Author: admin@primenews

UBS said Thursday that it expected to generate $10 billion in savings from a sweeping overhaul of the new global banking giant created by its emergency rescue of stricken rival Credit Suisse earlier this year. When it announced the takeover in March, UBS said it was targeting cost savings of 8 billion francs ($9.1 billion) a year by 2027, 6 billion francs ($6.8 billion) of which would come from job cuts. It now expects to complete the integration — and achieve the additional savings — by the end of 2026. The Swiss bank, which has a combined global workforce of nearly 122,000, gave no details…

The past six months has brought a stream of bad news for China’s economy: slow growth, record youth unemployment, low foreign investment, weak exports and currency, and a property sector in crisis. US President Joe Biden described the world’s second-largest economy as “a ticking time bomb”, predicting growing discontent in the country. China’s leader Xi Jinping hit back, defending the “strong resilience, tremendous potential and great vitality” of the economy. So who is right – Mr Biden or Mr Xi? As is often the case, the answer probably lies somewhere in between. While the economy is unlikely to implode any…

When Yashraj Chhabra started thinking about how to propose to his girlfriend, Riiya Shukla, his mind went straight to her favorite Bollywood films. But instead of trying to create a complicated song-and-dance routine, he had another idea: the airport. “In Bollywood movies, I think eight out of 10 times, the couple would only come together at the airport,” Chhabra tells CNN Travel. “The actress is leaving. The actor would run to the airport (to stop her) and they will live happily ever after.” Airports have played a big role in Chhabra and Shukla’s relationship, too. Shukla, an Auckland native, lives…

This isn’t your regular bowl of pho. Slow-cooked and simmered in broth for up to 48 hours, it’s served with tender short ribs and high-end ingredients like Wagyu beef slices, foie gras and shaved truffles – and topped off with an edible gold leaf. Duck fat is also added for extra richness. The cost? A staggering $170 (4.1 million Vietnamese dong). And only five bowls are served daily. “Pho is Vietnam’s national dish, enjoyed anywhere and at any time of day… and I wanted to pay homage with this opulent new version,” said Le Trung, executive chef at the Oriental…

Recent gains by Ukrainian troops on the southern front could open the way for pushing the Russians back to the annexed Crimean peninsula, Foreign Minister Dmytro Kuleba has said. He said this became possible after Kyiv liberated the “strategically important” village of Robotyne in the Zaporizhzhia region. Russia’s military says its forces are still holding on to the village. Ukraine seeks to cut the land corridor to Crimea, which Russia seized in 2014. By doing so, Kyiv would split in two the land Russia occupies in southern Ukraine, making Moscow’s supply lines more complicated. The latest claims by both Ukraine…

When the rain started to get really bad, Brent Berzett and David Hickmon sought refuge on their houseboat. Their floating home in Hudson, about an hour north of Tampa, certainly wasn’t the worst place to wait out Idalia, a major hurricane that made landfall in Florida on Wednesday morning. “The wind wasn’t too bad,” Mr Berzett told the BBC on Wednesday afternoon as they were assessing the damage and mopping up puddles of sea water in their kitchen. “The carpet’s toast. And some of the furniture too,” he said. But they were safe, and their neighbours were OK as well.…

A fresh rescue bid for Wilko has emerged as efforts to save the retail chain continue. Private equity firm M2 Capital has confirmed it has made a £90m bid for the business, and has pledged to retain all employees’ jobs for two years. The bid by M2, first reported by the Guardian, is one of several offers being considered by administrators. Wilko fell into administration earlier this month, putting 12,500 jobs and 400 stores at risk. The administrators for Wilko, PricewaterhouseCoopers (PwC), set a deadline of Friday last week for bids for the chain, and are understood to be reviewing offers…

Shares in embattled Chinese property developer Evergrande have fallen almost 80% in their first day of trading in Hong Kong for a year and a half. The shares have lost more than 99% of their value in the past three years as Beijing cracked down on property firms Evergrande is at the centre of a real estate market crisis threatening the world’s second largest economy. On Sunday, the firm posted a 33bn yuan ($4.5bn; £3.6bn) loss for the first six months of the year. However, that was an improvement on the 66.4bn yuan loss it reported for the same period…

Former Pakistan Prime Minister Imran Khan has had his three-year sentence for corruption suspended, but it is unclear if he will be freed from jail. The Islamabad High Court gave him bail until his appeal over the conviction is heard. However, another court has also ordered the 70-year-old to be kept in custody until Wednesday in a separate case. Mr Khan’s lawyers say more than 100 charges have been brought against him since his removal from power last year. These include leaking state secrets and organising violent protests. Various arrest warrants have been issued in relation to these charges. Mr…

When Russia invaded Ukraine, the United States and European Union accelerated their pivot towards Serbia. Rather than juggling the contradictory demands of pluralistic and fractious Balkan states, Western capitals focused the bulk of their efforts on a singular target. Their policies had two aims. First, to bring Serbia into the Western fold, away from Russia. Second, to allow their respective administrations to focus more fully on supporting Ukraine. Traditionally one of Moscow’s closest allies in Europe, Belgrade has long tried to tread the line between its historical ties to Russia and a potential future of closer European integration. Western diplomats…