Europe began a new campaign to shield economies from the coronavirus as the region’s two main central banks either delivered or signaled action to avoid a 2008-style crisis, and German Chancellor Angela Merkel promised to do “whatever is necessary”.
Credit Suisse, some of its employees and hundreds of account holders are the subjects of a major tax evasion and money laundering probe that spans five countries. Investigators in the Netherlands arrested two individuals earlier this week, seizing a gold bar, paintings, jewellery and bank account information.
Rich investors are shunning stocks because of concerns about the political impact from Donald Trump’s administration and Brexit, according to Christian Nolting, chief investment officer at Deutsche Bank’s wealth management unit.
Pfizer, which last month abandoned its $160 billion (€140bn) quest for Allergan — a deal which was controversially driven by a so-called tax inversion based on Ireland’s low tax regime — reported quarterly results that blew past analyst estimates.
Swiss banks must clamp down on money laundering, the country’s financial watchdog said yesterday, as the Geneva prosecutor opened a criminal probe after the so-called ‘Panama Papers’ document leak showed how offshore companies are used to stash clients’ wealth.