Prosecutors said on Tuesday former BSI banker Yeo Jiawei earned S$23.9 (US$ 16.7) million , in 15 months as an “independent consultant”, through “illicit means”, including secret deals with people linked to the multi-jurisdictional probe into scandal-hit Malaysian state fund 1MDB. In court on Tuesday, Yeo revealed that his net worth was around S$2 (US$ 1.39) million when he left BSI bank in Singapore. This was from his basic salary and bonuses earned while he was an employee there. In his cross examination on Tuesday, Deputy Public Prosecutor Tan Kiat Pheng said it was “quite unbelievable” that Yeo could amass so much by acting as a mere “introducer, intermediary, independent consultant or relationship manager”.
UBS, Switzerland's biggest bank, will increase the salaries of its employees in Switzerland up to and including the middle management by an aggregate 0.8%, the company said in a statement today. "This overall result is the outcome of negotiations between employer and UBS employee delegations," the bank said in a statement. The association of banking employees demanded an increase of 1.5% for 2017 and will not be happy about the decision by UBS, which acts as trendsetter for the industry.
The full impact of the Brexit vote becomes to be announced, as the Chancellor revealed that output will shrink, while borrowing increases. Phillip Hammond quoted the Office for Budget Responsibility's predictions of reductions in economic growth, telling MPs that it is now forecast to be 2.4% lower in 2020 than first predicted, as a result of the June referendum. The Office for Budget Responsibility was forced to revise down its prediction made before the Brexit vote that GDP would rise 2.2% next year. It now sees the economy expanding by only 1.4% and warns there will be a knock-on effect on the public finances.
Swiss President Johann Schneider-Ammann said on Monday his country would consider letting Britain join the European Free Trade Association (EFTA) when it eventually leaves the European Union following June's Brexit referendum. "I told my colleagues if the U.K. approaches EFTA to explore the possibility of joining EFTA, Switzerland would be open to discussions," Johann Schneider-Ammann told the Geneva Press Club after an EFTA ministerial meeting.
India and Switzerland signed an automatic exchange of financial information deal which complements govt’s crackdown on black money. This means that the option of concealing the illegal wealth through Swiss banks is most likely to be closed. This historical move directly complements govt’s demonetization move to target domestic black money. The 'Joint Declaration' for implementation of AEOI signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.
People living in Switzerland are by far the wealthiest of those in any major economy around the world, and they are getting richer, according to the latest Global Wealth Report from the Credit Suisse Research Institute. "In terms of personal wealth, our estimates show that, on average, the Swiss are eleven times wealthier than the average world citizen. They are approximately twice as wealthy as citizens of the United States, the United Kingdom and France, almost three times as wealthy as Germans and 25 times better off than the average Chinese citizen," says Credit Suisse's report.
The rise in the U.S. interest rates is a major concern for the financial community. The leading topic is structural: return of inflation and a Central Bank far less dovish than before. Furthermore, the Trump election and his proposals to cut taxes and boost spending via tax credits on infrastructure has fuelled strong reactions in the bond market.
The media has credited Trump for the rally in yields and the recent swoon in the equity market. The argument goes that Trump’s policies notably with higher spending, lower taxes and less regulation will be positive for growth and inflation.
When it became clear that Donald Trump would win the US presidential election, markets initially turned very red, ironically the color of the Republican Party. The day after the election in the US, futures were down about 4%, the dollar lost about 2% and the oil price lost about 4%. Gold, in our opinion, was the only winner... Markets don't like uncertainty and while there will certainly be winners and losers over the short term, it is too soon to determine any long-term effect. The price of risk is certainly going up, which we believe explained the majority of the fall.
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