UB Group's other businesses are being aggressively being ramped up. The group recently entered apparel exports to add to its leather exports business. These are in addition to a sturdy fertiliser arm, an engineering construction firm and a property development business which is getting into building high-end apartments.
We wish to build a leading investment banking set up in India.
According to RBI data, it had 57 employees in India at the end of March 2012.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
The approval given to UBS earlier was kept on hold till it completed certain transactions. Now that the bank has completed them, it can start a branch, RBI deputy governor Leeladhar told reporters on the sidelines of a function organised by the Union Bank of India.
The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 10.5 per cent for FY26, a Business Standard poll of 10 economists showed. The first advance estimates released by the National Statistics Office (NSO) had estimated a nominal GDP growth of 9.7 per cent for FY25. Nominal GDP, calculated at current market prices, factors in the effect of inflation. It is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and debt-to-GDP ratio.
Heineken, among the world's top brewing firms, had been in protracted negotiations with UB, India's largest brewing firm and owned by billionaire Vijay Mallya. However, according to UB sources, Heineken is understood to have now agreed to bring Asia Pacific Breweries' India operations into the UB fold, thus ending the year-long impasse.
A 31-year-old staffer was arrested in the early hours of Thursday for causing a $2-billion loss to Swiss investment banking giant UBS on account of unauthorised trading at the bank's London office.
The Vijay Mallya-owned UB Group on Friday withdrew the controversial advertisement showing India skipper Mahendra Singh Dhoni "mocking" at Harbhajan Singh's look-alike, which had prompted the spinner to slap a legal notice against the group.
A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy. "Let me first go, join, understand the turf ... Here it is a different role," Malhotra said, speaking to reporters in front of North Block.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
Global financial markets are wrong in hoping that the worst is over in geopolitical crises such as the Iran-Israel conflict and the Russia-Ukraine war, wrote Christopher Wood, global head of equity strategy at Jefferies, in a recent note to investors called 'GREED & fear'. While most investors and the media are focused on United States (US) Federal Reserve policy and the "endless chatter" of Fed governors, Wood believes the news flow in the financial sphere "pales into complete insignificance" compared with the "tectonic shifts" going on in geopolitics.
UB City is the biggest commercial property in Bengaluru.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
The company hiked its loan limit to the debt stricken carrier to Rs 750 cr from Rs 300 cr.
Customer deferrals, ramp-downs in a few large projects, delays in large deal closures due to Hurricane Sandy may cause threat to outlook.
Brokerage firm says recovery under Narayana Murthy to take longer than expected; stock dips 3%.
UB will dilute a strategic stake of the merged entity; SWC board will be restructured.
UB group's McDowell & Company has acquired up to 54.54 per cent stake in Shaw Wallace and Company from Chhabria's Jumbo World Holdings for over Rs 1,300 crore ($300 million).
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
UB Group chief Vijay Mallya on Thursday confirmed that the group's bid for Shaw Wallace had turned out to be the highest of the three received and added that the ball was now in the sellers' court.
While announcing its results on Wednesday for the quarter ended June, UB Holdings said about a tenth of the corporate guarantees for Kingfisher Airlines were being invoked.
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The move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
Swiss banking major UBS on Wednesday said it will slash its headcount by 8,700 employees globally and expects losses to the tune of two billion Swiss francs (about $1.75 billion) in the first quarter this year.
Swiss banking major UBS on Monday said it would adopt a new compensation model for the board of directors for next year and its top executives would not receive any bonus for 2008.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
Mallya left the country on March 2 and has had his passport revoked.
The economy faces more downside risks now as economic disruptions arising from the second wave are likely to stabilise only from July, warned the Swiss brokerage USB Securities. Last month, the brokerage had cut its GDP forecast by 150 bps to 10 per cent for FY22, which though is much higher than the consensus projections by others with some pegging it at as low as 8 per cent. Though adverse impacts on sequential growth is less severe than in the June 2020 quarter when it plunged by 23.9 per cent, as lockdowns are more targeted and localised and households and businesses have adjusted to the new normal now, still, it is increasingly possible that normalcy returns only by July as against our baseline assumption of June.
Vijay Mallya-promoted UB Group on Tuesday said it has received shareholders' approval for the deal and has put in place an escrow mechanism to complete the transaction.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
The Vijay Mallya-promoted UB group has started examining the books of the Scotland-based Whyte & Mackay as a precursor to acquiring the foreign company for the reported pound 550 million
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
