let's get to those ubs earnings.it has posted its biggest ever quarterly profit for a bank in the second quarter as a result of its takeover of credit suisse. the swiss lender also confirmed it is going to fully integrate the local business of its formal rival -- former rival by next year. tom we have these earnings this morning pretty eye watering. tom: it is hard to move away from that gigantic $29 billion figure. that is the bad goodwill as it will so digging into the underlying numbers they look pretty good to me. in terms of ubs they are saying we expect underlying net profit for the second half to be positive and in terms of those outflows it looked like ubs was still bringing in client money and at the wealth unit credit suisse the outflows seem to be stabilized and then big news around the credit suisse unit. lizzy: obviously these numbers have just dropped but any surprises so far? tom: it is largely in line but one of these decisions might be delayed, they are talking about 10 billion of cost savings by 202

the reaction is positive ubs trading at 20 swiss francs ubs continues to focus on the successful integrationf credit suisse it has a lot of work to do with the value of the acquisition it will provide more information on the process as part of the second quarter earnings out later this month on august 31st. i'll be there. former ubs uk group told cnbc this morning that removing the backstop was inevitable and mad sense from the strategic point of view. >> the risk looks like it is less profound than it was over the rescue weekend this is a proven and sendasible thing to do. keep in mind, those in switzerland owho opposed this deal, found the facts of the government and swiss national bank offered these indemnities of a number of objectaionable things to complain about and that is helpful in the political sense as well as the economic one we just talked about >> let's bring in a good friend of the show. chairman of the advisers good morning, brad i remember, myself and geoff, in zurich talking through the implications of the deal there was backlash many said be on the hook for hundreds of mil

in the end, ubs decided to retain the swiss bank. that may have some political ramifications because it does actually entail headcount reduction in we found out about an hour ago ubs said because of that integration, 1000 jobs will be lost in another 2000 jobs in switzerland will be lost. a big question is, how much more personal reduction is to come? they instituted a cost-saving target of $10 billion. a lot of that will come from a reduction in headcount. let's listen to what was said today. >> our cost ambitions -- we are counting on natural attrition. we are counting on retirement. and unfortunately, we will have to take some drastic action. we do that in the most responsible way, in order to mitigate the problem for people affected. >> reporter: the headcount reduction has already started. how far away through the process are we? >> if you look in terms of, we don't really like to talk about forward-looking on headcount. we have a target of cost and we will address that. every quarter you will see progress on how headcount plays

it's a sign of confidence that ubs is trying to project. we will get a read on the premarket session for that in an hours time on tradegate. let me show you the past two days. if you had gone to bat yesterday before the pi report -- cpi report cannot, you would assume it came out hotter than expected considering what treasuries had done. we got the initial relief rally immediately after cpi, that's the pop in the middle of the screen, but as trading went on throughout the day not only did we reverse those positions. we really continued on this narrative that perhaps the inflation reading wasn't enough. we were happy to reload on bets of a reseller and of inflation -- re-acceleration of inflation. futures in the cash session yesterday, you can see that pop on the cpi report, then we quickly unwind that. at some moments yesterday we were in the red. but we're now looking at a decline. now let me show you what we look like for the china session. it is gloom in china. we're back from the lunch break for the csi 300. is trading lower by one and

the swiss bank ubs has agreed — carefully. the swiss bank ubs has agreed to _ carefully.reed to pay _ carefully. the swiss bank ubs has agreed to pay $1.4 - carefully. the swiss bank ubs has agreed to pay $1.4 billion | has agreed to pay $1.4 billion to settle flawed claims in the united states, linked to the 2008 financial crisis. —— fraud claims. it is the last case of prosecutors investigating banks in the run—up to the crash. prosecutors said the bank lied about the quality of mortgages that were packaged and sold to investors. ubs did not admit or deny the claims. in a statement, it said it had already set aside money for the"legacy maka". celebrity creative directors are back in fashion. famous faces executive roles. we sent michelle fleury to speak to one of them and find out what is driving the new trend and are they qualified. idj new trend and are they qualified.— new trend and are they l qualified._ dj qualified. dj khaled... dj khaled, _ qualified. dj khaled... dj khaled, the _ qualified. dj khaled... dj khaled, the grammy - khaled, the grammy award—winning mu

we need to prepare ubs for the future. this is something that is very good because credit suisse is not really changing our strategy , it is complementing our strategy, accelerating our strategy. we have got to managing $5.5 trillion of assets right across clients. this is huge. it will allow us to really think about how we can go to the next level. we are very focused on integration and executing our current lands. -- plans. the competition in the market is evolving. dani: huge is may a understatement from ubs ceo sergio ermotti. he is speaking with francine lockwood. just a few minutes to go until the european markets close. this one was interesting. rbc has upgraded heineken less than 12 hours after it first cut it. the analyst said that it was brought to his attention that some of the metrics he had used on the high-end -- heineken spending on things like ads were incorrect. this was something that happens with the sell side. i broke my nose with -- i brought my notes with me. i am not sure of optics are the main , i t

shares of ubs are surging this morning. the swiss bank reporting its pest-ever quarterly profit in the second quarter credit suisse benefiting from its takeover -- excuse me, ubs benefiting from its takeover of credit swuisse. >> we're seeing a positive reaction in the stock price today. investors are namely reassured by the fact that the bank's capital position is still pretty strong and that we're still seeing money come into their wealth management division remember, it was the scale and the speed of the outflows away from credit suisse, which catapulted its decline in those final days we got a lot more color about these strategic direction for the combined entity going forward, and this is part and parcel of ubs' decision to start with winding down of the investment bank, essentially eliminating the infrastructure for the global markets business. i put that question to the ceo, seersergey armati about their decision to downsize the investment bank. >> our analysis has proven that the business model was not viable any lo

actually i was an adviser to ubs _ actually is. actually i was an adviser to ubs but - actually is.s an adviser to ubs but was not l actually is. actually i was an l adviser to ubs but was not for actually is. actually i was an - adviser to ubs but was not for some years. deflation really is a sustained drop in the level of prices, much as inflation is a sustained increase of the level of prices. so to be fair, the brouhaha about china today is about the release of the consumer price index which showed a drop into negative territory. the average change is -0.3% territory. the average change is —0.3% specifically this is because this time last year prices went up around 26% and they did not this year. so the comparison is very favourable in a sense and shows a lobar reading of the consumer price level than it was faster. but it is not the indication that has been prevalent of falling prices in china. it is something which the authorities really need to watch closely. authorities really need to watch closel . . , ., , . authorities really need to watch closel . . , . ., , closely. can

ubs declined to comment to cnbc.s is important because we have the earnings for the second quarter on thursday. i'll fly over to cover them. this is the first time we get earnings of the combined entities. we get credit suisse up to june. anything before that is not included. the local newspapers are reporting that credit suisse will post almost a $4 billion loss. key here, julianna, if you remember the story from a couple weeks ago, ubs reacted strongly to the announcement they would no longer rely on state aid. that was a crucial piece of information at the time. the state aid was put together to cover losses up to 9 billion swiss franc. the fact they say they don't need it any more tells you they are comfortable with the amount of losses which are expected to come from credit suisse. >> you can see the share price in ubs up 1.25%. perhaps on the back of this news. it feels like a pivotal moment for ubs with the strategy moving forward. >> i'm curious to see what will come out of the earnings. i would say permasona

ubs is not commenting.ters is reporting that 80 of 100 jobs in hong kong, which is the biggest hub of ubs in the region, are going to start going away and that will start as soon as this week. 20 will stay on. more good news, it does want one hundred credit suisse bankers in the region more broadly to stay on, some focused on areas outside of hong kong. we also know that china will not be affected in this maneuver because it is in the process of selling that to a new buyer. ubs is up 18% year-to-date, so all of this news is he received, at least by investors. haidi: bloomberg's bonnie created there with the latest. zachary kirkhorn, cfo of tesla, stepped down after 30 years in the company. the move brings uncertainty about the leadership of tesla as he had been the top contender to succeed muska ceo. he will remain there through the end of the year where the chief operating officer will. take on chief financial officer duties. . ceo of ark, kathy woods, says she will miss kirkhorn. >> i guess 30 years was a

ubs thinks there's a retail reckoning to come. i'm still surprised about that price action in target after that report. yes, margins improved but there was a lot of concern, i thought, still in that report. so, maybe retail stocks are due for a reckoning. we'll see if this very detailed note ends up coming true in the weeks and months ahead. >> yeah. a lot of information flow next few sessions, court. thanks. courtney reagan today on retail. another note grabbing our attention is jpmorgan, initiating qsr at overweight, expecting nearly 20% upside. they sense a sea change in the business especially after last year's appointment of former davos chair. they expect international growth from burger king and horton's where some of the comps, kate rogers, have been impressive. >> definitely impressive and better than they performed here in the u.s. the headline of this note, though, does outline that burger king and qsr story is a complicated one. obviously the mention of patrick doyle, who laid the foundation for the technology pipeline

we will bring you highlights of the interview with the ubs ceo.news at ubs is helping to lift european equities along with other in a visual company news and we are looking at stocks gaining 1/10 of 1% but the more interesting market moves are initially what is happening with currencies and bonds and the euro is getting pummeled, down 7/10 of 1% and what is weird is euro's down and weaker and yields are down two -- too. on a day where we had a hot inflationary readings for france and the overall your area --e uro area and we had inflation readings for italy which came about as rotations but they are stuck in the 5-6% range stop you have to imagine the stagflation conversation is what we are pricing in. alix: if you do the stagflation scenario in europe, what does that mean for the u.s. where things seem to be going ok? it seems like the trait of -- trade-off of growth and inflation seems to be much harder in europe or is europe six months behind where the u.s. is? dani: i have to say i fear -- feel bad for the ecb and this is an impossible -- an i

some ubs bankers are leaving, some very famous ones. mike santini has been executive chair when andrea was under sergio to do initial rounds of amplifying the investment bank. he will be leaving, ross stephenson will be staying on the executive team. there are two other senior leaders, he was a high flyer at ubs for a while. there are new high flyers including one from barclays in recent months, so a lot of the new team reports to him. a few pieces i find interesting because credit suisse staff is being brought up to the top. it is not in spades, about a half dozen or so, including in the americas co. heads of financial sponsors now led by a ubs veteran, so a mix of both banks as well as barclays at the top. significant moves. matt: this was expected. one of the things i did not expect on wall street in terms of moves, jeff curry. who is still a child, only 56 years old. this is probably the biggest name in commodities on the street area -- street. sonali: the research staff is the face of the business in many ways because you do not ha

that is are going to go to ub soft.nch company, also a huge title in the gaming industry, will be able to license those that will to all comers and it will come up with different kinds of subscriptions, different kinds of subscriptions, different kinds of business models and the cma thinks that could be a more innovative, betterfor the markets, and more creative way to license this content to get the market up and running, to ride that wave of growth, rather than if they were just in microsoft's possession. really interesting. let's see if we get further details today. thank you. the uk chip—maker arm, which is owned by japan's softbank, has finally filed the paperwork for a us market listing. this highly—anticipated floatation should net its japanese owner tens of billions of dollars and will be the biggest initial public offering in almost two years. the cambridge—based chip—maker plans to make its american stock market debut in early september, selling its shares on the nasdaq exchange. the bbc�*s michelle fleury has

people are keenly awaiting what ubs are going to be saying. the ceo is going to have the opportunity to spell out what his plans are ultimately for the future of this combined entity, questions about head count reduction, the future of the investment bank, what is it going to look like in terms of size and the future of a the all-important investment bank. i will be sitting down with him tomorrow. let me go back to what you said about at1s. it became very apparent around the time of that takeover deal back in march, and the reason was this was an instrument that got written down even though the equity holders of credit swaes stocks got a payout. at the time a lot of people were saying what sort of precedent does this set for the swiss financial system, what precedent does it set for investors into the at1 asset class, coming at a time when they haven't respected the capital waterfall structure. here we are a couple of months on, and i thought it would be interesting just to tell viewers if you had actually bought at1 bonds after the announceme

ubs about 18% year to date.ing some of these bits of news about layoffs and resizing and reshaping. again, not so great if you are one of the ones that has to look for a new job. haidi: let's take a look at how futures in europe are opening up. this after we saw a studying what it comes to european equities to start off the week after we saw broader markets across the region following the most in over a month last week. still, not a whole lot of good news to go off of. this, even as we saw the german economy seeing industrial production falling for a second month. after the economy barely got out of the recession earlier this year, clearly there are still more hell wins and headwinds when it comes to growth in that economy. euro stocks, seeing a bit of stability when it comes to trading in the euro and bond markets. so much focus will be on the u.s. inflation rate going forward as well as how we see those treasury markets perform. we do have much more to come here on daybreak asia. so, you've got the power of xf

well with investors globally with ubs at this hour of 5%. now, we talked about the big deal between espn and 10 -- and penn. they shifted from barstool. david portnoy will be taking over again. matt: interesting move as well as ubs. let's switch to hawaii. rescue crews and aid on the way to lahaina, hawaii where wildfires killed at least 55 people and 7000 people remain unaccounted for. let's bring in the associated administrative constructor. first of all, what do we know about efforts to find these thousand people that are missing. anne: thank you for having me. our hearts go out to the families that have lost loved ones to this tragic incident and this wildfire that cause devastation through the lahaina community. there is a lot of effort underway. we are in the first phase of the disaster which means search-and-rescue is ongoing, life safety. ensuring people have food, water, cots. we have a distribution center in oahu that has millions of water, ready-to-eat meals, and food and blankets. all has been moved to hawaii to ensure we have wh

a big leadership change at ubs. we will figure out what's happening here.sition of credit suisse read we will bring you our exclusive take on this. wall street beat is next. this is bloomberg. ♪ today's the day you graduate from southern new hampshire university. i've been waiting for this day my whole life. the fact that i get to walk across the stage and get my degree, it's honestly unreal. don't ever stop. keep on believing in yourself. it is never too late. if you're out there to wonder if you could be an snhu graduate today is the day to find out. visit snhu.edu. 76% of 23andme health customers surveyed reported taking healthier actions. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. alix: you are looking at live pictures of the principal room. coming up, kathy wood joins us. you never want to miss what she has to say. this is bloomberg. time for wall street beat. what's buzzing in the world of finance. starting with the reshuffle of the invest

revamping its, team while revamping -- ubs planning two/jobs. david: been morning across the region. the reason i bring that up is we are at session lows on the benchmark. a lot of that drag coming from the pain we are seeing across hong kong equity markets. we are down 2.3 on the china benchmark on the hang seng. we are down on the hang seng index, jakarta's coming online. we are also seeing u.s. futures starting to also point lower. we have a series of data points, we should be watching out for trade numbers, inflation is out tomorrow. i'm wondering if the market is starting to sniff out a soft inflation number. what is top of mind for you? yvonne: yeah. you mentioned what is going on when it comes to the macro picture. the whole recession debate in the u.s. is lingering in the bond market. you have the likes of goldman, morgan stanley saying, save the move we saw last week that was a bit overdone and by treasuries, it's a sign that that may be what we saw was a bit too far. they are talking about going bullish when it comes to the five-year f

this solution is a takeover of credit suisse by ubs. >> ubs tencent downsize credit suisse's investment business and align it with our conservative a risk culture. >> despite disappointment, months later silence has fallen over the alps. is the swiss serenity a sign of stability or complacency? women only got the right to vote in 1971. with a closed door government brokered deal backstopped by taxpayers, many hoped the rescue by ubs would be a catalyst for change. perhaps federal elections can offer an opportunity for debate many feel that moment may have passed. another concern, switzerland is a small country but it's baking sector underwrites risk across the world. ubs total assets stand at 198% of swiss gdp. on the surface all is calm, unemployment unmoved, inflation the envy of every central bank, and the money still flows. if crisis does arise, do switzerland have the firepower to meet it? lizzy: coming up, feel been airlines partners with the nigerian government to launch a state carrier. we hear from the ceo of africa's biggest airline, next. this is bloomberg. ♪ >> we are establ

ubs group reported a £23 billion profit between april and june, in its first results since it boughtged bank will shed 3,000 staff in the coming years as it aims to cut costs by more than £9 billion. 0nline i'm @benthompsontv. we will see you very soon. for english heritage, the last four years have been a labour of love in this part of derbyshire. a team of specialist workers has been busy. it is meant to have a roof and without the roof you have a lot more deterioration of the stone and the historic plasterwork. we were very keen to keep as much of the original plasterwork and to repair the stonework and make this accessible for people to come and find out the whole story of this place, hardwick. what really stands out is the restoration of the decorative white plaster walls and they show ornate pictures and date back 400 years, around 500 people per day have been visiting the building since it reopened, but like the forth road bridge, it never really stops. the lace will bridge, it never really stops. tue place will continue bridge, it never really stops. tte place will continue t

ubs foresees gains in oracle's future.ng 3.75% at this hour after ubs upgraded from neutral to an outright buy. the investment bank also a raised its price target are from 120 # to $40 a share. it's right around $120 right now. on optimism surrounding oracle's, quote, underappreciated gpu, that's graphics processing units, capacity and cloud infrastructure. basically, ubs believes that the a. a i. boom -- there's that a.i. again -- could power oracle's stock higher by 20. shares are already up more than 40 percent this year. investors, though, are tapping the brakes on nio after the chinese ev maker reported a loss of $835 million for the second quarter. sock is down 1.6%. that loss is more than double what the company reported last year. deliveries also declined 6% as n if io launched a revised version of its es-6 crossover in may and was then forced to sell off a inventory of the original version at a substantial discount. shares of -- and we talked about this company yesterday -- the seat a that please ev maker making a

was it ubs? yvonne: yeah 4.8%.id: at into the lengthening list of banks and projections below the official target of beijing. what does this mean for the job market? what does this mean for businesses? let's bring in feon ang from linkedin. she is here with us in the studio. welcome to hong kong. i wanted to start off with your insights because you have a unique perch and terms of the data you are seeing on the job market. is there weakness across the board? what are you seeing? feon: thank you for have me, david. we're definitely seeing a decline in hiring rates. companies are slowing down in terms of the way they are hiring, but interestingly, unemployment rate continues to be quite high. it goes to show that people are employed but they are actually looking for jobs and companies are not hiring as fast. people are looking for jobs possibly due to seeking higher compensation or they could be looking for flexibility is, and those are the top criteria that jobseekers are looking for. even though the hiring rates ar

the story abroad this morning is ubs. blowout earnings including a massive profit behind today's surge in the shares as the bank reports its first results since the takeover of credit suisse. ubs announcing it will begin cutting $10 billion of costs. that does include around 3,000 jobs in switzerland. ubs ceo spoke with cnbc this morning on the credit suisse integration. listen. >> has proven that the business model was not viable any longer. credit suisse has excellent people, clients, product capabilities, but the business model was not sustainable any longer and needs to be restructured. >> shares of ubs at highs not seen since 2008, carl. the ceo was brought back in. he's the former ceo to oversee this integration. investors are already probably pretty happy with what they see. >> reduction in head count in financial services is nothing new. interesting to see financials lose a little steam going negative as the dow's gains have been pared to 36. let's get a news update. >>> former president donald trump with his in-p

ubs did not admit or deny the claims. the second quarter, boosted by rising demand for its exports of a weaker currency. the figures show that the economy has expanded for three consecutive quarters. that is it from me. well business reporters back a little a little bit later. in the long shed next to the river, and extraordinary endeavour is taking shape. the painstaking recreation of the world—famous sutton burial ship, using tools anglo—saxon shipbuilders would have used, the latest recruits are three apprentice joiner is. used, the latest recruits are three apprenticejoiner is. just used, the latest recruits are three apprentice joiner is. just massively appreciative. _ apprentice joiner is. just massively appreciative, really. _ apprentice joiner is. just massively appreciative, really. of— apprentice joiner is. just massively appreciative, really. of their- appreciative, really. of their craft, what they did, how they engineered these things to go on the sea. ,, : , engineered these things to go on the sea. ,,. , ,

course ubs is coming down.t will probably ever something like 17 to 20 basis points over the coming six to 12 months. i think wages will be ok in the united states. less so in the art. i think we need to make a different association. >> how do we make that an investment piece? what does that mean for the u.s. to year and the u.k. to year and the german two-year? >> the german two-year is not done. because the wage price spiral or memory, not a spiral because this is not the 1970's and the magnitudes are different, the bonds in europe are still rich. you could still see further move on the bond yields moving higher. if you are right that the u.s. inflation is coming down, and clearly, they have gotten over the hump of inflation and we are not going to see a wage price memory, that really means that these levels, one 80, when the u.s. is beginning to roll over, there is greater evidence that they are rolling over, you don't need to talk about recession, but the rolling over of data. five years fort, 10 years for,

now ubs upgrading to a buy for davita the firm says it sees an inflection point of growth into 2024 ubr the stock shares this morning are flat in the pre-market and guggenheim with a $70 price target for fortinet. the company position is strong shares up 3% in the pre-market take a look at monster we did not see the ticker. up 3.5%. >>> time now for the global briefing looking at wheat prices climbing higher on the supply from ukraine after another round of drone strikes against the russian naval vessel and oil tanker this coming weeks after moscow exited the grain agreement to allow ukraine to ship across the globe. >>> foxconn consumer electronics segment with double digit growth as apple gears up for product launches this year fox >>> chinese authorities putting pr pr pressure on the economytors arew the economic trends in a positive light this as beijing reveals daily stimulus measures. what does this message mean nfo investors? jo joining me now is dewardric mcneal >> thank you, frank. >> chinese authorities are trying to tamp down talk of the inflation and stimulus what does this

ubs did not admit or deny the claims. a downbeat day in european trading.wn by 1.17%. a bit too early to show you data from the us because trading only began about ten minutes ago. but a lot of the major banks likejp morgan art down in the region of 1.5% because of reports that the ratings agency is going to downgrade at several of these banks. keep in touch with the @bbcbusiness team and me on social media. i'm @tadthnright. an extraordinary endeavour is taking shape. the painstaking recreation of the world famous sutton hoo burial ship, using tools anglo—saxon shipbuilders would have used, the latest recruits are three apprentice joiners. latest recruits are three apprentice “oiners. a ,, , latest recruits are three apprentice “oiners. _,, latest recruits are three apprentice “oiners. , ., ,, .. ., joiners. massively appreciative of their craft and _ joiners. massively appreciative of their craft and what _ joiners. massively appreciative of their craft and what they - joiners. massively appreciative of their craft and what they did - joiners. massively a

since then, we have seen positive reaction to ubs >>> and currencies here. lot of focus on the yuan with the weakness from china overnight and disappointing loans numbers. yuan continues to weaken against the dollar .20% again, what many are saying in the market is that the authorities have no choice but to allow the yuan to weaken with the macro weakness on the ground that is the trend which it is moving higher. that is the reason why the dollar trades on the back foot the pound is trading 126 126 126.90 it is a big week for the uk with the numbers coming out this week and we are nine basis points higher with the euro with the data coming out. when you think about currencies, you have to think of it trading over the other what is happening on the dollar leg as people are pricing out rate hikes out of the fed and possibly talks about rate cuts on the back of that, euro is strengthening over the u.s. dollar. >>> let's go to u.s. futures and look ahead of how the day is shaping up s&p is down. nasdaq is opening up in positive territory after a challenging week

this is the first set of results we will have credit suisse in with ubs.s going to look like? are analysts just can be having the most difficult time we could possibly imagine trying to analyze the numbers they will set out? francine: probably. we will be getting briefed tomorrow morning as the results hit to make sure nobody gets it wrong. there are these non-core asset insights and i don't know how they report, tomorrow it will be i will say, of u.s. banks are moving more complex on how they report and a lot of the time you have bank of america or jp morgan you actually get the file sent to you. it's not just european banks will try to simplify it. it's a test for the communication officers to see whether it's understandable. it such a big deal not only for banking sector, they will do their utmost to get it right. some companies -- alix: i love that one of the baselines is can you understand the words in the earnings. francine lacqua on bloomberg television we will be all over that story as well. this is a fun story. saudi arabia is getting a chokehold

. >>> we're back with news that swiss bank ubs has agreed to pay a $1.4 billion settlement, the final the justice department over alleged misconduct by big banks leading up to the 2008 financial crisis. prosecutors accuse the bank of lying about the quality of mortgages that were sold ubs did not admit or deny the claims, saying the deal would resolve all civil claims here in the u.s. >>> japan's economy is surging back to life gdp grew 6% in the second quarter, smoking expectations, thanks to a rise in exports. and the explosive growth in the world's third-largest economy could mean good news here at home cnbc's arabile joins us to break it down. good morning, arabile. >> yeah, good morning, guys. you're quite right that figure, 6% shooting the lights out on expectation of 2.9% for the gdp number out of the third biggest economy in japan. the real reason why this could really benefit u.s. consumers, u.s. retailer as well is because this is export led which means there's a lot more going into the u.s. economy as well which props up the demand and consumer intake as well into the unite

ubs did not admit or deny the claims. around the world and across the uk. this is bbc news.me more than most of the superheroes and he is definitely one of my favourites. the best part is that it actually opens up and if ijust put it on really quickly... so i can actually do the full motion. you're live with bbc news. more than 1,000 people, including victims and witnesses, have had their data breached by norfolk and suffolk police forces. senior officers said the personal information was included in freedom of information responses — due to a "technical issue". the personal data included descriptions of offences including sexual and domestic assaults. i asked the former victims' commissioner for england and wales, dame vera baird, for her reaction. i am not comforted by norfolk and suffolk police saying they do not know whether people have access to it or not. you would hardly take your technical advice from them after this error. it is the second time suffolk have leaked material in a very short time. last november they leaked details about sexual offence victims. i find i

it is getting a boost frommon upgrade from ubs.espite the food service inflation cost and now might be the perfect time to buy the stock after the recent pullback, but does their optimism also mean restaurants could soon be passing along higher costs? joining me now, the analysts behind the call josh chan. good to have you here. let me ask you what prompted you to make this upgrade today. >> good afternoon. thanks for having me. >> it is based on three drivers. one, we see that they're much higher than they were pre-pandemic and they're pulling back than last year and number two, aramark has been chasing inflation with pricing over much of the last two years and we think this is the quarter when pricing finally catches up to inflation and number three, the stock has pulled back over 15% over the last month and so we think that bears an opportunity for the opportunity for investors versus the $43 price target. what does aramark do? are those clients going to be in a position to pay two points more than they did this year or last yea

shery: alejo czerwonko from ubs.ke you to live pictures of president biden giving a speech right now in hawaii. he is visiting the island in response to the wildfires that authorities say claimed 114 lives. this is one of the worse wildfires in the united states. it is expected to cost $5.5 billion in terms of damages. president biden earlier was meeting with residents and also with first responders in surveying the destruction from the wildfires. we have plenty more to come. this is bloomberg. ♪ >> i know the feeling, that hollow feeling of being sucked into a black hole. it is one thing to know, it is another to --. paul: breaking news out of australia. woodside, the oil and gas producer earnings. $1.47 billion, up 6% on revenue. we have seen natural gas prices soaring around the world. woodside a beneficiary of that. $.18 per share dividend. we are waiting to see what happens with strike action. the shoreline says there will be strike action at woodside if there is no agreement on their demands around paying condi

ubs reported a 23 billion pound profit between april and june, in its first results since it bought itsk will shed 3,000 staff in the coming years as it aims to cut costs by more than £9 billion. around the world and across the uk. this is bbc news. they have a good amount of school uniforms and pe kits here, due to close are collected at schools across nottingham and washed before given to families who need some extra help —— used clothes. demand is increasing in the current economic climate.- is increasing in the current economic climate. this summer compared _ economic climate. this summer compared to — economic climate. this summer compared to last _ economic climate. this summer compared to last we _ economic climate. this summer compared to last we are - economic climate. this summerj compared to last we are dealing economic climate. this summer - compared to last we are dealing with around 55 children per week leading uniform whereas last year it was around 28 per week so it has roughly doubled. we are getting more referrals from different agencies. people use a charity saved as

bring in ubs private wealth managing director alli mccartney. got to begin with this moody's call. it feels more like a reminder of the news, almost like fitch but i think the timing was important. what are your thoughts? >> first of all i never thought in the financial media i would be in the same take as the minions. that make me very happy, potentially very concerned. we'll go from that. charles: got wall street in the same category as the minions. wall street said stay away, stay away, now all of sudden no recession, no recession! i'm digging it. this is concerning for our viewers because they don't know how to invest in this environment. >> we all got it wrong, right? we ended up having a year that is up 18% on the back of seven stocks quite frankly are going to have to grow into their multiples. i think what you've seen you've seen some very quick and propronounced swings in sentiment that have gone from various establishment to market-chasing fomo to very anti-establishment. i think whether you're talking about moody's or fitch today has

shery: ubs is signaling plans to shut down to the roots of credit suisse is investment bank, underlining the scale of job cuts to come. we hear from the ceo in a few minutes. but first, why investment banks the fed could skip september rate hike. more in their outlook next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com >> pace on current dynamics in the macroeconomy i feel policy is appropriately restrictive. i think we should be cautious and patient and let restrictive policy continue to influence the economy less sweet risk tightening too much. haidi: that was the atlanta fed president there. our next guest says the fed could skip in september. let's bring in dana d'auria from envestnet inc. there is a hasn't to

ubs did not admit or deny the claims.al bank has raised its interest rate to 118% from the previous 97%, in a move which will devalue the country's currency, the peso, by around 20%. the move comes after rising support for ultra—right candidate javier milei ahead of the country's election. milei plans to axe the central bank and stop using the us dollar if he comes into power. and here in the uk, companies vying to buy wilko have been given until wednesday to make an offer for the homewares chain, which fell into administration last week. it is understood that wilko's administrator pwc has set a deadline to flush out serious bids for the firm. wilko, which has been trading since 1930, has more than 400 shops and employs around 12,500 workers. let's now talk about russia's currency, the rouble, which has been on somewhat of a rollercoaster ride over the past 24 hours. on monday, it slipped to its lowest level in 16 months, falling below 100 against the us dollar, over concerns about the health of russia's economy. the cent

. >>> ubs upgrading oracle to 140.bs is confident that oracle is carving out an edge in the gpu and cloud infrastructure. that should be enough to attract new customers. shares are up 2.5% in pre-market. >>> and morgan stanley downgrading farfetch to equal. it says high volatility and limited path for a catalyst makes it difficult to be overweight on the stock in the medium term. shares down 2%. >>> time for the global briefing. shares of apple are moving higher in the pre-market as the company prepares to challenge a $2 pa$2 billion lawsuit. apple has hidden defective batteries in software updates. >>> and toyota halts operations at 12 plants due to a computer error. it doesn't believe it was caused by a cyber attack. >>> and shares of byd are surging. profits jumped 200% compared to a year ago. byd is the biggest china auto brand and counts warren buffett as the biggest investor. >>> coming up on "worldwide exchange," the one word that every investor needs to know today. plus, the key piece of economic data that jenn

and on to the europe banking sector ubs in focus trading north of 20 swiss francs per share as employees are challenging the buyout of credit suisse. a group of 1,000 individual investors, including former employees, is planning to file a lawsuit today in zurich. investors are slhrugging off thi stock. >>> thank you, joumanna. country garden is slowing in hong kong and bringing in an issue to the real estate sector. let's get out to eunice yoon in beijing with more on the drop in that stock real estate is important which it is an important part of the economy. it is important to china can you take us through what it me means, eunice? >> reporter: this is one of the very few ways, dom, of which people can invest money. you mentioned country garden this was a cash rich developer over the weekend, it would suspend trade in 11 onshore bonds. this is after missing bond payments to the tune of $22.5 million. morgan stanley cut the stock to under weight and moody's downgraded the developer after the company burned through $7.6 billion in the first half of the year the developers are reporting f

ubs saying investor expectations have risen, but recommends to stay the course and remain bullish with stock pullback. shares up 1.5% in the pre-market trade after a bounceback yesterday. >>> time for the global briefing china's central bank cutting rates today from 2.65% to 2.50% on the efforts to ramp up support for the struggling economy. the cut is the second one in three months and follows another batch of disappointing economic data with industrial output rising and retail sales rising at a slower pace. >>> russia central bank hiking to 12% in the emergency meeting in the effort to halt the rapid depression of the ruble. the loose monetary policy is to blame with the accelerating inflation with the ruble at the 16-month low against the u.s. dollar. >>> the one word every investor needs to know today and our next guest we should take a page out of wayne gretzky's playbook. >>> if you haven't already, follow our podcast if you miss "worldwide exchange," check us out on apple or spotify or podcast app of choice we'll be right back. my cpa told me i wouldn't qualify for the erc tax r

ubs shares rising.giant says it no longer needs a $10.3 billion backstop by the swiss government. one to help shield the losses after the rescue of credit suisse this comes after the review of the assets of credit suisse and stated the agreement was no longer needed. >>> and chinese banks made far fewer loans than expected. that follows a record amount of lends in the first half of the year -- lending in the first half of the year after they prop up the recovery. the china economy tipping into deflation amid weak domestic demand. >>> the uk is out with a surprise read on second quarter gdp. our arabile gumede is live on the streets in london with the latest on the economic story arabile. >> reporter: good morning, dom so, indeed, the growth story from the uk is still juice left in the uk economy. 0.5% growth is what we saw for the month of june. it is a lot better than initially anticipated. it was anticipated to be flat for the quarter on quarter basis. it came out at 0.2%. it does mean there is still

oil in august will reach a record of 103 million barrels per day, this is the forecast of the ubs bank, the main reason for the recovery of the chinese economy after the pandemic against this background growing demand for gasoline , diesel and jet fuel the bank notes that china is the world's largest oil importer as well and bs sees potential for growth in world oil prices by year-end expectations of $95 per barrel brand and 91 wti. this was the news of the economy in short. it's hard not to notice the legendary alfa bank credit card with new benefits. order a credit card for a year without interest. now with this cash alpha bank the best mobile bank on avito afford better afford new or almost. like new, because prices allow. choose electronics a level higher at the same price smartphones from 2.500 rubles. on avito hmm delicious king creativity from leo plasticine pencils bright colors lean, ask in the shops of your city. in the vast expanses of russia there are points of attraction for talents, where experience is combined again, here we have developed a new class of powerful, stylis

lending market this follows $81 million settlement reached last year by credit suisse now owned by ubs similar claims by bank of america remain the lone defendant. >>> former new york times chief mark thompson is a lending candidate to replace chris licht to run the cable network the ceo of the times from 2012 to 2020 is among the small group being considered for the difficult role of turning around cnn. >> a tough job a lot of people looking at the changes at that network. silvana, thank you >>> coming up on "worldwide exchange," the white house taking steps to ensure the health of the global semiconductor supply chain. >>> as we head to break, we have the top trending stories we begin with a sigh of relief for anyone with an overdue netflix dvd. netflix says it is allowing all dvd subscribers to keep dvds when it plans to shutdown the nearly 25 years business the dvd subscribers can get a bonus of 25 dvds as a parting gift >>> forget chicken and waffles it is time for chick then and pickles. patrick mahomes and travis kelce are teaming up for eight restaurants across the u.s. with fo

interesting to see ubs actively trading more positively on that.hout the backstop and now perhaps giving the vote of confidence to the markets and their peers that we can handle this credit suisse acquisition. we will dive into that in the next hour in-depth on the european close. sonja marten will join us. ♪ health happens now. start your dna-powered health journey today with personalized insights from 23andme. you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try. get way more into what your into when you stream on the xfinity 10g network. it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and

so that is a .4% drop in ubs's forecasts for china's 2023 growth.use that has china growth below the target of 5%. what can china achieve this year given that we are seeing crises that we were not even sure where there, like the shadow banking crisis? isaac: there's been some risks uncovered in china's economy. as you say. and that is putting downside risk that they can achieve their 5% growth target. that said, it is not the end yet and we are seeing willingness on behalf of china's authorities to cut rates. we are seeing monetary policy action. the next steps, we think, over the coming weeks, will be fiscal support. that may not be -- that doesn't seem a bridge that chinese authorities are willing to cross yet. but we could see other fiscal support really helping to boost consumer spending. and that does mean that the 5% is attainable. and if it is not achieved, as ubs has said, perhaps it falls in just a little below. from here, we will see action really begin to pick up because there is still time to hit that growth target and carry a little bit

the ubs story is interesting as well. it was a great exclusive in terms of the management shift, the stock up 4/10 of 1%. it still feels like a macro story and where does that leave europe? that remains a key question. alix: the s&p is up .5%. volume isn't terrible and i found that to be interesting. talking about micro a bit you have tyson and apple. down over 2% it's the longest losing streak for apple since december after earnings disappointed last week. how much until apple starts to drag down the nasdaq 100. tyson had an interesting read through here that's getting hit hard. things that they missed on earnings and sales, they lowered the margin outlook for the pork division. there's a lot of stuff happening with tyson where they are shutting down chicken production. talking about the bottom up, that does not look very good for tyson. in the macro in the 10 year yield, up by five basis points. it had been up last week and now it's up by five. nonetheless, higher, stickier rates as well. guy: where does that leave this

guy: i want to talk about the ubs credits we story -- credit suisse story, ubs is nearing a final decisioneping the credit suisse domestic bank, this has been a painful process for the swiss, winding the brand down feels like a big deal, just emotionally for the swiss. we will watch and see what happens. tech earnings back with a big bang. nvidia, we talk about it next. his is bloomberg. ♪ we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com if you're trying to get a view of the whole organizational financial health and you're trying to do that through multiple systems, that makes it very, very cumbersome. ♪ it's not just tech, it's not just people. it's how they work together to provide that experience to the customer. as a finance organization that is what you want to do. ♪ i may be known for my legendary football career, but truth is, i love a bunch of sports. as a finance organization that is what you want to do. the only trouble is knowing where to find them. that's why

joining us is maximilian kunkel, ubs global wealth management cio. are we over tightening?aximilian: there is certainly a risk of over tightening in the developed world. data dependency. the emphasis on data dependency from central banks comes at a time when economic data is becoming less reliable in real time. this is what is happening right now given how much of the revisions we are seeing. second, the miscommunication with the central banks. the fed first started 2021 singh inflation was going to be transitory, which it was, then as inflation morphed new into an -- morphed -- moved more into an energy inflation, markets do not like it and that led to a problem for inflation and out and fed and other central banks are focusing on trying to get a reputation. alix: if that is the case, where is the biggest mispriced for that. if they overdo it to help their reputation and all of that? maximilian: the biggest problem is if you are focusing too much on companies with lots of debt, low-quality, very volatile and unpredictable earnings. you want to do the opposite. you want to

the assets will be placed in the so-called non-core unit for businesses ubs does not want as it seeks risks after the merger with its swiss rival. staying with asian news, another indicator has confirmed china's factory output unexpectedly contracted in july while home sales dropped the most in a year. the much anticipated post-pandemic recovery of the world's second-largest economy appears to have flopped. our china senior executive john liu takes a deeper dive in this bloomberg originals report. john: this was supposed to be the year china's economy came roaring back. we had instead is signs the economy is struggling. john: when we talk about why the economy is slowing, there are three things i would point to. one, there is a problem with the real estate markets here. the government identified there was a bubble in property about two or three years ago and started to take steps to try and deflate that bubble. now in 2023, you have seen a very dramatic drop in home prices. to the second point i would make about confidence. when those home prices fall, even if people are not earning l