Merger partners Union Bank of Switzerland and Swiss Bank Corp have lost around two per cent of customers by joining forces as the new UBS, chief executive Marcel Ospel told a Swiss business newspaper. Ospel told the bi-weekly Finanz und Wirtschaft the level of customer departures was only half as much as expected by UBS, which formally completes its merger this weekend and starts on Monday as a single entity.

HK's Jardine Fleming lays off staff: Hong Kong's Jardine Fleming on Friday laid off 40 people as part of an on-going restructuring of all its operations, David Dodwell, director of the group's corporate communications, said on Saturday. "Forty of (the staff) left yesterday, as a result of steady,quiet restructuring of all of our operations," said Dodwell. The staff were all in the unit trust retail fund management section, in the areas of administration, sales and marketing.

Russia PM meets communist chief over crisis: Russian primeminister Sergei Kiriyenko met the head of the opposition Communist Party on Saturday to try to ensure parliament approves government measures for tackling a financial crisis. In other moves intended to resolve the crisis, government officials said they expected to hold talks with the IMF on a new aid package, but there was no confirmation that negotiations had begun.

Commerzbank seeks 60% stake in Postbank: Commerzbank AG plans to acquire a 60 per cent stake in Germany's government-owned Deutsche Postbank for 2.4 billion marks ($1.3 billion), German newspaper Boersen Zeitung reported on Saturday. The report cited sources close to talks between the two companies. Postbank, which distributes a comprehensive range of retail banking products via Deutsche Post AG's post office counters throughout Germany, confirmed on Friday that it was in cooperation talks with Commerzbank.

Fired pilots may sue Philippine Airlines: Philippine Airlines pilots on Saturday threatened to sue thefinancially-beleaguered carrier after it refused to take them back despite the lifting of their three-week old strike. Hundreds of pilots, who ended their strike on Friday, marched to PAL's offices but were told to reapply for their jobs under a new salary term. Not all of them would be reinstated as PAL has decided to drastically reduce its fleet to 14 aircraft from 54 before the strike started.

French-made choppers enter Iran's oil fleet: Two French-made helicopters are set to enter service with Iran's oil ministry, the first such acquisition since the 1979 Islamic Revolution, a ministry official said on Saturday. Iran's Helicopter Services Organisation, affiliated to the ministry, is to start operating two Ecureuil AS 350 B2 helicopters after an official welcoming ceremony on Sunday in the southern city of Shiraz, the official told Reuters. The organisation carries out on-shore and off-shore operations in Iran's southern oil fields.