UBS: Preparing to Dump Its Investment Bank?

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August 13, 2008
Europe Insider Keep up-to-date with the latest news from Europe

NEWS  THIS WEEK'S TOP STORIES FROM EUROPE UBS: Preparing to Dump Its Investment Bank? The Swiss bank's division into three distinct units may presage a sale. Or UBS may be trying to make its investment bankers more accountable

Inside: This Week In Europe Swiss financial giant UBS has been the European bank most affected by the U.S. subprime meltdown. To combat weak first-half results and further writedowns, the bank is restructuring its businesses in the hope of turning things around. As Mark Scott explains, these changes may not stave off further problems and might even lead to the sale of UBS' investment banking division. We've also got the fallout from the Russia-Georgia conflict, the bumpy future facing the Eurozone, and the rise of so-called 'disaster tourism.' Plus, further problems for British banks, an internal schism on trade between EU member states, and the continued fluctuations in European food prices. Don't miss continuing coverage of the Olympic Games, as well as Robert Parker on the Screaming Eagle vineyard. Andy Reinhardt, Europe Editor E-MAIL A FRIEND  |  GET RSS  |  SIGN UP FOR OTHER BW NEWSLETTERS

MORE EUROPEAN NEWS GLOBAL Europe Grapples with Russia-Georgia Woes With energy supplies at risk, the recent conflict in the Caspian region might spur the West to seek other gas and oil sources EUROPE • From Spiegel Online Caucasus Truce: Now What? Russia wants to maintain control in the region, but with pressure from the West, independence for the two breakaway Georgian provinces is not likely EUROPE'S ECONOMY The Euro Zone Is Headed for a Bumpy Ride Though most of Europe has avoided the real estate slump, the euro zone is feeling the pinch from disparities among its member states EUROPE Barclays' Profits Hit by Credit Crunch The British bank's first-half pretax profits declined by one-third after it took $5.5 billion in credit-related writedowns EUROPE Postcards from the Edge: Top Disaster Tours Had enough of beaches and museums? For your next vacation, consider visiting a disaster zone. The aftermath of hurricanes, wars, volcanoes, and other cataclysms are increasingly popular as tourist destinations EASTERN EUROPE • From Transitions Online EU's New Members Divided on Trade Had the WTO deal flown, it would have meant new EU countries losing the farm subsidies they still need to catch up with the old-timers EUROPE • From EUobserver Bumper EU Crop Could Lower Food Prices Farm harvests of wheat, corn, and sugar beets could surge by 16% this year, helped by favorable weather INVESTING The Dollar's Comeback: What Investors Should Know The greenback's sudden strength against key currencies may reflect expectations of overseas economic weakness, not confidence in U.S. growth BUSINESS & THE GAMES Learning from the Olympics From GE to Nestlé to watchmaker Omega, companies use the Games to test-drive new ideas—and strut their stuff BEIJING OLYMPICS Olympics Security Is No Game U.S. companies are supplying high-tech surveillance gear to the Beijing Olympics. The concern is how it might be used after the Games BEIJING OLYMPICS Olympic Ambush Heats Up Li Ning-Adidas Rivalry The athlete and entrepreneur was the Games' final torchbearer, giving his lagging company priceless visibility and a boost that the official sportswear sponsor might covet EUROPE • From Spiegel Online The Future of World Trade After WTO negotiations failed last week, experts worry whether the Doha talks will be continued at all EUROPE • From The Independent Ryanair Plans a Major Aircraft Order While most carriers are scaling back because of slowed consumer spending and higher fuel costs, Ryanair is talking to Boeing and Airbus about adding to its fleet EASTERN EUROPE • From Transitions Online Is the Czech Crown Losing Its Luster? Long a source of joy for tourists, the Republic's currency has been rampaging recently. The national bank is considering intervention EUROPE • From EUobserver Poland Wants to Block EU's CO2 Trading Poland, which depends on high-polluting coal plants, fears the auction system will drive up energy costs and hinder new technologies TECHNOLOGY How to Make Money off Free iPhone Games Illusion Labs, creator of the App Store hit Labyrinth, scores by producing a variation of the game as a marketing tool for a beer brand TECHNOLOGY • From silicon.com Brits at Risk from Retail Hackers British shoppers could be vulnerable to the same kind of cyberattack that snared the data of more than 40 million U.S. credit-card holders, experts say EUROPE • From The Independent Aberdeen Booming Even as Britain Sags Residents of the Scottish city, located near North Sea oil reserves, are enjoying a prosperity not seen since the 1970s AUTOS Luxury Car Sales Downshift to First Gear In North America, the once-hot luxury car market cools as sales pick up in Asia, the Middle East, and Russia EATING AND DRINKING Booze: Who's Drinking What Where While much of the world consumes local hooch, many of the world's biggest spirits companies have made significant inroads into new markets PARKER ON WINE New Wines From the Screaming Eagle Folks The owners of Napa's legendary Screaming Eagle vineyard recently launched Jonata, a superb winery in the Santa Ynez Valley  BW'S PICKS FROM AP NEWS >> • Chrysler to invest $1.8B in Detroit factory • British Energy 2Q profit drops 65 percent • UK ad watchdog forces Shell to pull newspaper ad • ING bank reports 25 percent fall in 2Q earnings • E.ON's 2Q, 1H net profit slips lower MORE BREAKING NEWS FROM AP >  BW MALL   SPONSORED LINKS Get up to $500k HSBC Term Life Ins. at HSBCusa.com  Apply online today. No medical exam. No agent visit. Get instant coverage if you qualify. Get an MBA Oil and Gas Management Degree from UK  Improve your career with an AMBA accredited MBA in Oil and Gas Management from Aberdeen. Apply now. Online Human Resources Certification  Cornell University HR Certificate program, delivered 100% online from eCornell Customized Sales Training  Get the Power to Sell and improve sales results with Richardson's classroom, Web-based, and blended sales, service, and management training. Press release distribution from $49  Add images, links, and access to your statistics. Includes search engine optimization. Only $49. Buy a link now! This newsletter is a FREE service provided by BusinessWeek.com. To sign up for other newsletters, cancel delivery, change delivery options or change your e-mail address, please go to our Newsletter Preferences page. 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