Showing posts with label UBS Loss. Show all posts
Showing posts with label UBS Loss. Show all posts

Tuesday, 25 October 2011

University of British Columbia

University of British Columbia, UBC,  is a public research university. UBC’s two main campuses are situated in Vancouver and in Kelowna in the Okanagan Valley. UBC operates smaller speciality and satellite campuses located at Great Northern Way Campus (Digital Media) and Robson Street (Continuing Studies, Business, Law, Public Health), both in Vancouver proper. The 4.02-square-kilometre (993-acre) main campus is located directly west of the University Endowment Lands, an unincorporated community on Point Grey, a peninsula about 10 km (6.2 mi) from downtown Vancouver. The 2.09-square-kilometre (516-acre) Okanagan campus is situated about 20 minutes from downtown Kelowna.
While the originating legislation created UBC on March 7, 1908, the first day of lectures was September 30, 1915. On September 22, 1925, lectures began on the new Point Grey campus. The enabling legislation are the University Act and the University Amendment Act, 2004. The university is the oldest in British Columbia and has the largest enrolment with over 54,000 students at its Vancouver and Okanagan campuses combined. The university library, which comprises 5.9 million books and journals, is the second-largest research library in Canada.
The University of British Columbia is ranked second in Canada and 37th worldwide in the Academic Ranking of World Universities, second in Canada and 22nd worldwide in the Times Higher Education rankings, third in Canada and 51st globally in the QS World University Rankings, and second in Canada and eighth overall in Newsweek's ranking of top universities outside of the United States . Additionally, the university has been affiliated with five Nobel laureates.



History


Establishment of a provincial university
The chemistry building, one of UBC's oldest,
 on a summer evening


The University of British Columbia was founded on March 7, 1908 as a branch of McGill University.  A provincial university was first called into being by the British Columbia University Act of 1908, although its location was not yet specified. The governance was modelled on the provincial University of Toronto Act of 1906 which established a bicameral system of university government consisting of a senate (faculty), responsible for academic policy, and a board of governors (citizens) exercising exclusive control over financial policy and having formal authority in all other matters. The president, appointed by the board, was to provide a link between the two bodies and to perform institutional leadership. The Act constituted a twenty-one member senate with Francis Carter-Cotton of Vancouver as Chancellor.
Before the University Act, there had been several attempts at establishing a degree-granting university with assistance from the Universities of Toronto and McGill. Columbian College in New Westminster, through its affiliation with Victoria College of the University of Toronto, began to offer university-level credit at the turn-of-the-century, but it was McGill that would come to dominate higher education in the early 1900s.
Henry Marshall Tory


Building on a successful affiliation between Vancouver and Victoria high schools with McGill University, Henry Marshall Tory helped to establish the McGill University College of British Columbia. From 1906 to 1915 McGill BC (as it was called) operated as a private institution providing the first few years toward a degree at McGill University or elsewhere. The Henry Marshall Tory Medal was established in 1941 by Henry Marshall Tory (1864–1947), FRSC, founding President of the University of Alberta and of the National Research Council of Canada, and a co-founder of Carlton University.
In the meantime, appeals were again made to the government to revive the earlier legislation for a provincial institution, leading to the University Endowment Act in 1907, and The University Act in 1908. In 1910 the Point Grey site was chosen, and the government appointed Dr. Frank Fairchild Wesbrook as President in 1913. A declining economy and the outbreak of war in August 1914 compelled the University to postpone plans for building at Point Grey, and instead the former McGill University College site at Fairview became home to the University until 1925. The first day of lectures was September 30, 1915, the new independing university absorbing McGill University College. University of British Columbia awarded its first degrees in 1916.




Early years
The UBC Vancouver school of theology was built in 1927.


The brick and mortar section of the Irving K. Barber library here (formerly the Main Library) on UBC's Vancouver campus was first built in 1925.
World War I dominated campus life, and the student body was "decimated" by enlistments for active service, with three hundred UBC students in Company "D" alone. By the end of the war, 697 members of the University had enlisted. A total of 109 students graduated in the three war-time congregations, all but one in the Faculty of Arts and Science.
By 1920, the university had only three faculties: Arts, Applied Science, and Agriculture (with Departments of Agronomy, Animal Husbandry, Dairying, Horticulture and Poultry). It only awarded the degrees of Bachelor of Arts (B.A.), Bachelor of Applied Science (B.A.Sc.), and Bachelor of Science in Agriculture (B.S.A.). There were 576 male students and 386 female students in the 1920–21 winter session, but only 64 academic staff, including 6 women.
In the early part of the twentieth century, professional education expanded beyond the traditional fields of theology, law and medicine. UBC provided no degrees in these areas, but was beginning to offer degrees in new professional areas such as engineering, agriculture, nursing, and school teaching. Graduate training based on the German-inspired American model of specialized course work and the completion of a research thesis was introduced, with students completing M.A. degrees in natural sciences, social sciences, and humanities.
In 1922 the now twelve-hundred-strong student body embarked on a "Build the University" campaign. Students marched in the streets of Vancouver to draw attention to their plight, enlist popular support, and embarrass the government. Fifty-six thousand signatures were presented at legislature in support of the campaign, which was ultimately successful. On September 22, 1925, lectures began on the new Point Grey campus. Except for the Library, Science and Power House buildings, all the campus buildings were temporary constructions. Two playing fields were built by the students themselves, but the University had no dormitories and no social centre. Still, the University continued to grow steadily.
View of the north part of the Point Grey Campus.




Soon, however, the effects of the depression began to be felt. The provincial government, upon which the University depended heavily, cut the annual grant severely. In 1932–33 salaries were cut by up to 23%. Posts remained vacant, and a few faculty lost their jobs. Most graduate courses were dropped. In 1935, the University established the Department of Extension. Just as things began to improve, World War II broke out. Canada declared war on September 10, 1939. Soon afterwards, University President Klinck wrote:
From the day of the declaration of war, the University has been prepared to put at the disposal of the Government all possible assistance by way of laboratories, equipment and trained personnel, insofar as such action is consistent with the maintenance of reasonably efficient instructional standards. To do less would be unthinkable.
View of the UBC War Memorial Gym
Heavy rains and melting snowfall eroded a deep ravine across the north end of the campus, in the Grand Campus Washout of 1935. The campus did not yet have storm drains, and surface runoff went down a ravine to the beach. When the University carved a ditch to drain flooding on University Avenue, the rush of water steepened the ravine and eroded it back as fast as 10 feet (3.0 m) per hour. The resulting gully eventually consumed 100,000 cubic yards (76,455 m3), two bridges, and buildings near Graham House.
The University was closed for 4½ days. Afterwards, the gully was filled with debris from a nearby landslide, and only traces are visible today.
Military training on the campus became popular, then mandatory. WWII marked the first provision of money from the federal government to the University for research purposes. By the end of the war, it became clear that the facilities at Point Grey had become totally inadequate to cater to the huge influx of veterans returning to their studies. The University needed new staff, new courses, new faculties, and new buildings for teaching and accommodation. The student population rose from 2,974 in 1944–45 to 9,374 in 1947–48. Surplus Army and Air Force camps were used for both classrooms and accommodation. Fifteen complete camps were taken over by the University in the course of the 1945–46 session alone, with a sixteenth camp situated on Little Mountain in Vancouver, converted into suites for married students. Most of the camps were dismantled and carried by barge or truck to the University where the huts were scattered across the campus. (A few huts remain in place today!)
Student numbers hit 9,374 in 1948; more than 53% of the students were war veterans in 1947–67. Between 1947 and 1951 twenty new permanent buildings were erected.
The War Memorial Hall (more generally known as Memorial Hall) and War Memorial Gym are landmark buildings on the campus of the University of British Columbia. The lecture hall, theatre and gym honour students who had enlisted and died in the First World War, and in the Second World War.
The single-university policy in the West was changed as existing colleges of the provincial universities gained autonomy as universities — the University of Victoria was established in 1963.
On February 10, 1964 Harvey Reginald MacMillan donated $8.2 million for postgraduate education to the university. 
The museum of anthropology at UBC was announced on July 1, 1971 by Prime Minister Trudeau. At a construction cost of $2.5 million, the museum building designed by Arthur Erickson opened in 1976.




The university today
University of British Columbia


UBC's current president is Dr. Stephen Toope, appointed on July 1, 2006. He succeeds Dr. Martha Piper, who was the University's first female president and the first non-Canadian born president. The Chancellor of the University, who acts as the University's ceremonial head and sits on the academic Senate and the Board of Governors, is Sarah Morgan-Silvester (as of July 1, 2008). The UBC Okanagan campus is led by Dr. Doug Owram, Deputy Vice-Chancellor. All three founding faculties remain, but the Faculty of Agriculture is now known as the Faculty of Land & Food Systems.


All about University of British Columbia:

Thursday, 15 September 2011

UBS Loss Bolsters Swiss Lawmaker Case

BRITISH police last night arrested a man in relation to rogue trading that racked up as much as $US2 billion ($1.95 billion) in losses for UBS, in a move that will see the Swiss banking giant post a third-quarter loss.
The revelations will also further shake confidence across the troubled European banking sector.
UBS, which dominates the Australian investment banking market, last night gave few details about the incident, including how the losses occurred. However, police in London last night arrested a 31-year-old man in relation to the trading loss.


London police said they had arrested the man on ''suspicion of fraud by abuse of position'' at 3.30am local time. He was in police custody and an investigation had been launched.
UBS last night assured clients, however, that their positions were not affected.
''The matter is still being investigated, but UBS's current estimate of the loss on the trades is in the range of $US2 billion,'' UBS said in a statement. ''It is possible that this could lead UBS to report a loss for the third quarter of 2011.''
Spokespeople for UBS in Australia and Zurich last night declined to comment beyond the statement. UBS shares in Europe plunged after the announcement. In early trade in Zurich, UBS was down more than 7 per cent.
The rogue trading affair could not have come at a worse time for the troubled European banking sector, which is facing its toughest funding challenges since the collapse of the Wall Street bank Lehman Brothers three years ago.


Banks there are heavily exposed to the problem economies of Greece, Italy and Spain while questions remain over the health of their balance sheets.
''This will be another blow for the confidence for the sector that can least afford it,'' one senior trader at a rival investment bank said last night.
The chief executive of UBS, Oswald Grubel, labelled the loss as ''distressing'' but said it would not change the ''fundamental strength'' of the bank.
The firm was working ''to get to the bottom of the matter as quickly as possible, and will spare no effort to establish exactly what has
happened,'' he wrote in an email to employees.
While UBS does not operate a banking retail business in Australia, it dominates investment banking and equities trading and is a counter-party to every major Australian bank and broking house.
Many Australian UBS employees were yesterday still in the dark about the affair, suggesting the focus around the losses remained firmly offshore.
Extreme volatility in global markets in recent months was likely to have contributed to the size of the losses, traders said.
The affair is likely to stoke memories of the former French trader Jerome Kerviel, who is accused of gambling away billions of euros of at Societe Generale, one of France's three biggest banks, in risky dealings that cost €4.9 billion ($6.6 billion) in losses.


Swiss rule-makers are running ahead of counterparts in the U.S. and Europe to make sure UBS and rival Credit Suisse Group AG cut risks and hoard capital to avert the type of banking collapse that hobbled Iceland’s economy. The Swiss Parliament is expected to vote on proposals to limit risk-taking by the two banks and impose higher capital surcharge requirements at the end of this month, according to spokesman Mark Stucki.


“For a bank that has made mistakes in the past, it’s absolutely unacceptable,” said Fulvio Pelli, the party president of the Liberals, who later added that Switzerland’s too-big-to-fail bill and tougher capital requirements were the way forward. “I’m absolutely astonished that internal controls didn’t work at UBS.”


Capital Requirements


The Swiss government has recommended changes to banking laws which would force UBS and Credit Suisse to hold total capital equal to at least 19 percent of their assets. That requirement is almost double that of rival banks in the U.S. and Europe.


A government-appointed panel rejected proposals to break up the two Zurich-based banks or directly limit their size and activities, such as proprietary trading.


“This case shows that security systems apparently can fail again and again,” said Marianne Binder, a spokeswoman for the Christian Democrats. “Because of this, higher capital requirements for banks are necessary.”


The trading loss deals a blow to Chief Executive Officer Oswald Gruebel’s attempts to revive the investment bank after the division recorded 57.1 billion Swiss francs ($65 billion) in cumulative pretax losses in three years through 2009.


“We are in close contact with UBS, which informed us immediately about the situation,” said Tobias Lux, a spokesman for the Swiss Financial Market Supervisory Authority. He declined to comment on whether Finma, which monitors risk management at Swiss banks, has started an investigation.


UBS Investigating


UBS is still investigating the matter, the Zurich-based company said in a statement today. No client positions were affected, UBS said, declining to comment further on the matter.


London police arrested Kweku Adoboli, a UBS employee, in connection with the loss, according to a person with knowledge of the matter who declined to be identified. City of London police and UBS declined to identify the man.


The bank had to raise more than $46 billion in capital from investors, including the Swiss state, to make up for the losses during the credit crisis. The investment-banking unit had pretax earnings of 1.21 billion francs in the first half of 2011, while UBS as a whole had net income of 2.82 billion francs in the period.


“There can’t be another state bailout,” Hans Fehr, a lawmaker of the Swiss People’s Party, said in a phone interview. “It can’t be up to the state and taxpayers to rescue large banks that are involved in risky business.”


The bank’s tier 1 capital at the end of the second quarter was 37.39 billion francs, giving it a tier 1 capital ratio of 18.1 percent, compared with 14 percent at Deutsche Bank AG, Germany’s biggest bank.


“We’ve taken cognizance of the news,” Roland Meier, a spokesman for the Finance Ministry said in a telephone interview from Bern. “At the moment the too-big-to-fail draft is being discussed in parliament,” and the UBS loss “fits well” within this topic. He declined to comment further.