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UBS charged with tax fraud in France: judicial source PARIS: Swiss bank UBS was on Wednesday charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland, a judicial source said.The bank, which was already under investigation for illegal solicitation of customers in France, will now have to pay a total bail of 1.1 billion euros ($1.5 billion), the source told AFP. UBS's Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to hide the movement of capital into Switzerland.The judicial source said the charges relate to money kept in accounts in Switzerland between 2004 and 2012. A probe was launched after former UBS employees blew the whistle.The ACP, the Bank of France's regulatory arm, had been alerted to the undeclared accounts between 2002 and 2007.According to judicial sources, the new bail is equivalent to 42.6 percent of USB's after-tax profits last year and 2.8 percent of shareholder ...

Daimler second-quarter profit boosted by new models FRANKFURT: Germany's Daimler reported a 12 percent gain in underlying second-quarter operating profit, propelled by Mercedes as its new C-Class and E-Class models helped the luxury auto maker lift margins.The Stuttgart-based maker of trucks and cars said group earnings before interest and tax (EBIT) from ongoing business rose to 2.46 billion euros ($3.3 billion) from 2.19 billion in the three months ended June, beating a 2.38 billion average forecast in a Reuters poll.Profitability at Mercedes-Benz ...

Bank of Spain sees GDP growth picking up to 2pc in 2015 MADRID: The Bank of Spain revised up its economic growth forecasts for this year and next on Wednesday, saying it expected a 2 percent expansion in 2015 after internal demand and business investment gathered pace in recent weeks.The central bank, which now sees the Spanish economy growing 1.3 percent this year compared to 1.2 percent previously, had forecast in March that gross domestic product would grow by 1.7 percent in 2015.The central bank said GDP ...

Telenor raises outlook on solid telecoms data growth OSLO: Telecoms firm Telenor lifted its full-year outlook on Wednesday on a solid rise in lucrative data traffic across its sprawling business empire in Europe and Asia, sending its shares sharply higher.Norway's Telenor said its margins would be above its earlier projection on a continued shift to data and a rebound in its Norwegian operations, offering a contrasting outlook after rivals TeliaSonera and Tele2 cut their guidance recently on stiff competition."We have very strong momentum ...

Alstom reports strong rail activities, shares rally PARIS: French engineering group Alstom reported sales and order figures on Wednesday which fit its strategy, controversial in France, of selling energy assets to focus on being a world leader in rail equipment.The company, a top name in French industry which is to sell power assets to GE, has taken record orders thanks to a huge rail contract in South Africa, and said it expected the rail division to do well.But its energy division is ...

Samsung Introduces New Branded SSD Powered by 3D V-NAND LAHORE: Samsung Electronics Co., Ltd., the world leader in advanced memory technology, today launched the 850 PRO, a new solid state drive (SSD) line-up featuring Samsung’s cutting-edge three-dimensional (3D) vertical NAND (V-NAND) flash memory technology. The new Samsung 850 PRO, unveiled at the 2014 Samsung SSD Global Summit in Seoul, offers a new breed of performance for solid state drives and will be available globally across 53 markets from this month.Based on Samsung’s proprietary V-NAND ...

AkzoNobel reports paints profits up in Q2 THE HAGUE: The world's top paint maker AkzoNobel on Wednesday posted net profit up 11 percent in the second quarter of 2014, despite a sales drop blamed on unfavourable exchange rates.The Dutch-Swedish group made 205 million euros ($276 million) in net profit, "mainly due to higher operating income," a statement said.Turnover was nevertheless down 4.0 percent year-on-year at 3.71 billion euros, "mainly due to five percent adverse currency effects," including a strong euro.Paint is used ...


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Foreign Debt $60.9bn
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