French tax fine for UBS


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French tax fine for UBS

French tax fine for UBS
The Swiss bank UBS has been fined €10 million by a French banking regulator for failing to act on a warning that its staff could be helping wealthy clients to avoid tax.
The Times, p. 47
Also appeared in : Financial Times Companies and Markets, p.20, Financial Times Companies and Markets, p.18, International Herald Tribune, p.14-16, City AM London, p.15

Virgin Money profits surge
Virgin Money reported healthy profits for the first half of the year yesterday, giving the lender a boost as it considers floating on the stock market in 2015.
City AM London, p. 14
Also appeared in : The Independent, p.48-49, The Times, p.41, Independent i, p.41

BNP Paribas in UK contract shift
French bank BNP Paribas is forcing some long-standing London-based “expat” traders to choose between returning to Paris or losing their expat status by switching to a UK contract, the bank said yesterday. A bank spokesman said the change would result in “equitable treatment” for the expats relative to some 400 French BNP Paribas traders in London who already work under UK contracts
City AM London, p. 17
Also appeared in : The Daily Telegraph Business, p.8

Top economist fears Bank of England independence is at risk
Leading economist Simon Ward claims that the Treasury has been manipulating monetary policy by taking the profits from the quantitative easing (QE) scheme, gaining another £47bn in support from the Bank of England this year.
City AM London, p. 14

Caruana says BIS not calling for immediate exit from stimulus
The Bank for International Settlements (BIS) is not demanding an immediate reversal of ultra-loose central bank policies, its chief said yesterday, after the group’s annual report provoked a stormy reaction from media and economists. BIS general manager Jaime Caruana said that the timing of an exit had to be determined by each central bank individually and that markets had over-reacted to the Federal Reserve’s plan to stop money printing.
City AM London, p. 17

RBS lending boost
Royal Bank of Scotland and its NatWest subsidiary have told more than 20,000 small and medium-sized business customers they can borrow from a new £1.7 billion credit pot, on top of existing finance from RBS.
The Times, p. 41

The above articles appeared on 27/06/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.