Warren Giles News
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Pictet & Cie.’s client assets under management at the end of 2010 declined 0.3 percent from the previous year, Le Temps reported, citing figures from the bank.
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UBS AG Chairman Kaspar Villiger said the Basel III regulations are “tougher than they appear,” Le Temps reported, citing a meeting with Swiss newspapers.
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Bank Leumi Le-Israel Ltd. ’s agreement to purchase of Banque Safdie SA will create a private bank managing assets of 11.4 billion Swiss francs ($11.8 billion), L’Agefi reported, without saying where it got the information.
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Orascom Development Holding AG’s hotels in Egypt may see a 25 percent decline in first-quarter revenue in a worst case scenario as a result of unrest in the country, Chief Executive Officer Samih Sawiris told Le Temps .
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Middle Eastern and African leaders and ruling elites hold an estimated $225 billion of illegally obtained assets with foreign banks, according to research firm MyPrivateBanking .
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Julius Baer Group Ltd. , the 121-year old Swiss wealth manager, plans to buy back as much as 500 million Swiss francs ($524 million) of shares after full-year profit declined 9.3 percent.
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A former Julius Baer Group Ltd. employee’s effort to discredit the 121-year-old bank by handing stolen client data to WikiLeaks has put Swiss banking secrecy back in the spotlight.
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Iraq will increase its oil-production capacity to 11 million barrels a day within “six or seven years,” the country’s Deputy Prime Minister Hussain al- Shahristani told Le Temps .
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Bank Sarasin & Cie AG is adding to its 100 staff in Geneva to cater to French, German, Dutch and Belgian clients, L’Agefi reported, citing a presentation by Eric Sarasin , head of the private banking division.
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Rudolf Elmer , who handed over bank client data to WikiLeak’s Julian Assange this week, was detained in Zurich late yesterday as prosecutors investigate possible breaches of Swiss banking secrecy laws.
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