In Short

A round-up of other business news in brief

6,500 jobs to go at UBS wealth management

UBS’s core Swiss and international wealth management businesses are to bear the brunt of the job losses that should help the group save four billion Swiss francs a year by the end of 2010.

Some 4,000 jobs will go in the wealth management and Swiss bank division, the group’s biggest unit, and 2,500 in wealth management for the Americas. Together, the cuts will account for about 65 per cent of the bank’s 10,000 planned job losses. – (Copyright Financial Times Limited 2009)

ComReg to license new radio spectrum

ComReg has said it is to make additional radio spectrum available for the provision of wireless broadband services. Over 118,000 people and businesses get broadband through fixed wireless technology and ComReg intends later this year to license spectrum in the 10.5GHz band for additional services.

Lundbeck bid rumour sees Elan shares jump

Shares in Elan jumped yesterday amid recurring rumours of bid interest by Danish pharma group Lundbeck.

Analysts expressed scepticism at the prospects for a deal with Lundbeck which seems neither to fit the picture of what Elan is seeking in terms of a partner with global infrastructure nor have the necessary resources to conclude a deal at a price acceptable to Elan.

Berlin confident of total Hypo takeover

The German government is increasingly confident of securing a complete takeover of Hypo Real Estate without resorting to a controversial expropriation of shareholders.

Soffin, the government-backed bank rescue fund, is set to reveal whether its offer to buy shares from investors has given it majority control of HRE.

By Monday evening – hours before the deadline to accept the state’s €1.39-a-share offer – Berlin already had almost 41 per cent of HRE shares. This is already likely to be enough to control a HRE shareholder meeting next month, when the government wants a majority of votes represented to approve a massive capital increase, diluting the stakes of any remaining private investors to below 10 per cent. – ( Copyright Financial Times Limited 2009)

KBC cuts four jobs in personal banking

KBC BANK Ireland is cutting four jobs from its personal banking division as part of an internal restructuring. KBC employs about 300 people in its home loans business, which includes the personal banking division. The bank is planning to launch a new range of deposit and savings products.