A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros ($5.1 billion) in penalties.
UBS Group expects its appeal of a French court verdict ordering the Swiss bank to pay 4.5 billion euros ($5.10 billion) for aiding tax evasion to last years, Chief Executive Sergio Ermotti told staff in a memo.
Berkshire Hathaway Inc's re-investment in Suncor Energy Inc highlights the benefits of being an integrated oil company and could revive investor interest in the languishing Canadian energy sector, fund managers said.
Bristol-Myers Squibb Co said on Wednesday that activist hedge fund Starboard Value LP intends to nominate five directors to the U.S. drugmaker's board, one month after it announced a $74 billion deal to acquire peer Celgene Corp.
UBS slammed a French court verdict on Wednesday ordering the Swiss bank to pay 4.5 billion euros ($5.10 billion) after finding it guilty of aiding tax evasion.
A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.
