Archive – Banking & Fintech

US seeks banker handover after German arrest

This content was published on Feb 9, 2015 German authorities confirmed the former banker’s arrest based on a US request for extradition. He was taken into custody at Frankfurt airport because Switzerland does not extradite its citizens. Frankfurt’s public prosecutor and the man’s lawyer in New York confirmed he was arrested and being held in jail awaiting a court ruling on extradition. The…

Tax evasion revelations deepen at HSBC’s Swiss arm

This content was published on Feb 9, 2015 The International Consortium of Investigative Journalists analysed the data taken from HSBC’s private banking arm by Hervé Falciani. It was originally passed onto the French government, but a report released on Sunday looked at a more detailed list of account holders. Clients included terror suspects, arms dealers, drug cartels and fugitive diamond merchants, alongside royal…

National Bank head defends currency move

This content was published on Feb 7, 2015 Swiss National Bank President Thomas Jordan says his institution had no choice but to remove the Swiss franc’s peg to the Euro.

Arsenal football club buys Swiss fake grass

This content was published on Feb 7, 2015 The London club has ordered 1,400 m2 of the grass from the Tisca Tiara textile company in Appenzell Outer Rhodes. Club members came to Switzerland in 2014 to inspect playing fields developed by the company. They were so impressed that they ordered the same turf for their own training hall. Weather resistant, low-maintenance artificial turf…

Swiss to welcome Chinese bank by year’s end

This content was published on Feb 6, 2015 The China Construction Bank will set up in Switzerland by the end of the year, the Swiss Finance Minister confirms.

More Swiss wine served at Swiss representations abroad

This content was published on Feb 5, 2015 The number of cartons of Swiss wine sent to embassies abroad increased from 2,926 in 2012 to 8,555 in 2014. With the new procedures, the foreign ministry now supports the cost of transporting the wine, as well as financing the wine at the time of purchase rather than at the time of consumption. The change…

Swiss shadow economy wanes

This content was published on Feb 4, 2015 Unreported employment accounts for 6.9% of the Swiss economy, making Switzerland a model student compared to other countries.

‘Decades of Swiss banking secrecy have left their mark’

This content was published on Feb 3, 2015 The country is hoping that being proactive in the implementation of the new rules will both shield it from new attacks and enable it to help shape the laws into something it finds palatable. But decades of shady banking practices and the country’s initial reluctance to end banking secrecy after the 2009 financial crisis have…

Novartis threatened with Japan sanctions

This content was published on Feb 3, 2015 Japan threatens Novartis with a business ban following several controversies surrounding drug studies.

Straumann asks staff to share strong franc pain

This content was published on Feb 3, 2015 Dental implant specialist Straumann wants staff to take pay cuts and has asked cross-border workers to receive salaries in euros.

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