THE NEWS WRAP: Swiss bank UBS fraud losses grow

The Greens have announced that they will campaign for a 5% tax break for small businesses at next month’s tax forum.

Party leader Bob Brown said that he wants a stronger mining tax and would prefer tax breaks to be handed to small businesses rather than large companies.

“We will move for that because we think small business, not the big banks and the big mining corporations, should be getting the break,” he said.

UBS fraud losses grow

The estimated losses caused by rogue trading at Swiss bank UBS have grown to $US2.3 billion ($2.2 billion), the company has admitted.

Kweku Adoboli has been charged by UK police over the fraud, which was originally estimated to stand at $US2 billion. The fraud could cause UBS to post a third quarter loss.

UBS chief executive Oswald Gruebel said: “These things happen, but shouldn’t. I must carry the consequences and what they are will be announced as soon as they are decided.”

Strauss-Kahn admits “moral failing”

Dominique Strauss-Kahn has conceded that his encounter with a New York hotel maid was a “moral failing”, but denied that he tried to rape her.

The former IMF chief, who recently had charges over the rape allegations dropped, apologised to his wife and the French people, admitting that his hopes of becoming president of the country have been dashed.

Markets

The Dow Jones Industrial Average rose 75.91 points, or 0.7%, to 11,509.09 on Friday’s trade. The Australian dollar was up to 103.34 US cents.