UBS writes down further $10bn

The news comes as the Zurich and Basel based company revised its Q4 outlook to a loss, while it stated it could also record a 2007 full year net loss. UBS has already undertaken moves to strengthen its capital base, issuing CHF13bn (£5.65bn) of new capital to the Government of Singapore Investment Corporation (CHF11bn) and an undisclosed Middle East investor (CHF2bn). “In light of continued deterioration in the sub-prime market, valuations of UBS's remaining sub-prime positions reflect the extreme loss projections implied by the prices achieved in the very limited number of observable m...