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UBS chief says Swiss government is leaving banks exposed

Switzerland's politicians have done too little to protect the country's banks from demands for data from foreign governments, UBS Chief Executive Sergio Ermotti said in an interview published by the SonntagsZeitung newspaper on Sunday. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities investigating Swiss banks in Germany, France and the United States. “This is unacceptable and opens the door for a new offensive against Swiss banks,” he told the paper, adding that the government…

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UBS chief says Swiss government is leaving banks exposed

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Oil plunges below $29 on prospects of more Iranian crude, China worries

World oil prices slumped more than 6 percent to below $29 a barrel on Friday, as a further fall in the Chinese stock market and the prospect of an imminent rise in Iran's crude exports deepened fears of a longer supply glut. The slump was not over yet, some analysts warned, as the lifting of sanctions on Iran opens the door to a wave of new oil. …

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Oil plunges below $29 on prospects of more Iranian crude, China worries