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Stock Market & Financial Investment News

News Breaks
December 19, 2012
11:17 EDTUBSDOJ files charges against UBS Securities Japan for LIBOR manipulation
The Justice Department is filing a criminal information charging UBS Securities Japan – a subsidiary of the multinational financial institution UBS – with felony wire fraud for engaging in a scheme to manipulate the London Interbank Offered Rate, or LIBOR – a key benchmark for financial products and transactions around the world. The company has agreed to plead guilty to this charge, to admit to its criminal conduct, and to pay a $100M fine. UBS AG – the parent company of UBS Japan – has agreed to pay a penalty of $400M to the U.S government; to admit and accept responsibility for its misconduct; and to continue cooperating with the Department’s ongoing investigation as part of a non-prosecution agreement. Combined with roughly $1 billion in regulatory penalties and disgorgement, these criminal fines and penalties bring today’s total resolution to approximately $1.5B. The non-prosecution agreement illustrates the significant steps that UBS has taken to help investigators uncover LIBOR misconduct, and to implement remedial measures strengthening the company’s internal controls. Reference Link
News For UBS From The Last 14 Days
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August 28, 2014
06:35 EDTUBSEuro zone credit crunch showing signs of improving, Reuters says
Loans to the private sector by euro zone banks dropped 1.6% in July versus the same period a year earlier, compared with a year-over-year decline of 1.8% in June, according to Reuters. Meanwhile, the bloc's M3 money supply increased at a 1.8% annual rate in July, versus 1.6% in June, the news service added. The upturn in the data comes after the European Central Bank started charging banks in June to keep their deposits overnight, Reuters added. Publicly traded euro zone banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link

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