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UBS reports new writedown of $19bn

UBS has reported a new asset writedown of $19bn, more than doubling its total writedowns as a result of the sub-prime crisis to about $37bn (£18.5bn).

It has already written off $18.4bn in 2007.

The bank says it is planning on raising 15bn swiss francs in capital by issuing new shares.

UBS has also confirmed that its chairman and former chief executive Marcel Ospel will not be seeking re-appointment.

The announcement came as the bank says it expects to post a first quarter net loss of $12.1bn.


ABI launches SME contingency planning guide

The Association of British Insurers has launched a small businesses guide in conjunction with the Government to raise the level of contingency planning among the UK’s small firms.According to the ABI seven out of 10 small firms would go out of business if they experienced a major emergency in their first year.Speaking at a joint […]

Dancing on Isa

Market turbulence has added an extra degree of difficulty for advisers and investors who have been looking at last-minute Isa deals.

Positive moves

It is a cause of some delight when there is some light in all the doom and gloom. In Scotland, they are forecasting a 14 per cent rise in house prices so the crisis is not being felt so acutely as in other parts of the UK.


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