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New Kia Sportage revealed in this week's Auto Express

New Kia Sportage revealed in this week's Auto Express

Auto Express2 days ago

In this week's issue of Auto Express we have the lowdown on the new Kia Sportage, which gets a fresh new look, a posher cabin and more power to help it stay at the top of its game.
We also have the latest scoop on Alpine's electric A110 which takes aim at the electric Porsche Boxster and Cayman. Advertisement - Article continues below
Plus, we take a closer look at the updated Toyota Aygo X city car and have fresh spy shots of the new Porsche 718 Boxster EV.
In the drives section we get behind the wheel of the hot MINI JCW Electric, try out the Audi Q5 Sportback and hit the road in updated Renault Austral.
If that wasn't enough we also pit the Volkswagen Tayron against the Hyundai Santa Fe in a family SUV battle.
This week's issue of Auto Express is on sale now and there's a whole range of ways to get your hands on it! Find out more below.
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Our money back guarantee means that should you need to cancel at any point we will refund any unmailed issues, you can't beat that value!
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If you prefer to read Auto Express on your desktop, tablet or phone, you can get the digital edition through our online partner Zinio. Single issues are available from £2.99 or a subscription for an entire year is just £90.99.
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If you don't want to get your next 6 Auto Express issues for £1 by subscribing (RRP £28), then you can still buy single issues in shops or online. This week's issue of Auto Express is on sale now for just £4.50. You can find shops near you that stock the magazine by clicking here.
If you can't make it to the shops or are unable to find it somewhere convenient, you can buy individual print issues of Auto Express to be delivered directly to your door.
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Shaken by crises, Switzerland fetters UBS's global dream
Shaken by crises, Switzerland fetters UBS's global dream

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Shaken by crises, Switzerland fetters UBS's global dream

BERN, June 6 (Reuters) - Switzerland announced reforms on Friday to make its biggest bank UBS (UBSG.S), opens new tab safer and avoid another crisis, hampering the global ambitions of a lender whose financial weight eclipses the country's economy. UBS emerged as Switzerland's sole global bank more than two years ago after the government hastily arranged its rescue of scandal-hit Credit Suisse to prevent a disorderly collapse. The demise of Credit Suisse, one of the world's biggest banks, rattled global markets and blindsided officials and regulators, whose struggle to steer the lender as it lurched from one scandal to the next underscored their weakness. On Friday, speaking from the same podium where she had announced the Credit Suisse rescue in 2023 as finance minister, Switzerland's president Karin Keller-Sutter delivered a firm message. The country would not be wrongfooted again. "I don't believe that the competitiveness will be impaired, but it is true that growth abroad will become more expensive," Keller-Sutter said of UBS. "We've had two crises. 2008 and 2023," she said. "If you see something that is broken, you have to fix it." During the global financial crisis of 2008, UBS was hit by a losses in subprime debt, as a disastrous expansion into riskier investment banking forced it to write down tens of billions of dollars and ultimately turn to the state for help. Memories of that crisis also linger, reinforcing the government's resolve after the collapse of Credit Suisse. For UBS, which has a financial balance sheet of around $1.7 trillion, far bigger than the Swiss economy, the implications of the reforms proposed on Friday are clear. Switzerland no longer wants to back its international growth. "Bottom line: who is carrying the risk for growth abroad?" said Keller-Sutter. "The bank, its owners or the state?" The rules the government proposed demand that UBS in Switzerland holds more capital to cover risks in its foreign operations. That move, one of the most important steps taken by the Swiss in a series of otherwise piecemeal measures, will make UBS's businesses abroad more expensive to run for one of the globe's largest banks for millionaires and billionaires. Following publication of the reform plans, UBS Chairman Colm Kelleher and CEO Sergio Ermotti said in an internal memo that if fully implemented, they would undermine the bank's "global competitive footprint" and hurt the Swiss economy. The reform would require UBS to hold as much as $26 billion in extra capital. Some believe the demands may alter the bank's course. "It could be that UBS has to change its strategy of growth in the United States and Asia," said Andreas Venditti, an analyst at Vontobel. "It's not just growing. It makes the existing business more expensive. It is an incentive to get smaller and this will most likely happen." Credit Suisse's demise exploded the myth of invincibility of one of the wealthiest countries in the world, home to a global reserve currency, and proved as unworkable a central reform of the financial crisis to prevent state bailouts. For many in Switzerland, the government's reforms are long overdue. "The bank is bigger than the entire Swiss economy. It makes sense that it should not grow even bigger," said Andreas Missbach of Alliance Sud, a group that campaigns for transparency. "It is good that the government did not give in to lobbying by UBS. The question is whether it is enough. We have a banking crisis roughly every 12 years. So I'm not really put at ease." UBS CEO Ermotti had lobbied against the reforms, arguing that a heavy capital burden would put the bank on the back foot with rivals. The world's second-largest wealth manager after Morgan Stanley is dwarfed by its U.S. peer. Morgan Stanley shares value the firm at twice its book value, compared with UBS's 20% premium to book. On Friday, the bank reiterated this message, saying that it strongly disagreed with the "extreme" increase in capital. But others are sceptical that the government has done enough. Hans Gersbach, a professor at ETH Zurich, said there was still no proper plan to cope should UBS run into trouble. "The credibility of the too big to fail regime remains in question."

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