“No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity”

Business quote of the day.

“No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity”.

UBS chief executive Sergio Ermotti, speaking after the bank was fined by Swiss, British and US regulators as an investigation revealed evidence of massive misconduct in the setting of Libor. Today it was confirmed that Hong Kong authorities have also launched an investigation into "possible misconduct" by UBS in submissions for Hong Kong's inter-bank lending rate.

Hong Kong authorities have also launched an investigation into "possible misconduct" by UBS. Photograph: Getty Images

Helen Roxburgh is the online editor of Economia

Photo: Getty
Show Hide image

Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.