HAPPI Breaking News (Free subscription) | 19/11/2009
The buzz started earlier today that Colgate and Reckitt Benckiser will merge after an article was published in The Daily Telegraph (UK). Spokespersons for both companies refused to comment on the rumors. Reckitt Benckiser Plc is the world’s largest maker of household cleaners. Its shares rose as much as 3.7% in London trading after the Telegraph said the company may be close to a “multi-billion...
The Mess That Greenspan Made (Free subscription) | 19/11/2009
Bloomberg reports that the head of Toll Brothers doesn't think much of the quality of loans being guaranteed by the Federal Housing Administration. The Federal Housing Administration, the agency that insures home purchases made with down payments as small as 3.5 percent, may create another lending crisis, Toll Brothers Inc. Chief Executive Officer Robert Toll said. “Yesterday’s subprime...
Indybay newswire (Free subscription) | 19/11/2009
Nov. 17 (Bloomberg) -- Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks. The lawsuit, filed by the Sacramento Municipal Utility District, is based on federal and state antitrust claims. It alleges Charlotte, North Carolina-based Bank of America and more...
The Business Insider (Free subscription) | 18/11/2009
Robert Toll, CEO of Toll Brothers (TOL), the largest luxury homebuilder in the U.S., is cautioning that the Federal Housing Administration is going to end up as the next subprime mortgage crisis. And with good reason, too: Bloomberg : “Yesterday’s subprime is today’s FHA,” Toll said today at a New York conference for builders sponsored by UBS AG. “It’s a definite...
DealBreaker (Free subscription) | 18/11/2009
UBS thinks it has its whole, unpleasant financial situation figured out . Moody's Investors Service is somewhat less sure . The ratings agency slashed UBS's deposit and senior debt ratings from double-A-2 to double-A-3. Its financial strength rating and long-term debt rating took an even bigger hit, falling to C to B-minus. The two-notch downgrade of UBS AG's BFSR reflects Moody's view of the considerable...
Bloomberg (Free subscription) | 18/11/2009
Nov. 18 (Bloomberg) -- Carsten Kengeter may relinquish his role leading the fixed-income, currencies and commodities division at UBS AG early next year to focus on his position as co-chief of the investment bank, two people with knowledge of the situation said.
The Washington Times (Free subscription) | 18/11/2009
MIAMI | More than 14,700 U.S. taxpayers came forward to disclose billions in offshore bank accounts in 70 countries under a voluntary Internal Revenue Service program allowing most to avoid criminal prosecution as long as they pay what they owe, IRS officials said Tuesday. A flood of people came forward in the last days before the amnesty program expired Oct. 15, IRS Commissioner Doug Shulman said....
People Daily (Free subscription) | 18/11/2009
UBS AG aims to reach 15 billion Swiss francs ($14.9 billion) in annual pretax earnings in the next three to five years, as Chief Executive Officer Oswald Gruebel seeks to return Switzerland's largest bank to profit. UBS also set a goal for return on equity, a measure of profitability, of 15 percent to 20 percent in the same period, the Zurich-based company said in a statement before its investor day...
Slog (Free subscription) | 17/11/2009
Amnesty is for the rich : Nov. 17 (Bloomberg) — More than 14,700 Americans voluntarily disclosed secret offshore bank accounts to the Internal Revenue Service during a partial amnesty program that ended Oct. 15, Commissioner Doug Shulman said. “We were flooded with people coming in during the final days of the program,” Shulman told reporters on a conference call in Washington today...
Vox Verax (Free subscription) | 17/11/2009
By BRENT KENDALL And ANITA GREIL WSJ More than 14,700 U.S. taxpayers took advantage of a special U.S. Internal Revenue Service amnesty program that offered reduced penalties to those who voluntarily revealed their previously undisclosed offshore bank accounts, the IRS and U.S. Justice Department announced Tuesday. Delinquent taxpayers came forward in droves after U.S. tax authorities reached two landmark...
Google News - Top Stories (Free subscription) | 17/11/2009
BBC News AT A GLANCE: UBS Presents Strategy To Investors Wall Street Journal Switzerland's UBS AG (UBS) Tuesday spent a full day outlining the strategy designed to help the struggling banking giant return to profitability. Chief Executive Oswald Gruebel has already quietly started a radical ... us offshore tax amnesty yields big response: IRS Reuters IRS Releases Criteria to Get Names in UBS Case...
ABC News (Free subscription) | 17/11/2009
Swiss: Americans who hid 1 mln francs at UBS bank face US tax disclosure Switzerland - UBS AG - Business - Financial services - US
San Fransisco Chronicle (Free subscription) | 17/11/2009
American clients who each hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the U.S. government, Swiss officials said Tuesday. The Swiss Justice Department unveiled the... UBS AG - Switzerland - United States - Swiss franc - Federal government of the United States
Baltimore Sun (Free subscription) | 17/11/2009
BERN, Switzerland (AP) — American clients who hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the U.S. government, Swiss officials said Tuesday.
Market Watch (Free subscription) | 17/11/2009
WASHINGTON (MarketWatch) - Over 14,700 U.S. taxpayers have voluntarily come forward to report having secret Swiss bank accounts as part of an Internal Revenue Services program, according to the Justice Department on Tuesday. The result comes after the IRS, the Swiss government and Swiss bank UBS AG announced a settlement in August where U.S. tax authorities gained access to 4,450 accounts of Americans...
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