Swiss bank UBP returns to Chinese markets

The Union Bancaire Privee (UBP) sign is seen at one of its branch offices in Zurich, Switzerland November 20, 2017. REUTERS/Arnd Wiegmann

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HONG KONG, Sept 23 (Reuters) – Swiss private bank Union Bancaire Privée (UBP) is back in Chinese markets, its chief investment officer said, making its way back to the world’s second-largest economy after withdrawing last year.

UBP has more than $150 billion of assets. It returned to China in August after having exited all positions in Chinese equities and credit by the third quarter of 2021, Norman Villamin, CIO of wealth management, told Reuters.

“We went from zero to neutral,” Villamin said.

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While many institutional investors have reduced exposure to China since 2019 amid a regulatory crackdown on tech giants, a deterioration in Sino-US relations and strict zero-COVID policies, UBP

New York still top, Moscow sinks in finance center ranking

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LONDON, Sept 22 (Reuters) – New York remains far and away the world’s most favorite financial centre, with London still second and Singapore overtaking Hong Kong to come in third, latest rankings from the Global Financial Centers Index (GFCI) showed on Thursday.

Paris returned to the top 10 to replace Tokyo, but Moscow sank 22 places to 73rd as Western countries severed ties with the capital after Russia’s invasion of Ukraine in February, GFCI said.

GFCI, compiled by Z/Yen, a City of London think tank, and the China Development Institute, rated 119 centers using 66,121 assessments from 11,038 financial professionals, and quantitative data.

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GFCI Main Rankings September 2022

New York has held the top position among global financial centers ranked by GFCI for four years, overtaking London.

“London’s second position looks secure

Stamford German beer hall, food truck plan OK’d by finance board

The board approved a $2.53 million grant for the project on Thursday night during a virtual meeting. Though the money is technically coming from the state’s Department of Economic and Community Development, the developers of the project still needed the blessing of the finance board, since the city won the grant and has the authority to dole out the money.

Five of the six members of the board — with chairman Richard Freedman absent for the vote — supported the measure.

The plan calls for retrofitting “underutilized” properties on Pacific Street, and will include a year-round beer garden, food truck lot, German beer hall, coffee shop, social co-working space, pilot brewery and tasting room and event space.

The proposal also mentions creating “affordable retail opportunities by building baseline infrastructure required for future prospective retail tenants.”

Stamford was awarded the money through a partnership between the city and Scrap Works LLC,

NBA star James Harden throws his support behind financial literacy

James Harden of the Philadelphia 76ers looks to pass against the Toronto Raptors during game five of the Eastern Conference First Round on April 25, 2022.

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For NBA player James Harden, boosting financial know-how among young adults is personal.

Harden, a point guard and shooting guard who recently signed a reported $68.6 million two-year contract with the Philadelphia 76ers, remembers being a 20-year-old rookie in 2009 with a suddenly sizable salary. As a first-round draft pick — third overall — he had just signed a two-year contract with the Oklahoma City Thunder worth $4.76 million, according to Spotrac.com.

“You want to buy everything,” Harden told CNBC in a phone interview. “And you deserve it, so you buy your first car, your first house or whatnot.”

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Financial offenses tied to terror funds, organized crime in Israel soared in 2021

A report by a government agency released Wednesday found a sharp increase in financial crimes connected to organized crime and terror financing in 2021 over the previous year’s figures.

According to the Israel Money Laundering and Terror Financing Prohibition Authority, which operates under the Justice Ministry, organized crime’s share of all financial crimes grew from 6.8 percent in 2020 to 19% in 2021.

Organized crime in the Arab sector has become a severe problem in recent years. The scarcity of financial services for many Arab Israelis has seen criminal organizations stepping into the vacuum and offering black market loans and other services to Arab citizens, generating funds for these groups and contributing to their growing power and increasing violence.

In addition, the report found that terror financing also grew as a percentage of financial crimes in Israel from 9% in 2020 to 14.6% in 2021.

Fraud, deceit, and counterfeiting comprised