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.
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.
Reliance Industries' (RIL's) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth. The oil-to-telecom conglomerate will announce its Q3FY24 financial results on Friday.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
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 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.
Swiss brokerage UBS said Nifty will scale the 8,000-mark by December even though market expectations from government remain "unrealistically" high.
SBI says recovery process on as no court stay yet.
Analysts have given a thumbs up to the Reliance Industries (RIL) and Walt Disney Co. (Disney) proposed a joint venture (JV). The stock of the Mukesh Ambani-controlled company gained nearly 1.5 per cent on Thursday to Rs 2,952 levels as compared to the S&P BSE Sensex that traded marginally weak, down 0.2 per cent to 72,172 levels in intra-day trades.
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.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
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 .
.jpg)
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
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.
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.
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.
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.
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.
New gold schemes may perform better than previous plans: UBS.
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.
The need to raise policy rates one more time still exists.
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.
The amendments should be submitted by year-end.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances