UBS officially acquires rival Credit Suisse

Prime Minister visits power stations in Aden, directs implementation of measures to increase generation

Prime Minister Salem Saleh Bin Breik conducted Sunday a field visit to several electricity generation stations in Aden to inspect their current conditions.

Gaza Death Toll Rises to 55,297 Amid Ongoing Israeli Aggression

The death toll from the Israeli genocidal war on the Gaza Strip since October 7, 2023, has risen to 55,297, with 128,426 injured, the Ministry of Health in afflicted Palestinian enclave said. The majority of the victims are women and children.

U.S. President plans to increase tariffs on steel, aluminum imports

U.S. President Donald Trump confirmed his intention to increase tariffs on foreign imports of steel and aluminum from 25% to 50%, which will increase pressure on steel producers worldwide and threaten to escalate his trade war.

Portugal Wins UEFA Nations League Title

Portugal claimed its second UEFA Nations League title after defeating Spain 5-3 in a penalty shootout, following a 2-2 draw after extra time. The match, held in Munich, Germany, saw both teams create scoring opportunities, but it was Portugal's precision in the penalty shootout that ultimately secured the victory.

Last Update: ، 2025/06/15 Time 11:19:22
Latest News:

Newly Appointed Judges to Supreme Court Take Oath of Office

Health Minister Chairs Expanded Meeting of Medical Emergency Committee

Leadership Council Chairman Holds Phone Call with Djiboutian President

UN envoy calls on Security Council to exert maximum pressure on Houthis to release UN staff

Yemen Expresses Aspiration for Genuine and Sustainable Peace Based on Agreed upon References

UBS officially acquires rival Credit Suisse

[12/06/2023 08:38]

BERN-SABA
Swiss bank UBS announced Monday that it has formally completed its takeover of rival Credit Suisse in a $3.2 billion deal in March.

Newly enlarged UBS will have a balance sheet of $1.6 trillion and 120,000 staffs worldwide, yet UBS has already said it would cut jobs to take advantage of the synergies and cut costs

Swiss regulators played a key role in the takeover amid concerns that massive losses at Credit Suisse would destabilize the banking system.

The organizers said they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurred the first 5 billion Swiss francs as part of the deal.