TOKYO: Japan’s top brokerage Nomura Holdings said it swung to a profit in its fiscal second quarter, reversing a year-earlier loss thanks to solid gains in its trading business. However, the figure fell well short of expectations as Nomura, which is trying to move on from an embarrassing insider trading scandal, retools its operations in a bid to cut $ 1.0 billion in costs. For the July to September quarter, the company posted a net profit of 2.81 billion yen ($ 35.2 million), reversing a year-ago loss of 46.1 billion yen well off a consensus forecast for a 32.27 billion net profit based on a survey by FactSet Research Systems. Revenue was 461.23 billion yen, up 22 percent from a year ago, Nomura said. The company said its improved results came despite the fact that “the market environment was severe... with concerns over a slowdown in the Chinese economy as well as the European crisis.” Income from trading — which was pounded by the market turmoil set off by the European debt crisis last year — reached 88.93 billion yen from 25.98 billion yen a earlier, Nomura said.

UBS rises at prospect of job cuts

ZURICH: Shares in UBS soared after media reports the Swiss bank would announce up to 10,000 job cuts as it takes the knife to its investment banking operations, particularly its fixed income business. UBS Chief Executive Sergio Ermotti is expected to announce the radical restructuring along with third-quarter earnings today, but news of the plans started leaking late on Friday. “The changes being discussed in the media, if true, would represent a transformational change for UBS,” said analysts at Espirito Santo Investment Bank in a note to clients. “It is not just an additional cost-cutting exercise at the margin, but a strategy that would enable the bank to return much more capital to shareholders and/or significantly increase the capital ratios.” UBS shares were up 6.3 percent at 13.00 francs at 1304 GMT, having earlier touched 13.06, their highest since March. The overall European banking index was down 0.7 percent. The expected cuts will add to the tens of thousands of jobs the financial sector has shed globally since the financial crisis of 2008. UBS’s local rival Credit Suisse said last week it was also making more cost cuts.

Petronas-Progress extend closing date deal bid

KUALA LUMPUR: Malaysian state oil firm Petronas said it has extended the closing date on its bid for Canadian gas producer Progress Energy Resources until Nov. 30, as it works to overturn the Canadian government’s rejection of the proposed deal. Canada blocked Petronas’ C$ 5.17 billion ($ 5.18 billion) bid for Progress this month after Industry Minister Christian Paradis said it was unlikely to bring a “net benefit” to the country. The government gave Petronas 30 days to make additional representations to alter the ruling. Petronas said it intends to make further submissions to the minister in order to obtain approval of the proposed deal. The company said it had met with Canadian officials to understand the basis for the rejection. The transaction was earlier expected to close by Oct. 31. Under the terms of the deal, Petronas has the right to extend the outside date from Oct. 31 for up to 90 additional days, in 30-day increments, if the required regulatory approvals have not been obtained. Two Petronas sources familiar with the deal told Reuters earlier that the firm had agreed to an extension with Progress and was eager to complete the acquisition despite the shock decision by Canada.

Burger King profit beats estimates; initiates dividend

NEW YORK: Burger King Worldwide Inc. reported a better-than-expected profit as new items on the fast-food chain’s menu and accompanying advertising campaigns helped boost same-restaurant sales in the United States and Canada. The company, which went public in June, initiated a quarterly cash dividend of 4 cents per share. The Miami-based chain, known for its “Whopper” hamburgers, traditionally focused on young males, but it is working to broaden its appeal by adding items like fruit smoothies and salads that traditionally appeal to women. The third-largest US hamburger chain, behind McDonald’s Corp. and Wendy’s Co, said net income fell to $ 6.6 million, or 2 cents per share, in the third quarter, from $ 38.8 million, or 11 cents per share, a year earlier. ystem-wide comparable sales, or sales at company-owned and franchise restaurants open at least 13 months, rose 1.4 percent.

Riverbed to acquire Opnet for about $ 1 bn

NEW YORK: Network gear maker Riverbed Technology Inc. will buy Opnet Technologies Inc, which makes software to manage traffic on networks, for about $ 1 billion to gain an edge over rivals who have all been hurt by weak tech spending. Telecom service providers, the biggest customers for network gear makers such as Riverbed, Juniper Networks Inc. and F5 Networks Inc, have cut spending and are delaying orders.But demand for products that boost data speeds over wide-area networks, where Riverbed is a market leader, have held up relatively well. “This acquisition also transforms Riverbed into a billion dollar revenue company,” said Chief Executive Jerry Kennelly. Riverbed will combine Opnet with its Cascade business unit, which makes products that monitor network performance.

Clean Harbors buying Safety-Kleen for $ 1.25 bn

NORWELL: Clean Harbors is buying Safety-Kleen for $ 1.25 billion in cash as it looks to enter smaller markets and expand its waste treatment capabilities. Safety-Kleen Inc. is a re-refiner and recycler of used oil and provides parts cleaning and environmental services. It collects approximately 200 million gallons of used oil annually, the majority of which it returns to the marketplace as reusable motor oil. Clean Harbors Inc., based in Norwell, Mass., provides environmental, energy and industrial services. It said Monday it will be better able to penetrate small quantity waste generator markets after the acquisition. The company expects the acquisition to immediately add to its results, excluding one-time fees and acquisition-related expenses.The deal, expected to close by year’s end, still needs approval from US and Canadian regulators.