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BUSINESS DIGEST

Business Digest, October 29, 2012

PUBLISHED : Monday, 29 October, 2012, 12:00am
UPDATED : Monday, 29 October, 2012, 5:08am

Stock sell-off to greet Milan Station warning

Shares of Milan Station could fall today after the retailer of second-hand designer bags warned of a loss for this year. In a filing with the Hong Kong stock exchange on Friday, Milan Station chief executive Yiu Kwan-tat said the expected loss was due to continued slow demand for luxury handbags and weakened consumer sentiment. The firm's shares last traded at 58 HK cents. Bien Perez

 

UBS expected to axe 10,000 jobs

UBS, Switzerland's largest bank, will cut as many as 10,000 jobs or 16 per cent of its workforce as the trading business shrinks, according to a person with knowledge of the plan. Most cuts would be in the trading businesses and would occur over several quarters. They might be announced tomorrow when UBS reports third-quarter earnings. It had about 63,250 employees in June. Bloomberg

 

Draghi backs more power for EU regulator

European Central Bank chief Mario Draghi has thrown his support behind a proposal by German Finance Minister Wolfgang Schaeuble to radically expand the powers of the European Union's monetary affairs commissioner. Draghi also told German magazine Der Spiegel he did not expect his outright monetary transactions plan to cost the taxpayer anything. Reuters

 

Germany rules out hit on Greek debt

Germany's finance minister has dismissed the idea of governments and other public creditors taking a hit on their Greek debt holdings, arguing that it would not be legally feasible. However, Wolfgang Schaeuble said in a radio broadcast yesterday that a debt buy-back programme - under which Greece would get loans that would allow it to pay off debts - might be possible. AP

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