Swiss bank UBS has increased the loss it expects from its rogue trading incident to $2.3 billion from the $2 billion figure earlier provided.
The bank said Sunday it has “now covered the risk resulting from the unauthorized trading” and its equities business “is again operating normally within its previously defined risk limits.”
UBS says the loss resulted from unauthorized speculative trading in various stock markets over the last three months.
It says the trader responsible hid the magnitude of the risk to which the bank was exposed by creating fictious future orders.
The trader, 31-year-old Kweku Adoboli, was arrested Thursday and charged Friday with acts of fraud and false accounting dating back to 2008.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
GENEVA (AP) — Oswald Gruebel, the chief executive of Swiss banking giant UBS, says he feels responsible — but not guilty — for the $2 billion loss allegedly incurred by a rogue trader that plunged the bank back into scandal just as it was rebuilding its tattered reputation.
Speaking for the first time since UBS revealed the loss Thursday, Gruebel also told the Swiss weekly Der Sonntag that he isn’t thinking about resigning because of the latest financial fiasco to befall the Zurich-based bank.
Some Swiss politicians and commentators have called for Gruebel’s head to roll over the loss, which is likely to put UBS’s third-quarter results deep in the red. Such a move signal a defeat for the gravel-voiced German, who was brought in more than two years ago to revive the bank’s fortunes after a series of missteps that included vast losses in the U.S. subprime mortgage market and an embarrassing U.S. tax evasion case. – MORE
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Revolutionary forces entered Gadhafi’s birthplace of Sirte Saturday. At least 100 cars were seen entering the Mediterranean city in another attempt to take control.
The Misrata Military Council reported clashes south of the Al-Gordabia military base and said at least three anti-Gadhafi fighters were killed.
NATO planes, meanwhile, bombed targets in the Sirte area Friday. But Gadhafi’s forces unleashed hails of gunfire, using snipers in tall buildings to target their enemies.
Expected support from Sirte residents did not materialize as loyalists fought house to house with unexpected intensity. The revolutionaries were forced to retreat after the chaotic and fierce urban warfare.
But in Sahara towns more sympathetic to the revolution, people cheered the anti-Gadhafi forces as they made their way toward the southern city of Sabha.
In Shati, there was no combat; only a peaceful transfer of power, perhaps the first in the eight-month uprising. In the morning the tiny town had been under Gadhafi’s grip. By afternoon, no more.
Residents fired their guns in celebration and burned the green flags of the former regime.
They welcomed the ordinary Libyans — teachers, doctors, engineers — who dropped everything to join the fight against Gadhafi. They were rebels once. Now they were the armed wing of Libya’s new governing body, the National Transitional Council.
The anti-Gadhafi fighters know the situation will be different once they reach Sabha, another diehard Gadhafi city.
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In a jailhouse interview with a Dutch television station, Joran van der Sloot said he is remorseful for telling so many stories regarding the 2005 disappearance of Alabama teenager Natalee Holloway, but once again denied culpability in the case.
“For everything that’s happened since 2005, all the things said in the media and everything, I feel guilty for, yeah,” van der Sloot, 22, said in the interview, portions of which were aired on NBC’s “Today” on Tuesday.
The Dutch citizen is jailed in Lima, Peru, where he is awaiting trial on a murder charge in the death of Peruvian student Stephany Flores. Her body was found in May in a hotel room registered to van der Sloot, which the two were seen entering on surveillance camera video. He also is charged with a count of wire fraud and a count of extortion in Alabama for allegedly trying to extort more than $250,000 from Holloway’s family in return for disclosing the location of her body.
Holloway was last seen in the early hours of May 30, 2005, leaving an Oranjestad, Aruba, nightclub with van der Sloot and two other men, brothers Deepak and Satish Kalpoe. She was visiting the island with about 100 classmates to celebrate their graduation from Mountain Brook High School in suburban Birmingham, Alabama.
Van der Sloot was arrested twice in Aruba in connection with Holloway’s disappearance, but was never charged. He has denied responsibility for her disappearance.
In the interview, van der Sloot said he feels guilty about his father’s fatal heart attack, for not listening to his mother and for telling lies, as well as his past behavior.
“I was doing a lot of things that I shouldn’t have been doing, and mostly only going out all the night and sleeping all the day,” he said, describing himself as “impulsive.”
Asked why he’s told so many different stories about the Holloway case, he said, “There were people who were paying me to make up stories, and I was really good at making up stories. Everybody keeps coming at you asking questions … if you want something, I’ll tell you whatever you want to hear, sure.”
Still, he said, he has “misused the situation for my own advantage.” He said he feels bad about that and would take it back if he had the opportunity. – MORE
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Perry signed an executive order in 2007 that required Texas schoolgirls to receive vaccinations against the sexually transmitted HPV, although it wasn’t implemented.
Bachmann told Leno that Perry’s action had been “an abuse of executive power” and had sparked concern over “crony capitalism,” an apparent reference to the fact that a former Perry aide was a top lobbyist for Merck, the manufacturer for the HPV vaccine. Merck donated to Perry’s campaign fund.
She added: “The concern is that there’s, you know, potentially side effects that can come with something like that. But it gives a false sense of assurance to a young woman when she has that that if she’s sexually active that she doesn’t have to worry about sexually transmitted diseases.”
Leno responded: “Well, I don’t know if it gives assurance. It can prevent cervical cancer; correct?”
He then pressed Bachmann over comments she made earlier this week in which she said a woman had approached the congresswoman to say her daughter had suffered “mental retardation” as a result of receiving the vaccination.
There had been no recorded cases of such side effects despite 30 million people receiving the jab, Leno pointed out.
“I wasn’t speaking as a doctor. I wasn’t speaking as a scientist. I was just relating what this woman said,” Bachmann replied.
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Ruki Spot has good advice on how to boost your page rank.
Before you shell out your hard earned money for the next ebook, CD software and such that claims to raise your websites page rank in Search Engines, do read through this article. Although I may create some new unhappy adversaries here by the nature of the information in this article, this is already common knowledge. In fact, I recently created a new website just to prove that these theories worked. It is my sincere hope that you too can make use of this knowledge to your advantage. – MORE
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A plane crashed into the grandstand at the National Championship Air Races in Reno, Nevada in what police are calling a “mass casualty situation”.
Many people are said to be injured – some critically however there are no reports of deaths..
Video of the crash showed an horrific scene of bodies and wreckage.
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Aug 11 2011
Filed In: 2011
FCC Chairman Julius Genachowski announced a five-step plan on Wednesday to update the technology that powers the 911 emergency response system.
The plan will enable the transmission of text messages, voice calls, videos and photos, as well as automatic location information. The FCC hopes that such a plan will enable emergency responders to respond faster while also giving individuals more options for contacting 911, depending on the emergency situation.
Implementation of Next Generation 911 (NG911), the official project name, will be charted by the following five-step plan, according to the FCC’s press release:
1. Develop location accuracy mechanisms for NG911
2. Enable consumers to send text, photos, and videos to public safety answering points (NPRM)
3. Facilitate the completion and implementation of NG911 technical standards
4. Develop an NG911 governance framework
5. Develop an NG911 funding model
Genachowski began working on this plan last year. His catalyst for taking action was the fact that trapped students could not text 911 during the Virginia Tech campus shootings in 2007.
Being that texting has replaced talking in the teen demographic, this plan seems like a step in the right directions, as it aligns with the evolving nature of telecommunications.
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Jurors in Cleveland, Ohio, recommended that convicted serial killer Anthony Sowell be sentenced to death on Wednesday.
Cuyahoga County Judge Dick Ambrose read the recommendations in court Wednesday. The judge, who will deliver his ruling at 9 a.m. Friday, can overrule those recommendations and impose a life sentence.
Jurors on July 22 convicted Sowell of 11 counts of aggravated murder and more than 70 other charges, including abusing corpses and kidnapping.
The convictions ended a saga that began in October 2009 with the discovery of the first two victims’ remains inside Sowell’s home in Cleveland. He eventually was accused of killing at least 11 women ranging in age from 25 to 52.
Prosecutors were seeking the death penalty and the 12-person jury voted unanimously to recommend a death sentence be imposed for each of the slayings.
As part of the sentencing phase, and in addition to testimony from prosecution and defense witnesses, Sowell was able to make a statement on his own behalf without being under oath or facing cross-examination from prosecutors.
In 2009, police found the bodies of 11 women at Sowell’s Cleveland home — all of them strangled to death.
Jury selection began in June for Sowell’s trial in Cuyahoga County, Ohio. Sowell pleaded not guilty by reason of insanity.
Sowell’s lawyers asked for life in prison, but parole was not an option because Sowell is classified as a “sexually violent predator.”
During the penalty phase of his trial, Sowell said he was “sorry.”
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The figure beat economists’ forecasts for 409,000, according to consensus estimates from Briefing.com.
“It’s a good sign,” said Brett Ryan, U.S. economist with Deutsche Bank. “The trend in claims is going to be one of the most important things we watch over the next few weeks or so, to gauge whether we’re entering another recession.”
Initial claims had shown improvement in the begining of the year, but then hit a speedbump in April as businesses held back on hiring in response to rising gas prices and the Japanese earthquake and tsunami.
As a result, the initial claims figure had stayed above 400,000 for four months.
Economists often say initial claims need to fall below that level before job growth is strong enough to put a dent in the unemployment rate.
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