UBS Pulls Out Of Turkish Deal

UBS, Switzerland's largest bank, pulled out of a troubled dam project in Turkey Wednesday after concerns have been expressed about it's social and enviromental impact on the local community in the south-east of the country.

The Turkish government are still thought to be keen to build the dam, which local environmental groups claim will result in the displacement of 30,000 Kurds and flood historic towns.

The main contractors, Balfour Beatty and Impegilo, withdrew from the $1.5bn project in November, expressing similar concerns.