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.
Swiss bank UBS will cut almost 7 percent of its workforce and said it has a preliminary deal with BlackRock to sell a $15 billion portfolio of subprime mortgages.
When Warren Buffet treated his 31,000 plus audience to his annual Berkshire Hathaway gathering in Nebraska recently he was asked about the banks. When would he be happy to buy back into U.S. investment banks?
First-quarter net profit at Swiss Re dropped by half, a bigger fall than expected, and the world's biggest reinsurer announced fresh credit writedowns of 819 million Swiss francs ($776.3 million).
First-quarter premium income from continuing operations at Swiss Life dropped 3 percent to 6.6 billion Swiss francs ($6.26 billion), but the life insurer saw no reason to revise its targets.
UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.
Europe's two biggest casualties from the subprime crisis tomorrow face shareholders who will want answers on how, between them, the two banking giants lost well over $50 billion.