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BUSINESS DIGEST

Business Digest, December 17, 2012

PUBLISHED : Monday, 17 December, 2012, 12:00am
UPDATED : Monday, 17 December, 2012, 5:30am

UBS charges loom; RBS also braces for big fine

US prosecutors plan to file charges this week against multiple bankers linked to UBS rigging of Tokyo interbank lending rates. UBS is set to pay as much as US$1.6 billion to settle charges of interest rate manipulation with various authorities. Meanwhile, Royal Bank of Scotland is braced for a penalty of more than £350 million (HK$4.37 billion) for interest rate rigging, Britain's Sunday Times newspaper reported. Bloomberg, Reuters

 

Cargo at Chek Lap Kok zooms to a record

Cargo tonnage at Hong Kong International Airport jumped 9.3 per cent year on year last month to hit a record 374,000 tonnes amid a rush of Christmas orders. Passenger traffic rose 5.5 per cent to 4.6 million passengers. Charlotte So

 

EU, Singapore reach free trade accord

The European Union and Singapore agreed terms of a free trade agreement yesterday. It will further open up the city state's markets for financial services and make it easier for European carmakers to export there. The accord will be signed after technical procedures have been completed. Reuters

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