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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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UBS To Split Investment And Wealth Management Businesses,
by Phillip Morton, Investors Offshore.com 14 August 2008
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After reporting a second quarter loss of CHF358mn (USD330mn) on Tuesday, embattled
Swiss bank UBS AG has announced that it intends to streamline the company by
splitting its investment and wealth management divisions.
The decision has come following a detailed review of the banks's strategy by
the UBS Board of Directors and the Group CEO, which has concluded that there
is a need for changes to its strategic direction and a comprehensive program
to re-engineer its business.
UBS will now operate as a Group with autonomous business divisions. The bank
claims that this move will make UBS more "effective and agile in managing
trends in the financial industry" including the uncertain near-term outlook
for global financial markets and potential changes in regulatory capital requirements.
The bank also believes that the new business model will enhance the incentive
for each business division to be successful on its own merits, without relying
on capital and funding rate cross-subsidies from the other businesses.
"Our review has clearly revealed the weaknesses associated with the integrated
'one firm' business model. Some of these weaknesses – such as the blurring
of the true risk-reward-profile of individual businesses – are the source
of substantial risk, as we have seen in the past few months. Others have led
to the creation of excessively elaborate processes and unnecessary layers of
complexity," explained Peter Kurer, Chairman of UBS.
"The new structure will create a spirit of transformation, clear accountability
and transparency, and will allow us to optimize funding and capital usage. This
repositioning of the Bank will create maximum strategic flexibility to capture
the best possible opportunities for shareholder value creation in the future,"
he added.
Marcel Rohner, CEO of UBS, observed: "A lot has already been achieved
in the repositioning of the Investment Bank. We have substantially reduced our
risk exposures, balance sheet, costs and personnel, made changes in our group
governance model and initiated remediation measures. I am determined to make
the management of UBS more effective. These fundamental changes to the way we
run our businesses will now increase the effectiveness of our management structure
and processes, and of the way our businesses interact."
UBS confirmed that it will continue to develop the platform and reach of Global
Wealth Management & Business Banking. This includes the expansion of its
global presence in international wealth management growth markets. UBS's leading
position in Switzerland, both as a wealth manager and as the largest retail
bank, will remain a cornerstone of the strategy and of sustainable profit growth,
the bank said.
Meanwhile, the Investment Bank will continue its repositioning towards client-driven
growth, combined with a further reduction of its balance sheet and risk positions,
the bank announced. Each business line – equities, investment banking
and fixed income, currencies and commodities – will now be measured by
individual return on capital targets and a new compensation plan will balance
risk and reward.
UBS expects the change program to be completed by the end of 2009.
Peter Kurer, Chairman of UBS, concluded: "We are satisfied that we have
found the right strategic framework for the management and development of our
businesses. This repositioning will allow UBS to move quickly in seizing opportunities
to strengthen each business – through collaborations, joint ventures or
other forms of combination – as financial markets recover to normality
with the objective of delivering the highest possible value to shareholders
while preserving the core asset of UBS, its global wealth management business."
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