Archive – Banking & Fintech

Swiss trains challenged by cheaper, faster buses

This content was published on May 10, 2016 Private long-distance bus providers have been steadily increasing their European network and passengers now have a bigger choice of how to travel in Europe. Statistics from the Swiss Federal Office of Transport show a fourfold increase over the past five years in licences awarded for routes, from 64 to 266. Customers are attracted by much…

Zug first to accept bitcoin for government services

This content was published on May 10, 2016 The Zug municipality made the decision at its meeting on May 3 and the pilot project will start from July 1 and continue until the end of 2016. Bitcoin payments up to a value of CHF200 ($205.8 or 0.44 XBT) will be accepted for standard government services. The authorities claim they want to lead by…

Panama Papers data confirms Swiss links

This content was published on May 9, 2016 More details from the so-called Panama Papers were released on Monday by the International Consortium of Investigative Journalists (ICIJ). The documents were leaked from the Panamanian law firm Mossack Fonseca. The papers show that 1,339 Swiss lawyers, financial advisors and other middlemen had set up more than 38,000 offshore entities over the last 40 years.…

Cabinet minister admits ‘political mistake’ but stands by choice

This content was published on May 9, 2016 On Friday, a Swiss newspaper revealed that Parmelin had argued in favour of fiscal benefits for farmers who sell plots of land, even though his own family could benefit from a potential change in the law. The defence minister, from the conservative right Swiss People’s Party, did not exclude himself from cabinet discussions on the…

Strong franc doesn’t deter investment

This content was published on May 9, 2016 According to consultancy firm A.T.Kearney, Switzerland is now ranked 11th in their list of the top countries in which to invest. They moved Switzerland up three spots in the Foreign Direct Investment Confidence Index, saying that at a time when many regions are affected by crises, investors are looking for safe havens. The most important…

Swissair pays back millions of government loan

This content was published on May 9, 2016 The Swiss Federal Audit Office reported on Monday that it had recovered CHF220 million for the federal coffers, which formed part of a bigger federal loan made to the defunct airline in 2001. The office said for years it had challenged the use of part of the CHF1.15 billion loan made to cash-strapped Swissair to…

US tax havens – the new Switzerland?

This content was published on May 9, 2016 In an old discount store hugging a corner in downtown Sioux Falls, South Dakota, the heirs to the William Wrigley chewing gum fortune have an office for their family trust. So do the Carlson family, owners of the Radisson hotel chain, and the family of John Nash, the late hedge fund giant. They are among…

Selling their way to a ticket to Switzerland

This content was published on May 6, 2016 The aroma of spicy Indian food and the thumping beats of bhangra music permeate the first floor of a chain hotel near the Zurich airport. The exotic smells and sounds are thanks to a group of Indian tourists who’ve booked a banquet room for dinner and light entertainment. But they’re no ordinary tourist group on…

Ruling may put the brakes on Uber

This content was published on May 6, 2016 “It’s a hard blow for Uber’s business model,” work law expert Thomas Geiser told Swiss public television SRF’s RundschauExternal link programme on Thursday. “This means that every other case involving an Uber driver will be treated the same,” said the St Gallen University professor. “It means that the [Uber business model] cannot work. Uber has…

Leading Swiss law firm opens office in Tehran

This content was published on May 6, 2016 The new office will aim to advise foreign multinationals on how to operate in a country slowly awakening from years of international isolation and numerous economic downturns. In February, Germany’s CMS was the first international law firm to open an office in Tehran since the 1979 Islamic Revolution. Economic sanctions were lifted in January this…

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