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PARIS (Reuters) – French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros for helping wealthy French people evade taxes gunmetal cufflinks uk sale. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and illegally soliciting clients in France. “Tax evasion is nothing more than theft against the community,” prosecutor Eric Russo told the court. Serge Roque, the trial’s other prosecutor, added: “UBS has deliberately held, handled and managed accounts for people who were evading taxes.”..

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 gunmetal cufflinks uk sale. 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 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 gunmetal cufflinks uk sale.

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 gunmetal cufflinks uk sale. 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 gunmetal cufflinks uk sale. As the industry leaders were meeting Scheuer, a court in Cologne ordered driving bans in some parts of the city from next April, underlining the stakes for politicians concerned that a lack of progress could trigger deeply unpopular driving bans..