The Chinese securities regulator said late Friday Beijing time that it would let UBS increase its stake in Beijing-based UBS to 51%. UBS, which now holds nearly 25% in the local venture, said in a statement that it would acquire additional stakes from state-owned asset manager China Guodian Capital Holdings, and state-owned grain trader Cofco Group.
Switzerland's largest bank, UBS, has become the first foreign bank to hold a majority stake in a China securities joint venture, after gaining approval from country's securities regulator. Ltd. will own 14.01 percent, and finally, China Guodian Capital Holdings will own 1.99 percent. These two banks are still now waiting for similar approval from the China Securities Regulatory Commission, AFP reported.
UBS was the first foreign bank to apply to raise its shareholding in a China venture after CSRC's policy issued in April 2018, allowing foreign companies to take up to 51 percent stakes in securities firms in China. JV will increase its stake in the joint venture to 51%.
Previously, the lack of control had prevented foreign companies from expanding their businesses in China due to the difficulty in integrating their mainland operations with their global ones. "The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses".
Amazon is planning to open bigger automated stores
Whole Foods, which Amazon acquired for roughly $13.5 billion in 2017, has since added grocery pickups and one-hour delivery. Amazon Go stores are created to let you shop without a wallet or having to stand in checkout lines.
"This is a key milestone and an important part of our China strategy".
Sergio P. Ermotti, UBS Group CEO, said this step underlines their long-term commitment to this market and they will continue to pursue opportunities.
"Since establishing our onshore presence in 1989, we have been at the forefront of foreign investment in China". The president was optimistic that with the majority control, UBS AG could better serve its clients in China while also making a greater contribution to the growth of the UBS Group as a whole.
Authorities have confirmed that one child was killed and at least 40 others were injured in the crash - a lot of them children. The bus was transporting a youth all-star football team, and adults from the Memphis (Tennessee) area.
But Ocasio-Cortez wasn't done yet. "That's what we did when so many of us won an election this year", she said . Joe Crowley in June's Democratic primary, shot back at the one-time Arkansas governor shortly afterward.
News of his death, however, was slow to spread across the country due to limited communication and travel at the time. Mr Bush, who served as the 41st USA president between 1989 and 1993, died late on Friday at the age of 94.
The company said that it was now "in dialogue" with Organise in order to "understand the details and nature of the claims". Two former employees at the fashion chain Ted Baker have described inappropriate behaviour by its founder Ray Kelvin.
Forbes measured pre-tax earnings from 1 June 2017 to 1 June 2018, without fees for agents, managers and lawyers being deducted. Since launching his main channel in 2015, Ryan has amassed more than 17 million followers and close to 26bn views.
The draw was made live on BBC One this evening, with former FA Cup winners Paul Ince and Ruud Gullit conducting the draw. North London rivals Tottenham and Arsenal have been handed FA Cup third round trips to lower league opposition.
Associate head coach Jim Boylen will reportedly take over as the Bulls' head coach for the remainder of the season. Hoiberg was named Chicago's head coach in June 2015 after spending five seasons as head coach at Iowa State.
If he was Marvel, there wasn't much reason to keep him quiet on such a prominent character in the Marvel mythos. Marvel later revealed he would be the Starforce commander who taught Carol Danvers how to use her abilities.
Within hours of Miller's death, his fans went after her, and the comments on her Instagram were turned off, The Cut reported. His emotional post comes just one day after it was revealed Grande had covered up her Pete inspired tattoo .
Tumblr CEO Jeff D'Onofrio said the porn ban was created to make the blogging platform a "safe place" for all users. Tumblr has chose to ban all porn, weeks after the blogging platform was found hosting child pornography.
5G Galaxy S10 all but confirmed for Verizon
Meanwhile, Apple will not introduce 5G-capable iPhones until 2020, according to a Bloomberg report citing anonymous sources. In recent times, there has been a lot of leaks and speculations regarding the upcoming Samsung Galaxy S10 series.
Saudi crown prince to head to Algeria amid outcry
In Nouakchott, thousands took to the streets to object to the scheduled visit of "a war criminal" and "a human rights abuser". The meeting was held in the presence of members of a Saudi media delegation accompanying the Crown Prince.
The nation honors George H.W. Bush
On the flight from Houston to Washington D.C. will be the 41st President's sons, George W . Bush wrote on Instagram , sharing an image of Sully sleeping in front of the casket.
Longtime Kansas State coach Snyder retires
It took just three years for Snyder to turn around the program as he coached Kansas State to a winning season under his direction. Snyder won the Bobby Dodd Coach of the Year Award, and K-State went on to play in the Fiesta Bowl, where it fell to OR 35-17.
George HW Bush's final journey to the Capitol
Bush will then be returned to Houston for burial Thursday at his presidential library at Texas A&M University. After the service, members carried the casket to Air Force One, and George W.
Halsey Slams Victoria's Secret Exec for Transphobic Remark
Here's what the singer had to say! The Halsey criticism is the latest strike against shopping mall stalwart Victoria's Secret . Others responded to her post by questioning whether her charitable donation equalled what she was paid for her performance.
Robben confirms Bayern Munich departure
In his club's 1-1 draw against FC Augsburg, the Dutchman managed to open the scoring with the most Arjen Robben goal of all time. With the new coaching team I am not playing that much anymore .
Printer Hacker Urges People to Subscribe to PewDiePie
As if that wasn't scary enough, he said that it just took him 30 minutes to learn, code, and take control of the printers. Pewdiepie's reign is threatened by Indian music label T-Series which comes second in the leader board.
Bills' Jerry Hughes confronts referee after game
Bills linebacker Jerry Hughes took strong exception to a referee allegedly calling him a "b*tch", during the game. The ninth-year player also denied that the officiating provided Miami with an unfair advantage after the loss.