Investment banking giant UBS has announced $10 billion in write-downs, or a slash in the value of its assets in the subprime mortgage market.
To bolster its finances in one of the largest write-downs in the subprime crisis, UBS is receiving a cash infusion from investors in Singapore and the Middle East.
In other business news, CompUSA said it will close all 103 of its outlets after the holiday shopping season. The electronics retailer has struggled in the face of falling computer prices and competition from big-box stores like Best Buy and Wal-Mart.
The closing is a loss for Mexican billionaire Carlos Slim. He bought a majority stake in CompUSA, hoping to break into the U.S. retailing market.