UBS

UBS boss says bitcoins 'not money', urges regulators to act

london - Muslimchronicle

The chairman of Swiss banking giant UBS said in an interview published Sunday that he does not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene. Bitcoin prices have surged this year from less than $1,000 in January to $17,000 last week, after trading in the digital currency began on the Chicago Board Options Exchange --Read more

Gains from wealthy client activity expected to weaken, UBS cautions

Zurich - Muslimchronicle

A pick-up at UBS’s core wealth management business is likely to weaken in the final months of 2017 as clients withdraw money to take part in tax amnesty programmes, the world’s biggest private bank said. UBS, which manages more than more than $2 trillion of the world’s wealth, saw continued improvement in the third quarter at its flagship business afterRead more

UBS introduces charges on euro accounts exceeding 1 million

Zurich - Arab Today

UBS Group is extending charges on cash holdings to more of its customers, becoming the latest bank to pass on the euro region’s negative interest rates. The world’s largest wealth manager introduced a charge of 0.6 per cent on euro-denominated accounts with cash holdings exceeding 1 million euros ($1.08 million), the bank told clients in a letter seen by Bloomberg.Read more

Silver seen climbing faster than gold as Yellen wakens bulls

London - Arab Today

Investors may be better off with silver rather than gold. The Federal Reserve’s pledge to stick to its dovish outlook on US monetary policy has fuelled a rally in precious metals and silver usually beats its more valuable peer in a rising market. After the Fed raised interest rates by a quarter percentage point Wednesday, Chair Janet Yellen said theRead more

EU probe launched into ECB links with private banks

Brussels - AFP

EU Ombudsman Emily O'Reilly said Friday she has opened an investigation into ties European Central Bank President Mario Draghi and aides have with private banks following a complaint from a research group. The non-government organisation Corporate Europe Observatory (CEO) filed the complaint over top ECB staff links to the Group of 30, which brings together the leaders of both theRead more

Hong Kong regulator sues Standard Chartered, UBS over IPO

London - AFP

Hong Kong's stock market regulator has filed a lawsuit against major banks Standard Chartered and UBS along with consultancy firm KPMG over a 2009 initial public offering on the city's bourse. A writ of summons to the High Court filed by the Securities and Futures Commission (SFC) on Monday alleged "market misconduct" in connection with China Forestry Holdings IPO prospectusRead more

UBS spending $1bn on IT overhaul

Zurich - Arab Today

UBS, the world’s biggest private bank, is spending around 1 billion Swiss francs ($1 billion) to standardize the IT platform across its flagship wealth management business, an investment it hopes will ultimately help lower costs. “This is about integrating our historically fragmented infrastructure that we have globally into one platform,” said the Swiss bank’s chief operating officer for wealth management,Read more

Australia's Sydney housing market fourth on global bubble index

Sydney - XINHUA

Australia's Sydney has the fourth riskiest housing market in the world following a sharp jump in prices in recent years, says a report by investment bank UBS released Wednesday. Sydney's real housing prices peaked in the second half of 2015 after jumping 45 percent since mid-2012, the UBS Global Real Estate Bubble Index has found. Other drivers for the priceRead more

France asks Switzerland to hand over 45,000 UBS accounts

Paris - AFP

French tax authorities have asked Switzerland to hand over client information for some 45,000 bank accounts as part of a probe into alleged tax fraud, Le Parisien daily said Monday. Swiss banking giant UBS said in July that the Swiss authorities had asked it to provide client information following a French request for international administrative assistance in May. The demandRead more

French prosecutors seek UBS tax fraud trial

Paris - AFP

French finance prosecutors have asked for Swiss bank UBS to face trial for allegedly orchestrating a vast system of tax fraud in France, a legal source said Monday. The prosecution requested that UBS face trial for "aggravated laundering of tax fraud proceeds" while its French branch be judged for complicity in these crimes. It also requested a trial against RaoulRead more