More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
Warren's election reform proposal includes standardized federal election rules, increased federal oversight of elections, and a constitutional amendment guaranteeing voting...Politicsread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
Even if the debate stage will be more crowded than ever, recent history shows they can reveal the candidates' skills and character - even if the two stand at odds.Politicsread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Investors are piling into gold, sending the precious metal to a six-year high, and analysts think the commodity has established a base to go even higher.Marketsread more
Trump slams Iran on Twitter for issuing a "very ignorant and insulting statement" after the U.S. slapped fresh sanctions on Tehran.Politicsread more
* Haitong Intl says suspends business with UBS indefinitely
* Comment on pigs by UBS economist seen as slur by some
* UBS sorry for misunderstanding caused by "innocently intended" comments (Adds context)
BEIJING/SHANGHAI, June 14 (Reuters) - Haitong International Securities Group Ltd said it has cut ties with UBS Group AG, following a comment about Chinese pigs made by the Swiss bank's global chief economist that was perceived by some as a racist slur.
Haitong International has suspended all collaboration with UBS, including corporate finance and trading, the Hong Kong-listed firm said in an email to Reuters on Friday.
"There is not a clear timetable on when to resume the collaboration, which is subject to the management's decision," Haitong International said.
Paul Donovan, global chief economist of UBS's wealth management department since 2016, said in a podcast on Wednesday that consumer prices in China had risen mainly due to sickness among pigs.
"Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China," Donovan said.
Some people interpreted his comment as a reference to people, not livestock.
No other Chinese brokerages and financial institutions collaborating with UBS have cut ties, but some in the Chinese financial community have expressed their displeasure and have rejected an apology from UBS.
The stakes are high for foreign companies looking to expand their presence in China as the world's second-largest economy further opens up its financial sector.
In December last year, UBS became the first foreign bank in China to get official approval to acquire a controlling stake in its local securities joint venture.
Lin Yong, chief executive of Haitong International - the Hong Kong unit of Chinese brokerage Haitong Securities Co - earlier announced the decision to freeze ties with UBS on his personal WeChat account, a Haitong employee who saw the post told Reuters.
It was also announced in an email circulated among Haitong International staff, a second Haitong employee said.
UBS said it apologized unreservedly for any misunderstanding caused by Donovan's innocently intended comments.
"We have removed the audio comment from circulation. To be clear, this comment was about inflation and Chinese consumer prices rising, which was driven by higher prices for pork," UBS said in a statement emailed to Reuters.
The bank said it was enhancing its "internal processes" to avoid any recurrence of such an incident, adding: "We remain fully committed to investing in China."
The Chinese Securities Association of Hong Kong (HKCSA), whose 124 member firms include offshore subsidiaries of Chinese brokerages and fund houses, said it was not aware if any other members cutting ties with UBS, when contacted by Reuters on Friday.
Haitong International's Lin is the president of the HKCSA.
The association had demanded on Thursday that UBS dismiss Donovan and issue a formal apology from the board, while calling companies and individuals to consider carefully when it comes to conducting business with UBS.
"Regrettably, this information (UBS' apology) is not only insincere, but also arrogant, again hurting the feelings of Chinese people," it said in an open letter to the UBS board.
Lin did not respond to emails and telephone calls seeking comment. The Haitong employees were not authorized to speak to media and declined to be identified.
When asked about Haitong International's decision on Friday, UBS re-sent the apology it had previously issued without providing any further comment.
African swine fever, a disease deadly to pigs, is ravaging herds across Asia. China has reported more than 120 outbreaks since it was first detected in the country in August. ($1 = 7.8279 Hong Kong dollars)
(Reporting by Samuel Shen, Xiangming Hou and Ryan Woo; Writing by Yawen Chen; Additional Reporting by Cheng Leng, Stella Qiu and Jennifer Hughes; Editing by Himani Sarkar, Robert Birsel)