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Under French law, those convicted of money laundering can be ordered to pay a fine worth half the amount laundered. The prosecution estimates UBS’s customers hid several billion euros from the French tax authorities. On Wednesday, the lawyer representing the French government asked to be awarded 1.6 billion euros in damages. UBS has denied wrongdoing. In a statement it said the trial’s conclusions were “erroneous” and contested the amount of the fines. “The PNF (National Financial Prosecutor’s Office) has not provided details of the irrational way these amounts were calculated. The requested fine for UBS AG results from a simplistic approach taking into account the full amount paid by French taxpayers to normalize their situation,” it said.

COLOGNE, Germany/BERLIN (Reuters) - German carmakers agreed to spend up to 3,000 euros ($3,430) per vehicle sterling silver & 18k gold bull cufflinks to help reduce diesel emissions as the government and industry respond to driving bans in major cities, While Transport Minister Andreas Scheuer and car bosses were hammering out a deal on anti-pollution measures in a five-hour meeting on Thursday, a court ruled that two more German cities, Cologne and Bonn, must impose bans on older diesel vehicles, Volkswagen (VOWG_p.DE) and Daimler (DAIGn.DE) are prepared to offer hardware retrofits to clean up older diesel vehicles at their own cost, Scheuer said following the meeting, adding that rival BMW (BMWG.DE) was still refusing to do so..

But all three big German carmakers, including VW, were committed to spending up to 3,000 euros for various measures, including trade-in incentives. Scheuer said they were all keen to press ahead with such incentives, which aim to convince customers to buy newer, cleaner vehicles that have lower emissions and would not be affected by driving bans. The government has been pushing carmakers to shoulder more of the burden of retrofitting cars, though Germany’s auto giants have been reluctant to take on more costs than necessary.

“Volkswagen, Daimler and BMW will make sure their customers can remain mobile,” Scheuer told reporters, urging foreign rivals, like Fiat and Peugeot to match the efforts he said the German firms had made, Scandals involving schemes to conceal the true levels of pollutant emissions from diesel cars has dealt repeated blows to the global reputation of Germany’s car industry in recent years, As the industry leaders were meeting Scheuer, a court in Cologne ordered driving bans in some parts of the city from sterling silver & 18k gold bull cufflinks next April, underlining the stakes for politicians concerned that a lack of progress could trigger deeply unpopular driving bans..

Environmental lobby group DUH had filed complaints against the western state of North Rhine-Westphalia, home to Cologne and Bonn, saying the cities needed to ensure their nitrogen dioxide (NO2) levels stuck to permitted limits and calling for a ban of diesel vehicles in those cities. “It will cause disruption for the transport infrastructure of the city of Cologne and have a significant impact on residents, commuters and the whole of Cologne,” said State Environment Minister Ursula Heinen-Esser.

(Reuters) - Wells Fargo & Co (WFC.N) said on Thursday it is restructuring its wealth and investment management business to combine its two high-net worth operations, the private bank and Abbot Downing, under a new unit leader who it has not yet named, As sterling silver & 18k gold bull cufflinks part of the plans, the bank will also create a new unit under wealth management for its direct-to-client products, Intuitive Investor and Wells Trade, Another new unit will cover lending, trust and mergers and acquisitions, bank spokeswoman Shea Leordeanu said in an emailed statement..

(This Nov. 7 story corrects paragraph 8 to read “Brian Nick, chief investment strategist for Nuveen in New York,” instead of “Nuveen Asset Management”). By Sinéad Carew. NEW YORK (Reuters) - Wall Street rose 2 percent on Wednesday, led by the technology and healthcare sectors as investors breathed a sigh of relief following the U.S. midterm elections and made bets that a divided Congress would be good news for equities. Democrats won control of the House of Representatives on Tuesday, while President Donald Trump’s Republican party expanded its Senate majority, pointing to the likelihood of political gridlock in Washington.

The S&P’s biggest boosts came from the S&P technology sector and the healthcare stocks, with both indexes gaining 2.9 percent, The consumer discretionary sector climbed 3.1 percent, spurred by a 6.9 percent rise in Amazon.comshares, Amazon provided the single biggest boost to the S&P 500, “Now we’re in an sterling silver & 18k gold bull cufflinks environment that people can understand again so they’ll be willing to put some money back on the table, There was a little fear out there,” said Peter Tuz, president at Chase Investment Counsel Corp in Charlottesville, Virginia..

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