THE NEWS WRAP: Swiss bank UBS fraud losses grow
Sunday, September 18, 2011/
The Greens have announced that they will campaign for a 5% tax break for small businesses at next month’s tax forum.
Party leader Bob Brown said that he wants a stronger mining tax and would prefer tax breaks to be handed to small businesses rather than large companies.
“We will move for that because we think small business, not the big banks and the big mining corporations, should be getting the break,” he said.
UBS fraud losses grow
The estimated losses caused by rogue trading at Swiss bank UBS have grown to $US2.3 billion ($2.2 billion), the company has admitted.
Kweku Adoboli has been charged by UK police over the fraud, which was originally estimated to stand at $US2 billion. The fraud could cause UBS to post a third quarter loss.
UBS chief executive Oswald Gruebel said: “These things happen, but shouldn’t. I must carry the consequences and what they are will be announced as soon as they are decided.”
Strauss-Kahn admits “moral failing”
Dominique Strauss-Kahn has conceded that his encounter with a New York hotel maid was a “moral failing”, but denied that he tried to rape her.
The former IMF chief, who recently had charges over the rape allegations dropped, apologised to his wife and the French people, admitting that his hopes of becoming president of the country have been dashed.
The Dow Jones Industrial Average rose 75.91 points, or 0.7%, to 11,509.09 on Friday’s trade. The Australian dollar was up to 103.34 US cents.
The art of business drinking: How to make deals, networks and friends Ian Whitworth Scene Change co-founder
Bridging the gap: Why regular customer surveys are key to good business Sonia Majkic 3 Phase Marketing co-founder
Six reasons every workplace should have a resident dog Michael Tiyce Tiyce & Lawyers principal
How we created an engaging online course with a 91% completion rate Emma Green Your CEO Mentor co-founder
Five things to consider before you launch a family business Monique Bolland Nuzest co-founder
Why Australian businesses are the new owned media moguls Jonathan Hopkins Marketing