According to Mark Branson, director of FINMA, the Swiss banks are more focused on the question of money laundering, as the daily Tribune de Genève and 24 Heures reported today. "We know that illegal behavior usually relates to the customer and not the bank," says Branson. The Federal Authority tolerance of financial market supervision in particular ends when "the reports were not taken into consideration or when the control system has been deliberately omitted from the top management."
Italy is preparing to launch the voluntary disclosure-bis, which will have the green light in the budget law, as confirmed by the deputy minister of Finance Luigi Casero on the sidelines of the Tax Forum in Milan on Tuesday; the structure remains rather uncertain. According to rumors reported by italian agency press AGI, the sanctions will remain the same but there will be more an annuity in case of failure to declare. The Ministry of Finance aims for the voluntary return of funds held by Italians abroad, about €2 billion, which could also go up in the event that included cash, gold and precious.
In September, the main focus was once again the central banks, the ECB first of all, then the Bank of Japan and the Fed. Expectations were high in all three cases. To announce additional monetary easing in the first two, and guidance on anticipations and credibility in the third. The first two disappointed the market, announcing measures that fell well short of investor anticipations. Already in July, the BoJ opted to keep things as they stood even though a large proportion of investors expected to see further monetary easing. The Fed, for its part, struggled to overcome internal divisions and look beyond a month-by-month horizon, at the risk of making mistakes in its growth projections and damaging its credibility.
The Swiss National Bank (SNB) should close the third quarter with a profit oscillating between seven and nine billion francs, mainly due to the favorable performance of the stock markets, according to UBS estimates. The gold market, the foreign currencies position and bond markets are slightly wavy. The report on the exercise of the SNB for the July-September quarter is expected on October 31.
The common European currency traded below the 1.1050 level against the Greenback on Wednesday, as it had found resistance in the second weekly support level at 1.1043. Previously, as the currency exchange rate slowly moved through the first weekly and monthly support at 1.1121 and 1.1133, it plummeted down to the 1.1043, as soon as the before mentioned support levels were passed. It is most likely that the currency pair will move lower to mark new low levels, as it nears the Brexit low level.
The German ZEW index advanced to 6.2 for October from 0.5 the previous month. Overall, the index is still far below the long-term average of 24.1 highlighting reservations surrounding the financial sector having a negative impact. The Current Conditions Index went up to 59.5 this month from 55.1 in September. Economists polled by The Wall Street Journal had predicted an increase to 4.5 points.
Investors burned off $20-billion of Samsung Electronics’ market value on Tuesday as its shares closed down 8%, the biggest single-day decline since 2008. "This is the first time that I have seen a product recall go this badly wrong," financial analyst Richard Windsor said in a note to clients. “When it comes to the damage that it will do to Samsung’s brand, we are in uncharted territory”.
Swiss bank UBS plans to incorporate its Mexico banking operations as part of efforts to improve the distribution of resources and reduce costs, according to an internal document seen by Reuters. Brokerage UBS Casa de Bolsa will assume responsibility next year for operations that are made now by UBS Bank Mexico, according to a memo sent to employees on September 30.
Greece has completed new economic reforms to receive the latest tranche from its 86 billion euro bailout fund. Euro zone ministers gave Athens a positive review of its reforms while withholding part of a new loan payment. They disbursed a €1.1 billion loan but postponed its decision on a further €1.7 billion payout to later in October.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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