Archive – Banking & Fintech

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…

Swiss push to unfreeze Egyptian assets

This content was published on Dec 18, 2016 Attorney General Michael Lauber met with his Egyptian counterpart in Cairo on Saturday to examine the latest developments in ongoing criminal proceedings. Switzerland was the first country to freeze funds related to the Mubarak clan and his entourage when the former president stood down. Six people are currently being investigated by the Swiss authorities for…

Stories making the Sunday papers

This content was published on Dec 18, 2016 More job losses expected at Swiss Post Swiss Post plans to cut staffing costs by 30% by 2020, according to an internal memo seen by various Sunday newspapers. The state-owned company employs around 62,000 people. Spokesman Olivier Flüeler said although there would be cuts in the coming years, the 30% figure “in no way meant…

Bern’s Christmas markets

This content was published on Dec 18, 2016 Christmas markets are one of the main selling points for Swiss tour operators in winter. But tourists enjoy the atmosphere more than the shopping.

Strong franc, negative interest rates expected to stay

This content was published on Dec 14, 2016 The silver lining to this forecast is that Swiss companies will continue to adapt, easing pressure on the Swiss National Bank (SNB) to intervene on the foreign exchange markets, Credit Suisse said on Wednesday. The bank expects the Swiss economy to grow 1.5% next year. Switzerland’s central bank set interest rates at -0.75% in January…

Two Swiss nuclear plants to be checked for irregularities

This content was published on Dec 13, 2016 Steam generators at the Beznau and Gösgen nuclear plants must be checked for possible anomalies in components made in France and Japan.

Glencore uses Aussie playbook for Russian deal

This content was published on Dec 13, 2016 Last Tuesday, Glencore’s fast-talking chief executive Ivan Glasenberg made his way to a five-star hotel in Moscow for a commodities conference.

Switzerland named ‘fourth worst company tax haven’

This content was published on Dec 12, 2016 The British-based NGO names Switzerland as the fourth-worst offender, with only Bermuda, the Cayman Islands and the Netherlands listed as having more aggressive tax regimes. The Swiss authorities have dismissed the study as being little more than sensationalism and insist that Switzerland is “committed to combating tax evasion and tax fraud”. The State Secretariat for…

Julius Bär cleared over missing German millions

This content was published on Dec 9, 2016 A German state department responsible for investigating irregularities over the 1990 reunification had demanded the return of CHF97 million plus CHF107 million in interest payments – a total of CHF204 million ($202 million) – from the Swiss private bank. An East German trading company is alleged to have withdrawn the money between 1990 and 1992…

AMAG faces criminal probe into VW emissions scam

This content was published on Dec 9, 2016 German car manufacturer VW found itself in the centre of a storm in September last year after it was found to have installed software on 11 million vehicles that masked actual emissions levels. Some 180,000 vehicles in Switzerland were affected. The Swiss Attorney General collated some 2,000 complaints from around Switzerland and handed them to…

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