BASEL: UBS Group AG reported a 14 percent drop in net profit in the second quarter, citing “pronounced low client activity” amid economic and geopolitical uncertainties and other market weakness. The company said net income fell to 1.03 billion Swiss francs ($1.05 billion), from SF1.21 billion a year earlier. The latest figures topped an average of analysts’ estimates expecting net income of SF495 million. UBS said operating income fell slightly in its two largest divisions, wealth management and investment banking, while rising slightly in wealth management Americas. The bank said that market volatility, macroeconomic uncertainty and “heightened geopolitical tensions” made worse by Brexit were unlikely to change in the foreseeable future.
Hyderabad Customs ramps up anti-smuggling drive, confiscates goods worth over Rs77m
HYDERABAD: Collectorate of Customs (Enforcement), Hyderabad, has significantly intensified its anti-smuggling campaign, conducting a series of successful intelligence-based operations that...
