PRICE TO PAY: Shares in the Zurich-based bank have fallen 21 percent over the past 12 months, with the losses costing chief executive officer Peter Wuffli his job
UBS AG, Europe's largest bank by assets, said it will write down US subprime investments by US$10 billion and raise 13 billion francs (US$11.5 billion) by selling stakes to investors in Singapore and the Middle East.

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The US and China, with increasingly dependent economies, have to work together to fight protectionist sentiment in both countries, officials from both nations said yesterday.

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China has to strengthen protection of intellectual property rights or risk stifling a growing spirit for innovation, New York Mayor Michael Bloomberg said yesterday.

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SECOND TIME LUCKY?: The program will be Yahoo's second foray into streaming-video finance after its Finance Vision turned out to be a flop
Yahoo, which already owns one of the most successful financial sites on the Web, is putting the final touches on a new online program for technology investors that is scheduled to begin next month.

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Broadway stagehands in New York City ratified a new contract yesterday, after a 19-day strike that shuttered shows and costs tens of millions of dollars in revenue.

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■ FINANCE

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