche Bank will unveil
:03:10. > :03:18.third-quarter profits. It has been exposed to the Greek debt crisis.
:03:18. > :03:24.Good morning. Let's leave aside the rogue trader, the bank was having
:03:24. > :03:32.difficulties beforehand, wasn't it? 7-8 years ago, the share price was
:03:32. > :03:38.around 70 Swiss francs, it was at 14 in April this year, 11 yesterday.
:03:38. > :03:45.It has been an uphill struggle because of the loss in such prime
:03:45. > :03:50.lending and other types of toxic debt. It is the most conservative
:03:50. > :03:56.nation and most conservative banking industry, that my surprise
:03:56. > :04:01.people, they have changed chief executives and chairmen more often
:04:01. > :04:09.than they would have chosen. They have not had the stability, but
:04:09. > :04:15.they did get it, UBS had lost a lot of wealth management business to a
:04:16. > :04:24.lot of other people. It was beginning to grow again, then this
:04:24. > :04:28.gentleman got under the wire. It has been devastating news for UBS.
:04:28. > :04:35.Not only that, there have been problems in the US with people
:04:35. > :04:43.trying to evade tax. There is still the basis of a very good bank. I
:04:43. > :04:52.think perhaps, we will see pressure from the Swiss politicians took
:04:52. > :04:55.split the bank. The new CEO will probably say over my dead body.
:04:55. > :05:04.Let's have a look at Deutsche Bank, slightly different, exposure to the
:05:04. > :05:14.Greek debt. The share price was 44 euros earlier this year, it is down
:05:14. > :05:15.
:05:15. > :05:21.to 21 euros. There has been a huge emphasis on investment banking, but
:05:21. > :05:26.the exposure is still there. That is why it has fallen. Profits will
:05:26. > :05:30.certainly be down. We will see you later at the newspaper review.
:05:30. > :05:38.Let's have a quick look at the markets. Investors have some
:05:39. > :05:44.optimism. Optimism is slightly waning when we look at the Asia
:05:44. > :05:48.markets this morning. The Nikkei is down 40 points. Some of the
:05:48. > :05:54.investors are focusing on the corporate results that are coming
:05:54. > :06:02.out. The UBS results will be out in 20 minutes' time. Shares in Japan's
:06:02. > :06:12.Olympus have risen today wrecking a seven-day losing streak. It saw
:06:12. > :06:13.
:06:13. > :06:22.half its value why out because of a scandal. -- wiped out. The British
:06:22. > :06:26.chief executive of Colin this raised questions? -- Olympus.
:06:26. > :06:34.the probe into this company is getting deeper and more
:06:34. > :06:39.comprehensive. The FBI is now involved. You mention the former
:06:39. > :06:44.chief executive, he says he was fired for questioning the $700
:06:44. > :06:50.million payment to advisers in the takeover of a medical equipment
:06:50. > :06:56.maker in 2008. He has called on authorities in Britain and Japan to
:06:56. > :07:01.investigate the payments. Despite the ongoing probe, shares are
:07:01. > :07:10.trading higher today by 8%. The stock price has been hammered since
:07:10. > :07:20.the scandal. Traders say the stock is oversold and investors see value
:07:20. > :07:26.
:07:26. > :07:32.in Poland this stock. -- Olympus. You will keep us updated as the
:07:32. > :07:37.saga goes on. Let's have a look at some other stories. There will be a
:07:37. > :07:42.major summit on the sovereign debt crisis tomorrow. The eurozone could
:07:42. > :07:47.boost the bail-out fund to one trillion euros. Leaders are
:07:47. > :07:49.thinking about boosting the current 440 million euros fund by
:07:49. > :07:55.attracting capital from private investors and sovereign wealth
:07:55. > :08:00.groups. James Murdoch has received a sharp rebuke from NewsCorp
:08:00. > :08:10.shareholders in a vote to re-elect him to the board. 35% of the votes
:08:10. > :08:20.went against him. He will remain in the board. The Murdoch family
:08:20. > :08:21.
:08:21. > :08:28.control 40% of the voting rights. It reflects the displeasure over
:08:28. > :08:35.the handling of the phone hacking scandal. The impacts of the Gulf of
:08:35. > :08:41.Mexico will weigh heavily on BP's third-quarter figures. There has
:08:41. > :08:48.been a sharp reduction. Before the Gulf of Mexico is village in April
:08:48. > :08:54.2010, BP was producing 4 million barrels of crude oil a day. Now it
:08:54. > :09:00.is a little over 3 million barrels a day. BP used $30 million worth of
:09:00. > :09:07.assets to pay for the clean-up. A joint owner of the well with BP has
:09:07. > :09:11.recently agreed to pay it $4 billion. Earlier this month the
:09:11. > :09:21.chief executive announced he had won UK government approval for some
:09:21. > :09:23.
:09:23. > :09:33.major new business. A $6 billion project to drove north of Scotland.
:09:33. > :09:38.
:09:38. > :09:43.-- drill. Despite falling profits, it is thought BP will pay out a