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NEW YORK (TheWrap.com) – NBC offered to let the other broadcast networks air its Hurricane Sandy telethon Friday night, but all passed and opted to pursue their own efforts to help the recovery effort, TheWrap has learned.Every network is trying to help: ABC is devoting its entire broadcast day Monday to raising money...
Guinea and UAE sign bauxite supply deal
Label: Business
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DUBAI (Reuters) – Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for the main raw material in aluminium, the Gulf country’s state news agency reported late on Friday.“The agreement with Mubadala will make a significant contribution to Guinea‘s economy by enabling...
Syria army quits base on strategic Aleppo road
Label: World
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BEIRUT (Reuters) – The Syrian army abandoned its last base near the northern town of Saraqeb after a fierce assault by rebels, further isolating the strategically important second city Aleppo from the capital.But in a political setback to forces battling to topple President Bashar al-Assad, the United Nations said...
Nov
02
Watch the First ‘Angry Birds Star Wars’ Gameplay Scenes [VIDEO]
Label: Technology
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Rovio Entertainment is giving us the first glimpse of the gameplay in Angry Birds Star Wars ahead of its Nov. 8 release on Android and iOS.The teaser scenes show Red Bird as Luke Skywalker and the franchise’s newest character, Pink Bird, as Princess Leia. Shot from their slingshot, they fly through intergalactic...
‘Gossip Girl’ set for 2-hour season finale on December 17
Label: Lifestyle
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LOS ANGELES (TheWrap.com) – Get ready to shut down the rumor mill; “Gossip Girl” will officially come to an end in December.CW’s scandalicious drama will end its six-season run with a two-hour finale on December 17 at 8 p.m., bringing an end to more than half a decade of gasp-inducing twists, the network said Wednesday.
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FDA says Sandy delays decisions on some drugs
Label: Health
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(Reuters) – Health regulators will delay decisions on some drugs for up to two days because of the massive storm Sandy, which closed the federal government.The Food and Drug Administration said on Friday that the delay in meeting regulatory timelines for prescription drugs, medical devices and biosimilar drugs would...
Rwanda sees GDP growth hit if aid doesn’t restart
Label: Business
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KIGALI (Reuters) – Rwanda‘s economic growth could be hit if donors fail to reinstate aid payments, with the economy only able to withstand the stoppage until the end of the year, the country’s finance minister said on Friday.The United States, Sweden and the Netherlands have all suspended some aid to Rwanda, which...
Syrian rebels kill 28 soldiers, several executed
Label: World
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BEIRUT (Reuters) – Anti-government rebels killed 28 soldiers on Thursday in attacks on three army checkpoints around Saraqeb, a town on Syria’s main north-south highway, a monitoring group said.Some of the dead were shot after they had surrendered, according to video footage. Rebels berated them, calling them “Assad’s...
Nov
01
The Devil’s General? German film seeks to debunk Rommel myth
Label: Lifestyle
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BERLIN (Reuters) – Erwin Rommel, the World War Two German field marshal celebrated as the brilliant and humane “Desert Fox“, is portrayed in a new film as a weak man torn by his loyalty to Adolf Hitler and the dawning realization that he was serving a devil.The drama, due to be broadcast on the public ARD television...
High-protein diet may help some people shed pounds
Label: Health
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NEW YORK (Reuters Health) – Dieters who eat meals and snacks high in protein might lose a bit more weight than those who get less protein and more carbohydrates – all other things being equal, a new analysis of past studies suggests.Researchers found that over an average of 12 weeks, people assigned at random to a...
Wall Street up 1 percent boosted by data
Label: Business
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NEW YORK (Reuters) – Stocks climbed 1 percent on Thursday after both weekly jobless claims and data on growth in private-sector jobs pointed to improving labor market conditions a day before the government’s closely watched monthly jobs report.Equities extended gains throughout the morning, though volume remained...
Mexico’s Day of Dead brings memories of missing
Label: World
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MEXICO CITY (AP) — Maria Elena Salazar refuses to set out plates of her missing son’s favorite foods or orange flowers as offerings for the deceased on Mexico‘s Day of the Dead, even though she hasn’t seen him in three-and-a-half years.The 50-year-old former teacher is convinced that Hugo Gonzalez Salazar, a university...
Oct
31
Facebook shares fall as lock-up period expires
Label: Technology
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(Reuters) – Facebook Inc shares fell 4 percent in busy trade early on Wednesday as the company allowed employees to start selling some stock.The world’s largest social network waived a provision that prevented employees from selling shares until November 14. As a result, Facebook staffers were able to sell their vested...
“Community” returning to old time slot in February
Label: Lifestyle
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NEW YORK (TheWrap.com) – “Community” will return Thursday, February 7 to its previous timeslot after a long absence from NBC‘s lineup.NBC confirmed the show’s return date soon after star Yvette Nicole Brown, who plays Shirley on the ensemble comedy, announced the news on Twitter.
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European austerity hits GlaxoSmithKline Q3 profit
Label: Health
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LONDON (AP) — Drug company GlaxoSmithKline saw its third-quarter fall by nearly a fifth as sales fell in Europe and the United States.GSK reported Wednesday that its net profit declined 18 percent to 1.12 billion pounds ($ 1.8 billion) in the three months ending Sept. 30, from 1.38 billion pounds in the same period...
Sandy Grounds Northeast Air Travel
Label: Business
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Anyone hoping to fly to or from the northeastern U.S. today was largely out of luck, and Wednesday won’t be much better, at least around New York City. The federal government and the Port Authority of New York and New Jersey closed the area’s three main airports (John F. Kennedy International, Newark Liberty, and...
Syrian air force on offensive after failed truce
Label: World
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AMMAN (Reuters) – Syrian warplanes bombed rebel targets with renewed intensity on Tuesday after the end of a widely ignored four-day truce between President Bashar al-Assad‘s forces and insurgents.State television said “terrorists” had assassinated an air force general, Abdullah Mahmoud al-Khalidi, in a Damascus suburb,...
Oct
30
Dozens of Indonesian girls ‘friended’ on Facebook by men who kidnap, use them as sex slaves
Label: Technology
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DEPOK, Indonesia – When a 14-year-old girl received a Facebook friend request from an older man she didn’t know, she accepted it out of curiosity. It’s a click she will forever regret, leading to a brutal story that has repeated itself as sexual predators find new ways to exploit Indonesia’s growing obsession with...
‘Up All Night’ takes a page from ‘Happy Days’
Label: Lifestyle
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NEW YORK (TheWrap.com) – “Up All Night” is switching from a single camera to multicam format, making a transition formerly made by the classic sitcom “Happy Days.”The series, which stars Christina Applegate and Will Arnett as harried new parents and Maya Rudolph as Applegate‘s self-absorbed boss, will shut down for...
NYU Medical Center Evacuated
Label: Health
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Paramedics and other medical workers began to evacuate patients from New York University Langone Medical Center due to a power outage caused by Tropical Storm Sandy, followed by a failure of backup generators at the hospital, New York City officials said Monday night.About 200 patients, roughly 45 of whom are critical...
Swiss bank UBS cuts 10,000 jobs
Label: Business
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30 October 2012 Last updated at 09:38 ET
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UBS Chief executive Sergio Ermotti: “The whole bank must become more efficient”
Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it tries to cut costs and slims down its investment banking activities.
The jobs will go over the next three years, and amount to 16% of its current workforce of 64,000, the bank said.
The bank would not comment on where the jobs would go.
But a source confirmed that 100 traders in London were sent home after being told that the part of the business they worked for was ceasing operations.
It is understood that they were met at reception by staff from HR who told them they were going to be made redundant.
They will receive full pay and benefits for the next three weeks in lieu of notice.
It is standard practice that bank employees are prevented from trading the moment they are informed that they are losing their jobs and are only able to collect any belongings under supervision.
UBS currently employs just over 6,600 staff in the UK.
‘Difficult decision’
UBS lost 39bn Swiss francs (£26bn; $ 42bn) during the financial crisis and had to be bailed out by the Swiss authorities. The cuts are aimed at saving 3.4bn Swiss francs.
UBS chief executive Sergio Ermotti said: “This decision has been a difficult one, particularly in a business such as ours that is all about its people.
“Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect.”
Zurich-based UBS will focus on its private bank and a smaller investment bank, ditching much of the riskier trading business which was responsible for the bulk of its losses.
In a joint letter to shareholders, chairman Axel Weber and chief executive Mr Ermotti said: “We will no longer operate to any significant extent in businesses where risk-adjusted returns cannot meet their cost of capital.”
UBS announced its restructuring plans as it reported its results for the third quarter of the year.
The bank reported a net loss of 2.17bn Swiss francs for the July to September period, compared with a profit of 1.02bn Swiss francs a year earlier. The loss was mainly due to an impairment charge of 3.1bn Swiss francs that UBS is taking to cover the cost of the changes to its investment bank.
UBS was one of the banks hardest hit during the global financial crisis.
BBC News – Business
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