UBS Group AG will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group AG in its dealings with Archegos Capital Management as the new owner of the collapsed Swiss rival starts picking up its legal tab, Bloomberg News reported. In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million for “unsafe and unsound counterparty credit-risk management practices” at Credit Suisse, which UBS acquired in June.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
French Finance Minister Bruno Le Maire said that billions of euros of promised tax cuts will be spread out gradually over several years as the government tries to reduce its budget deficit, Bloomberg News reported. President Emmanuel Macron has pledged to slash a further €2 billion ($2.2 billion) in taxes on households and had planned to complete the second half of an €8 billion reduction in a levy on industrial production, known as CVAE, in 2024.
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A proposed 2.7 billion pound ($3.5 billion) mass lawsuit against major banks including JPMorgan and Citigroup over alleged foreign exchange rigging was revived by a London court on Tuesday, Reuters reported. The case was originally brought by Phillip Evans, a former inquiry chair at Britain's Competition Markets Authority, on behalf of thousands of asset managers, pension funds and financial institutions.
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Britain's data regulator said on Tuesday it will examine Worldcoin, a project by OpenAI CEO Sam Altman where users provide their iris scans in exchange for a digital identification and free cryptocurrency, Reuters reported. "We note the launch of WorldCoin in the UK and will be making further enquiries," a spokesperson for the Information Commissioner's Office told Reuters. Worldcoin launched on Monday with two million users from its trial, with the crypto project scaling up eyeball-scanning operations in 20 countries, including at sites in London.
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SBB, the embattled landlord at the center of Sweden’s property crisis, received demands from a group of bondholders to make sweeping changes, in an escalation of tensions over efforts to close a looming funding gap, Bloomberg News reported. The creditors, advised by PJT Partners, demanded that Samhallsbyggnadsbolaget i Norden AB — as the company is formally known —appoint two new board members and a chief restructuring officer, according to a letter seen by Bloomberg News.
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British homebuilders are building fewer homes, cutting down on land purchases and offering more incentives as high mortgage rates and the lack of any immediate support from the government make homes less affordable for first-time buyers, Reuters reported. Top UK residential builder Barratt said this month it would build around 20% fewer homes in its fiscal year 2024, while high-end builder Berkeley expects annual sales to fall by a fifth. Midcap firms Bellway and Crest Nicholson have also pointed to high mortgage rates hampering demand from first-time buyers. And that's not all.
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Indian auto parts maker Samvardhana Motherson International (SMIL)said on Monday that it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million), Reuters reported. Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process.
UK job vacancies rose for a fifth month, boosting salaries and signaling tightness in the labor market that’s likely to fan inflation, data from the search engine Adzuna showed, Reuters reported. The jobs search site listed 1.06 million vacancies across the UK in June, up 0.78% from the month before but 12% lower than a year ago. It said advertised salaries rose 3.6% from a year ago to £37,807, and the number of days to fill open positions fell to a record low.
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A millionaire 'magic circle' lawyer who sailed the seas on a £17 million superyacht is facing bankruptcy after failing to hand a £19 million investment fund back to a Saudi princess, the Daily Mail reported. Former lawyer Ronald Gibbs has been locked in a court fight with the Saudi Royal Family after he agreed to set up and manage the multi-million-pound investment fund for Princess Deema Bint Sultan Bin Abdulaziz Al Saud in 2011.
Aircraft manufacturers are stabilising production runs but problems will likely persist in the supply chain as they ramp up deliveries in the next two years, the head of the world's third-largest aircraft lessor said on Thursday, Reuters reported. A rapid post-pandemic recovery in air travel has left planemakers and smaller suppliers struggling to keep up with demand amid rising costs, parts shortages and a scarcity of skilled labour.