UBS chief economist suspected of insulting China will be suspended

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 UBS chief economist suspected of insulting China will be suspended


On June 14, Peng Meis journalist learned exclusively from relevant sources that Paul Donovan, UBSs chief global economist for wealth management, suspected of using insulting language when referring to China, would be suspended from all work and investigated.

Paul Donald commented on the latest consumer price index released by the United States, Chinas CPI, Japans new machinery orders, and the statement by the President of the European Central Bank.

In the section on China, Paul Donald wrote: Prices are rising in China. This is mainly due to sick pigs. Does this matter? Its very important if you are a Chinese pig (ChinesePig). Its very important that you like Chinese pork. But it has nothing to do with the rest of the world.

In response, UBS issued an apology on June 13: We apologize for any misunderstanding caused by Mr. Paul Donovan, UBSs global chief economist for wealth management, who made his comments yesterday. We have removed the audio comment. In particular, it clarifies that its point of view is only to discuss inflation caused by rising pork prices and rising consumer prices in China.

In the latest audio from UBS to the surging journalists, Paul Donald apologized before starting his blog on the same day: First of all, I want to apologize to the Chinese audience for yesterdays podcast on inflation in China. I apologize unreservedly for any misunderstanding caused by my unintentional comments. We have removed audio comments from circulation. It needs to be clear that this comment is about inflation and rising consumer prices in China, driven by a 14.4% year-on-year increase in pork prices.

This statement is basically consistent with UBSs statement. The apology statement was highly controversial.

On the evening of June 13, the Hong Kong Chinese Securities Association issued an open letter to UBS, pointing out that Paul Donovan, the chief economist of UBS Global Wealth Management, used insulting language in his research report published on June 12, 2019, which caused quite bad social impact and seriously violated professional ethics and professional ethics as professionals. UBS Group condoned the publication and dissemination of this statement, which seriously damaged the feelings of the Chinese people and damaged the international image of the Chinese people.

In this regard, the Hong Kong Chinese Securities Association, representing more than 100 Chinese-funded member organizations, has made two major demands:

1. UBS Group will severely dismiss the Chief Executive and make the results of the disposal known to the Chinese public.

2. Urge UBS management to apologize formally and publicly, and promise that similar incidents will not happen again.

On June 14, UBS further responded: UBS attaches great importance to the incident. We are reviewing and optimizing internal processes to prevent this from happening again. Our long-term commitment to the Chinese market remains unchanged.

At present, the report has been withdrawn from UBSs official website.

Paul Donovan is the chief economist of UBS Global Wealth Management Company in UBSs official website. According to his resume, Paul Donald received a masters degree in philosophy, politics and economics from Oxford University and a masters degree in financial economics from London University. He is also an honorary academician at St Annes College (Oxford) of Oxford University and a member of the Universitys Investment Committee and Development Committee. Paul Donald joined UBS as an intern in economics in 1992 and worked in an investment bank. As chief economist of UBS, he is a member of the Global Investment Committee, a member of the UBS Nobel Outlook Project, and a supporter of the UBS Female Economics Project. Source: Peng Mei News Responsible Editor: Li Hang_BJS4645

Paul Donovan is the chief economist of UBS Global Wealth Management Company in UBSs official website.

According to his resume, Paul Donald received a masters degree in philosophy, politics and economics from Oxford University and a masters degree in financial economics from London University. He is also an honorary academician at St Annes College (Oxford) of Oxford University and a member of the Universitys Investment Committee and Development Committee.

Paul Donald joined UBS as an intern in economics in 1992 and worked in an investment bank. As chief economist of UBS, he is a member of the Global Investment Committee, a member of the UBS Nobel Outlook Project, and a supporter of the UBS Female Economics Project.