Fears for hundreds of jobs were raised last night after the dramatic resignation of the boss of UBS, who fell on his sword following the €1.9bn alleged rogue trading scandal that has engulfed the Swiss bank and raised calls for a sweeping overhaul of the 'casino' banking industry.
With Kweku Adoboli, the 31-year-old alleged rogue trader facing four charges of fraud and false accounting, still in custody, the bank's chief Oswald Grubel resigned to "bear full responsibility for what occurs" at the bank, which employs 6,000 people in the UK alone.
Mr Adoboli is yet to enter a plea to charges which date back to 2008. He is next due in the City of London court on October 20. He has not applied for bail.
Dalai Lama questions reincarnation
THE Dalai Lama has questioned whether the tradition of leadership reincarnation should be continued, saying yesterday that he and other leaders of Tibetan Buddhism will take a call on the issue in about 15 years.
"When I am about 90 I will consult the high lamas of the Tibetan Buddhist traditions, the Tibetan public, and other concerned people and re-evaluate whether the institution of the Dalai Lama should continue or not," Tibet's exiled spiritual head wrote in the statement.
Tibetans fear that China will use the thorny issue of the Dalai Lama's succession to split the movement, with one new Lama named by exiles and one by China after his death. The current Dalai Lama, 75, has stated previously that he will not be reborn in the People's Republic of China if Tibet is not free and that no one, including China, has the right to choose his successor "for political ends".
Belgium moves closer to coalition rule
Dutch- and French-speaking parties in Belgium have achieved a second breakthrough in as many weeks in the world's longest negotiations to form a new governing coalition.
A record 15-and-a-half months after elections were held, the eight parties announced yesterday that they agreed on how the linguistic regions and the bilingual capital Brussels would be funded in future. The deal came only nine days after they clinched agreement on the break-up of an electoral district in and around Brussels, an issue that had vexed politicians for almost half a century.
Catalonia says 'adios' to bullfighting
SOME of Spain's top matadors are gathering for a final weekend of bullfighting before the blood sport is banned in the northeast Catalonia region.
The ban on the sport takes effect on January 1, but this is the last event of the season in the Catalonian capital of Barcelona.
Scientists cannot pinpoint satellite
IT'S as big as a bus and weighs six tonnes, but officials probably will never be able to pinpoint exactly where the massive NASA satellite plummeted to Earth yesterday.
NASA scientists believe that all (or nearly all) of the parts of their 20-year-old dead satellite safely plunged into the Pacific Ocean. But if estimates are off by five minutes, fiery pieces could have fallen on the northwestern US.
US pair accused of spying fly home
TWO US citizens sentenced in Iran to eight years in jail for spying left for the US yesterday from Oman, where they landed after being released by Iranian authorities.
Josh Fattal and Shane Bauer, who were arrested while hiking along the Iraq-Iran border in 2009 and denied being spies, flew to Oman two days ago, after officials there helped secured their release by posting bail of $1m (€740,000).