|Bid||11.60 x 900|
|Ask||11.61 x 29200|
|Day's Range||11.55 - 11.63|
|52 Week Range||11.32 - 16.68|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||10.87|
|Forward Dividend & Yield||0.69 (5.90%)|
|1y Target Est||N/A|
One of Britain’s biggest water companies is to pay £126m in penalties for breaching its statutory duties on sewage treatment, including the “deliberate misreporting” of data, and the dumping of untreated effluent into beaches, rivers and streams. for seven years until 2017 so that the “true performance” of its sewage treatment works was hidden. This, together with poor management and a failure to make the necessary investment in sewage treatment works, meant that waste water had “not gone through all of the processes it is supposed to before being released into the environment”, Ofwat said in a statement on Tuesday.
BEIJING/HONG KONG (Reuters) - A former UBS banker in China has been sentenced to nine years in prison by a Shanghai court for disclosing inside information related to an acquisition deal in 2017, court documents show and sources with knowledge of the case said. The documents said that Sang shared information with two associates about a Chinese shipping firm's acquisition of a Hong Kong company. Two people with knowledge of the case said that Sang was a former vice president in the investment banking department at UBS Securities, the Swiss bank's Chinese brokerage unit.
SINGAPORE/HONG KONG (Reuters) - UBS has asked its senior client advisers to call or even meet private banking customers from China who have raised concerns about a comment from one of the bank's economists that some people interpreted a racist slur, sources told Reuters. A reference to Chinese pigs was made in an inflation analysis podcast by UBS global chief economist Paul Donovan, who has since been put on a leave of absence as the bank reviews the matter. The Swiss private banking giant has told senior managers to prioritse any concerns on the matter raised by customers in China, a key market for UBS, and to explain its position on the remark and actions taken so far, the sources familiar with the matter said.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.UBS Group AG is taking steps to ensure its head start over competitors in China isn’t jeopardized by controversial comments by a senior economist that already cost the firm at least one bond deal.In previously scheduled meetings with Chinese regulators this week, senior Asia-based UBS executives said that economist Paul Donovan’s use of the phrase “Chinese pig” in an analysis of swine flu wasn’t meant to be derogatory, according to people with knowledge of the matter. Regulators responded that the bank should take extra care with the language it uses in research, said the people, who asked not to be identified because the information is private.UBS executives came away from the discussions with the impression that the firm’s China business would avoid a material hit from regulators, the people said.The meetings suggest a measured response by Chinese authorities after Donovan’s comments sparked a social-media outcry. While the country’s State-Owned Assets Supervision and Administration Commission has informally advised government-run companies to temporarily suspend hiring UBS for deals, it has stopped short of issuing a ban, people familiar with the matter said.UBS has been quick to capitalize on China’s moves to further open its financial markets, last year becoming the first global bank to get permission to take a majority stake in an existing onshore securities joint venture. The firestorm over Donovan’s comments, made in a regular audio note, illustrates the balancing act foreign investment banks face in China at a time of heightened political tensions globally, with domestic rivals willing to seize on any missteps.China Railway Construction Corp., a state-owned infrastructure company, excluded the bank from a bond sale last week. UBS expects to lose a few more debt mandates for smaller government-run companies, but the roles are junior and the loss of fees negligible, a person familiar with the firm said.“Does this matter? It matters if you are a Chinese pig,” Donovan said in his audio commentary, which was emailed last week. “It matters if you like eating pork in China. It does not really matter to the rest of the world. China does not export a lot of food. The only global relevance would be if Chinese inflation influenced politics and other policies.”A spokesman for UBS, which publicly apologized for Donovan’s remarks and put him on leave, declined to comment. SASAC didn’t reply to a faxed request for comment. Last week, an association representing Chinese-owned securities firms in Hong Kong called for UBS to dismiss those involved.UBS raised its stake in UBS Securities Co., the local joint venture, to 51% in December. Chief Executive Officer Sergio Ermotti has already moved to take advantage of winning control, beefing up the ranks of senior executives at the JV. For UBS, already the world’s largest private bank, the swelling ranks of millionaires in China represents a huge untapped business opportunity.JPMorgan Chase & Co., Nomura Holdings Inc. and Morgan Stanley have also bought majority stakes in their Chinese JVs or started taking steps to do so. In about two years, China is expected to let foreign banks purchase full ownership -- a move that may spur them to pour more resources into their local operations.To contact Bloomberg News staff for this story: Cathy Chan in Hong Kong at firstname.lastname@example.org;Steven Yang in Beijing at email@example.comTo contact the editors responsible for this story: Philip Lagerkranser at firstname.lastname@example.org, ;Shiyin Chen at email@example.com, Michael PattersonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FT premium subscribers can click here to receive Due Diligence every day by email. One scoop to start: several of Renault and Nissan’s joint business functions have been quietly unwound, as the carmakers’ alliance crumbles in the absence of Carlos Ghosn, according to multiple current and former employees. Just about everyone has hurt China’s feelings at some point or another: Nike, Starbucks, Apple and Dolce & Gabbana are all offenders.
Before “Swinegate”, UBS was riding high in China. to take majority control over its onshore securities joint venture UBS Securities, the most comprehensive of all the foreign-backed securities houses in the country. Sporting a full suite of investment banking licences, the Chinese operation put UBS in pole position to cash in on an expected acceleration of financial sector reforms in China.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.One of China’s biggest state-owned infrastructure companies excluded UBS Group AG from a bond deal after the bank’s global chief economist sparked a furor with his use of the phrase “Chinese pig.”The decision by China Railway Construction Corp. marked the first known case of a corporate issuer distancing itself from UBS over last week’s comment by economist Paul Donovan. His quip on the swine flu epidemic led to a public uproar in China even as some on Wall Street said the reaction was overblown.While lost fees from the deal will have a negligible impact on UBS’s bottom line, the signaling effect from a major state-owned company is potentially worrisome for the Swiss firm as it tries to prevent the drama from damaging its investment-banking and wealth-management businesses.The stakes are high for UBS, which has had a presence in China longer than many of its peers and was the first foreign business to win approval for a majority shareholding in a local securities venture under relaxed ownership rules. Most wealth managers still serve China’s rich from offshore centers such as Hong Kong and Singapore, but the nation’s massive pool of onshore money, estimated at around $20 trillion, is a huge prize for the industry.UBS declined to comment on the CRCC deal.Donovan made the “Chinese pig” comment on Wednesday as he attempted to explain why the country’s swine flu outbreak shouldn’t concern investors eyeing the international inflation outlook.“Does this matter? It matters if you are a Chinese pig,” Donovan said. “It matters if you like eating pork in China. It does not really matter to the rest of the world. China does not export a lot of food. The only global relevance would be if Chinese inflation influenced politics and other policies.”Even as many English speakers viewed the phrasing as innocuous, it set off a firestorm on Chinese social media. The comment was condemned by two Communist Party publications and by trade groups representing Chinese brokerages. Haitong International Securities Group, which competes against UBS for China-related business, said on Friday that it had suspended its activities with the bank.CRCC decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a spokesman for the Beijing-based company said on Monday. The decision was prompted by the pig comment, people familiar with the matter said. CRCC gave the mandate to banks including Citigroup Inc., HSBC Holdings Plc and ICBC International.Donovan apologized for his remark last week, saying in an interview with Bloomberg Television that he unwittingly used culturally insensitive language. UBS later placed the 47-year-old economist on leave and said it was evaluating whether more steps needed to be taken.“We apologize unreservedly for any misunderstanding caused by these innocently intended comments,” UBS said in an emailed statement. “We have removed the audio comment from circulation. To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by higher prices for pork.”UBS shares fell almost 1% last week, outpacing losses among European peers and extending declines over the past year to 24%. The stock rose 1% at 10:46 a.m. London time on Monday.(Updates UBS shares in final paragraph.)\--With assistance from Yan Zhang.To contact the reporter on this story: Cathy Chan in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Philip Lagerkranser at email@example.com, Michael Patterson, Jeanette RodriguesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
UBS has lost a lead role on a U.S. dollar bond deal for state-backed China Railway Construction Corp, just days after a Chinese outcry over a senior UBS economist's use of "pig" in connection with Chinese food price inflation. While UBS apologized for the remark on Thursday and put the analyst on leave on Friday, the furor led Haitong International Securities, a leading Chinese brokerage, to suspend all business with the Swiss group as some Chinese bankers and analysts criticized the bank for a lack of cultural awareness. On Monday, a spokesman at Chinese infrastructure giant CRCC confirmed it had dropped the Swiss banking giant from the deal, but did not give a reason.
One of China’s biggest state-owned companies has shut UBS out of advising on a large bond deal amid widening fallout from remarks about swine fever by one of the Swiss bank’s top economists. CRCC did not respond to a request for comment, and UBS declined to comment.
Mr Gordon’s headline, as critics soon pointed out, drew a crass comparison between a bank’s relations with its regulators and the resonant dying words of Eric Garner, an unarmed black man who was killed in a police chokehold a few months earlier. Leading regulator Benjamin Lawsky tweeted: “Terrible. Should be disavowed with apologies by Investec.” The bank duly did just that.
It’s that plain-spoken approach to economic analysis that’s unwittingly landed Donovan on leave from the world’s biggest wealth manager and in the center of a storm in one of its most important markets. In his regular audio commentary emailed just before 8 a.m. London time on Wednesday morning, Donovan sought to explain why an outbreak of swine flu in China shouldn’t concern investors eyeing the international inflation outlook. It matters if you like eating pork in China.
Shares of the world’s biggest wealth manager fell for a second day as Donovan’s comments reverberated through China, a key market in UBS’s plans to attract more money from rich Asians. Donovan, a frequent commentator in financial media, set off a furor during a discussion of Chinese consumer prices, which had risen because a pig virus drove up pork costs. It matters if you like eating pork in China.” Social media commentators quickly condemned the first remark, interpreting it as a derogatory reference to local people rather than to sick pigs.
BEIJING/SHANGHAI/ZURICH (Reuters) - UBS has put on leave a senior economist whose comments about pigs in China caused an outcry and prompted one Chinese firm to suspend all business with Switzerland's largest bank. UBS apologised on Thursday for any misunderstanding caused by Paul Donovan's comments, which it said were about inflation and a rise in Chinese consumer prices due to higher pork prices. Donovan's comments, perceived by some as a racist slur, had further ramifications when Haitong International Securities, the Hong Kong unit of Chinese brokerage Haitong Securities Co, said it has suspended all collaboration with UBS.
A top analyst at UBS took a leave of absence after his inclusion of the phrase “Chinese pigs” in research commentary this week.
BEIJING/SHANGHAI/ZURICH, June 14 (Reuters) - UBS has put on leave a senior economist whose comments about pigs in China caused an outcry and prompted one Chinese firm to suspend all business with Switzerland's largest bank. UBS apologised on Thursday for any misunderstanding caused by Paul Donovan's comments, which it said were about inflation and a rise in Chinese consumer prices due to higher pork prices. "We confirm that we have asked Paul to take a leave of absence as we review this matter, to evaluate whether further steps need to be taken," a UBS spokesman said on Friday.
UBS has placed one of its top economists on leave after a Chinese financial group suspended business with the Swiss bank because of his remarks about swine fever in China, which drew the ire of a nationalist tabloid and prompted calls by an industry group for his removal. On Friday, a spokesperson for Haitong International Securities said the company had cut ties between its Hong Kong unit and UBS across all business divisions based on “a collective decision made by the senior management”. Shortly after, a UBS spokesman told the Financial Times: “We confirm that we have asked Paul Donovan to take a leave of absence as we review this matter, to evaluate whether further steps need to be taken”.
Switzerland's biggest banks, UBS and Credit Suisse, have improved their capital positions but must strengthen their crisis planning, the Swiss National Bank said on Thursday, citing conclusions of financial watchdog FINMA. "The Swiss big banks Credit Suisse and UBS have slightly improved their capital situation overall, in spite of the moderate deterioration in economic and financial conditions", the central bank said in its 2019 financial stability report. UBS and Credit Suisse have until the end of 2019 to prepare so-called resolution plans that would prevent taxpayers from having to bail them out in the event of a crisis.
Saga has announced that chief executive Lance Batchelor is to leave, following a turbulent time for the provider of products for the over-fifties that has lost more than two-thirds of its market value in a year. On Wednesday Saga said Mr Batchelor, who is 55, would retire at the end of the current financial year in January 2020, after six years with the company. Saga said he would not receive any payments under the long-term incentive plan for the current financial year.
It’s pitching an exotic derivative that pays out 10-to-1 if Treasury yields at epic lows rise by a modest clip -- and disrupt the equity rally in their wake. With fierce conviction in markets that the Fed will embark on an easing cycle this year, the bar for the next bond-driven tantrum in risk assets has been lowered, the thinking goes. All that’s spurring structuring desks on Wall Street to offer hedge funds and institutional investors fresh ways to speculate on the fraught relationship between the world’s largest bond and equity markets.