UBS makes a profit despite rogue trade
Swiss bank UBS overcame a Swiss franc (CHF) 1.8bn rogue trading loss to post a smaller than forecast fall in third quarter net profit yesterday as its core wealth management business performed well. Managing money for wealthy clients held up well, with strong inflows to the bank's Americas unit.
BP boss says firm has turned corner
BP has turned the corner after the Gulf of Mexico disaster, its chief executive said yesterday, predicting the British oil company would now return to output and cash-flow growth and rejecting calls for a fundamental restructuring of the group.
US Treasuries prices up as euro on edge
US Treasuries prices rallied yesterday as doubts over whether Europe could commit enough resources to arrest the region's deepening debt crisis revived the bid for safe-haven US government debt. The eurozone was on edge on the eve of a summit meant to confront the currency bloc's sovereign debt crisis.
Argentina tackles flight of capital
Argentine president Cristina Fernandez de Kirchner is toughening controls over foreign exchange houses in a bid to stem capital flight that is draining reserves at the nation's central bank. Tax agency officials visited Buenos Aires exchange houses yesterday, telling people to fill out currency exchange forms and provide identification and proof of income.