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UBS Group AG is nearing a settlement with the U.S. government over tax evasion linked to its acquisition of Credit Suisse, potentially involving hundreds of millions in fines. This follows a 2014 plea agreement where Credit Suisse admitted to aiding wealthy Americans in tax avoidance. Investigations revealed that the bank may have concealed significant accounts post-agreement, leading to ongoing legal challenges and class action lawsuits since the acquisition.
UBS is nearing a settlement with U.S. authorities over a tax evasion case linked to its acquisition of Credit Suisse, which has faced scrutiny for aiding tax evasion since 2014. The Swiss bank is expected to pay hundreds of millions to resolve these legacy issues, as analysts predict potential stock upside following recent upgrades. UBS has set aside $4 billion for legal provisions and aims to conclude outstanding investigations, including allegations of undisclosed Nazi-linked accounts.
Phala Network has launched the first Op-Succinct layer-2 rollup on Ethereum, enhancing scalability through a combination of optimistic and zero-knowledge proofs. This innovative solution, developed in partnership with Succinct Labs and Conduit, aims to improve transaction finality, reduce costs, and bolster security, while supporting decentralized AI applications. The move reflects a growing trend in Ethereum layer-2 solutions, despite concerns over fragmented liquidity and market efficiency.
The S&P 500 has historically experienced significant declines without a recession, often driven by fears of one, as seen in 2022 when the index fell 25% amid rising interest rates and inflation concerns. High valuations, reminiscent of past market crashes, are a current worry, with the S&P 500 at its highest multiple since the late 1990s tech bubble. Notably, past market debacles were preceded by peak valuations, raising questions about the sustainability of current market conditions.
Portugal's BiG Bank has blocked fiat transfers to cryptocurrency platforms, citing compliance with EU regulations, amid a broader regulatory shift that includes a new 28% capital gains tax on short-term crypto holdings. This decision contrasts with other banks in the country that continue to facilitate such transfers, highlighting a divergence in approaches to digital assets. Critics argue that this restrictive stance may drive users towards decentralized finance alternatives, reflecting Portugal's evolving relationship with cryptocurrencies.
Banco de Investimentos Globais (BiG), one of Portugal's largest banks, has halted fiat transfers to cryptocurrency platforms, citing compliance with European regulatory directives. This decision comes amid a broader shift in Portugal's crypto landscape, including a new 28% capital gains tax on short-term holdings, contrasting with other banks that remain crypto-friendly. As the EU's Markets in Crypto-Assets Regulation (MiCA) aims for unified digital asset operations, BiG's restrictive stance highlights a divergence in attitudes towards crypto across Europe.
Ethereum is currently trading at approximately $3,624.76, with predictions suggesting it could reach $10,000 by May 2025, driven by institutional adoption and upcoming upgrades like "The Surge" and "The Verge." Meanwhile, PlutoChain aims to enhance Bitcoin's scalability with its Layer-2 solutions, potentially revolutionizing its transaction speed and capabilities. Both projects highlight the evolving landscape of cryptocurrency, emphasizing the importance of research and caution in investments.
Walter Giger has been appointed CEO of LGT Financial Services, effective January 1, 2025, succeeding André Lagger, who will retire in May. Giger, who has been with LGT since April 2023 as Head Global IT, previously held senior roles at Deutsche Bank and Credit Suisse. LGT Financial Services, founded in 2001, has grown to over 600 employees, consolidating various back-office and IT functions for LGT Group.
UBS has upgraded Digital Realty Trust (NYSE: DLR) from Neutral to Buy, raising the price target to $205 due to strong demand for data center services and potential rent improvements. The company is projected to see FFO growth of 5% in 2025, accelerating to 10% by 2027, supported by robust renewal spreads and new developments. Digital Realty has maintained a 2.72% dividend yield for 21 years and recently reported a new leasing volume of $521 million, with a backlog of nearly $860 million in leases.
The S&P 500 index surged over 40% in two years, driven by high-tech stock hype and expectations of favorable policies from the incoming Trump administration. However, concerns about inflation, global economic stagnation, and opaque private equity markets raise alarms about potential systemic risks in the financial system.
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ubs group approaches settlement over credit suisse tax evasion case
01:00 10.01.2025
UBS nearing settlement over Credit Suisse tax evasion case
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