UBS profit beats forecast as Credit Suisse merger nears end

Business

February 5, 2025

AFP – Swiss banking giant UBS posted better-than-expected fourth quarter results yesterday and confidently predicted its mega-merger with Credit Suisse would be substantially wrapped up by the end of 2026 as planned.

Switzerland’s biggest bank posted a net profit of USD770 million for the last three months of 2024, compared with a USD279 million loss in the same period a year earlier as it wrestled with the weight of integrating its closest domestic rival.

In March 2023, Swiss authorities strongarmed UBS into a USD3.25-billion takeover to prevent Credit Suisse from going under, with what could have been catastrophic consequences for the global financial system.

The Zurich-based bank reported a year-on-year seven per cent increase in revenue to USD11.6 billion, driven by rising stock markets which supported transactions in both wealth management and investment banking. Analysts surveyed by the Swiss financial newswire AWP had, on average, expected a net income of USD536 million on USD11.4 billion in revenue.

For the full year 2024, the bank posted a net profit of USD5 billion.

“Throughout 2024, we maintained robust momentum as we captured growth in global wealth and asset management and gained market share in the investment bank in the areas where we have made strategic investments,” Chief Executive Sergio Ermotti said in a statement.

“We achieved all key integration milestones in 2024 and significantly reduced execution risk, while our capital position remained robust.

“In 2025, we will continue to execute on the next phase of the integration” of Credit Suisse, he said, adding: “We are confident in our ability to substantially complete the integration by the end of 2026.”

UBS and Credit Suisse were among 30 international banks deemed too big to fail due to their importance in the global banking architecture.

The merger of the two largest banks in the country created a megabank of troubling size in relation to the Swiss economy.

In 2024, UBS passed several milestones in the takeover, including in the legal merger, which then made it possible to begin transferring Credit Suisse clients over to UBS’s systems.

It said that with the successful migration of wealth management client accounts across booking centres in Hong Kong, Singapore, Japan and Luxembourg, it had transferred more than 90 per cent of client accounts outside of Switzerland onto UBS platforms.

UBS and Credit Suisse logos in Zurich, Switzerland. PHOTO: AP

Canada’s Ontario backtracks on banning US firms from government contracts

Business

February 5, 2025

AFP – Ontario, Canada’s economic engine, cancelled plans to ban American companies from bidding on the province’s lucrative government contracts, after the United States (US) paused levying tariffs on Canadian goods.

“We have temporarily averted tariffs that would have severely damaged our economy, giving time for more negotiation and time for cooler heads to prevail,” Ontario Premier Doug Ford wrote on X.

“With the US pausing tariffs, Ontario will also pause our retaliatory measures,” Ford said.

In the morning, Ford announced a ban on US companies bidding on Canadian contracts, which are worth tens of billions of dollars, and also said he was dumping a deal with Elon Musk’s Starlink worth CAD100 million (USD68 million). “Make no mistake, Canada and Ontario continue to stare down the threat of tariffs,” Ford said.

“So long as our trading relationship with our largest trading partner is up in the air, we will continue to see many potential projects frozen and projects that were already under way put at risk,” he said. Trump on Saturday announced 25 per cent tariffs on all Canadian products starting yesterday except energy exports, which would be taxed at 10 per cent.

After two calls with Prime Minister Justin Trudeau on Monday, Trump said he would delay the start of tariffs for 30 days.

Cargo shipping containers sit on the Evergreen Ever Fame container ship docked at a container terminal at the Port of Los Angeles, United States. PHOTO: AP

Neuer signs new Bayern contract

Sports

February 5, 2025

AFP – Bayern Munich said they had extended the contract of their long-standing goalkeeper Manuel Neuer to the end of the 2025-26 season.

The announcement puts an end to speculation about Neuer’s future at the club, where his contract was set to expire at the end of the current campaign.

Neuer, who has made over 500 appearances for the Bavarian giants, was “the best goalkeeper of his generation and a Bayern icon”, sporting chief Max Eberl said in a statement.

The club were “delighted” that Neuer would stay on for what will be his 15th season with Bayern.

Neuer said in the statement he wanted to keep playing football and “remain a Bayern player” for the upcoming season.

Students Qatar bound for Shell Eco-marathon

National

February 5, 2025

Universiti Brunei Darussalam’s (UBD) Shell Eco-marathon Organisation (SEMO) is set to compete in the Shell Eco-marathon Asia Pacific and Middle East 2025 in Doha, Qatar, from February 8 to 12.

The team, Belia Tabah, comprises 10 engineering, science, and business students dedicated to developing energy-efficient vehicles.

They are led on-site by Dr Muhammad Abid and Pengiran Haji Baharuddin bin Pengiran Haji Abdul Momin, with Dr Quentin Cheok providing local support.

A send-off event was held at Brunei International Airport attended by UBD Vice-Chancellor Dr Hazri bin Haji Kifle, assistant vice-chancellors and UBD staff among others.

Dr Hazri commending the students’ dedication, said, “Their commitment to innovation and sustainability is commendable, and we believe they will showcase Brunei Darussalam’s talent and ingenuity on the global stage.”

Months of preparation have gone into refining the vehicle’s aerodynamics, energy efficiency, and design.

Team manager Mohammad Hifdzur Azmi bin Haji Mohd Zain said, “Returning to the Shell Eco-marathon is an exciting opportunity for us to build upon our previous experience.”

Driver Ahmad Muzakker bin Haji Khalid added, “Driving for Belia Tabah is both an honour and a responsibility. Our goal is to push the limits of energy efficiency while maintaining safety and performance.”

The Shell Eco-marathon is a globally recognised competition challenging student teams to design, build, and drive energy-efficient vehicles.

Universiti Brunei Darussalam Vice-Chancellor Dr Hazri bin Haji Kifle talks to the students. PHOTO: UBD

Brunei introduces pneumococcal vaccine for infants, children

National

February 5, 2025

The Ministry of Health (MoH) has introduced the pneumococcal conjugate vaccine (PCV) into Brunei Darussalam’s Expanded Programme on Immunisation, effective February 1 as part of efforts to protect infants and children from pneumococcal diseases.

With this addition, the immunisation programme now includes 12 vaccines to prevent 12 vaccine-preventable diseases. Vaccinations under the programme are provided free of charge at Maternal and Child Health Clinics nationwide.

According to the MoH, the introduction of PCV aligns with World Health Organization (WHO) recommendations to enhance protection against pneumococcal infections among children.

The move underscores the government’s commitment to safeguarding children’s health and supporting a healthier future for the nation.

PCV protects against infections caused by streptococcus pneumoniae, a leading cause of serious illnesses such as pneumonia, meningitis, and sepsis, particularly among children under five.

The vaccine will be administered in three doses at two months, four months, and 12 months as part of the routine immunisation schedule.

A catch-up immunisation programme for infants and children born between February 2023 and January 2025 will also begin in February 2025. Parents will be contacted by their Maternal and Child Health Clinic to arrange vaccinations. – James Kon

Construction of new elevator at National Dental Centre underway

National

February 5, 2025

The Ministry of Health is constructing a new elevator at the National Dental Centre, Berakas, as part of ongoing efforts to enhance public accessibility and convenience. The ministry advised visitors to exercise caution around the construction area. – James Kon

Sultanate sees 92 per cent rise in international visitors

National

February 5, 2025

Brunei saw a 92 per cent increase in international visitors last year compared to 2023, reflecting the success of targeted initiatives, including cultural and nature-based tourism products, infrastructure upgrades and international promotional campaigns.

This was revealed during a dialogue session chaired by Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin with Legislative Council (LegCo) members yesterday.

The session was attended by 19 LegCo members led by Yang Berhormat Mohammad bin Abdullah @ Lim Swee Ann.

The session began with opening remarks by the minister, who outlined the Ministry of Primary Resources and Tourism’s (MPRT) strategic direction and key focus areas in enhancing primary resource industries and tourism. He acknowledged challenges in maintaining economic stability and achieving sustainable growth in agriculture, fisheries, forestry, and tourism, emphasising the need for collective cooperation to address global economic shifts.

Brunei’s tourism sector engaged in international exhibitions, networking sessions, and familiarisation trips for foreign travel agents and influencers. Several memorandums of understanding were also signed to enhance cooperation with international agencies.

A briefing on the achievements, developments and future direction of the primary resources and tourism sectors was presented by Permanent Secretary at the MPRT Hajah Tutiaty binti Haji Abdul Wahab.

Discussions focused on boosting food production, ensuring quality and halal-certified products, and strengthening the industry’s value chain.

Despite challenges, the fisheries sector achieved export breakthroughs, including increased exports of chicken eggs and processed meat products to Singapore, as well as processed food items to Sabah and Sarawak. The ministry also introduced sustainability initiatives such as regenerative agriculture and pesticide-free farming, aligning with the Food Industry Roadmap to support a circular economy and minimise environmental impact.

The Forestry Department reaffirmed its commitment to sustainable forest management, with 37 per cent of the national climate change target of 500,000 trees planted by 2035 already achieved. The ministry also introduced ‘Brunei Wood’ branding to certify high-quality local timber products sourced sustainably, aiming to boost both domestic and international demand. The session concluded with discussions on diversifying agricultural and fisheries production, ensuring food security, and increasing exports, with an emphasis on private sector support, innovation, and competitiveness.

Senior officials from the ministry, deputy permanent secretaries, department directors and section heads were also present at the event held at the Setia Pahlawan Hall, MPRT. – Fadley Faisal

ABOVE & BELOW: Minister of Primary Resources and Tourism Dato Seri Setia Dr Haji Abdul Manaf bin Haji Metussin delivers a briefing; and Legislative Council (LegCo) member Yang Berhormat Mohammad bin Abdullah @ Lim Swee Ann leading the dialogue session. PHOTO: MUIZ MATDANI

LegCo members during the dialogue session. PHOTO: MUIZ MATDANI

Canadian tourist mesmerised by Kampong Ayer tour

National

February 5, 2025

Dawn Angela Barr, a tourist from Canada found the Kampong Ayer river tour, a lovely and enriching way to experience Brunei’s unique lifestyle while Bernardo Molina from the Philippines was captivated by Brunei’s beauty, expressing a wish for his own country to share a similar charm.

The two tourists were onboard the luxury cruise ship Norwegian Sky which arrived in the Sultanate on Monday.

Meanwhile, Anna Baylosis from Virginia, United States, described her visit to the water village as fascinating, highlighting her mangrove tour where she spotted monkeys and crocodiles while enjoying local tea and delicacies. Arriving from Kota Kinabalu, Malaysia, the vessel brought 1,927 passengers and 865 crew members for a brief yet immersive experience in the Sultanate before continuing its journey to Cam Ranh, Vietnam.

Passengers explored Brunei’s iconic landmarks, including Istana Nurul Iman, Omar ‘Ali Saifuddien Mosque, Kampong Ayer and the mangrove river.

They also experienced Brunei’s rich cultural heritage, enjoying traditional delicacies at a local home in the water village and purchasing unique souvenirs aboard the cruise ship.

This marks the third of at least 11 anticipated cruise ship arrivals this year.

The Norwegian Sky is scheduled for its final visit to Brunei on February 14, further strengthening the Sultanate’s position as a repeat destination for cruise lines and travellers seeking unique cultural experiences. – James Kon

Water taxis seen along the Brunei River in Bandar Seri Begawan. Meanwhile, a Canadian tourist visiting the Sultanate found the Kampong Ayer river tour a lovely and an enriching way to experience Brunei’s unique lifestyle. PHOTO: RAFI ROSLI

ABOVE & BELOW: The Norwegian Sky docked in Muara; and tourists who arrived in the cruise ship. PHOTO: TOURISM DEVELOPMENT DEPARTMENT

Community outreach session enhances digital literacy among senior citizens

National

February 5, 2025

Digital Brunei conducted its fifth community outreach session, Digital Warga Emas yesterday at Kampong Pandan Community Hall in Belait District, aiming to foster digital literacy among the elderly.

The session featured presentations by the Authority for Info-communications Technology Industry of Brunei Darussalam (AITI) on mobile prepaid re-registration, followed by representatives from Datastream Digital Sdn Bhd, imagine Sdn Bhd, and Progresif Sdn Bhd. Cyber Security Brunei presented on safety measures against artificial intelligence-related scams, while the Royal Brunei Police Force shared cybercrime statistics and case studies.

The Ministry of Religious Affairs concluded the session with a demonstration of the Mushaf Brunei mobile application, which provides digital access to Al-Quran.

Held in collaboration with the Belait District Office and Community Development Department (JAPEM) through the Senior Citizen Activity Centre (PKWE), the session saw over 40 participants, including PKWE members, village heads and Village Consultative Council (MPK) representatives. Legislative Council member and Penghulu of Mukim Bukit Sawat Yang Berhormat Haji Mohd Salleh bin Haji Othman was also in attendance.

Digital Brunei, an initiative under the Digital Economy Council facilitated by AITI, aims to promote digital inclusion and support Brunei Darussalam’s digital transformation in line with Brunei Vision 2035 and the Digital Economy Masterplan 2025. – Daniel Lim

Senior citizens during the community outreach session. PHOTO: DANIEL LIM

Workshop polishes public speaking skills

National

February 5, 2025

Twenty-one Universiti Islam Sultan Sharif Ali (UNISSA) students and alumni participated in the ‘Public Speaking for UNISSA Students and Alumni’ workshop on Monday.

Head coach of Kelab Pidato Perdana Antarabangsa (KEPENTAS) Brunei, Mohammad Affendy bin Haji Junaidi facilitated the workshop organised by UNISSA’s Office of Career Advancement and Industrial Networking and Industry Network (OCeAN). The facilitator shared tips to help participants refine their public speaking skills, highlighting its importance in interviews, meetings, and professional interactions.

The workshop featured practical group presentations, where participants applied professional and effective public speaking techniques.

The session concluded with feedback from the facilitator.

The workshop aimed to equip UNISSA students and alumni with enhanced communication skills and greater self-confidence in public speaking. – Lyna Mohamad

Borneo Bulletin OnlineThe Independent Newspaper in Brunei Darussalam, Sabah and Sarawak

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