Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • Israeli navy attacks Hamas base as tanks line up along Gaza border

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Iraqi parliament resumes session on key appointments

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

Business

UBS revises full-year loss to 20.9 billion francs

©

Latest update : 2009-03-11

After the Swiss bank announced last month that its full-year loss had reached nearly 19.7 billion francs, UBS has now revised upwards its full-year loss for 2008 to 20.9 billion francs (14.2 billion euros, 17.9 billion dollars).

AFP - Swiss bank UBS revised upwards its full-year loss for 2008 to 20.9 billion francs (14.2 billion euros, 17.9 billion dollars) on Wednesday, taking a charge of 1.19 billion francs for settling a tax fraud case with the United States.

The bank -- which last month said its full-year loss reached 19.697 billion francs, the biggest in Swiss corporate history -- also gave a cautious outlook for the year ahead, saying earnings would be under pressure "for some time to come".

UBS has been struggling to recover from the US subprime home loan crisis and the ensuing financial fallout.

Last month, it admitted to abetting tax fraud in the United States and paid 780 million dollars to settle the case.

But the US government has since filed a lawsuit to force the firm to disclose the identities of as many as 52,000 US customers who allegedly evaded taxes.

UBS acknowledged Wednesday that worsening financial conditions, as well as what it described as problems unique to UBS, have "adversely affected our results," particularly in its investment banking operations.

"Even after substantial risk reduction, our balance sheet remains exposed to illiquid and volatile markets and our earnings will therefore remain at risk for some time to come," it said.

It gave an "extremely cautious" outlook for the near-term.

"For 2009, we will continue to implement our programme to strengthen our financial position by reducing our risk positions, our overall balance sheet size, and our operating costs," it said.
 

Date created : 2009-03-11

Comments

COMMENT(S)