Swiss bank UBS beats forecasts

BERLIN, Germany

A strong performance from the investment bank division and a sizeable tax gain helped Switzerland’s biggest bank, UBS AG, return to profit in the fourth quarter following a large loss a year earlier.

The bank said Tuesday it made a net profit of 917 million francs (US$1 billion) in the October-December period following last year’s equivalent loss of 1.9 billion francs when earnings were dragged down by litigation and restructuring costs.

As a result, the bank made a full-year profit of 3.17 billion francs compared with a loss of 2.48 billion francs in 2012.

The quarterly figures showed that the bank saw an increase in fee and commission income largely at its investment bank unit and reported a tax benefit of 470 million francs on deferred taxes.

The results were better than expected — the consensus in the markets was for a fourth-quarter net profit of 577 million francs and full-year earnings just short of 2.8 billion francs.

As a result, the bank bucked the broader stock market trend and UBS shares rose 3.6 per cent to 18.07 francs in Zurich trading.

Because of its strong performance, UBS hiked its annual dividend 67 per cent to 0.25 francs per share.

Overall, last year’s results may mark a turning point for a bank that in 2012 had to pay fines for allegedly manipulating, along with other banks, a key market interest rate known as LIBOR.

UBS and 17 other financial firms were also sued by the US government for selling some US$196 billion worth of mortgage-backed securities to housing financing agencies Fannie Mae and Freddie Mac.

For last year’s fourth quarter, UBS reported 79 million francs in provisions for litigation and regulatory expenses — far below the 2.08 billion francs it set aside a year earlier. Full-year provisions declined to 1.7 billion francs from 2.55 billion francs in 2012.

Still, chief financial officer Tom Naratil cautioned in a conference call with reporters and analysts that UBS still expects charges related to regulatory issues and other claims “to remain at elevated levels through 2014″.

For this year, UBS said uncertainty over global growth, fragility in emerging markets and unresolved issues in Europe and the US “make improvements in prevailing market conditions unlikely”.

However, it said that “despite possible headwinds, we expect that our wealth management businesses will continue to attract net new money”.

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Swiss bank UBS beats forecasts

Etana goes Swiss on new single

Entertainment

Sunday, September 01, 2013

NEO-ROOTS singer Etana and up-and-coming New Zealand artiste Swiss have team up on If Tomorrow Never Comes, a song from the latter’s new album scheduled for release later this year.According to New Zealand media company Fuseworks Ltd, the song is doing well in that country, entering the Top 50 chart at number 39. Production on the track was done at Tuff Gong studios in Kingston with Shane Brown as engineer.Brown produced several of the songs on Better Tomorrow, Etana’s latest album. A video for If Tomorrow Never Comes, filmed in Auckland, New Zealand, has also been released.Born in Wellington, New Zealand, the 20-year-old Swiss is of Tongan descent. He was raised in Brisbane, Australia where his father, a Kiwi rugby player, plays professionally.Last year, Swiss won the Solo Male Artist of The Year for his mix of Rhythm & Blues and reggae at the Pacific Music Awards. To date, his biggest hit song is Slow Wind.The idea for a Etana/Swiss duet came from Randy Chin, marketing manager at VP Records, the Queens, New York label, which Etana is signed to. VP has released her three albums to date — The Strong One, Free Expressions and Better Tomorrow.Etana has developed a solid following in New Zealand. In February, she performed there on the popular Raggamuffin Festival.Better Tomorrow was released in New Zealand in April.Etana goes Swiss on new single

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Etana goes Swiss on new single

Sweet 16 for Swiss reggae fest

This is the final in an eight-part series on summer reggae festivals around the world.

IT was sweet 16 for the Lakesplash Reggae Festival which took place July 5-6 in Bern, Switzerland.According to Sandro Di Mineo, spokesperson for the event, it was marked by strong performances and solid turnout.“For the first time, the festival was sold out on Friday and Saturday, that means about 1,300 people visited Lakesplash each day,” he told the Jamaica Observer.Among its Jamaican acts this year were deejay Popcaan and singer Romain Virgo. Di Mineo says Popcaan was a hit with his party tunes and described Virgo as “a great voice”.Other acts on the show included British disc jockey/sound system selector David Rodigan as well as home-grown reggae performers Stereo Luchs, Etobasi, and Schwellheim.Di Mineo spoke of the festival’s transformation from an intimate gathering to a viable event that benefits the village of Twann where it is held.“The Lakesplash Festival has a growing line-up and visitors every year. As a non-profit association, our only goal is to secure the next festival,” he said. “Last year was our 15th jubilee and for that we had the honour to engage Stephen Marley on our stage.”Etana, Cocoa Tea, Chezidek, Cali P, Alpha Blondy and Tarrus Riley have also performed at Lakesplash which Di Mineo says brings brisk business to the lush hillside area.“All the materials, such as the food and drinks, are from local shops, farmers, wine-growers, etc. We do everything by our own. Even the salad dressings,” Di Mineo informed.He and his colleagues plan to continue using the grass roots formula that has worked for them for almost 20 years.“We are just going to organise the next festival with good vibes, like we did in the last 16 editions. With blood, sweat and tears.”Romain Virgo performs at the Lakesplash Reggae Festival in Switzerland recently. (Photo: Contributed)

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Sweet 16 for Swiss reggae fest