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NEWS ABOUT: UBS

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Dow Breaks 14,000 for 2nd Time

New clarity takes steam out of doomsday scenario

(Newser) - Citigroup and UBS warned of steep third quarter declines today, and the Dow responded by jumping 191.92 points—reacting to new clarity in an uncertain market, the Wall Street Journal reports. The index hit an intraday record—14,091.53—before closing at 14,087.55, only the second... More »

Swiss Bank Giant Posts Huge Losses Amid Credit Crisis

Biggest loser so far in subprime mess

(Newser) - Switzerland's largest bank, UBS, has become the biggest casualty of the worldwide turmoil in the financial markets, reports the Wall Street Journal. The bank is expected to announced today that it has written off  $3.4 billion in fixed income assets. UBS is projecting third quarter losses of at least... More »

Credit Squeeze's One Winner: The Dollar

Worldwide scramble for greenbacks reverses currency's slide

(Newser) - After years of decline, the American dollar has reasserted itself in the face of the worldwide credit crunch. The dollar has rallied against the euro and the pound as banks and investors drop hazardous financial instruments and hold cash, Bloomberg reports, making the implication clear: For all its woes, the... More »

Risk-Averse Euro Markets Retreat

Subprime mortgage damage, uncertainty continue to spread

(Newser) - European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money... More »

International Banks Face Trial in Italian Court

Morgan Stanley, others indicted in wake of Parmalat bankruptcy

(Newser) - Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even... More »

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