UBS profits jump 53pc despite Libor guilty plea

GENEVA: Switzerland’s largest bank UBS on Monday posted a 53 per cent rise in second quarter profits, in its first results since agreeing to plead guilty to fraud as part of the Libor manipulation case.

The bank brought in profits of 1.2 billion Swiss francs ($1.25bn), with strong performances from its wealth management, corporate and investments units.

The bank said it had showed “resilience” in the face of economic uncertainty and rising costs caused by a strong Swiss franc, among other headwinds.—AFP

Teva to buy Allergan drug unit for $40.5bn

NEW YORK: Israeli pharmaceutical giant Teva said Monday that it was buying the generic drug business of Allergan for $40.5 billion, consolidating its position as a world leader in generics.

Teva will pay $33.75bn in cash and offer $6.75bn of its stock to Allergan, the company said, in a major move that will further shake up a drugs industry that has seen a rash of consolidation.

However, Teva said that it was withdrawing its offer of $40.1bn for rival Mylan, a US-listed company that moved to the Netherlands a year ago for fiscal reasons.

Mylan had dismissed Teva’s bid in April and on Thursday Mylan’s independent foundation said it would exercise a call option allowing it buy shares to control half the company to fend off the hostile takeover.

The Allergan transaction was unanimously approved by the boards of directors of both firms, Teva said, and is expected to be finalised in the first quarter of 2016.—AFP

Standard Chartered’s new UAE chief executive

DUBAI: Standard Chartered has picked Julian Wynter, group head of internal audit, as United Arab Emirates chief executive, two sources told Reuters on Monday.

Wynter is likely to take charge in August after the departure of current UAE Chief Executive Mohsin Nathani, who resigned from the bank in April, said one of the sources.

A spokesman for the bank declined to comment, saying the appointment of Nathani’s replacement had yet to be announced internally.

Published in Dawn, July 28th, 2015

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