ZURICH (Reuters) - UBS
The Swiss bank, which reports the full quarter on July 30, said its net profit was 690 million francs, from 425 million francs year-ago. It didn't disclose the specific charge to settle the mortgage probe.
Analyst consensus for the quarter's net profit is 558 million francs, according to Thomson Reuters data. The shares rose 2.7 percent in pre-market indications; trading begins at 3 a.m. ET.
UBS said net new money was 10.1 billion francs for the quarter at its flagship private banking arm and 2.7 billion in its U.S.-based brokerage, but that its asset management arm suffered 2 billion francs in outflows.
The result shows that UBS's private bank, which attracted the most customer money in six years last quarter, continues to thrive. The unit is the centerpiece of UBS's strategy following exits from large parts of the fixed income business - including cutting 10,000 jobs across the bank.
UBS, the largest private bank in the world, is seeking to reinvent itself following a series of scandals, including a $1.5 billion penalty for manipulating Libor and other benchmark interest rates.
The U.S. settlement comes shortly after UBS and thirteen other banks sued by the FHFA, which regulates Fannie Mae and Freddie Mac after the two mortgage finance companies were placed into federal conservatorship at the height of the 2008 financial crisis, lost a bid to have a U.S. appeals court intervene in their cases based on what they called a judge's "gravely prejudicial" rulings.
(Reporting By Katharina Bart; Editing by Louise Heavens)
Source: http://news.yahoo.com/ubs-settles-u-mortgage-probe-second-quarter-profit-062704512.html
CTVNews.ca Staff
Published Sunday, July 21, 2013 11:23AM EDT
Last Updated Sunday, July 21, 2013 8:36PM EDT
Parts of southern New Brunswick are cleaning up after a quick but destructive storm downed trees and levelled buildings Saturday night.
Several communities in and near the Grand Lake area were hit with strong winds, and possibly a tornado, according to video and eyewitness accounts.
One hard-hit area was Cambridge Narrows, located approximately 40 kilometres southeast of Fredericton.
Property owner Harold Jones lost three buildings in the storm. Several of his tractors were damaged.
?It only lasted about three minutes to five minutes and it was over,? said Jones told CTV Atlantic. ?I looked out on the veranda and everything was in the air, just like a big funnel -- pieces of garage, everything just flying.?
Nearby resident Mary-Beth Mitchell said she couldn?t believe what she was witnessing.
?We saw the lightning and we heard a lot of wind and a lot of rain, but when we came out this morning we drove down the road, there were all the trees uprooted.
?You don?t see stuff like that in New Brunswick.?
In nearby Whites Cove, strong winds destroyed a barn and a 100-year-old tree.
Alex Hache was finishing a day of waterskiing on a the lake with friends when he saw a something stirring in the distance.
?We just kept watching it and it just started getting bigger and bigger,? said Hache, who captured video footage of what appears to be a funnel cloud.
Says his friend Matthew Rideout: ?We saw it lift up a barn and disintegrate it. That?s huge, that?s strong.?
NB Power spent Sunday reconnecting power lines that were knocked out in the storm.
There were no reports of injuries.
Environment Canada is sending a team Monday to investigate the damage and assess whether the storm system was indeed a tornado.
With reports from CTV Atlantic?s Ashley Dunbar and David Bell
Source: http://tcattorney.typepad.com/ip/2013/07/beware-of-common-law-trademarks.html
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Public release date: 22-Jul-2013
Share ] Contact: Rob Gutro
robert.j.gutro@nasa.gov
NASA/Goddard Space Flight Center
The Rancho Fire started 2 miles north of Lebec, CA on July 19, 2013 at approximately noon. While the fire originally started on Kern County jurisdiction, by the evening, it had burned into Los Padres National Forest. The fire has burned 722 acres and is 92% contained. Containment of the fire is expected on July 24, 2013. There are currently 337 resources assigned to the Rancho Fire, including 14 crews, 10 engines, 1 water tender and 2 helicopters. The cause of the fire is still under investigation.
This natural-color satellite image was collected by the Moderate Resolution Imaging Spectroradiometer (MODIS) aboard the Aqua satellite on July 19, 2013. Actively burning areas, detected by MODIS's thermal bands, are outlined in red.
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NASA image courtesy Jeff Schmaltz LANCE/EOSDIS MODIS Rapid Response Team, GSFC. Caption by Lynn Jenner with information from inciweb.org.
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Public release date: 22-Jul-2013 Share ] Contact: Rob Gutro
robert.j.gutro@nasa.gov
NASA/Goddard Space Flight Center
The Rancho Fire started 2 miles north of Lebec, CA on July 19, 2013 at approximately noon. While the fire originally started on Kern County jurisdiction, by the evening, it had burned into Los Padres National Forest. The fire has burned 722 acres and is 92% contained. Containment of the fire is expected on July 24, 2013. There are currently 337 resources assigned to the Rancho Fire, including 14 crews, 10 engines, 1 water tender and 2 helicopters. The cause of the fire is still under investigation.
This natural-color satellite image was collected by the Moderate Resolution Imaging Spectroradiometer (MODIS) aboard the Aqua satellite on July 19, 2013. Actively burning areas, detected by MODIS's thermal bands, are outlined in red.
###
NASA image courtesy Jeff Schmaltz LANCE/EOSDIS MODIS Rapid Response Team, GSFC. Caption by Lynn Jenner with information from inciweb.org.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2013-07/nsfc-rfi072213.php
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Source: www.howardforums.com --- Saturday, July 20, 2013
I'm seriously considering upgrading to the S4 Active from my iPhone 4, but I need to know if it will work properly with the Pioneer head unit in my truck. I have no issues with my iPhone 4. Here's a link to my head unit's specs. http://www.pioneerelectronics.com/PU...vers/FH-X700BT I basically want to see if I could stream music, and use the phone through it. I don't want to upgrade to it unless I know 100% it will work. DRC72 ...
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The bankruptcy filing for Detroit marks a final step in the chrome-plated city?s decades-long decline ? which started with the country?s overall manufacturing slowdown and continued with the departure of U.S. automakers and residents, leaving behind a sprawling city trying to survive on dwindling coffers.
Detroit was in the 1950s a worldwide hub of auto manufacturing, making it the fourth-largest U.S. city with one of the country?s highest per-capita incomes.
However, the so-called Motor City?s decline started soon after with residents -- following their counterparts in other U.S. cities ? starting to move to the suburbs and take with them businesses, jobs and tax dollars.
Historians argue the deadly 1967 riot in Detroit, one of the many so-called ?race riots? across the country in the 1960s, accelerated the trend.
And as the population dwindled from roughly 1.8 million to 700,000, city officials struggled to keep up with municipal services in the 142-square-mile city, with a tax base just half of what it was in the 1950s.
Meanwhile, auto companies began opening plants in other cities as Japan-made cars dominated the international market.?By 2009, the U.S. auto industry collapsed with the entire economy, eventually pulling down Detroit with it.
The city?s efforts to provide and maintain such basic services as law enforcement and trash removal were further complicated by the costs of paying union contracts and benefits, which have contributed to nearly $15 billion in unfunded liabilities for the city.
State-appointed Emergency Manager Kevyn Orr on Thursday filed the bankruptcy, making Detroit the largest U.S. city to declare one, after failing to negotiate a restructuring of union contracts to lessen the city?s financial burden.
Orr, appointed in March by Gov. Rick Synder, appeared to have little choice, considering Detroit had a general fund in the red for roughly the past nine years and a fiscal 2012 deficit of $327 million.?
In addition, Detroit has a roughly 18 percent unemployment rate, one of the country?s highest violent-crime rates and about 80,000 blighted or abandon buildings.
??Chronic budget problems have taken a significant toll on everyday life for citizens,? Snyder said recently. ?Detroiters deserve to feel safe when they walk down the street, to have their street lights on, to have the bus show up to take them to work.? ?
However, the city also has a history of corruption that has led to its financial problems, including Mayor Kwame Kilpatrick resigning in a 2008 sex-and-perjury scandal that cost the city almost $9 million from a lawsuit and legal fees.
The Associated Press contributed to this report.
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Source: http://www.foxnews.com/politics/2013/07/20/how-did-detroit-fall-into-abyss/
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