Archive – Banking & Fintech

Parliament relaxes terms for tax data exchange

This content was published on Mar 6, 2014 The Global Forum on Transparency and Exchange of Information for Tax Purposes advised Switzerland in 2011 to take measures to increase its tax transparency and avoid landing on a global blacklist. The Global Forum is a division of the Organisation of Economic Co-operation and Development (OECD). The Global Forum gave the Swiss three specific suggestions, at…

Credit Suisse sees end of real estate boom

This content was published on Mar 5, 2014 According to Credit Suisse’s real estate analysts, the housing market will remain stable for the time being. Rising prices in greater Zurich, central Switzerland and in the Lake Geneva region will lead to a shift in demand in more affordable areas. It’s a different story for office buildings. “The market for office space is heading…

Richest Swiss comes 92nd in the world

This content was published on Mar 4, 2014 The 48-year-old Italian-born founder of the Alinghi yachting syndicate has an estimated net worth with his family of $12 billion (CHF10.6 billion), the business magazine says, putting them in 92nd place worldwide. The list of 1,645 billionaires, released on Monday, includes 21 Swiss billionaires. Medical device entrepreneur Hansjörg Wyss, who lives in the United States,…

Swiss battle to avoid another UBS tax debacle

This content was published on Feb 27, 2014 In 2008 and 2009 the credibility of Switzerland’s largest bank, UBS, the country’s fabled banking secrecy and the Swiss wealth management industry fell like dominoes under attack from a concerted US campaign against tax evasion. The now stiffened Swiss defences have outraged some US lawmakers and, perhaps counter-intuitively, frustrated Credit Suisse in its attempts to…

GDP growth slows in fourth quarter

This content was published on Feb 27, 2014 The GDP expansion decelerated from 0.5% in the third quarter as the export of goods decreased by 1.7% in the fourth quarter, according to the State Secretariat for Economic Affairs (SECO). The growth was slower than expected by economists at the BAKBasel research consultancy. At the same time, imports of goods rose by 1.4%, lifted…

Novartis shareholders approve new salary caps

This content was published on Feb 25, 2014 Last year, just before the Swiss adopted the so-called “Minder initiative” limiting executive pay, former Novartis CEO Daniel Vasella came under fire for a payout worth CHF72 million as he left the company. Although the Minder initiative does not enter into force until next year, Novartis announced earlier this month it was proposing salary cuts…

Machine firms see a turnaround

This content was published on Feb 25, 2014 In the past four years, the Swiss metals, electronics and machine (MEM) industry has lost 4,300 jobs and struggled with exports because of the high value of the Swiss franc. However, according to Peter Dietrich, the director of the industry’s umbrella group Swissmem, the fallout was expected to be worse, with 10,000 predicted job losses…

Financial packet deemed a success for innovation

This content was published on Feb 25, 2014 Innovation projects, which faced being shelved, could be implemented and speeded up, said the study, carried out by Zurich’s KOF economic research institute. Export-oriented small and medium-sized enterprises (SMEs) were the greatest beneficiaries. In October 2011, the government agreed a wide-ranging packet of measures to strengthen the Swiss economy, which had been suffering under the…

Swiss-Indian trade deal: bitter pill to swallow

This content was published on Feb 24, 2014 Talks between India and EFTA (Switzerland, Norway, Iceland, Liechtenstein) began in 2007. As recently as last month, Swiss Economics Minister Johann Schneider-Ammann expressed hopes the two sides were getting close to an agreement after so many years of negotiations. However, on Sunday, the State Secretariat for Economic Affairs (SECO) said Switzerland had been informed by…

Losing patents can be financially devastating

This content was published on Feb 24, 2014

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Parliament relaxes terms for tax data exchange

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Credit Suisse sees end of real estate boom

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Richest Swiss comes 92nd in the world

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Swiss battle to avoid another UBS tax debacle

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GDP growth slows in fourth quarter

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Novartis shareholders approve new salary caps

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Machine firms see a turnaround

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Financial packet deemed a success for innovation

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Swiss-Indian trade deal: bitter pill to swallow

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Losing patents can be financially devastating

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