China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
UBS to raise $5.3 billion of new capital (Reuters)
2008.10.1617 minutes ago
ZURICH (Reuters) - UBS AG (UBSN.VX) will get a capital injection of 6 billion Swiss francs ($5.3 billion) from the government in the form of mandatory convertible notes, the Swiss bank said on Thursday.
UBS has also reached an agreement with the Swiss National Bank to transfer up $60 billion of currently illiquid securities and other assets from its balance sheet to a separate fund entity.
"With this transaction, UBS caps future potential losses from these assets, secures their long-term funding, reduces its risk-weighted assets, and materially de-risks and reduces its balance sheet," UBS said in a statement.
(Reporting by Sam Cage; Editing by Richard Hubbard)
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