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UBS has named a raft of European small and midcap stocks it says are staging a "comeback in the making" this year. Smaller European stocks returned 0.5% in July and August, outperforming the 1.7% contraction logged by large caps in the same period, the Swiss investment bank noted. On average, stocks on UBS' list of small and mid-cap stocks were up 6.6% year-to-date, beating the MSCI European Smallcap Index by 1.2 percentage points, according to the bank. Stock picks Italian cement and ready-mix company Buzzi is among UBS' top picks, given its year-to-date performance of 53.4%. New on the radar UBS' list has also undergone a refresh to include three new stocks: Galenica , SIG Group and Talgo.
Persons: Knorr, Hugo Boss, Galenica Organizations: UBS, Stock, Bremse, SIG Group, Swiss pharma, SIG Locations: Swiss
French aerospace company Safran SA will pay about $17.2 million as part of a settlement with the U.S. Justice Department over bribes that subsidiaries allegedly paid in China. Safran is getting credit for coming forward and voluntarily disclosing the alleged bribery, which occurred at two subsidiaries before the company’s acquisition of the units. Parent company Safran is best known for its business as an aircraft parts maker. The $17.2 million Safran will turn over represents bribery-tainted profits stemming from the involvement of the U.S. subsidiary, Monogram. Prosecutors said they would defer to German authorities as to any penalty assessed against Safran in connection with Evac’s involvement.
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