UBS makes record quarterly loss
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Business & money: Swiss bank takes a Â£5.72bn fourth-quarter hit and warns 2008 will be another difficult year
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The bank posted a fourth-quarter loss of $11.28 billion, and a loss for the entire year, besieged by investments in U.S. subprime mortgages. It said it expected more problems in 2008.
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The leading Swiss banking group UBS announced a record net profit of 8.09 billion Swiss francs (5.30 billion euros, 6.62 billion dollars) in 2004, boosted by buoyant financial markets and increased fees.
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Flat-screen maker LG.Philips LCD Co. Ltd.  (034220.KS) reported a record quarterly loss on Tuesday, hit by  crumbling panel prices, and forecast a meaningful recovery only  in the fourth quarter.
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Swiss bank UBS has revealed $26.6  billion in exposure to risky U.S. mortgages distinct from  subprime loans, increasing its vulnerability to the global  credit crisis and sending its shares sharply lower.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a seasonal lull in trading hurt its third-quarter
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Swiss bank UBS said that it expected 2008 to be a difficult year after it unveiled $26.6 billion in new exposure to risky American mortgages.
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.
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Swiss bank UBS could face billions of  dollars more in subprime-related write-downs in 2008, which  could tip it into a second year of losses, analysts warned  investors, sending its shares tumbling again.
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Swiss banking giant UBS said on Wednesday it would post a full-year loss of 4.4 billion Swiss francs (3.5 billion dollars, 2.75 billion euros) for 2007 due to its exposure to the US subprime crisis.
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Switzerland's largest bank, UBS, on Tuesday reported its first quarterly loss in five years after its third quarter results were hit in the financial crisis caused by the ailing US home loans market.
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Banking giant UBS (UBSN.VX: Quote, Profile, Research) was cautious over prospects for the rest of the year after a lull in trading hurt its third-quarter profit, despite
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its bad bets on subprime mortgages.
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UBS plans to shrink its investment bank arm after huge losses linked to the US sub-prime loans crisis.
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Citigroup said in a research note that  UBS  could face up to 20 billion Swiss francs ($18.10  billion) in new writedowns in 2008 after revealing it has $80  billion in exposures to subprime loans and other debt.
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Business & money: Swiss bank takes hit in fourth quarter but substantially less affected by sub-prime crisis than rival UBS
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UBS, Switzerland's largest bank, recorded third quarter losses of 830 million Swiss francs (495 million euros, 713 million dollars) Tuesday, blaming a lack of liquidity following a crisis in the US home loans market.