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ZURICH (Reuters) - Swiss bank UBS (UBSG.S) may ask U.S. regulators to expand its license to sell more complex products and sophisticated investment advice to wealthy Americans living in Switzerland as it seeks to woo U.S. taxpayers abroad for growth. In an interview published on Sunday, Chief Executive Sergio Ermotti told Swiss newspaper SonntagsZeitung that UBS currently cannot sell some products and investments to U.S. taxpayers in Switzerland. Ermotti did not specify which products, but a banking source told Reuters they would be investments and advice that UBS’s Swiss-based Swiss Financial Advisers unit (SFA), which caters to U.S. taxpayers the country above a certain wealth threshold, cannot offer now.
According to the source, UBS is reviewing options and is likely to approach the U.S, Securities and Exchange Commission (SEC) to seek regulatory permission for some currently off-limits products, The source did not name specific products under review, Expanding UBS’s license could help it compete against U.S, rivals just as the largest Swiss bank is seeking more business silver fuschia swarovski barrel formal set | uk cufflinks with wealthy U.S, citizens living abroad, to help accelerate its wealth management business where transaction volumes have been modest..
“Most billionaires are Americans,” Ermotti said in the newspaper interview. “We don’t want to just cede that business to the U.S. banks.”. In 2009, UBS paid $780 million to settle a dispute over wealthy Americans who had stashed undeclared money in Swiss accounts. The source said the limits on what products UBS could offer affluent U.S. taxpayers in Switzerland were not a consequence of that dispute. Rather, its current license with the SEC simply does not cover them.
Ermotti told the newspaper that U.S, banks had worked “cleverly” with politicians in that country to take advantage of the tax dispute to advance their commercial interests, Still, the Swiss banker said UBS, which maintained a strong U.S, presence even after its settlement, is strong enough to overcome any disadvantage, “We have something special to offer,” he told SonntagsZeitung, “As David against Goliath, we silver fuschia swarovski barrel formal set | uk cufflinks can do well.”, (This version of the story corrects paragraph 3 to show products and advice in question cannot currently be offered by UBS, clarifies in paragraph 5 that license would help UBS compete against U.S, rivals)..
PARIS (Reuters) - France will ask carmakers on Monday to help fund an expanded trade-in program to get older, polluting cars off the road with incentives for new ones, the French finance minister told daily Le Parisien on Sunday. The existing government-funded scrappage scheme, which mainly targets old diesel cars, is already oversubscribed. The widening of the incentive is partly funded by a hardening of the tax on polluting vehicles adopted on Tuesday, which should raise 40 million euros (35.5 million pounds) to reach a total of 610 million next year to finance contributions for the purchase of more environment-friendly cars.
The minister’s agenda says he will hold meetings with Environment Minister Francois de Rugy and carmakers, silver fuschia swarovski barrel formal set | uk cufflinks such as Renault and PSA, to “discuss measures aimed at speeding up the vehicle fleet’s ecological transition.”, “With Francois de Rugy we will ask carmakers tomorrow to contribute to the conversion premium,” Finance Minister Bruno Le Maire told Le Parisien in an interview, adding that the incentive should be more efficient and reach more French people, The level of carmakers’ contribution to the wider scheme would have to be discussed with them, he said..
Newspaper Les Echos earlier this week said French carmakers were already discussing between them the implementation at their expense of a bonus for the conversion of old vehicles. The precise outlines remained under discussion. There has been a global backlash against diesel-engine cars since leading German carmaker Volkswagen (VOWG_p.DE) admitted in 2015 to cheating U.S. exhaust tests. The scandal has boosted investment in electric vehicles and incentives for green cars. German Chancellor Angela Merkel and her coalition partners agreed earlier this month on plans to cut pollution from diesel vehicles by asking carmakers to offer owners trade-in incentives and hardware fixes.
But carmakers had said the focus should instead be on encouraging car owners to trade in their older diesel models for cleaner vehicles - which would bring a boost in sales, albeit at discounted prices, Volkswagen on silver fuschia swarovski barrel formal set | uk cufflinks Thursday said it will offer trade-in incentives and a bonus for scrapping older diesel vehicles in Germany, Separately, Le Maire dismissed calls to reduced taxes on fuel prices which have surged at French petrol stations after a spike in crude oil, saying this would contribute to climate change..