Switzerland’s biggest lender by assets, UBS AG, announced on Tuesday a 76 percent fall year-on-year in net profits for the fourth quarter of 2011 in the wake of its $2bn rogue trading scandal last year. Figures fell to SFr393m for the quarter compared to a SFR1.66bn a year earlier, and were below analyst’s average estimates…
The Chinese government on Monday announced it has prohibited state-owned airlines from paying EU-imposed charges on carbon emissions. The move by the Civil Aviation Administration of China, which is the globe’s fastest growing aviation market, is said to trigger a dispute about the cost of combating climate change. Fitch warned in December that this clash…
The US Justice Department late on Thursday announced it had filed criminal charges against Wegelin & Co, Switzerland’s oldest private bank, for purportedly helping wealthy US citizens evade taxes between 2002 and 2011. It is alleged that the 271 year old bank conspired together with US taxpayers and other parties to conceal $1.2bn in secret…
The globe’s biggest listed commodities trader, Glencore International, and Anglo Swiss mining giant Xstrata, on Thursday announced they are in talks about a possible merger. The mining group said that it was “not certain” whether the talks would “lead to an offer being made by Glencore for Xstrata.” Glencore, which already owns a 35 percent…
French defence supplier Dassault Aviation has been chosen as India’s preferred bidder in an eagerly contested $20bn race to provide 126 fighter jets to India. The Dassault Rafale fighter jet was named the lowest priced compliant bidder ahead of the Eurofighter Typhoon which is produced by the UK’s BAE Systems. Through this deal the French…
