Swiss banking giant UBS has been fined €3.7bn (US$4.2bn) in a French tax fraud case. A court in Paris found that the bank had illegally helped French clients hide billions of Euros from French tax authorities between 2004 and 2012.
The US Department of Justice (DOJ) says it has charged eight individuals over allegations they “spoofed” or manipulated the futures markets for precious metals and share indexes. Separately UBS, HSBC and Deutsche Bank will pay a total of US$ 46.6m to settle spoofing charges against them.
Things are looking up for the Brazilian economy - but it won't be due to the Olympic games starting this week, according to a UBS report published last Friday.
Five of the world's largest banks are to pay fines totaling $5.7bn for charges including manipulating the foreign exchange market. Four of the banks - JPMorgan, Barclays, Citigroup and RBS - have agreed to plead guilty to US criminal charges, while the fifth, UBS from Switzerland will plead guilty to rigging benchmark interest rates.
The International Swaps and Derivatives Association (ISDA) said on Thursday it had received its first request to consider whether a credit event had occurred, according to the ISDA website.
Swiss banking giant UBS has agreed to pay 1.5bn dollars to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate. It becomes the second major bank to be fined over Libor after Barclays was ordered to pay 450m to UK and US authorities in the summer.
Moody's warned Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign the impact of the Euro zone government debt crisis is spreading throughout the global financial system.
Swiss bank UBS's Chief Executive Oswald Gruebel resigned, shouldering the blame after its scandal-hit investment banking business lost 2.3 billion dollars in alleged rogue trading.
Police in London have arrested a 31-year-old man in connection with allegations of unauthorised trading which has cost Swiss banking group UBS an estimated 2bn dollar (£1.3bn).
The Brazilian cities of Sao Paulo (19) and Rio do Janeiro (26), together with the Venezuelan capital Caracas (47) and Bogotá (57) Colombia, figure among the most expensive cities in Latin America, according to a bi-annual rating from the Swiss bank, UBS.