News

30.01.2017

Two London-based traders guilty over defrauding Russian Bank

Two City traders, George Urumov and Vladimir Gersamia, were convicted of multiple fraud offences following a four-month trial at Southwark Crown Court. The pair were handed jail terms of seven and 12 years respectively. The victim of the complex fraud scheme was Russian bank Otkritie, with the size of the losses related to the illegal actions exceeding £141 m ($176 m), according to a report in the Financial Times. The first part of the fraud was carried out in 2011, when Urumov joined Otkritie Securities Ltd (OSL) and manipulated the company into paying him approximately $25m as a “sign-on” fee under the false impression that it would be distributed to others also joining the company. 

 
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30.01.2017

Switzerland ready for trade with UK post-Brexit

Johann Schneider-Ammann, Switzerland’s economy minister said Sunday he wants to have “background” talks with Britain so that a trade deal can be in place as soon as the UK leaves the EU. “My objective is clear. Not one day should pass after Britain’s exit (from the EU) without new regulations in place,” he told Blick daily. “It should be at least as good” as the present deal, he said. The paper said Britain’s International Trade Secretary Liam Fox declared during the recent World Economic Forum (WEF) annual meeting that he was very interested in a trade agreement with Switzerland.

 
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30.01.2017

Bitcoin startup received FINMA approval to operate in Switzerland

Bitcoin startup Xapo has revealed that it has gained an early ‘conditional approval’ from Switzerland’s financial regulator (FINMA) to operate in the country. The Switzerland-based company said in a new blog post that it has been given “conditional approval” from the Swiss Financial Market Supervisory Authority (FINMA) to do business in the European country. CEO Wences Casares wrote in a blog: "We are happy to announce that, after almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland".

 
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30.01.2017

Johnson & Johnson closed $30bn deal with Swiss Actelion

Johnson & Johnson will buy Swiss drugmaker Actelion in a $30 billion deal that both secures promising research and bolsters the product portfolio controlled by the U.S. health care giant. The deal between the world's biggest producer of healthcare goods and Actelion, a leader in medicines treating high blood pressure, will create a new Swiss-listed firm called R&D NewCo focusing on the research and development of new drugs, the two companies said in a joint statement. The U.S. conglomerate will then buy Actelion's seven drugs that are currently on the market and two potential treatments in late-stage testing. The acquisition gives J&J access to the Swiss group’s line-up of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product.

 
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27.01.2017

Panama Papers discovered Canada as the new Tax Haven

Mossack Fonseca actively marketed Canada as a tax haven and established shell companies here to evade taxes, according to the documents obtained by the International Consortium of Investigative Journalists and shared with the Star and the CBC. The joint investigation has revealed that Canada's tax legislation provides favorable conditions for evading taxes, creating anonymous business entities, and cleaning illegally-gained cash.

 
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27.01.2017

Credit Suisse: Escape from London towards Dublin?

Credit Suisse is exploring options for expanding in Dublin, as the UK moves closer to exiting the European Union, according to a report from Bloomberg. It is believed Dublin is emerging as a favoured location for the bank’s so-called back-office jobs. The Zurich-based bank is also understood to be considering cities including Frankfurt as it develops plans for moving jobs to adapt to Brexit, according to two people familiar with the matter.    Credit Suisse board member Noreen Doyle said in Dublin earlier this week that the bank is in the "early stages" of examining alternatives to the UK as it plans for Brexit's implications.

 
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27.01.2017

Bundesbank President: FinTech needs regulation

Speaking at the G20 conference, where leaders from the international organization are meeting in Germany to discuss issues around the digitization of finance Weidmann said: "Originally developed for the bitcoin virtual currency, this distributed ledger technology, it would appear, has turned out to be a multi-purpose tool. And even central banks – which aren't typically known for being early adopters of new technologies – are currently doing experimental research on the potential use of blockchain." 

 
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27.01.2017

Technical analysis : GBP/USD to slide down again

In spite of a strong UK GDP reading, the GBP/USD currency pair was unable to pierce the immediate resistance cluster, resulting in a small bearish correction, with a slip below 1.26 again. The same cluster keeps providing strong resistance today around 1.2670, implying that the Pound is to weaken against the US Dollar for the second day. The nearest demand area rests around 1.2515, which could limit possible losses, while another strong group supports is located at 1.2430, namely the monthly PP and the 55-day SMA. However, technical indicators in the daily timeframe suggest the Cable is to inch higher; nevertheless, the immediate resistance is expected to remain intact. 

 
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27.01.2017

Barclays plans to move HQ to Ireland after Brexit

Barclays has settled on Dublin for its main hub inside the EU after Brexit, and is planning to add about 150 staff here if UK-based finance companies lose easy access to the trading bloc, according to Bloomberg sources. It is believed the bank started scouting the city for office space this month, and has been in contact with regulators here about expanding its operations.

 
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27.01.2017

UBS earnings declined in Q4

Swiss bank UBS  reported net income of 738 million Swiss francs (US$736 million) in the fourth quarter, compared with 949 million a year earlier, due in part to tax effects, but says rising investor confidence in the United States could boost its wealth management business.  "Despite a very challenging market environment in 2016, we achieved solid results, thanks to our balanced business and geographic mix, as well as our strong focus on executing our strategy," said CEO Sergio Ermotti.  UBS also recorded more than 1 billion francs in negative income due to cash-flow hedges, citing a drop in unrealized gains from hedging derivatives as long-term interest rates increased. 

 
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