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UBS wants new recruit Khan to drop criminal complaint over spying: paper

UBS wants Iqbal Khan, co-head of its wealth management business, to drop his criminal complaint over a spying scandal that emerged after he left cross-town rival Credit Suisse , the SonntagsZeitung newspaper reported on Sunday. UBS’s board would welcome it if Khan abandoned his complaint against the three private detectives who followed him during his last weeks as a Credit Suisse employee, the paper said, citing sources close to the UBS board. Khan, who left Switzerland’s second-biggest bank in July and began working at UBS in October, was under surveillance by private detectives hired by Credit Suisse …read more […]

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Leading union demands concessions in Thyssenkrupp elevator sale

Top representatives at IG Metall, Germany’s biggest union, will not approve a sale of Thyssenkrupp’s prized elevator division unless potential buyers give far-reaching concessions to employees, they said. The remarks come as Thyssenkrupp’s efforts to list or sell the unit, which some analysts believe could be valued at 17 billion euros ($18.8 billion) or more, with at least 10 bidders shortlisted to submit indicative offers. Labor representatives have always had great influence at the steel-to-submarines conglomerate and hold half of the 20 seats on its supervisory board, with IG Metall members representing the majority of those. …read more […]

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China should ease regulations for foreign financial institutions: HSBC executive

China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC said on Sunday. Peter Wong, deputy chairman and chief executive of HSBC’s Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and investor protection to mitigate systemic risks. …read more […]

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China should ease regulations for foreign financial institutions: HSBC executive

China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC said on Sunday. Peter Wong, deputy chairman and chief executive of HSBC’s Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and investor protection to mitigate systemic risks. …read more […]

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Slinging Mud Won't Secure the World's Oil Supply

(Bloomberg Opinion) — It’s just been six months since the biggest crisis for Russian oil distribution in living history, and the leader of the country’s largest oil company is already flinging mud in the direction of the world’s other two giant oil producers, Saudi Arabia and the U.S.On Thursday, speaking at the Verona Forum, Igor Sechin, chief executive officer of state controlled Rosneft PJSC, which produces more than a third of Russia’s crude, said it was time to “reassess Saudi Arabia’s role as the unconditionally reliable oil supplier” in light of last month’s drone attack on Saudi oil infrastructure. Then …read more […]