Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • Exclusive: Fabius warns of further sanctions against Russia

    Read more

  • Experimental Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Chelsea’s Torres set for AC Milan switch

    Read more

  • France shines in IMF list of world’s promising economists

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

  • First case of Ebola confirmed in Senegal

    Read more

  • Obama has 'no strategy yet' on potential Syria strikes

    Read more

  • Netflix to woo French with ‘House of Cards’ set in Marseille

    Read more

  • French businesses ‘hoping for a new Thatcher’

    Read more

  • Syrian refugees surpass 3 million, UN says

    Read more

  • West backs Ukrainian claims of Russian incursion

    Read more

  • Libyan PM resigns as Islamists set up rival administration

    Read more

  • UN says 43 peacekeepers captured in Golan Heights

    Read more

  • The deleted tweets of Manuel Valls

    Read more

  • Peru seizes record 6.5 tonnes of Europe-bound cocaine

    Read more

  • Pakistan army to mediate between PM, protesters

    Read more

  • In pictures: Billions of locusts invade Madagascan capital

    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

COMMENT(S)