UBS has announced on Thursday that it is launching a Frankfurt headquarters as it consolidates its European wealth management operations. The bank had been considering London, before its vote to leave the European Union, as the UBS Europe headquarters, as well as well Luxembourg. The new subsidiary, called UBS Europe SE, combines the bank’s German, Italian, Luxembourg, Austrian, Danish, Swedish, Dutch and Spanish wealth management businesses into one legal entity headquartered in the german town. The new set-up is also part of efforts by UBS to streamline its structure as it looks to cut costs by a net 2.1 billion Swiss francs ($2.07 billion) by the end of 2017.
WikiLeaks’ public donation address recently received its 4000th bitcoin. The nonprofit whistle blower site, which to a large extent relies on donations, reached this milestone on November 12, with well over 25,000 incoming transactions over five years time. The total amount of bitcoins WikiLeaks received is even higher, as the media organization also lets users generate custom Bitcoin donation addresses if they prefer not to donate to the public address. The post "WikiLeaks Has Raised 4,000 BTC Since 2011" appeared first on Bitcoin News.
Switzerland's economic growth remained unchanged unexpectedly in the third quarter as increase in investment was offset by net trade, the State Secretariat for Economic Affairs said Friday. In a report, Federal Statistical Office said that Swiss GDP remained unchanged at a seasonally adjusted 0.0%, from 0.6% in the preceding quarter. On the expenditure side, household spending gained 0.1 percent, while government expenditure dropped 0.1 percent. Equipment and software investment as well as construction investment climbed 0.5 percent each.
he Swiss Bankers Association intends to enter into more agreements for the automatic exchange of tax information in order to keep pace with the most advanced countries in the sector. Switzerland signed less than 40 agreements, while other countries have already arrived to sign 60, said last night in Geneva, the new president of the SBA Herbert Scheidt. "There is a certain expectation and we must act quickly," but we must also see how the other states apply the standards and hope that the Organisation for Economic Co-operation and Development (OECD) does not grant exemptions from the US financial centers. Other points to watch are security and data protection. If these conditions are met, you will go "in the right direction."
The Eurozone unemployment rate declined to 9.8% for October from a revised 9.9% for September, which was originally reported as 10.0% and was also lower than the consensus forecast of 10.0% for the month and it was the lowest recorded rate since July 2009. Statistics agency Eurostat said Thursday that there were some 15.9 million people without jobs in the euro zone in October, down 190,000 from September and 1.8 million fewer compared with October 2015. However, the youth unemployment that applies to those under 25 years of age held steady at 20.7% in October.
Engine maker Rolls-Royce is axing 800 jobs in its marine division as weakness in the struggling oil and gas sector takes its toll. The UK-based firm said it was too early to say where the jobs axe would fall. Its marine business employs 4,800 people globally with around 400 in the UK, of which half are based in Bristol and the remainder across offices in the Midlands and a manufacturing site in Dunfermline, Scotland. Rolls said the job cuts will be made next year as part of an overhaul to make annual cost savings of around £45 million to £50 million. The unit's workforce has already been slashed from 6,000 in 2015.
Credit Suisse, under pressure of the U.S. judiciary in the case of Dan Horsky, a former MBA-lecturer in Bern, has frozen several dozen accounts as it attempts to verify whether the assets have been taxed correctly, after the firm pledged to come clean about secret assets, according to a person familiar with the matter, Bloomberg reported. The bank wants to show that any hidden accounts were a lapse in controls and not a criminal act, another person familiar with the matter said.
An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply. On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to reduce their oil production by 1.2 million barrels per day in order to raise global prices. The deal also hinges on non-OPEC countries contributing an additional 600,000 barrels per day worth of cuts, with about half of that coming from Russia. On Thursday Azerbaijan said it was also willing to engage in talks on cuts.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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