Dow Jones Industrial Average may rise much higher against the last decision of UBS

Dow Jones Industrial Average went from the red zone

In brief: Bulls began to expose the shoulder support for Dow Jones Industrial Average. Trading volume on the U.S. stock market rise.

Dow Jones Industrial Average is gaining momentum of growth. The level of support Dow Jones Industrial Average by the bears is growing with each passing minute. The main factor of support for the Dow index is news from the European banking sector:

Swiss Parliament approved the agreement on the transfer of U.S. bank customer data, suspected of tax evasion. 81 deputies of the lower house of parliament voted in favor of Switzerland of the agreement, 61 voted against, 53 parliamentarians abstained. The agreement involves the transfer of data 4 thousand 450 customers in Europe’s largest bank – Swiss UBS AG – U.S. tax authorities. Previously, the agreement approved by the representatives of the upper chamber of the Federal Assembly of Switzerland. At the same time, the National Council (lower house of parliament) voted to bring this issue to a popular referendum, which could take place this autumn. It should be recalled, that last week the lower house of Switzerland in the vote on the transfer of U.S. banking data users are not able to reach a compromise, as the Swiss People’s Party and Social Democratic Party voted against the agreement. Today, however, representatives of the Right of the People’s Party decided to abstain from voting, making agreement on the transfer of U.S. data was still approved. Switzerland and the U.S. agreed to transfer to each other about unscrupulous taxpayers as early as August 2009. But to fulfill its obligations, the Swiss party failed in the absence of a clear legal basis. Last year, Swiss authorities agreed to refer the IRS a list of almost 450 thousand people suspected of using secret bank accounts in order to avoid paying taxes. The U.S. authorities then said that the amount of undeclared money in the accounts of clients UBS alone is almost $ 15 billion, however, after the Swiss Federal Administrative Court decided that the Government had no right to transmit data on depositors to the Swiss authorities, while agreeing to the disclosure of bank secrecy. Switzerland, which is based UBS, adopted a law on banking secrecy, which guarantees the privacy of deposits in Swiss banks, as early as 1935. Meanwhile, the EU and the U.S. put pressure on Switzerland to insist on greater transparency, banks and requiring disclosure of the number of people who use Swiss bank accounts to evade taxes.

Anrey Torbinski
2010-06-15 16:22, Economics.

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