While global gold prices are expected to surge strongly in 2013, local experts have yet to give any predictions for development of domestic gold prices as new rules on gold trading have just taken effect. Most large banks worldwide such as Goldman Sachs, BNP Paribas, UBS and Bank of America have predicted the precious metal to shoot up to over US$1,800 an ounce this year, explaining that many countries,... 

Swiss banking giant UBS said Tuesday that it expected to post a slight profit for the third quarter, despite rogue trading which lost the bank $2.3 billion. “UBS expects to report a modest net profit for the group and positive net new money in its wealth management businesses for the third quarter of 2011,” the bank said in a statement. When the bank first announced the discovery of the... 

Swiss banking giant UBS revealed on Thursday an estimated loss of $2.0 billion after the discovery of unauthorised trading at its investment bank. Shares in the bank plunged on the announcement which was issued two minutes before trading began, plummeting 7.04 per cent to 10.16 francs. “UBS has discovered a loss due to unauthorised trading by a trader in its Investment Bank,” the bank... 

Several major US banks are close to an agreement with the Wall Street regulator to settle fraud allegations related to the “toxic” mortgages behind the 2008 financial crisis, a report said Friday. An initial agreement with the Securities and Exchange Commission (SEC) could be settled next week, the Wall Street Journal said, citing sources close to the case, noting penalties would likely... 

Germany’s biggest bank, Deutsche Bank, was ordered Tuesday for the first time to pay compensation to a client who was not fully informed of the risks of one of its complex financial products. In a ruling that could set an important legal precedent, Deutsche Bank “failed to fulfill its advisory obligation … concerning a highly complex product,” the German Federal Court of Justice...