Business - UBS pays $780m to settle tax case

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Page last updated at 09:00 GMT, Thursday, 19 February 2009

UBS pays $780m to settle tax case UBS agrees to pay $780m (£549m) to the US government to settle allegations that it defrauded US tax authorities. Bad debt leads to loss at UBS Ex-UBS bosses forgo pay Switzerland unveils UBS bail-out Financial crisis hurts insurers The world's largest reinsurer Swiss Re posts a full-year loss, while Axa reports a steep drop in annual profit. Fed cuts 2009 economic forecast The US Federal Reserve cuts its economic forecasts for 2009, saying it now expects a decline in output.