UBS announced that it will ‘break-even’ in its results for the second
The bank, which will release its results next month for the period ended June
30, said it will however make a small loss.
UBS was expected to report losses 5bn Swiss francs but it said that a 3bn
Swiss franc tax credit would offset further losses in its investment banking
‘The results reflect positive contributions from Global Wealth Management
& Business Banking and from Global Asset Management, offset by a loss in the
Investment Bank. Further market deterioration led to writedowns and losses on
previously disclosed Investment Bank risk positions, in particular credit
valuation adjustments on monoline insurance exposures.
‘Write-downs were mitigated by continued exposure reductions and by hedge
benefits. In connection with the losses to date, the second quarter results
include a tax credit of approximately CHF 3 billion,’ the bank said in a
UBS expects its Tier 1 capital ratio to be approximately 11.5%, and has no
need to raise new equity.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements