New interim UBS boss Sergio Ermotti faced a daunting task yesterday as he tries to get the Swiss bank back on its feet after Oswald Gruebel quit as CEO over the US$2.3 billion loss it ran up in alleged rogue trading.
Ermotti said on Saturday the scandal had revealed a risk -exposure that was “totally unacceptable” and his first priorities would be to review the bank’s controls and conclude an internal investigation into the losses.
A 51-year-old from Switzerland’s Italian-speaking region of Ticino, Ermotti was being groomed as a possible successor for the position since he joined UBS as head of Europe, Middle East and Africa in April from UniCredit.
“We are aware that we are facing turbulent times externally and this latest incident is only adding much more necessity for us to react. But let’s not forget that UBS is one of the best capitalized banks worldwide,” he told journalists.
UBS shares have fallen more than 10 percent since the news broke on Sept. 15, trading at their lowest level since early 2009, but they rose 4.8 percent on Friday on hopes the board would agree to major restructuring.
Ermotti said an internal investigation of what went wrong at the bank should be concluded in 10 to 14 days.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day