Switzerland’s biggest bank is to announce the biggest loss in the country’s history, running into billions of dollars, a newspaper reported on Sunday.
It said that UBS would record an overall loss for last year of 20 billion Swiss francs (US$18 billion), in spite of showing a profit of SF296 million in the third quarter, when it reports results on Feb. 10.
The Sonntag said the bank had racked up SF8 billion in losses in the final quarter of last year, bringing the total for the year to SF20 billion.
UBS admitted in the autumn when it announced third quarter results that the global financial crisis had hit it hard and warned it could lose up to SF5 billion in the final quarter.
UBS was heavily exposed to risky US subprime mortgage business and had to write down almost US$47 billion in share values.
In recent months, clients have taken fright and withdrawn a total of SF83.6 billion. The Swiss government intervened in October with a rescue plan of US$60 billion.
Since then, the bank has been hit by the Ponzi scheme of US fraudster Bernard Madoff and the failure of the US subsidiary of the Dutch group LyondellBasell.
A magnitude 6.4 earthquake and several aftershocks battered southern Taiwan early this morning, causing houses and roads to collapse and leaving dozens injured and 50 people isolated in their village. A total of 26 people were reported injured and sent to hospitals due to the earthquake as of late this morning, according to the latest Ministry of Health and Welfare figures. In Sising Village (西興) of Chiayi County's Dapu Township (大埔), the location of the quake's epicenter, severe damage was seen and roads entering the village were blocked, isolating about 50 villagers. Another eight people who were originally trapped inside buildings in Tainan
CLASH OF WORDS: While China’s foreign minister insisted the US play a constructive role with China, Rubio stressed Washington’s commitment to its allies in the region The Ministry of Foreign Affairs (MOFA) yesterday affirmed and welcomed US Secretary of State Marco Rubio statements expressing the US’ “serious concern over China’s coercive actions against Taiwan” and aggressive behavior in the South China Sea, in a telephone call with his Chinese counterpart. The ministry in a news release yesterday also said that the Chinese Ministry of Foreign Affairs had stated many fallacies about Taiwan in the call. “We solemnly emphasize again that our country and the People’s Republic of China are not subordinate to each other, and it has been an objective fact for a long time, as well as
‘ARMED GROUP’: Two defendants used Chinese funds to form the ‘Republic of China Taiwan Military Government,’ posing a threat to national security, prosecutors said A retired lieutenant general has been charged after using funds from China to recruit military personnel for an “armed” group that would assist invading Chinese forces, prosecutors said yesterday. The retired officer, Kao An-kuo (高安國), was among six people indicted for contravening the National Security Act (國家安全法), the High Prosecutors’ Office said in a statement. The group visited China multiple times, separately and together, from 2018 to last year, where they met Chinese military intelligence personnel for instructions and funding “to initiate and develop organizations for China,” prosecutors said. Their actions posed a “serious threat” to “national security and social stability,” the statement
‘CHARM OFFENSIVE’: Beijing has been sending senior Chinese officials to Okinawa as part of efforts to influence public opinion against the US, the ‘Telegraph’ reported Beijing is believed to be sowing divisions in Japan’s Okinawa Prefecture to better facilitate an invasion of Taiwan, British newspaper the Telegraph reported on Saturday. Less than 750km from Taiwan, Okinawa hosts nearly 30,000 US troops who would likely “play a pivotal role should Beijing order the invasion of Taiwan,” it wrote. To prevent US intervention in an invasion, China is carrying out a “silent invasion” of Okinawa by stoking the flames of discontent among locals toward the US presence in the prefecture, it said. Beijing is also allegedly funding separatists in the region, including Chosuke Yara, the head of the Ryukyu Independence
RSS