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☆ UBS says reports of DOJ probe into Russia sanctions evasion are wrong
▼ + stars: | 2023-09-30 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

“The recent reporting on an alleged probe by the US Department of Justice into sanctions-related compliance failures at Credit Suisse and UBS is inaccurate. We’re not aware of such a probe,” UBS told CNN in a statement. “UBS and CS have significantly and proactively reduced their Russia-related exposure.”According to a person familiar with the matter, UBS has been in touch with the DOJ regarding the reported probe. The bank’s reaction comes on the heels of a Bloomberg report, which cited anonymous people familiar with the matter and asserted the Justice Department had briefed lawyers for UBS (UBS) about Credit Suisse’s alleged involvement in sanctions violations. CNN reached out to the Justice Department for comment but has not received a response.

Persons: “, Suisse’s, Drew Sullivan, ”, ” Sen, Ben Cardin Organizations: CNN, UBS, US Department of Justice, Credit Suisse, “ UBS, CS, DOJ, Bloomberg, Department, Justice Department, Swiss Bankers Association, Security, Cooperation, US, US Helsinki Commission, “, Swiss Stock Exchange Locations: Swiss, Russia, Europe, US Helsinki, Ukraine, Maryland, Switzerland

☆ UBS shares rattled by report of US probe into Russia sanctions evasion by Credit Suisse
▼ + stars: | 2023-09-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares of UBS plunged Wednesday following a Bloomberg report that the Swiss bank faces a widening probe by the US Department of Justice (DOJ) over suspected compliance failures that allowed Russian clients to evade sanctions. The DOJ has briefed lawyers for UBS (UBS), which absorbed its smaller rival in June, about Credit Suisse’s alleged involvement in sanctions violations, according to Bloomberg. Authorities are also looking into possible compliance failures at UBS. In bailing out Credit Suisse, UBS has taken on a bank in terrible shape. Still, the parlous state of Credit Suisse presents an enormous challenge to UBS as it executes a first-of-its-kind merger of two global banks with combined assets of nearly $1.7 trillion.

Persons: Suisse’s, Colm Kelleher Organizations: London CNN —, UBS, Bloomberg, US Department of Justice, Swiss Stock Exchange, Trading, Credit Suisse, DOJ, Authorities, CNN Locations: Swiss, Zurich, United Kingdom, Netherlands, France, Belgium

☆ China's Sany Heavy Industry moves closer to Frankfurt listing
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 11 (Reuters) - Sany Heavy Industry Co (600031.SS), China's biggest maker of engineering machinery, published a set of revised internal rules on Saturday in preparation for a Frankfurt listing - potentially the first there under a mechanism for cross-border listings and investment. Sany is the first China-listed company to pick Frankfurt under the scheme. The company also published confidentiality and archive administration rules to meet China's national security requirements on offshore listings. Sany has not disclosed fundraising targets, or when a Frankfurt listing will happen, only saying in late December that it planned to sell GDRs equivalent to 5% of its share base to fund international expansion. The company, which scrapped an earlier plan for a Swiss listing, has said it is attracted to Frankfurt because Germany's world-class manufacturing capability is a match to Sany's ambition in intelligent manufacturing.

☆ Swiss seek mandatory reporting of cyberattacks on key infrastructure
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 2 (Reuters) - The Swiss government proposed on Friday making it mandatory to report cyberattacks on critical infrastructure as a way to help shed light on hackers and sound the alarm more widely. "Successful cyberattacks can have far-reaching consequences for the availability and security of the Swiss economy. The general public, authorities and companies are exposed to the risk of cyberattacks on a daily basis. Swiss stock exchange operator SIX, for example, saw an increase in hacker attacks around the start of Russia's invasion of Ukraine in February. European states have raced to protect energy infrastructure ranging from Norwegian energy installations to German power lines after blaming the Nord Stream pipeline leaks in September on sabotage.

More than a dozen Chinese companies have unveiled plans to follow suit, according to exchange filings. The China-Switzerland Connect allows Chinese companies to raise capital by issuing and listing GDRs on Swiss bourse SIX. Swiss firms can issue Chinese Depository Receipts on the Chinese exchanges. She said UBS is also discussing with Chinese firms about listing in Frankfurt once rules are in place, so "our GDR mandates will keep coming". Despite the brighter prospects, deal sizes have been comparatively small, with Gotion's $685 million Swiss listing the biggest so far under the Swiss connect scheme.

☆ Novartis’ growth ills lay tricky treatment pathway
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters Breakingviews) - Novartis (NOVN.S) is facing a prolonged period in recovery. On Thursday, the $187 billion Swiss drugmaker said it will make expansion in the U.S. market a top priority as it seeks to boost its lacklustre growth. He will also spin off its generic drug business next year and list it on the Swiss stock exchange. Strip that away from Novartis’ current enterprise value of $196 billion and the core drugs business is valued at around $167 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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