Huawei CEO says company doesn’t spy for China and praises Trump in rare appearance

Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant. Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China. “China’s mini


Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant. Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China. “China’s mini
Huawei CEO says company doesn’t spy for China and praises Trump in rare appearance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, praises, appearance, huawei, doesnt, party, data, china, ren, customer, rare, told, chinas, request, business, company, spy, ceo, trump


Huawei CEO says company doesn't spy for China and praises Trump in rare appearance

Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant.

In a rare sit down with international media, Ren Zhengfei addressed concerns raised by the U.S. government, which has warned that the company’s equipment could allow the Chinese government to have a backdoor into a nation’s telecommunications network.

Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing.

“When it comes to cybersecurity and privacy protection we are committed to be sided with our customers. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China.

“China’s ministry of foreign affairs has officially clarified that no law in China requires any company to install mandatory back doors. Huawei and me personally have never received any request from any government to provide improper information,” Ren added.

Ren, a former soldier in the People’s Liberation Army and a current Communist Party member, has faced several years of questions about his relationship between those organizations and his company. Despite his history, Ren told the representatives of the international media that his longtime affiliation with China’s authoritarian party would not affect his ability to fight against that same government if it requested user data.

“The values of a business entity is customer first, is customer centricity. We are a business organization so we must follow business rules. And in that context I don’t see close connection between my personal political believe and our business actions we are going to take as a business entity. And I think I already made myself very clear right now, we will definitely say no to such a request,” Ren said, when asked by CNBC about whether his ties to China’s ruling party would stop him from fighting any kind of data request.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, praises, appearance, huawei, doesnt, party, data, china, ren, customer, rare, told, chinas, request, business, company, spy, ceo, trump


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Huawei CEO Ren praises Trump, warns arrests could harm relationship

Huawei CEO Ren Zhengfei praised President Trump’s tax policies Tuesday while speaking in a rare public appearance before international media. Ren continued, saying that actions like “the detention of certain individuals” could have negative effects on U.S.-China relations. U.S. authorities allege that Meng and Huawei violated Iran sanctions and may have made illegal transactions with HSBC. Also,developed markets such as Australia and New Zealand have banned the use of Huawei products to build ne


Huawei CEO Ren Zhengfei praised President Trump’s tax policies Tuesday while speaking in a rare public appearance before international media. Ren continued, saying that actions like “the detention of certain individuals” could have negative effects on U.S.-China relations. U.S. authorities allege that Meng and Huawei violated Iran sanctions and may have made illegal transactions with HSBC. Also,developed markets such as Australia and New Zealand have banned the use of Huawei products to build ne
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Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: todd haselton, arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, potential, harm, huawei, arrests, media, zte, warns, praises, ren, united, meng, president, individuals, ceo, trump, markets, relationship


Huawei CEO Ren praises Trump, warns arrests could harm relationship

Huawei CEO Ren Zhengfei praised President Trump’s tax policies Tuesday while speaking in a rare public appearance before international media. But he also hinted the U.S. might be scaring away potential investment through actions like the arrest of his daughter and Huawei’s CFO, Meng Wanzhou.

“For President Trump as a person, I still believe he is a great president in the sense that he was bold to slash taxes,

Ren said. “And I think that’s conducive for the development of industries in the United States.”

Ren continued, saying that actions like “the detention of certain individuals” could have negative effects on U.S.-China relations. Meng was arrested in Canada in December. U.S. authorities allege that Meng and Huawei violated Iran sanctions and may have made illegal transactions with HSBC. Authorities in the U.S. have until the end of January to file an extradition request.

“It’s also important to treat countries with potential investors nicely, so that those investments will come,” Ren said. “If countries or companies are getting frightened… by the detention of certain individuals, and then those potential individuals might be scared away, and that is definitely not in the interest of the United States.”

China is also detaining people, however. Since Meng’s arrest, 13 Canadian citizens have been detained by China, though at least eight have been released, according to Reuters.

Huawei has faced increased scrutiny in the U.S., which has advised consumers against buying Huawei-made phones over concerns they could be used to spy. Also,developed markets such as Australia and New Zealand have banned the use of Huawei products to build new faster 5G networks. Ren denied all allegations that Huawei spies for China and said he would refuse requests from the Chinese government if it asked for Huawei’s user data.

During the briefing, Ren said Huawei “might face challenges and difficulties in international markets,” and said that growth during the next year “would be less than 20 percent.” Another Chinese telecom company, ZTE, faced similar headwinds in 2018, but Ren assured the media that “what has happened to ZTE will not happen to Huawei.”

–CNBC’s Kate Fazzini contributed to this report.

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Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: todd haselton, arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, potential, harm, huawei, arrests, media, zte, warns, praises, ren, united, meng, president, individuals, ceo, trump, markets, relationship


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Alphabet’s Verily gets $1 billion in funding round led by Silver Lake

Verily, the life sciences arm of Alphabet, raised $1 billion in fresh capital in a funding round led by private equity firm Silver Lake. Alphabet Chief Financial Officer Ruth Porat is also joining Verily’s board along with Egon Durban from Silver Lake, according to a statement on Thursday. “We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad, in the statement. Verily, formerly known as Google Life S


Verily, the life sciences arm of Alphabet, raised $1 billion in fresh capital in a funding round led by private equity firm Silver Lake. Alphabet Chief Financial Officer Ruth Porat is also joining Verily’s board along with Egon Durban from Silver Lake, according to a statement on Thursday. “We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad, in the statement. Verily, formerly known as Google Life S
Alphabet’s Verily gets $1 billion in funding round led by Silver Lake Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: christina farr, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, silver, alphabet, statement, billion, led, gets, funding, alphabets, lake, health, round, company, verilys, sciences, life, google, verily


Alphabet's Verily gets $1 billion in funding round led by Silver Lake

Verily, the life sciences arm of Alphabet, raised $1 billion in fresh capital in a funding round led by private equity firm Silver Lake.

Alphabet Chief Financial Officer Ruth Porat is also joining Verily’s board along with Egon Durban from Silver Lake, according to a statement on Thursday. The announcement comes two years after Verily took in $800 million of outside capital from Singapore’s Temasek, and puts the company, one of Alphabet’s so-called Other Bets, a step closer towards potential independence.

“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad, in the statement. The new investors will prepare the company to “execute as healthcare continues the shift towards evidence generation and value-based reimbursement models,” he said.

Verily, formerly known as Google Life Sciences, has a number of partnerships across the health and life sciences sector in areas ranging from diabetes management to surgical robotics. The company often provides the technical talent, while its counterparts in health care bring in expertise on clinical research and regulation. Partners include Johnson & Johnson, Dexcom and Walgreens.

Silver Lake’s Egon Durban said in the statement that Verily’s “unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare.”

Late last year, Google announced it had brought on a new executive, Geisinger Health’s David Feinberg, to consolidate its health efforts. Feinberg will work closely with Verily executives, according to people familiar with the matter, but he won’t directly manage its leaders, including Conrad.

With Porat joining the board, it’s likely that Alphabet will continue to oversee Verily’s financial performance. Alphabet doesn’t typically reveal revenues associated with its Other Bets, but Google co-founder Sergey Brin told employees in 2016 that Verily was already profitable and making money on a “cash basis.”

Silver Lake, which currently has about $45.5 billion under management, specializes in investing in technology companies. The Ontario Teachers’ Pension Plan was also part of the investment round.

WATCH: Verily’s project baseline – ‘Google Maps for health’


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: christina farr, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, silver, alphabet, statement, billion, led, gets, funding, alphabets, lake, health, round, company, verilys, sciences, life, google, verily


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Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore

French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources. Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. Before his arrest, he was reportedly planning to merge Renault and Nissan, according to


French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources. Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. Before his arrest, he was reportedly planning to merge Renault and Nissan, according to
Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: robert ferris, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, ceo, replace, japanese, coo, plans, thierry, ghosn, automaker, renault, bollore, company, automotive, carlos, fallen, stake, reportedly, french, nissan


Renault reportedly to replace fallen CEO Carlos Ghosn with COO Thierry Bollore

French carmaker Renault plans to name Chief Operating Officer Thierry Bollore as an interim replacement for fallen CEO Carlos Ghosn, who was arrested in Tokyo, Dow Jones reported Tuesday, citing unidentified sources.

Ghosn is one of the automotive industry’s biggest figures, but his formidable legacy has been rapidly unraveling in the span of a few days.

Ghosn had simultaneously served as the CEO of Renault, chairman of Japanese carmaker Nissan and the head of a strategic alliance among those automakers and another Japanese automaker, Mitsubishi. He is accused of under- reporting millions in income to Japanese authorities over the years and to have misused company funds.

Before his arrest, he was reportedly planning to merge Renault and Nissan, according to the Financial Times. The board of the Japanese automaker had fiercely opposed the move.

Speaking Tuesday on French radio, the country’s finance minister, Bruno Le Maire, said Ghosn is “as a matter of fact not able to run the company” in light of the accusations.

The French government owns a 15 percent stake in Renault, which in turn owns more than 40 percent of Nissan. Nissan holds a 15 percent stake in Renault.

On Monday, Nissan’s CEO spoke harshly about Ghosn’s recent tenure at the automaker, saying it planned to remove him as chairman. Mitsubishi said Monday it also plans to strip him of his board seat at that company.

Bollore is a long time automotive industry executive who spent years at tire company Michelin in positions around the world and at automotive parts supplier Faurecia before joining Renault in 2012.

Renault was not immediately available for comment to CNBC.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: robert ferris, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, ceo, replace, japanese, coo, plans, thierry, ghosn, automaker, renault, bollore, company, automotive, carlos, fallen, stake, reportedly, french, nissan


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It won’t be because of politics, but more wealthy investors see the end of bull market coming

The markets suffered another bumpy week in the post-midterm election period, with steep losses suffered by stocks. That back-and-forth may have contributed to losses of more than two percent for the Dow Jones Industrial Average and Nasdaq. But still, a recent survey suggests that many wealthy investors are not focused on short-term politicals risks and are not making major changes to their portfolios in the post midterm election period, even if they expect volatility to remain elevated. Only 9 p


The markets suffered another bumpy week in the post-midterm election period, with steep losses suffered by stocks. That back-and-forth may have contributed to losses of more than two percent for the Dow Jones Industrial Average and Nasdaq. But still, a recent survey suggests that many wealthy investors are not focused on short-term politicals risks and are not making major changes to their portfolios in the post midterm election period, even if they expect volatility to remain elevated. Only 9 p
It won’t be because of politics, but more wealthy investors see the end of bull market coming Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: eric rosenbaum, drew angerer, getty images, simon dawson, bloomberg, fabrice coffrini, afp, andrew harrer, thomas peter-pool, getty images news
Keywords: news, cnbc, companies, end, suffered, expect, wealthy, results, trade, election, result, politics, week, market, wont, investors, coming, bull, survey, volatility


It won't be because of politics, but more wealthy investors see the end of bull market coming

The markets suffered another bumpy week in the post-midterm election period, with steep losses suffered by stocks. But if political headlines weighed on investors, it was more likely that the unresolved trade war with China was the reason rather than the reshuffling of House seats in favor of the Democrats.

Several headlines from the past week featured White House officials contradicting each other over trade negotiations with China and the potential implementation of additional tariffs in January. That back-and-forth may have contributed to losses of more than two percent for the Dow Jones Industrial Average and Nasdaq. But still, a recent survey suggests that many wealthy investors are not focused on short-term politicals risks and are not making major changes to their portfolios in the post midterm election period, even if they expect volatility to remain elevated.

Only 9 percent of investors with at least $1 million in a self-directed brokerage account expect stock market volatility to decrease as a result of midterm election results that turned out as they expected. More millionaires expect volatility to remain the same (47 percent) or increase (44 percent), according to a survey conducted by E-Trade Financial between Nov. 7 and Nov. 12 among 900 investors who trade their own accounts (the results for the more than 100 millionaires included in this survey are provided exclusively to CNBC). Sixty-seven percent plan to make no changes to their portfolios as a result of the elections, the E-Trade survey found.


Company: cnbc, Activity: cnbc, Date: 2018-11-18  Authors: eric rosenbaum, drew angerer, getty images, simon dawson, bloomberg, fabrice coffrini, afp, andrew harrer, thomas peter-pool, getty images news
Keywords: news, cnbc, companies, end, suffered, expect, wealthy, results, trade, election, result, politics, week, market, wont, investors, coming, bull, survey, volatility


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Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a


Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS. WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung. The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said. The competition watchdog also a
Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investigates, units, firms, swiss, competition, credit, financial, investigated, suisse, mobile, companies, ubs, watchdog, weko, pay, agreements


Swiss competition watchdog investigates UBS, Credit Suisse for mobile pay agreements

Switzerland has launched an investigation into a number of its financial companies, including big banks like Credit Suisse and UBS.

WEKO, the country’s competition watchdog, said Thursday that it will investigate some of the biggest financial firms for a suspected boycott of mobile payment solutions such as Apple Pay and Samsung.

The list of firms to be investigated includes Aduno Holding, Postfinance, Swisscard and Swiss units of Credit Suisse and UBS, WEKO said.

The competition watchdog also added that raids were carried out at offices of the companies being investigated.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava, fabrice coffrini, afp, getty images
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US jeweler Harry Winston buys ‘Pink Legacy’ diamond for $50 million

The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday. Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said. “The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat wh


The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday. Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said. “The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat wh
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Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, stone, winston, pink, million, jeweler, 50, hayek, christies, diamond, diamonds, harry, legacy, curiel, buys


US jeweler Harry Winston buys 'Pink Legacy' diamond for $50 million

The “Pink Legacy,” a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie’s said on Tuesday.

Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said.

The semi-annual Geneva jewelry sale netted $110 million, with 86 percent of lots finding new owners, including 11 that brought more than $1 million, Francois Curiel, chairman of Christie’s luxury group told reporters.

“The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond,” Curiel, who is also a jewel expert, said. “This stone for me is the Leonardo Da Vinci of diamonds, I don’t think there is anything better.”

Graded “vivid”, the highest rating for a pink diamond’s color, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.

Once owned by the Oppenheimer Family, who built De Beers into the world’s biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed.

Vivid colored diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this color weigh less than one carat, the auction house said.

There were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row, Curiel said.

An important Asian collector was the direct under-bidder, Rahul Kadakia, international head of Jewelry at Christie’s told reporters.

“The stone is now going to be known as Pink Legacy Diamond which Mrs Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat ‘D’ flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, stone, winston, pink, million, jeweler, 50, hayek, christies, diamond, diamonds, harry, legacy, curiel, buys


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US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma


The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma
US sues UBS over alleged crisis-era mortgage securities fraud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis.

UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.

The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.

While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell.

A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit.

“The DOJ’s claims are not supported by the facts or the law,” it said in a statement. “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”

U.S. officials are seeking unspecified fines against UBS under a federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct.

The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.

Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland previously settled.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial


The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial
UBS expects to be sued by US Justice Department over crisis-era mortgage securities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


UBS expects to be sued by US Justice Department over crisis-era mortgage securities

UBS Group, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-2009 financial crisis, according to a company statement.

The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.”

The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.

It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis.

The Department of Justice has settled similar claims with Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America and Barclays.

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit.

More recently, HSBC Holdings agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group reached a $4.9 billion deal in May.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
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Koreas to inform IOC of intent to co-host 2032 Games

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. There continues to be doubts whether K


The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. There continues to be doubts whether K
Koreas to inform IOC of intent to co-host 2032 Games Cached Page below :
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Keywords: news, cnbc, companies, koreas, summit, events, inform, korean, organize, intent, competitions, ioc, olympics, south, games, 2032, kim, friendly, cohost, north


Koreas to inform IOC of intent to co-host 2032 Games

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them.

“The plan is to organize friendly competitions marking meaningful anniversaries between the South and North, for example the first anniversaries of the (April) inter-Korean summit and the Pyeongchang Winter Olympics,” said South Korean Vice Sports Minister Roh Tae-kang, according to a pool report.

North Korean officials at the meeting were led by a counterpart, Won Kil U.

North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events.

It would be extremely difficult to host the Olympics in North Korea under heavy U.S.-led sanctions, which are unlikely to be removed until the North takes concrete steps to relinquish its nuclear arsenal.

There continues to be doubts whether Kim will ever give up his arsenal he may see as his strongest guarantee of survival. There’s also declining public support among South Koreans for hosting mega sports events due to worries over huge costs.


Company: cnbc, Activity: cnbc, Date: 2018-11-02  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, koreas, summit, events, inform, korean, organize, intent, competitions, ioc, olympics, south, games, 2032, kim, friendly, cohost, north


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