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UBS rebuttal: Union Bank of Switzerland (UBS) has issued a statement that "categorically denies" allegations that its Singapore branch suffered losses due to insufficient market and credit risk management controls. The allegations appeared in the May 30 issue of The Economist.

The statement says UBS Region East Asia, which includes the Singapore branch, "is and always has been integrated into the independent centralized risk management process for all credit and market risks".

"Credit risks

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