Thursday 20.06.2013  
 
 

Business


Benchmark fraud

Former UBS trader charged in Libor case

UBS headquarters in London

City of London police have charged a former UBS trader with eight counts of conspiracy to defraud, as part of the investigation into the manipulation of the London interbank offered rate, or Libor, uncovered last year.  [...]

Financial market strategy

Swiss leaders call for data exchange standards

Finance minister Eveline Widmer-Schlumpf has yet to look at the fine details of the report produced by Aymo Brunetti

The government says it wants to take an active role in developing global standards for the automatic exchange of banking information to avoid clashes with other countries over tax issues.  [...]

Commodities controversy

NGOs slam Glencore Xstrata over mining project

One claim of the report is that the SMI mine would require resettlement of many members of the local population

Swiss and German non-governmental organisations have criticised Swiss-based mining giant Glencore Xstrata over a huge planned mining project in the Philippines.  [...]

Banking secrecy

Swiss take first step to end US tax spat

One vote passed for Finance Minister Eveline Widmer-Schlumpf, at least one more to go

A draft law allowing Swiss banks to pass data to the United States justice authorities has won approval by the Senate. The other parliamentary chamber, the House of Representatives, is set to discuss the controversial issue next week.  [...]

Coached

Innovators get a leg up in the business world

Aluminium foil is one Swiss innovation that is used around the world

For more than a decade, young Swiss entrepreneurs have benefited from training aimed at helping them get off on the right foot in the business world. With appropriate coaching, they can reach the market faster and avoid costly mistakes.  [...]

Keeping innovation alive

‘Swiss entrepreneurs are failing to dream big’

Stéphane Garelli, head of the IMD World Competitiveness Center in Lausanne, reckons that Swiss innovation is still in good health

Switzerland does not lack talent when it comes to innovation and promoting new ideas. But the country’s young entrepreneurs have trouble leaving their comfort zone and striking out in the world, according to global competition specialist Stéphane Garelli.  [...]

European survey

Swiss top managers miss out on top salaries

Swiss CEO salaries are high but perhaps not top after all

Europe’s best-paid chief executives are to be found in Italy and Spain, according to the annual study of the Federation of European Employers (FedEE). Switzerland is ranked fifth.  [...]

Tax compliance

Swiss and US agree on FATCA interpretation

Swiss and US officials sign FATCA in February. Now, a memorandum of understanding has been reached over technicalities

Switzerland and the United States have signed a memorandum of understanding on technical and administrative interpretations of the agreement on the Foreign Account Tax Compliance Act (FATCA).  [...]

Investigations continue

France extends UBS tax probe

French prosceutors are now going after UBS headquarters as their probe widens

UBS has been placed under formal investigation for alleged complicity in suspected illegal sales practices, said the French prosecutor’s office on Friday. The Swiss bank said it would continue to cooperate with the French authorities.  [...]

New trade winds

‘Made in the world’ creates winners and losers

In the 21st century, production is more global than ever. Many iconic Swiss companies have significant foreign components

The next airplane you board will likely have a tail made in Italy, doors from France, American control instruments and wings from Japan – a “made in the world” approach that’s opening economic doors but risks excluding poorer countries.  [...]

High prices

Nestlé caught in chocolate-fixing scandal

Canadians may have been paying too much for Nestlé's Coffee Crisp

Canada has charged the local arms of two of the world's biggest sweet makers, Mars and Swiss multinational Nestlé, with colluding to fix the price of chocolate, the Canadian Competition Bureau announced on Thursday.  [...]