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Swiss National Bank Expected to Cut Rates Significantly Amid Economic Concerns

Economists widely anticipate a rate cut by the Swiss National Bank (SNB) during its upcoming monetary policy assessment, with discussions centered on whether it will be 25 or 50 basis points. The Swiss economy is facing challenges, including low inflation and rising unemployment, prompting calls for a more substantial cut to stimulate growth. Analysts suggest that the SNB's previous communication has set expectations for a reduction, making a 50-basis-point cut necessary to address the current economic landscape.

Swiss stock market ends week positively amid mixed economic signals

The Swiss stock market closed positively on Friday, with the SMI rising 0.46% to 11,762.20 points, buoyed by Wall Street's gains. In the Eurozone, inflation increased to 2.3% in November, while Switzerland's GDP grew by 0.2%. Notable stock movements included ABB (+1.6%) and SIG Group (-1.5%).
18:02 29.11.2024

ubs acquitted in credit suisse mafia money laundering case

UBS has been acquitted in a case involving former Credit Suisse's connections to a Bulgarian criminal network linked to cocaine trafficking. The Appeals Chamber reduced sentences for two defendants, while Credit Suisse had previously been fined for deficiencies in monitoring banking relations and anti-money laundering regulations. The ruling is not final and may be appealed to the Federal Court.
15:27 27.11.2024

ubs acquitted in credit suisse bulgarian mafia money laundering case

UBS has been acquitted in a case linked to the former Credit Suisse's involvement with a Bulgarian criminal network, which included cocaine trafficking. Initially fined two million francs for qualified money laundering, the Appeals Chamber also reduced sentences for two defendants, one of whom was a confidant of a mafia boss. The ruling is not yet final and may be appealed to the Federal Court.
14:24 27.11.2024

the challenges of global compliance in the fight against corruption

David Leppan, founder of World-Check, reflects on the evolution of compliance in banking, noting that despite $200 billion spent annually, corruption and money laundering persist. He criticizes the ineffective "war on bribery" approach, which has led to an overwhelming compliance infrastructure that often targets the wrong individuals while sophisticated criminals evade detection. The need for a more effective system to identify high-risk individuals before they become liabilities remains crucial.
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