Credit Suisse posted $4 billion loss in second quarter, Sonntagszeitung reports - Reuters

BERLIN, Aug 27 (Reuters) - Credit Suisse, which is now a subsidiary of UBS (UBSG.S), posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.

Spokespersons for UBS and Credit Suisse declined to comment.

Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.

UBS will present its quarterly results on Aug. 31.

($1 = 0.8845 Swiss francs)

Reporting by Oliver Hirt; Writing by Maria Martinez; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

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Exclusive: Tiger Global says ex-employee targets it in misinformation attacks - Reuters

Aug 25 (Reuters) - Investment firm Tiger Global Management LLC, known for its early bets on tech firms like Meta (META.O) and Spotify , on Friday told limited partners it was targeted in a series of misinformation attacks by a former employee, according to a letter seen by Reuters.

The firm was responding to a document, allegedly a draft article by The New Yorker magazine, making the rounds in recent months with damning and unsubstantiated allegations about the investment firm.

A spokesperson for the New Yorker denied any involvement.

On Friday, Tiger Global reached out to its investment partners about the document, which has been seen by venture capitalists, hedge funds and in media circles. The firm said the nine-page document, which discusses the firm’s investing strategy as well as alleged personal improprieties, was written by an employee with whom it had recently parted ways.

“These attacks are packed with lies, which we strongly believe were written and pushed by a disgruntled former employee with whom we parted ways,” Tiger Global said in its letter to investors. ”We are saddened that you, our clients, have been subjected to this as well.”

Tiger Global's letter concerned a document that begins with a paragraph saying it was written for The New Yorker magazine. A spokeswoman for the publication denied any involvement.

It was unclear how far the document has spread, but the Tiger Global letter said the firm has been aware of it for several months. Reporters for Reuters received a version of it earlier this month.

Tiger told investors it had engaged "experts" to help it respond to the allegations in the document, without providing further details. "Unlike the anonymous coward spreading this false narrative on the internet, you know who we are," Tiger wrote in the letter.

Tiger Global has roughly $50 billion of assets under management, but saw its portfolio significantly trimmed last year as tech stocks faltered.

(This story has been refiled to delete an extraneous word in paragraph 3)

Reporting by Helen Coster and Greg Bensinger; editing by Kenneth Li and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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Greg Bensinger

Thomson Reuters

Greg Bensinger joined Reuters as a technology correspondent in 2022 focusing on the world's largest technology companies. He was previously a member of The New York Times editorial board and a technology beat reporter for The Washington Post and The Wall Street Journal. He also worked for Bloomberg News writing about the auto and telecommunications industries. He studied English literature at The University of Virginia and graduate journalism at Columbia University. Greg lives in San Francisco with his wife and two children.

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Boeing says a new 737 Max flaw will slow airplane deliveries - CNBC

In this article

• BA

A person with an umbrella walks by a Boeing 737 Max fuselage parked outside the company's production facility in Renton, Washington, January 10, 2020.

Lindsey Wasson | Reuters

Boeing said a new manufacturing flaw on its best-selling 737 Max will delay deliveries of its best-selling aircraft, the latest setback as the company tries to hand over more planes.

The company said it found fastener holes on the aft pressure bulkhead on some 737 planes were improperly drilled. Spirit Aerosystems, which makes the fuselages, said that because it "uses multiple suppliers for the aft pressure bulkhead, only some units are affected."

"This issue will impact near-term 737 deliveries as we conduct inspections to determine the number of airplanes affected, and complete required rework on those airplanes," Boeing said. It will continue delivering 737 Maxes that are not affected by the issue.

The defect is the latest in a string of manufacturing flaws Boeing has disclosed on the Max and in other programs while it tries to ramp up production to meet strong demand from airlines short on planes during a travel boom. Last month, the company said it is transitioning to a production rate of 38 a month from 31.

Boeing didn't say whether the new issue would change its forecast to deliver between 400 and 450 Max jets this year.

Spirit Aerosystems said it would continue to deliver fuselages to Boeing.

"We are working closely with our customer to address any impacted units within the production system and address any needed rework," Spirit Aerosystems said in a statement. "Based upon what we know now, we believe there will not be a material impact to our delivery range for the year related to this issue."

This year through July, Boeing handed over 309 planes to customers, behind the 381 rival Airbus planes delivered in the same period.

The company said the issue, reported earlier by The Air Current, was not related to flight safety and that airlines can continue flying the planes. Boeing added that it has notified the Federal Aviation Administration.

Boeing shares were down about 3% in after-hours trading.

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