UBS Will Pay $511 Million to End Credit Suisse Tax Probe in US
UBS Group AG agreed to pay $511 million to settle a US investigation into how Credit Suisse Group, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago.
A Credit Suisse unit pleaded guilty to conspiring to help its customers file false US tax returns and agreed to pay $372 million, UBS said in a statement Monday. The unit will pay an additional $139 million penalty as part of a related settlement.
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Business Wire
40 minutes ago
- Business Wire
Eaton and AMP IT Collaborate to Offer EV Charging-as-a-Service Integrated With Solar and Energy Storage to Building Owners in Switzerland
GENEVA--(BUSINESS WIRE)--Eaton, a global leader in intelligent power management, and AMP IT SA, a company focused on financing, installing and operating electric vehicle charging systems, are collaborating on a new project to help building owners optimize the efficiency and system performance of electric vehicle charging infrastructure (EVCI) without the complexity of EVCI ownership. The project, which is targeted at scaling EV charging infrastructure in multi-residential , office, industrial and logistics buildings, is supported by the Swiss Federal Office of Energy after recently winning an award in its RechargeAuPoint program that promotes innovative projects in the field of charging infrastructure. In the context of this business model, Eaton's Buildings as a Grid approach combined with AMP IT's smart charging solutions makes it possible to manage the renewable and conventional energy requirements of a building without owning or maintaining related assets such as EV charging infrastructure, energy storage and solar panels. Eaton and AMP IT plan to roll out similar business models in other EMEA countries in the future. Leveraging the Buildings as a Grid approach to energy management, AMP IT has coordinated an impressive ecosystem of project partners. As well as Eaton, the partners include publicly traded real estate investment funds, experienced service operators, leading energy, procurement and construction (EPC) companies, local utility companies and academic partners interested in this transformative approach to EV charging by leveraging buildings as integral components of microgrids. 'Decentralized energy production and management is essential to meet growing global energy demands and this project shows how collaboration and technology developments such as our Buildings as a Grid approach will make the energy transition sustainable and profitable for everyone involved,' said Andreea Laplace, director, sustainability and energy transition offerings at Eaton. 'We trust that this program will bring significant contributions to e-mobility with smarter EV charging solutions making better use of locally produced renewable energies, enhanced energy self-consumption schemes, and cost-effective battery storage solutions, in various use cases,' said Ilya Tyuvildin, AMP IT co-founder. About AMP IT: AMP IT is a Swiss company that designs, finances, and installs smart electric vehicle (EV) charging solutions for homes, businesses, and multi-tenant buildings. Combining cutting-edge hardware with proprietary AI-driven software, AMP IT enables seamless and optimized charging experiences that increase self-consumption of solar energy, reduce grid stress, and lower electricity costs. By integrating solar production, battery storage, and flexible charging, AMP IT transforms EVs into active components of a more sustainable, resilient, and efficient energy ecosystem. About Eaton: Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we're helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and generations to come. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit Follow us on LinkedIn.
Boston Globe
an hour ago
- Boston Globe
Canada commits billions in military spending to meet NATO target
But even if Canada is able to finally hit the 2 percent threshold, that is not likely to be enough to satisfy the United States or other NATO allies. Mark Rutte, NATO's secretary general, speaking in London on Monday, called on the alliance's members to make a 'quantum leap in our collective defense' by committing to significantly higher spending targets. Rutte wants members to commit to spending 5 percent of their gross domestic products on military and defense-related activities. Trump has called for a similar spending target. Advertisement Proposals for increased spending are likely to dominate the NATO summit meeting in The Hague this month, though Rutte has not set a timeline for his increased spending plan. Carney, speaking in Toronto, said that new geopolitical threats, advances in technology, and the fraying of Canada's alliance with the United States demanded an accelerated spending schedule. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a dominant role on the world stage,' he said. 'Today, that dominance is a thing of the past.' Advertisement 'It is time for Canada to chart its own path,' he added, 'and to assert itself on the international stage.' While Carney promised to increase spending by billions of Canadian dollars, he did not specify where the funds would come from. Government officials spoke mostly in broad terms about how the money would be used. Canada's economy is heavily dependent on exports to the United States, and Trump's tariffs have targeted key industries, including autos and steel. Some economists have warned that Canada could face a recession if the tariffs persist. Carney also said the country would no longer rely as extensively on American defense contractors to supply its armed forces, underscoring Canada's strained relations with the United States and focus on shifting away from its neighbor. The Canadian government said it would immediately add 9.3 billion Canadian dollars (about $6.8 billion) to its defense budget. That will raise total defense-related spending this year to CA$62.7 billion, slightly higher than the 2 percent NATO target. To get there, the government included CA$2.5 billion in spending related to 'defense and security' for other departments, including the Canadian coast guard, an unarmed civilian agency which is under the department of fisheries. Carney's spending pledge was welcomed by defense analysts. 'This is a long-overdue announcement,' said Margaret McCuaig-Johnston, a senior fellow at the Graduate School of Public and International Affairs at the University of Ottawa. 'This significant commitment is remarkable given how quickly they're going to have to move to make 2 percent by the end of the fiscal year.' But, she added, Carney will have to add further budget increases to fund all of the programs he is promising. Advertisement Carney laid out a long shopping list for the military, including 'new submarines, aircraft, ships, armed vehicles, and artillery.' He also said the military would add drones and sensors to monitor the seafloor in the Arctic, a vast region of the country that is becoming a source of competition among global powers such as Russia and China. But Canadian officials said that this year most of the spending would go toward things like increasing the pay and the benefits of armed forces members to help ease a severe recruitment crisis, and repairing broken equipment. Carney also said that money would be directed toward much-needed improvements, noting that three of the Royal Canadian Navy's four diesel submarines were not seaworthy. 'We will repair and maintain our ships, our aircraft, and infrastructure that for too long we allowed to rust and deteriorate,' the prime minister said. Other spending will focus on artificial intelligence and computer systems, as well as ammunition production within the country. Carney also said that Canada would look to buy more goods domestically or from allies other than the United States to equip its military. 'We should no longer send three-quarters of our defense capital spending to America,' he said. Carney said Monday that details about how the country's military needs would be financed would be revealed when a budget was released in the fall. 'Our fundamental goal in all of this is to protect Canadians,' he told reporters, 'not to satisfy NATO accountants.' This article originally appeared in
Yahoo
2 hours ago
- Yahoo
Recent survey shows the fear Americans have over inflation decreased last month
SPRINGFIELD, Mass. (WWLP) – The fear Americans have over inflation decreased last month, according to a recent survey. This being prompted by the president's decision to back off on his tariff proposals. Mass. clean cement company hopes to win back $87M federal award With tariff threats easing and reports of trade negotiations heating up, this survey by the Fed shows people are starting to worry less about inflation. In the New York Federal Reserve's Survey of Consumer Expectations, inflation expectations declined in May. This comes after surging higher in March and April over concerns about tariffs. Right now, inflation stands at 2.3%. 'It's good, because the economy is struggling as it already is. So it's good for us to see those numbers dwindle,' said Angel Amaro of Springfield. The improving expectations come as the tariff policy has changed. Initial tariffs were set at 10 percent on all US imports, and dozens of nations faced reciprocal duties. President Donald Trump later backed off on the tariffs, opting for a 90-day negotiation period that ends in July. While inflation is coming down, AIC economics professor John Rogers explains it's still above the Fed's 2% annual target rate. 'It's sort of that last mile is difficult to get to, but it's it's going in the right direction,' said Rogers. The survey showed that expectations dipped across most price groups, but saw food prices rising to 5.5 percent over the next year. Rogers says the survey also showed people are optimistic about the job market. 'They feel that the number of people who feel that their jobs are at under threat or at stake is going down. So that's good news. So that gives people confidence if they're confident, they go out and spend money, it's consumer spending that keeps the economy humming along,' added Rogers. And Rogers noted that the Bond market is another area for people to question, asking themselves whether the US can service all of its debt. He says it's up to $37 trillion, and it's growing at almost $2 trillion every year. The survey also shows increased gas prices easing to just 2.7 percent. Medical care, college education, and rent increases were also lower every month. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
