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A federal judge in Miami authorized the Internal Revenue Service to request information from UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes, the U.S. Justice Department said Tuesday.
UBS failed to address nagging concerns about further possible writedowns on Tuesday, dishing out instead a restructuring of top management and sending shares to a fresh 10-year low.
The U.S. Justice Department said it asked a federal court in Miami for an order authorizing the Internal Revenue Service to request information from Zurich-based UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes.
Investors took fright on Monday that UBS could face further losses and sent it stocks tumbling to a 10-year low after news the Swiss bank might sell off the heart of its U.S. wealth management business.
Beleaguered Swiss bank UBS is considering the sale of Paine Webber, the heart of its U.S. wealth management business, according to sources with direct knowledge of the matter.
A new kind of contract, which would be renewed each year, will allow companies to buy a full shipment of Tamiflu at the prevailing wholesale price.
Massachusetts authorities sued two subsidiaries of Swiss bank UBS Thursday, charging they misled investors about how safe auction rate securities were.
Activist investor Olivant has raised its stake in Swiss bank UBS to 2.5 percent and said on Wednesday it had fully supported the recent rights issue.
UBS has wrapped up a 16 billion franc ($15.4 billion) rights issue, the Swiss bank's second effort to resuscitate finances that have been ravaged by the global markets crisis.
Irish baker IAWS is buying Swiss peer Hiestand in a deal worth around 4 billion Swiss francs ($3.93 billion) to form one of the world's biggest baked good companies.
Unfortunately, for a huge number of companies across the world, the English national football team is not very good and has failed to qualify for Euro 2008, which kicks off in Switzerland on Saturday.
Investors wary about the recent volatility in the market should focus on stocks that pay dividends, according to David Costa, dean of Robert Kennedy College in Zurich.
Switzerland’s leading stock index, the SMI, has fallen more than 21 percent over the last twelve months, but investment opportunities are emerging with certain large-cap well-positioned stocks such as Roche and Swatch, Maximilian Muench, head of Swiss equities research at UBS told CNBC.
UBS financed 75 percent of the funding used by U.S. asset manager Blackrock to buy a $15 billion portfolio of distressed U.S. real estate assets from UBS, the bank said on Wednesday.
Warren Buffett's news conference today in Lausanne, Switzerland, divided into three video clips.
Warren Buffett tells reporters in Switzerland he can "guarantee" he won't buy a European company by the end of his tour this week. It's another indication his visit is designed to lay the groundwork for potential deals in the future, rather than actually pick up a company on the spot.
CNBC.com and CNBC are planning live coverage of tomorrow's scheduled news conference by Warren Buffett in Switzerland, the second stop of his European shopping tour. It's set to begin tomorrow (Tuesday) morning at 8:45a ET. CNBC.com will provide a live video stream of the entire event. CNBC's Squawk Box also plans extensive live coverage.
U.S. prosecutors are expected to approach UBS with a subpoena for the names of rich American clients who may have used the Swiss bank's services to skirt income taxes, the Wall Street Journal said on Thursday, citing lawyers and others involved in the case.
Two billion dollars was pulled out of UBS's wealth management division in the first quarter. It's difficult to say how much of the loss stemmed from the subprime crisis, but smaller banks in Switzerland have been picking up business from the troubled market leader.
A senior UBS employee was briefly detained by U.S. authorities in April as part of an investigation into the bank's cross-border business, the Swiss bank said on Wednesday.