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UBS appoints ex-Credit Suisse head Gruebel new CEO

UBS named Oswald Gruebel, who masterminded a turnaround at rival Credit Suisse, as chief executive on Thursday, replacing under-fire Marcel Rohner as it struggles to end a run of crises.

Cuban cigar sales drop amid global crisis

Sales of Cuban cigars, considered the finest in the world, dropped 3 percent to $390 million in 2008 as the world financial crisis and the spread of anti-smoking laws cut demand, officials said on Monday.

Ford in UAW deal, Europe plays hardball with GM

Ford Motor Co reached a tentative deal with the United Auto Workers that would slash cash payments for its retiree health care, while European governments ruled out rescue plans for General Motors Corp's struggling Opel and Saab units. The U.S. Treasury also named Steven Rattner, co-founder of private equity firm Quadrangle Group, as an adviser on the restructuring of th...

Germany and Sweden play hardball with GM units

Germany and Sweden ruled out underwriting rescue plans for Opel and Saab while Canada's Industry Minister warned on Monday that the crisis-hit North American car industry was at the precipice of nonexistence. Underlining the severity of the crisis battering the car industry, with sales plunging as the credit crunch hits consumer confidence, assembly lines at some Volkswagen p...

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European leaders eye G20 boost

European leaders meet on Sunday to form a consensual approach to tackle the global economic crisis, while U.S. President Barack Obama is due to unveil an ambitious plan to cut the ballooning deficit in half by 2013. Financial markets plumbed new lows last week on fears governments may have to intervene to nationalize struggling banks and as grim global economic data sent investors scurrying to se...

GM's Europe brands survival dependent on state aid

General Motors Corp's European brands are near collapse, with Germany's Opel in need of more state funding and the Swedish government rejecting Saab's plea for state aid until its business plan was sound. Filing for protection from creditors on Friday, Saab said it would present a reorganization proposal within three weeks while court filings revealed it estimates its losses in 20...

Concerns about privacy rules hit Swiss banks

Shares in Swiss banks dived on Friday amid concern the country's once strict privacy rules are being weakened by a U.S. tax probe into UBS, potentially damaging the country's wealth management industry. Swiss wealth management giant UBS was leading the fall in Swiss bank shares. It was down 17 percent at 5:07 a.m. EST after hitting a fresh all-time low at 10.60 Swiss francs.

UBS shares dive after U.S. widens tax-dodge probe

Shares in UBS plunged on Friday after U.S. tax authorities said they were widening a probe into the Swiss bank and wanted 52,000 client names, a day after UBS agreed to a hefty fine to settle criminal charges. The stock was down 9.4 percent at 11.60 Swiss francs at 3:29 a.m. EST, reversing some of Thursday's strong gains. The DJ Stoxx index of European banks was down 3.8 percent, and rival Credi...

Swiss bank secrecy threatened after UBS tax deal

Switzerland on Thursday embarked on a struggle to defend a landmark decision allowing bank giant UBS to transfer client data to the United States in a tax settlement that experts say will dilute bank secrecy laws. UBS, the world's biggest bank to the rich, agreed late on Wednesday to pay a hefty $780 million fine and disclose the identity of some clients after U.S. investigators accused it of he...

Swiss bank secrecy under threat after UBS tax deal

Switzerland on Thursday embarked on a struggle to defend a landmark decision allowing bank giant UBS to transfer client data to the United States in a tax settlement that experts say will dilute bank secrecy laws. UBS , the world's biggest bank to the rich, agreed late on Wednesday to pay a hefty $780 million fine and disclose the identity of some clients after U.S. i...

Alcatel CEO sees no negative surprises ahead-paper

FRANKFURT (Reuters) - Franco-American telecoms gear maker Alcatel-Lucent (ALUA.PA) sees no negative surprises in the coming months and has no plans for further hard belt-tightening, Germany's Handelsblatt newspaper quoted the company's chief executive as saying.

IPTE makes Q4 loss, to continue restructuring

BRUSSELS (Reuters) - Belgian electronics company IPTE (IPTE.BR) reported a sharp drop in fourth-quarter earnings on Tuesday and said it would continue restructuring in readiness for a difficult 2009.

Eastern Europe triggers new bank fears

to try to ease the deepening recession, but some have been criticized for putting national interests before trade commitments. ACT TOGETHER What shocks me, you see, what bothers me a bit is that in the international arena ... everyone agrees that we need to work and act together, IMF chief Dominique Strauss-Kahn told France Inter radio. Then when everyone goes home, everyone has his nati...

Emerging slump to further hurt Western banks: report

Eastern Europe woes hit European shares

Growing concerns about deteriorating emerging European economies hit European shares and the euro on Tuesday, driving capital to safer government bonds and gold.

GM and Chrysler ready survival plans

Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.

World needs coordinated response to crisis: IMF

Countries must keep their promises to coordinate measures to revive the global economy rather than pleasing voters with protectionist policies, the International Monetary Fund said on Tuesday.

Mobile data demand up despite economy: survey

Consumer demand for data services on mobile phones, such as accessing email or browsing the Web on the go, is rising despite the global economic downturn, a survey released Monday found.

German ThyssenKrupp steelmaker reports a 63% fall in 1Q profits

On Friday, ThyssenKrupp AG, Germany's largest steelmaker, reported a hefty loss of 63 percent in the fiscal first quarter.

Nokia to cut production as phone market dives

Cellphone maker Nokia said on Wednesday it would cut production at its key Salo plant in Finland as demand for handsets has dropped.

World stocks tumble as investors doubt U.S. bank plan

On Wednesday world markets fell following a steep sell-off on Wall Street as investors doubted the viability of the U.S. governments' latest rescue plan for the struggling financial industry with as much as $2 trillion in funding.

German investigators start search for Nazi's body

On Thursday German investigators said they will attempt to find the body of Nazi war criminal Aribert Heim following the new information released by Germany's ZDF television a day earlier indicating he died in Egypt in 1992.

Reports say world's most wanted Nazi criminal died in Egypt in 1992

The New York Times and Germany's ZDF television reported on Wednesday documents have surfaced in Egypt showing the world's most-wanted Nazi war criminal, Aribert Heim, died in Cairo in 1992.

'Valkyrie' tops overseas box office

Valkyrie held on to the mantle of top Hollywood film overseas thanks to an estimated $18.6m haul from approximately 3,900 screens in 26 markets that boosted the running total through Fox International to $38.9m.

American Lindsey Vonn wins World cup

Beating hometown favourite Maria Riesch, American lindsey Vonn won a women's World Cup slalom to extend her overall lead in the standings over the German.