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Luxembourg’s financial regulator has fined UBS €250,000 for compliance breaches linked to Credit Suisse’s management of investments in Greensill funds. The Commission de Surveillance du Secteur Financier identified severe violations in areas such as risk management, investor disclosure, and conflicts of interest, which led to significant losses for investors following Greensill's collapse. The breaches occurred before UBS's merger with Credit Suisse, with the regulator noting inadequate due diligence and incomplete asset valuation procedures.
In 2023, Delaware saw nearly 300,000 new companies established, while South Dakota trusts' managed assets nearly doubled to $680 billion. The U.S. faces criticism for its lax anti-money laundering measures, with significant funding from the U.S. government raising concerns about the independence of the Organized Crime and Corruption Reporting Project (OCCRP), which has exposed financial misconduct linked to Swiss banks.
Banque Havilland has initiated voluntary liquidation in Liechtenstein and Switzerland, with KPMG overseeing the process. While the liquidation is reportedly on track, delays in transferring client securities are expected due to the complexity of client relationships and regulatory approvals, potentially extending until 2026. Clients with deposits under CHF 100,000 are prioritized for refunds, but many are still awaiting the transfer of their securities.
BIL Suisse, a smaller foreign bank in Switzerland, is undergoing a significant downsizing as it approaches its 40th anniversary in the country. A cost-cutting program is reportedly in effect at its Zurich headquarters and branches in Geneva and Lugano, impacting jobs at all levels, including senior management. Despite inquiries, the bank's headquarters in Luxembourg has not provided further details.
UBS has reaffirmed its 'buy' recommendation for ArcelorMittal, maintaining a price target of 26.5 euros, indicating a 9% upside potential. The potential transfer of $1.8 billion in value from Nippon's stake in Calvert could catalyze an 8% increase in ArcelorMittal's market capitalization if it occurs next month.
UBS has maintained a 'buy' recommendation for ArcelorMittal, setting a target price of 26.5 euros, indicating a 9% upside potential. The potential transfer of $1.8 billion in value from Nippon's stake in Calvert could lead to an 8% increase in market capitalization if it occurs next month.
UBS has reaffirmed its 'buy' recommendation for ArcelorMittal, maintaining a price target of 26.5 euros, indicating a 9% upside potential. The potential transfer of $1.8 billion in value from Nippon's stake in Calvert could catalyze an 8% increase in ArcelorMittal's market capitalization if it occurs next month.
UBS has maintained a 'buy' recommendation for ArcelorMittal, setting a target price of 26.5 euros, indicating a 9% upside potential. The potential transfer of $1.8 billion in value from Nippon's stake in Calvert could catalyze an 8% increase in market capitalization if it occurs next month.
Walgreens Boots is in talks for a sale to Sycamore Partners, while Domino’s bids for Wingston’s UK franchise. In a significant move, a federal judge blocked Kroger's $24.6bn merger with Albertsons, favoring antitrust regulators. Meanwhile, Evergrande's liquidation efforts face challenges as its assets are primarily in mainland China, complicating recovery for investors.
German lawyer Eckart Seith, a whistleblower in the cum-ex scandal, is on trial in Zurich for economic espionage and violations of the Banking Act. He is accused of obtaining and sharing internal documents from Bank J. Safra Sarasin with German investigators, amid tensions between Germany's tax evasion efforts and Swiss banking secrecy. Seith's case highlights the fallout from the controversial cum-ex transactions, which led to significant tax losses across Europe and were banned in both Germany and Switzerland.
LUX
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ubs fined 250000 euros for compliance breaches linked to greensill funds
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