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.
In a fresh turn to the UBS' legal battle with the US tax authorities, the Swiss government has said that the country's law prohibits the bank from disclosing details about the account holders.
Analysts remain selective on cement stocks amid the likely government's capex push ahead of the scheduled general elections in May 2024. While UBS has initiated coverage on the Indian cement sector with an anti-consensus negative view and suggests investors sell select cement stocks on a rally, those at Nomura remain selectively bullish on the sector and prefer companies with large brownfield optionality and multi-region presence. In the near-term, UBS expects strong earnings of cement companies in the next two quarters to be driven by robust demand and margin tailwinds, but suggests any sharp uptick in stock prices could offer a good opportunity for booking profits in the related counters.
Will pay $780 million penalty to the US Justice Department.
Staff submissions show clients may have disowned initially authorised transactions after losses.
A clutch of global financial institutions led by T Rowe Price, HSBC and an investment arm of the Government of Singapore are the lead investors in the Rs 600 crore (Rs 6 billion) qualified institutional placement (QIP) issue of UB Holdings.
Even after UBS Global Asset Management's $220 million deal to acquire Standard Chartered Bank's mutual fund management business in India fell through, the Swiss financial services giant exuded confidence that it will beef up its asset management business operations in the sub-continent.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
The Reserve Bank of India has put on hold its permission to the Switzerland-based UBS Bank to open a branch in India as the Enforcement Directorate is probing alleged transfer of funds between Pune-based stud farm owner Hasan Ali and a Saudi Arabian arms dealer through the bank.
SBI says recovery process on as no court stay yet.
Swiss brokerage UBS said Nifty will scale the 8,000-mark by December even though market expectations from government remain "unrealistically" high.
The move comes close on the heels of rival Credit Suisse Group announcing about 2,000 job cuts last month.
The UB Group, which is an established leader in the Indian beer and spirits market, is aiming to replicate its success by addressing the wine market with its two companies - United Spirits and United Breweries.
Putting an end to months of uncertainty, the Swiss Parliament approved the UBS deal with the US, paving the way for handing over account details of 4,450 alleged tax evaders to the US authorities.
The stock exchanges have raised various concerns mainly about two UB Group firms -- Kingfisher Airlines and United Spirits -- for not providing required disclosures and not adhering to deadline regarding finacial results and the annual general meeting.
The university will house a fully equipped pilot training centre.
The Rs 4,000 crore (Rs 40 billion) United Spirits will be merging Shaw Wallace with itself. United Spirits, a part of the UB Group, had acquired Shaw Wallace for around Rs 1,300 crore (Rs 13 billion) in mid-2005 .
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
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UBS said it remained bullish on India and it may be early to book profits.
UBS reiterated its Nifty target of 9,200 by December as it expects growth to gather steam
A tied third finish at the UBS Hong Kong Open cemented the Indian ace's first merit crown with one event, the season-ending Volvo Masters of Asia in Bangkok next month, to spare.
Listing three such 'unknown knowns', UBS said that these initiatives -- Aadhaar unique identity programme, GST tax reforms and a Dedicated Freight Corridor rail infrastructure project -- are real and their effects will be felt in the foreseeable future irrespective of which political party is in power after the elections.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
ICICI Bank share price hits record high, ICICI Bank m-cap tops $100 billion: Shares of ICICI Bank have been on a steady uptrend, rising 30 per cent over the past one year; not far behind Axis Bank stock that surged over 34 per cent during the period. The BSE Sensex, meanwhile, is up 25 per cent, and the BSE BANKEX 22 per cent in the last one year, ACE Equity data shows. On Wednesday, June 26, ICICI Bank shares hit a fresh record high for the third consecutive day, rising 2 per cent on the BSE in the intraday trade.
The drastic cost-saving drive unveiled by the bank would trim its workforce by nearly 16 per cent from the current strength of 64,000 people.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
Bharti Airtel and Vodafone Idea will roll out revised mobile service tariffs increasing rates in the range of 10-24 per cent from the first week of July. Bharti Airtel announced a 10-21 per cent hike in prepaid and postpaid mobile tariffs from July 3, a day after larger rival Reliance Jio announced an increase in rates. Later in the day, loss-making telecom operator Vodafone Idea (Vi) also announced its plan to raise mobile tariffs by 11-24 per cent from July 4.
UB Group, which has raised close to Rs 1,500 crore (Rs 15 billion) debt for keeping Kingfisher Airline in the skies during the past two years, has raised another Rs 1,000 crore (Rs 10 billion) debt to fund the 46 per cent buy in Deccan Aviation.The debt for the 46 per cent buy in Deccan Aviation has been raised in two phases. In the first phase, for the 26 per cent negotiated deal for Rs 550 crore and the subsequent 20 per cent open offer which cost UB Group Rs 425 crore.
New gold schemes may perform better than previous plans: UBS.
International uncertainties such as the debt crisis in Greece would have an impact on equity markets globally, including India, a top financial sector expert said.
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