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UBS reports huge 2Q profit skewed by Credit Suisse takeover and foresees $10B in cost cuts

Published Tue, 25 Feb 2025 11:43:12 GMT

GENEVA (AP) — Swiss banking giant UBS on Thursday announced plans to save $10 billion in costs, including through 3,000 staff reductions in Switzerland in the coming years, as it moves ahead with “full integration” of longtime rival Credit Suisse’s domestic operations following a takeover.The announcement came as the Zurich-based bank reported $29 billion in net and pre-tax profit in the second quarter, its first earnings release since the government-orchestrated merger to help stave off a possible global financial meltdown.Underlying profit before taxes came in at $1.1 billion, which excludes some $29 billion in negative goodwill, integration costs and other impacts of the takeover. Goodwill is an accounting technique, and the figure stems from the difference between the $3.25 billion that UBS paid for Credit Suisse and the underlying value of its assets.In a separate statement, Credit Suisse, calling itself a UBS subsidiary following the completion of the deal on June 12, an...

The USA is in great position entering Round 2 of the World Cup. So are many other teams

Published Tue, 25 Feb 2025 11:43:12 GMT

MANILA, Philippines (AP) — The opponent names will become more recognizable for USA Basketball now. Nikola Vucevic awaits on Friday, Jonas Valanciunas on Sunday, and if the Americans keep progressing through this FIBA World Cup the challenges will only get tougher.To that, they say this: Good.Second-round play at the World Cup starts Friday, with a 32-team field to start the tournament now down to 16 contenders for the Naismith Trophy. The U.S. is one of eight teams with 3-0 records, and those are the teams that have the easiest path to the quarterfinals.“There’s an immediate respect level from guys going against them in the NBA,” U.S. coach Steve Kerr said. “The familiarity really helps as well. The hard part is when you go into a game and there’s a great player who these guys don’t know, and he’s got a last name with lots of letters, and you have to refer to him as No. 5 or whatever and our guys aren’t ready for how good this player is. That’s a huge challenge in this tournament.”...

Palestinian kills 1 after ramming truck into soldiers at West Bank checkpoint and is fatally shot

Published Tue, 25 Feb 2025 11:43:12 GMT

TEL AVIV, Israel (AP) — A Palestinian driver slammed his truck into soldiers at a busy checkpoint in the occupied West Bank on Thursday, killing one Israeli before being shot dead, Israeli authorities said, in the latest bloodshed in a relentless cycle of violence to roil the region.The violence came a day after Israeli police shot and killed a 14-year-old Palestinian boy who stabbed a man in a Jerusalem light-rail station and after Palestinian militants detonated a bomb near a convoy of Israeli troops escorting Jewish worshippers to a holy site in the West Bank, wounding four Israeli troops. The unrest is part of more than a yearlong wave of violence that has surged to levels unseen in the West Bank in some two decades. Israeli Defense Minister Yoav Gallant said one person was killed in the attack. At least two others were injured, according to paramedics. Israel’s Defense Ministry said the driver sped away and was stopped by security guards at a separate checkpoint nearby. P...

In the news today: Canadians in ‘hellish situation’, BC fires spark political flames

Published Tue, 25 Feb 2025 11:43:12 GMT

Here is a roundup of stories from The Canadian Press designed to bring you up to speed on what you need to know today…Canada leaving four men in ‘hellish situation’Sally Lane says she is “overjoyed” to hear news of her son Jack — even if he’s barely hanging on in a Syrian prison — after years of silence.Lane says a civil society delegation messaged her from northeastern Syria to report that members had met with Jack after authorities managed to locate him within the prison system.Jack Letts, a Canadian citizen, is among the many foreign nationals in ramshackle Syrian camps and jails run by Kurdish forces that reclaimed the war-ravaged region from militant group Islamic State of Iraq and the Levant.More details about Letts and other detained Canadians are expected to emerge today when members of the delegation discuss their recent five-day visit at a news conference in Ottawa.The four-person delegation says it held meetings with officials and saw a number of C...

A building fire in Johannesburg kills at least 64 people, many of them homeless, authorities say

Published Tue, 25 Feb 2025 11:43:12 GMT

JOHANNESBURG (AP) — At least 64 people died when a nighttime fire ripped through a rundown five-story building in Johannesburg that was used by homeless people, emergency services said Thursday.Some of the people living in the building in South Africa’s biggest city threw themselves out of windows to escape the blaze and might have died because of that, a local government official said. Seven of the victims were children, the youngest a 1-year-old, according to an emergency services spokesperson.Another 43 people were injured in the blaze, which broke out at about 1 a.m. in the heart of Johannesburg’s central business district, Johannesburg Emergency Services Management spokesman Robert Mulaudzi said.Abandoned and broken-down buildings in the area are common and often taken over by people desperately seeking some form of accommodation. City authorities refer to them as “hijacked buildings.”Mulaudzi said the death toll was likely to increase and more bodies were likely tr...

Rain and a wrong address delayed firefighters reaching a Philippine factory blaze. 15 people died

Published Tue, 25 Feb 2025 11:43:12 GMT

MANILA, Philippines (AP) — A fire killed 15 people Thursday in a small apparel factory in a Philippine residential area, where firefighters were delayed by flooding, traffic and a wrong address, a fire protection official.Most of the victims appeared to be factory workers and carpenters who were sleeping in rooms when the fire broke out Thursday morning. Some were found dead on an aisle outside the rooms and the factory owner and his child were among the dead, Chief Superintendent Nahum Tarroza of the Bureau of Fire Protection said. Three people survived with injuries by jumping off the second floor of the two-story factory in panic, Tarroza said. The three were taken to a hospital. The firefighters’ arrival was delayed by about 14 minutes after a monsoon-season downpour and wind caused flooding and traffic jams and a wrong address was given to firefighters, Tarroza said.Tarroza said he would order an investigation into the firefighters’ delayed response. The fire in the...

India is one of the world’s fastest-growing EV markets. This is why

Published Tue, 25 Feb 2025 11:43:12 GMT

BENGALURU, India (AP) — Groceries stashed in the back of an electric delivery scooter are an increasingly familiar sight in the Indian city of Bengaluru. In crowded markets, electric rickshaws drop off and pick up passengers. And the number of tech startups focused on electric transport has shot up as the city — and country — embrace electric vehicles.India is one of the fastest-growing electric vehicle markets in the world and now has millions of EV owners. More than 90% of its 2.3 million electric vehicles are the cheaper and more popular two- or three-wheelers — that’s motorbikes, scooters and rickshaws — and over half of India’s three-wheeler registrations in 2022 were electric, according to an IEA report released in April. A $1.3 billion federal plan to encourage EV manufacturing and provide discounts for customers, along with the past decade’s rising fuel costs and consumer awareness of the long-term cost benefits are combining to drive up sales, analysts say. Electric v...

Japan’s Sogo & Seibu department stores are being sold to a US fund as 900 workers go on strike

Published Tue, 25 Feb 2025 11:43:12 GMT

TOKYO (AP) — Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu Co. to a U.S. investment fund, even as the labor union went on strike ahead of the announcement Thursday.The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. The decision came at a board of directors meeting. The proposed sales price is 220 billion yen ($1.5 billion) but won’t be final until the transfer’s completion set for Friday.Separately, some of Sogo & Seibu’s debts, or nearly 92 billion yen ($630 million), will be forgiven, the company said in a statement. Some 900 striking employees were marching, holding signs and handing out leaflets on the streets near the main Seibu department store in Tokyo, where the shutters were closed.Disorderly strikes and protests are rare in Japan, and the strikers apologized on camera in Japanese TV news reports, for any inconvenience they may be causing the public. Some train ...

Charlotte Cardin on Juno wins, overcoming relationship hurdles and facing her own ego

Published Tue, 25 Feb 2025 11:43:12 GMT

TORONTO — A little over a year ago, Charlotte Cardin was standing at the finish line of Juno Awards weekend, her arms full of golden statuettes.With a leading four wins in some of the Canadian music award show’s top categories, including artist, single and album of the year for her 2021 debut “Phoenix,” the Montreal singer-songwriter was the show’s breakout star.All eyes seemed fixed on what she would do next.But Cardin says she didn’t feel much pressure as she readied her sophomore album “99 Nights,” which was released last week.“I never had time to stop and think, ‘Oh, the stakes are so much higher now,’” Cardin recalled in a recent interview in the Toronto offices of her record label.“It took us four years to write ‘Phoenix’ and when it came out, I was already working on this album. And right now I’m already on to the next project.”The 28-year-old’s career has been in a state of constant motion ever since she landed a spot in the Top 4 of French CanadaR...

Woman accusing ex-NDP MP Roméo Saganash of sexual assault in Winnipeg goes public

Published Tue, 25 Feb 2025 11:43:12 GMT

OTTAWA — The woman accusing former New Democrat MP Roméo Saganash of sexual assault is going public, saying she wants to support others.Carmen Roy, who works for the National Centre for Truth and Reconciliation, is alleging that she was sexually assaulted on May 1 in Winnipeg, and police say they arrested the former MP on June 27.In a written statement to The Canadian Press, Roy says she is pondering a civil suit.Her lawyer says Roy was at work when the alleged incident happened, but she is not able to provide more details.The lawyer representing Saganash says in a statement that his client is presumed innocent and requested that his privacy be respected.None of the allegations have been tested in court.Roy, who does not want her identity to be protected by a publication ban, says she has had a “traumatic experience” but thanked those who have supported her.“I don’t want to be silent, and I think it is important to use my voice to help other victims of sexual...