Swiss bank UBS warns of difficult year ahead
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Swiss banking giant UBS on Friday warned of a "difficult" year ahead after losing 10 billion dollars (6.8 billion euros) in the US subprime mortgage crisis.
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ZURICH, Switzerland  -- UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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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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Business & money: Growth will slow markedly next year and is unlikely to see a recovery until after 2009, the CBI warns
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The worst of the banking crisis resulting from the subprime meltdown is likely to be over in months rather than quarters, Credit Suisse  Chief Executive Brady Dougan was quoted as saying on Saturday.
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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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More and more Swiss companies and individuals are facing the prospect of bankruptcy, according to figures published on Wednesday.
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Switzerland's largest bank, UBS, on Tuesday said it had suffered a loss of 830 million Swiss francs (495 million euros, 713 million dollars) in the third quarter after its results were hit by the crisis in the US home loans market.
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UBS AG  reported its first quarterly loss in five years after hefty writedowns on subprime-related investments, but said it expects to turn in a group profit in the last quarter.
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Northern Ireland businesses could face tougher economic conditions in the coming year, an economist  warns.
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After a rough year, the financial sector overindulges.
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GENEVA -- UBS AG said Wednesday it expects a record fourth-quarter loss of around $11.45 billion, largely from bad investments in U.S. subprime mortgages.
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Switzerland's banking regulator will investigate how UBS  ran up losses in the credit crisis requiring billions of dollars of writedowns, a spokesman for the body was quoted as saying on Sunday.
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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.
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Business & money: Bank admits it was warned on more than one occasion amid fierce criticism from shareholders
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UBS  is preparing a new growth initiative in the United States that may include acquisitions as it seeks to bolster its investment banking and wealth management business, the Swiss group's chairman said on Sunday.
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Rumors that the Swiss banking giant is set to divide in two are unlikely to be true.