After the Shitstorm in China against UBS, feels the big Bank, now the consequences of yesterday’s calls for Boycotts. It all started with the chief economist of the UBS wealth management, Paul Donovan (47), the obviously, the sensitivity of the Chinese to pigs escaped is.
Strained due to swine fever
In a Podcast on the Wednesday, he said the increase in food prices in China with the high prices for pig meat. China has already slaughtered three million pigs due to African swine fever in Asia. Donovan said: “does it matter? It is important, if you’re a Chinese pig. It is important, if you like to eat pig meat in China.”
China is not only the world’s largest pork producer and consumer. The pig for the Chinese as a Symbol of good luck is an important, if not sacred meaning. Not surprising, Donovan caused a Shitstorm. On Social Media, the statements of UBS have been referred to by Economists as “tasteless and racist”. It came to the boycott call.
fear of China-business
The UBS apologized immediately for the off-hand remarks and removed the Podcast from the Website. Apparently, not all tempers are satisfied. The investment Bank and leading Chinese stock market broker Haitong International Securities Group in Hong Kong was immediately all business relationships with UBS, the “New York Times” reported.
For the UBS wealth management, China is the most important expansion market. UBS stressed that the excuse that you feel your China shops very committed to. (gnc)