UBS tightening controls after Libor scandal: chairman

Swiss banking giant UBS, hit with massive fines for manipulating global interest rates, has learned its lesson and is improving its control mechanisms, its chairman Axel Weber insisted in an interview published Sunday.

"We must learn from this crisis and avoid further damage to the bank," Weber told the Blick in a joint interview with UBS chief executive Sergio Ermotti.

"We are in the process of improving the control systems," he said.

His comments came as a separate report charged that UBS had not only manipulated global interest rates, but had also tampered with Swiss franc interest rates for more than a decade.

UBS did not immediately respond to requests for comment.

US, British and Swiss authorities last week hit Switzerland's largest bank with $1.5 billion in fines -- the second-largest banking penalty ever -- for massive misconduct in the setting of the Libor rate.

That rate is used as a benchmark for global financial contracts worth about $300 trillion and affects financial products worldwide such as student loans and mortgages.

Both Weber and Ermotti stressed in Sunday's interview that Swiss investigators had found no indication top UBS executives were aware of the misconduct.

But Weber acknowledged that responsibility for the Libor scandal lay "not only with the people who committed crimes, but also with those who were tasked with supervising them," noting that people not directly involved in manipulating rates had also been fired.

The French-language daily Le Matin meanwhile reported in its Sunday edition that UBS had not only contributed to manipulating global interest rates on the dollar, the British pound and the yen.

It also "systematically played with interest rates on the Swiss franc. And that for more than 10 years," Le Matin reported.

Quoting findings in a US justice department probe, the paper said there was evidence that UBS traders had manipulated the rates from 2001.

The paper criticised Switzerland's financial regulator FINMA for not looking further back than 2007 when it calculated UBS's misdeeds in Switzerland, and also lambasted the Swiss national bank for not releasing numbers on how much the bank had cost the Swiss economy.

The Swiss portion of the bank's massive fine amounted to just 59 million Swiss francs ($64 million).

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • China economy seen growing 6.6 percent in fourth quarter - government think tank Reuters - 10 minutes ago

    China's economy is expected to grow at an annual 6.6 percent in the fourth quarter and post overall growth of 6.7 percent for the full year, the China Academy of Social Sciences (CASS) said. The predictions by CASS, a top think-tank that advises … More »

  • Cisco plans $4 billion worth of expansion in Mexico - government
    Cisco plans $4 billion worth of expansion in Mexico - government Reuters - 15 minutes ago

    U.S. networking equipment maker Cisco Systems Inc (CSCO.O) plans more than $4 billion worth of expansion in Mexico between 2016 and 2018, the Mexican government said on Tuesday. Cisco's Chief Executive Officer Chuck Robbins made the announcement … More »

  • Need to address non-tariff barriers within Asean Business Times - 24 minutes ago

    ADDRESSING non-tariff barriers (NTB) in Asean still has a long way to go, and member countries must first work on key people-centric focus groups in order to start progressing, said Asean Business Advisory Council Malaysia chairman Tan Sri Dr Mohd … More »

  • Satellite Pipeline inks technical deal with AWS Schäfer Business Times - 25 minutes ago

    BERLIN: Satellite Pipeline Sdn Bhd has tied up with German pipe machine leader AWS Schäfer Technologie GmbH to start a steel and pipe heat induction bending workshop in Pahang. The long-term technical joint-venture agreement marks the first of … More »

  • Citizens, govt and businesses play role in city's transformation Business Times - 25 minutes ago

    MAKING a city a liveable space involves the citizens, the government and businesses and requires small and multiple meaningful projects for the transformation, said Think City Sdn Bhd executive director Hamdan Abdul Majeed.   “Cities can … More »

  • 'No changes to GST in near term' Business Times - 25 minutes ago

    THERE will be no changes to the Goods and Services Tax (GST) in the near term as the government aims to embed the tax system into entire consumer spending system, said Finance Minister II Datuk Johari Abdul Ghani. “GST and the subsidy … More »

  • German firm eyes Silterra Business Times - 26 minutes ago

    BERLIN: German wafer fab giant X-Fab Silicon Foundaries is looking at Khazanah Nasional Bhd’s wafer fab company Silterra Malaysia Sdn Bhd in Kulim as a possible acquisition target. “We are looking at acquisitions around the world and Silterra is … More »

  • Malaysia on track to be high-income economy Business Times - 26 minutes ago

    Tabung Haji deputy chief executive officer Datuk Badlisyah Abdul Ghani said Malaysia made the wise decision early to reduce its dependency on the oil and gas sector, a strategy that many Organisation of Islamic Cooperation (OIC) countries — who are … More »

  • Toshiba revises up first-half forecast on solid memory chip sales
    Toshiba revises up first-half forecast on solid memory chip sales Reuters - 26 minutes ago

    TOKYO (Reuters) - Japan's Toshiba Corp said on Wednesday it is expecting to report a bigger first-half profit than previously forecast as prices for memory chips have climbed on an increase in demand for ... … More »

  • Canada approves US$27 bn LNG project, eyes Asia Business Times - 30 minutes ago

    MONTREAL: Canada approved Tuesday a Can$36 billion (US$27 billion USD) project by Malaysia’s Petronas to build a liquid natural gas pipeline along its Pacific Northwest coast, a massive project targeting Asian markets. The liquefied natural gas … More »

  • Dutch-led team to release initial MH17 criminal probe
    Dutch-led team to release initial MH17 criminal probe AFP News - 31 minutes ago

    A Dutch-led international team of criminal investigators on Wednesday will release initial findings into the downing of Malaysia Airlines flight MH17 amid growing frustration among relatives over the probe's pace. The preliminary findings are … More »

  • Wells Fargo CEO forfeits millions as board orders review
    Wells Fargo CEO forfeits millions as board orders review Reuters - 32 minutes ago

    Carrie Tolstedt, the former head of the retail division at the centre of a burgeoning sales scandal, has left the company ahead of her planned Dec. 31 retirement date, will get no severance and has forfeited unvested equity awards worth about $19 … More »

  • Asia stocks edge down on Europe bank woes, lower oil
    Asia stocks edge down on Europe bank woes, lower oil Reuters - 37 minutes ago

    Asian stocks were mostly lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets. Equities in Asia had gained the previous day on a perceived win by Democrat Hillary … More »

  • Tokyo shares drop by break on dividend payments AFP - 38 minutes ago

    Tokyo shares eased off the previous day's rally Wednesday morning as more than half the firms on the Topix index traded without the right to a September dividend payment. The Nikkei 225 index fell 1.54 ... … More »

  • Oil prices climb after industry data shows U.S. stocks draw
    Oil prices climb after industry data shows U.S. stocks draw Reuters - 43 minutes ago

    Oil prices rose early on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. Crude … More »

  • Asia stocks inch up after Wall Street's gains, oil prices slide
    Asia stocks inch up after Wall Street's gains, oil prices slide Reuters - 44 minutes ago

    Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks, while reduced hopes that a meeting of major producers would reduce a oversupply weighed heavily on crude oil prices. MSCI's broadest index of Asia-Pacific shares … More »

  • Canadian government approves Petronas LNG project Business Times - 46 minutes ago

    RICHMOND: The Canadian government on Tuesday approved a proposed Petronas-led liquefied natural gas plant in northern British Columbia, ending a three-year wait for a decision and drawing condemnation from environmentalists. Prime Minister Justin … More »

  • Postal Bank Makes Tepid Debut Amid Report Soros Fund Invested Bloomberg - 46 minutes ago

    (Bloomberg) -- Postal Savings Bank of China Co. made a tepid share market debut in Hong Kong as a Chinese business magazine reported that a fund connected with billionaire George Soros was among investors. … More »

  • ECB's Lane says up to supervisors to mitigate risks of low rates
    ECB's Lane says up to supervisors to mitigate risks of low rates Reuters - 1 hour 11 minutes ago

    Ultra-low European Central Bank interest rates could lead to excessive risk-taking but it is up to supervisors to mitigate these risks as ECB policy is clearly doing the job intended, Governing Council member Philip Lane said on Tuesday. Lane, the … More »

  • China's PSBC begins trading in Hong Kong
    China's PSBC begins trading in Hong Kong AFP News - 1 hour 19 minutes ago

    PSBC raised $7.4 billion with the listing, which is the biggest since Chinese internet giant Alibaba floated in New York in 2014, raising $25 billion. Bank chairman Li Guohua described the launch as an "important milestone" for the company. … More »

  • Japan PM Abe says to work with BOJ to defeat deflation Reuters - 1 hour 24 minutes ago

    TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Wednesday that the government would continue to work closely with the Bank of Japan, using all policy tools, to defeat deflation and boost growth. ... … More »

  • Condos in a Garden City
    Condos in a Garden City The Edge Property - 1 hour 26 minutes ago

    Singapore’s Garden City journey began in 1963, when then Prime Minister Lee Kuan Yew launched the campaign. The most recent transaction was in September where an 829 sq ft two-bedroom unit fetched $1,060,000 or $1,279 psf. … More »

  • Meituan-Dianping moves to second-half era with payment startup acquisition
    Meituan-Dianping moves to second-half era with payment startup acquisition e27 - 1 hour 32 minutes ago

    Meituan-Dianping is now able to run financial services ranging from mobile payment, bankcard payment to prepaid cards Meituan-Dianping, China’s largest group deals site, confirmed Monday that it has fully acquired Qiandai, a third-party payment … More »

  • Top Analyst Sees No Easy Win for Yuan Bears as Calm Endures (1) Bloomberg - 1 hour 35 minutes ago

    The exchange rate has barely budged against the dollar this quarter after slumping in the previous three months by the most since the nation unified official and market rates at the start of 1994. Some strategists have revised down their bearish … More »

  • Renault, Suzuki Said to on Proton’s Shortlist for Stake Sale (1) Bloomberg - 1 hour 39 minutes ago

    The carmaker has also chosen proposals from companies including Renault SA and Peugeot parent PSA Group, said two of the people, who asked not to be identified as discussions are private. A stake of as much as 51 percent will be sold in Proton, … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.142+0.001+0.71%
    N21.SI
    0.143+0.001+0.70%
    5DM.SI
    0.320.00+1.59%
    5OT.SI
    0.21+0.02+11.11%
    I07.SI
    0.60+0.01+1.69%
    42R.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.24+0.03+14.29%
    BQN.SI
    0.21+0.02+11.11%
    I07.SI
    0.495+0.045+10.00%
    T55.SI
    0.199+0.009+4.74%
    S9B.SI
    0.295+0.010+3.51%
    P9J.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.225-0.035-13.46%
    40D.SI
    0.285-0.025-8.06%
    AYV.SI
    0.38-0.02-5.00%
    AWE.SI
    0.98-0.04-3.92%
    BCY.SI
    0.305-0.010-3.17%
    BDX.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3593-0.0002-0.02%
    USDSGD=X
    1.5237-0.0012-0.08%
    EURSGD=X
    1.7675-0.0027-0.15%
    GBPSGD=X
    73.9900+0.134+0.18%
    SGDJPY=X
    5.7033+0.001+0.02%
    SGDHKD=X
    3.0436+0.0046+0.15%
    SGDMYR=X
    9,511.0781-17.375-0.18%
    SGDIDR=X
    4.9066+0.0011+0.02%
    SGDCNY=X
    1.0429+0.0007+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,328.50-1.90-0.14%
    GCZ16.CMX
    19.13-0.04-0.18%
    SIZ16.CMX
    92.98-1.47-1.55%
    ^XAU
    2.170.00+0.16%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.02
    ^FVX
    1.56-0.03
    ^TNX
    2.28-0.05
    ^TYX