UBS to revamp investment bank in bid to lift flagging earnings

Switzerland’s UBS plans another shake-up of its investment banking arm to help boost earnings and curb costs after tough market conditions precipitated a performance dip. The world’s largest investment banks have had their worst start to a year since 2006, the latest data published by industry analyst Coalition on Thursday shows. “What’s been communicated today was a reorganisation, which did not include a specific number of job cuts,” a person familiar with the matter said, adding that the restructuring would be carried out by the end of the year. Switzerland’s…

Read More

Raila loses Waiguru lifestyle disclosure bid

Nasa leader Raila Odinga has lost a bid to have Kirinyaga Governor Anne Waiguru directed to provide information on her lifestyle. Mr Odinga wanted an application filed against him by Ms Waiguru, alleging he had defamed her, to be dismissed if she fails to provide information sought in the suit. READ: Raila seeks Waiguru-NYS tie detail High Court judge Joseph Sergon ruled that though Ms Waiguru declined to answer some questions asked by Mr Odinga’s lawyer relating to her lifestyle, she gave reasons for not answering. “I am satisfied that…

Read More

Qualcomm Rejects Broadcom’s Unsolicited $103-Billion Takeover Bid

Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd’s $103-billion takeover bid, saying the offer undervalued the company and would face regulatory hurdles. Shares of Qualcomm were up 1.8 percent at $65.74 in early afternoon trading, while those of Broadcom were down 0.4 percent at $263.95. Broadcom said it would seek to engage with Qualcomm’s board and management, adding that it had received positive feedback from key customers and stockholders. “We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction,”…

Read More