UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading scandal, Switzerland’s biggest bank announced on Saturday. London-based trader Kweku Adoboli was charged with fraud and false accounting on September 16.
NASA's defunct Upper Atmosphere Research Satellite likely fell into the Pacific Ocean a little after 4 a.m. GMT, the US space agency announced Saturday. The satellite was launched in 1991 to measure atmospheric conditions including the ozone layer.
The ubiquitous social network Facebook is redesigning its users’ profile pages by integrating new media and apps into a “timeline” of their lives, which was presented at the company’s f8 conference Thursday.
Kweku Adoboli, the trader accused of losing $2.3 billion in unauthorised deals at Swiss bank UBS, will remain in jail until a hearing next month, a London court ruled Thursday. Adoboli’s lawyer said his client was “sorry beyond words”.
The Greek government will announce new reform measures on Wednesday, following a meeting with international lenders. The measures could include accelerated dismissals of state workers and cuts to pensions and wages, Greek media reports.
The International Monetary Fund cautioned on Tuesday that Europe and the United States could slide back into recession if their leaders failed to act forcefully, warning that the global economy had entered "a dangerous new phase".
Prime Minister Silvio Berlusconi criticised the Standard and Poor's ratings agency after it downgraded Italy's credit rating by one notch to A/A-1, saying in a statement on Tuesday that the move was "contaminated by political considerations".
US President Barack Obama announced a plan on Monday to cut the deficit by some $3 trillion over the next decade, with half that amount to derive from higher taxes. Republicans have rejected the tax hikes in favour of slashing spending.
The European Central Bank has rejected criticism from the United States over its handling of public finances, arguing that the EU was in better shape than other major economies at the close of talks in Poland on Saturday.
During a meeting in Poland, US Treasury Secretary Timothy Geithner on Friday urged eurozone finance ministers to leverage their 440 billion euro bailout fund and free up more resources to tackle the bloc’s deepening debt crisis.
Europe stood defiant in the face of US criticism about its public finances Saturday as finance chiefs wrapped up two days of talks in Wroclaw, Poland. Outside the summit, at least 20,000 European workers protested against austerity measures.
Spain’s Socialist government has approved the re-introduction of a tax on the country’s wealthiest as part of efforts to tackle its budget deficit. The government had scrapped a previous wealth tax in 2008.
