Switzerland's biggest bank, UBS, is to sell its Brazilian outlet, UBS Pactual - a financial services firm bought in 2006 - to its original owners for ┬ú1.7 billion. ┬á The Swiss bank said the sale of UBS Pactual to Andre Esteves, the former head of the business, would result in "a small loss,ÔÇØ but will reduce its risk profile, free up capital, strengthen its balance sheet and sharpen its business focus.┬á "There may be more transactions like this to follow," said Mathias Bueeler and analyst at Kepler Capital Markets.

Citigroup is the latest US bank to see an improvement in its performance as it has reported its first quarterly net profit in almost two years. ┬á  "We had our best overall quarter since the second quarter of 2007," chief executive Vikram Pandit said.┬á The bank made a profit of $1.6 billion compared to a loss of $5.1 billion a year earlier, and revenues rose 99 percent to $24.8 billion. ┬á However, once dividend payments to preferred shareholders were taken into account, it suffered a near-$1bn loss.

Citigroup is the latest US bank to see an improvement in its performance as it has reported its first quarterly net profit in almost two years. ┬á  "We had our best overall quarter since the second quarter of 2007," chief executive Vikram Pandit said.┬á The bank made a profit of $1.6 billion compared to a loss of $5.1 billion a year earlier, and revenues rose 99 percent to $24.8 billion. ┬á However, once dividend payments to preferred shareholders were taken into account, it suffered a near-$1bn loss.

Citigroup is the latest US bank to see an improvement in its performance as it has reported its first quarterly net profit in almost two years. ┬á "We had our best overall quarter since the second quarter of 2007," chief executive Vikram Pandit said.┬á The bank made a profit of $1.6 billion compared to a loss of $5.1 billion a year earlier, and revenues rose 99 percent to $24.8 billion. ┬á However, once dividend payments to preferred shareholders were taken into account, it suffered a near-$1bn loss.

Citigroup is the latest US bank to see an improvement in its performance as it has reported its first quarterly net profit in almost two years.   "We had our best overall quarter since the second quarter of 2007," chief executive Vikram Pandit said.  The bank made a profit of $1.6 billion compared to a loss of $5.1 billion a year earlier, and revenues rose 99 percent to $24.8 billion.   However, once dividend payments to preferred shareholders were taken into account, it suffered a near-$1bn loss.

Dubai-based broadcasting company MBC Group announced today it has signed a major new deal with giant Warner Bros to show all its US TV shows for the next two years.  ┬á┬á MBC will debut Warner Bros International Television Distribution (WBITD) series in the region on free TV, at the same time as the US broadcast of the programmes, officials said.  ┬á┬á MBC Group was established in 1991 as the first pan-Arab free-to-air satellite broadcasting company in the Arab World.

Dubai-based broadcasting company MBC Group announced today it has signed a major new deal with giant Warner Bros to show all its US TV shows for the next two years.  ┬á┬á MBC will debut Warner Bros International Television Distribution (WBITD) series in the region on free TV, at the same time as the US broadcast of the programmes, officials said.  ┬á┬á MBC Group was established in 1991 as the first pan-Arab free-to-air satellite broadcasting company in the Arab World.

A study into spam has blamed it for the production of more than 33 billion kilowatt-hours of energy every year, enough to power more than 2.4 million homes.

Car parts and bicycle retailer Halfords has said it is confident about its profits despite a slight fall in sales, as its business has been resilient in the current economic climate.

Federal Reserve officials are considering steps to provide the public with more information about emergency programs aimed at reviving credit and ending the U.S. recession.   People familiar with the matter say the central bank is likely to increase disclosure on the collateral it holds against loans to financial firms, while also weighing a full range of options, including possible press conferences.