UBS lowers threshold to charge depositors for negative rates

Section:

By Marion Halftermeyer
Bloomberg News
Tuesday, January 12, 2021

UBS Group AG plans to lower the threshold for customer deposits that will be subject to a charge as the bank deals with the prospect of low and negative interest rates for the foreseeable future.

Starting in July, the fee will apply to clients with deposits of more than 250,000 francs ($280,000) or the same amount in euros, according to a memo to employees seen by Bloomberg. The previous threshold was more than 2 million francs or 500,000 euros ($607,000). Clients with a mortgage or investments in UBS funds may be exempt from the charge.

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...



A UBS spokeswoman confirmed the contents of the memos. Swiss daily Neue Zuercher Zeitung reported the news earlier.

Banks including UBS have seen their profitability eroded by more than half a decade of negative interest rates, which effectively make banks pay for holding clients' cash. Many European lenders are pushing depositors to put more of their money into investment products, as a recession sparked by the coronavirus pandemic increases the probability that rates will stay low or negative for some time. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-01-12/ubs-lowers-threshold-...

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http://www.gata.org/files/GATA-4-wine-bottles.jpg

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http://www.gata.org/files/FayJWineryVarietals.jpg

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Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

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-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

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