Archive – Banking & Fintech

A million fake Swiss watches seized

This content was published on Dec 27, 2016 The majority of fake watches were confiscated in China, Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry (FH) told the Swiss News Agency on Tuesday. However, that does not mean other counterfeiting hubs do not exist. For example, 130,000 fakes were seized in Turkey, 70,000 in Dubai and 9,000 in Russia. The…

Zurich Cantonal Bank agrees to pay €5.7 million fine

This content was published on Dec 27, 2016 In return for dropping charges, Switzerland’s largest cantonal bank will make a one-time payment of €5.7 million euros (CHF6.1 million). The agreement is applicable to all 16 German states and includes the bank’s employees as well. “The reorientation of international private banking, which was initiated in 2009, along with a consistent implementation of the bank’s…

Who cares if cuckoo clocks are not a Swiss invention?

This content was published on Dec 23, 2016 Contrary to popular belief, cuckoo clocks did not originate in Switzerland. But does it matter?

Credit Suisse agrees to $5.3 billion mortgage settlement with US

This content was published on Dec 23, 2016 Credit Suisse has agreed in principle to pay US authorities $2.48 billion (CHF2.54 billion) to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank announced on Friday.

Lucerne tops money-making alpine destination ranking

This content was published on Dec 22, 2016 BAK Basel, an economic consultancy based in the Swiss city of Basel, did the ranking. It used three indicators to determine the attractiveness of an alpine resort: number of overnight hotel stays, hotel occupancy rates, and profitability of hotel rooms. Lucerne’s top spot was largely due to its impressive performance in summer. Interlaken was the…

Swiss president reaches out to Donald Trump

This content was published on Dec 22, 2016 In a phone call on Wednesday, Schneider-Ammann congratulated Trump on his election victory and underlined the good partnership between Switzerland and the US. Trump expressed his “respect” for Swiss stability, strong economy and apprenticeship system. He was particularly interested in the migrant situation in Europe. The Swiss president referred to the two countries as “sister…

Swiss competition commission fines banks

This content was published on Dec 21, 2016 According to the announcement on Wednesday, different investigations found that the following banks took part: Credit Suisse, UBS, Deutsche Bank, US financial institutions Citigroup and JPMorgan, British banks Barclays and the Royal Bank of Scotlan, and the French Société Générale. The total fines add up to CHF99 million ($96 million). The investigation began in 2012,…

Swiss bank to appeal in Cahuzac affair

This content was published on Dec 20, 2016 The court handed down its decision to the Geneva-based bank on December 8 during the Cahuzac’s trial. The former minister has been sentenced to a three-year jail term. The deadline for launching an appeal was Monday evening. A second trial could take place by 2018. The information, revealed on Tuesday by the Geneva-based Le Temps…

UBS accused over cross-border ‘tax fraud money laundering’

This content was published on Dec 20, 2016 French prosecutors have accused UBS France, its Swiss headquarters and French and Swiss bankers of ‘tax fraud money laundering’, says Le Temps.

Asbestos fund set up to support victims

This content was published on Dec 19, 2016 Around 120 people every year develop malignant tumours in Switzerland as a result of having breathed in carcinogenic asbestos fibres. A quarter of these victims cannot claim through accident insurance because their condition is not work related or they were self-employed. In some cases, people became ill from living near to a building that contained…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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A million fake Swiss watches seized

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Zurich Cantonal Bank agrees to pay €5.7 million fine

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Who cares if cuckoo clocks are not a Swiss invention?

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Credit Suisse agrees to $5.3 billion mortgage settlement with US

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Lucerne tops money-making alpine destination ranking

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Swiss president reaches out to Donald Trump

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Swiss competition commission fines banks

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Swiss bank to appeal in Cahuzac affair

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UBS accused over cross-border ‘tax fraud money laundering’

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Asbestos fund set up to support victims

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