Archive – Banking & Fintech

Novartis posts record profit and ups Roche stake

This content was published on Jan 23, 2003 The Basel-based firm also announced that it had boosted its voting stake in its Swiss rival Roche from 21.3 per cent to 32.7 per cent. Novartis, which has repeatedly made overtures about a possible merger, described the move as a “long-term financial investment”. The company’s stake in Roche now falls just short of the one-third…

WEF summit – a mixed blessing

This content was published on Jan 22, 2003 Critics say unruly protests and the costs of protecting the world’s most important people outweigh the benefits. But that view discounts the kudos – and profit – generated by the event. This year’s security bill for the WEF summit stands at SFr13million ($9.5 million) – most of it funded by the Swiss taxpayer. In the…

Swiss willing to sign up to EU tax deal

This content was published on Jan 22, 2003 But the finance minister, Kaspar Villiger, said Switzerland wanted guarantees that it would not become a target of the OECD, which is cracking down on tax havens. Villiger said Switzerland was ready to impose a withholding tax on EU citizens’ savings to ensure Brussels received its tax take, provided certain conditions were met. For its…

Swiss banks welcome EU deal

This content was published on Jan 22, 2003 The Swiss Bankers Association (SBA) said it was pleased the EU had accepted that a withholding tax was an “equivalent measure to an exchange of information”. “The European Union appears to have returned to the so-called coexistence model under which member states are allowed to choose between exchanging information and imposing a withholding tax,” spokesman,…

Pressure to remain on Swiss over banking secrecy

This content was published on Jan 22, 2003 But it is generally accepted that the deal falls short of what the European Union set out to achieve and that the issue is far from dead. The Neue Zürcher Zeitung described the deal as a success but also attacked the EU for dithering for too long. It said Brussels had wasted years trying to…

Sledging and skating into the unknown

This content was published on Jan 22, 2003 However, anyone wishing to get off the beaten track will find a region waiting to be discovered. And the best way to do so is by sledge or on ice skates. Since the Albula Pass road is closed in winter, only tourists who choose to travel by train from Zurich to St Moritz catch a…

EU gives way on banking secrecy – for now

This content was published on Jan 21, 2003 Brussels had been trying to force countries to share information about savings income to combat tax evasion, but EU finance ministers on Tuesday agreed to exempt certain states. Under the deal, Switzerland and three EU countries would be able to levy a withholding tax on EU citizens’ savings in their banks instead of exchanging information…

CS announces record loss

This content was published on Jan 21, 2003 Switzerland’s second-largest bank is facing difficulties in the United States. But its Winterthur insurance arm has finally returned to profit. Analysts said the worst was thought to be over for the embattled group, which says it expects to turn a profit this year. CS reported it was putting aside an extra SFr702 million for legal…

E-voting brings new potential to Swiss elections

This content was published on Jan 20, 2003 But the vote has raised several questions about the future of democratic elections in Switzerland. In particular, there are fears about the potential security risks of using the Internet to register a confidential vote. According to the authorities, a computer hacker working by trial and error has a one in five billion chance of getting…

Swiss talks address failure of former Soviet states

This content was published on Jan 20, 2003 The Swiss finance minister, Kaspar Villiger, is to open the two-day meeting in Lucerne with an appeal for better cooperation among those states. Villiger is expected to urge the CIS-7 (Commonwealth of Independent States) to open their borders to the goods and services of their neighbours, despite the sometimes deep political differences among them. The…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Novartis posts record profit and ups Roche stake

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WEF summit – a mixed blessing

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Swiss willing to sign up to EU tax deal

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Swiss banks welcome EU deal

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Pressure to remain on Swiss over banking secrecy

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Sledging and skating into the unknown

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EU gives way on banking secrecy – for now

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CS announces record loss

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E-voting brings new potential to Swiss elections

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Swiss talks address failure of former Soviet states

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