Archive – Banking & Fintech

Switzerland risks losing foreign firm appeal

This content was published on Nov 27, 2013 “Competitors are very aggressive in attracting companies into their space with favourable tax systems, welcome gifts and subsidised locations,” Rudolf Wehrli, president of the Swiss Business Federation (economiesuisse) told swissinfo.ch. “Our excellent framework conditions could evaporate in comparison to other advantages being offered to investors.” By far the biggest obstacle to Switzerland retaining its appeal…

US fines Weatherford $253 million

This content was published on Nov 27, 2013 US prosecutors had charged the multinational with exporting oil and gas equipment to Iran, Syria, Sudan and Cuba in violation of sanctions, and exporting items controlled for nuclear nonproliferation reasons to Venezuela and Mexico. Three subsidiaries of Weatherford agreed to plead guilty to anti-bribery provisions of the Foreign Corrupt Practices Act and export controls violations…

OECD tax forum complains Swiss making slow progress

This content was published on Nov 22, 2013 Switzerland is one of five nations that either failed to share taxpayer information with other countries or to gather information on beneficial ownership of corporate entities registered on their territory, or both, said the Global Forum on Transparency and Exchange of Information for Tax Purposes. The other countries were Luxembourg, the British Virgin Islands, Cyprus…

Credit Suisse to fence off domestic services

This content was published on Nov 21, 2013 The bank plans to set up a new legal structure to house its Swiss-based wealth management assets and domestic services to retail and local business customers as well as institutional clients, such as pension funds. The measures are aimed at isolating and protecting services vital to the Swiss economy – such as savings deposits and…

Switzerland takes steps towards tax transparency

This content was published on Nov 20, 2013 “It’s already clear that Switzerland is a favourite whipping boy internationally,” says Peter V. Kunz, professor of economic law and comparative law at the University of Bern. “It has made considerable progress in certain areas in recent years, but because progress is slower than in other countries, the finger is still being pointed at Switzerland,”…

OECD updates forecast for Switzerland

This content was published on Nov 20, 2013 In its economic outlook published on Tuesday, the OECD saw a “steady recovery” for Switzerland for the next two years. Driving factors were the strong domestic market and a boost in exports. For the current year, the OECD reckons on GDP growth of 1.9% – up from 1.4% in May. It added that domestic demand…

Riddle remains of how to ‘defuse’ giant banks

This content was published on Nov 15, 2013 Swiss taxpayers are still haunted by the memory of being forced to shoulder the risk of rescuing UBS during the 2008 financial crisis. Despite realising an eventual financial gain from the bailout, many still fear negative consequences if there is a repeat act. Two recent parliamentary motions, designed to further restrain the biggest banks, as…

Swiss seize CHF60 million corporate bribes

This content was published on Nov 12, 2013 By doing so, the Federal Prosecutor’s Office signaled the conclusion of an eight year investigation into executives and shell companies that used the Swiss financial system to channel massive bribes used to win lucrative contracts for the German industrial giant. The Swiss investigation focused on corrupt payments made to secure business for Siemens in the…

Zurich cantonal bank branded too big to fail

This content was published on Nov 11, 2013 The Swiss National Bank (SNB) turned up the heat on the Zürcher Kantonalbank (ZKB) on Monday by upgrading it to a category one “systemically relevant” institution. In other words, ZKB’s collapse would cause more pain than the Swiss economy could bear. The exact consequences for ZKB have yet to be determined by the Swiss Financial…

Novartis sheds diagnostics unit

This content was published on Nov 11, 2013 Barcelona-based Grifols, the world’s third-largest blood products maker, said on Monday its diagnostics unit would make up 20% of its revenues after the deal, up from 4% now, and that annual turnover in the business would grow to around $1 billion. The diagnostic business focuses on ensuring the safety of blood transfusions. “The sale of…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Switzerland risks losing foreign firm appeal

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US fines Weatherford $253 million

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OECD tax forum complains Swiss making slow progress

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Credit Suisse to fence off domestic services

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Switzerland takes steps towards tax transparency

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OECD updates forecast for Switzerland

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Riddle remains of how to ‘defuse’ giant banks

More

Swiss seize CHF60 million corporate bribes

More

Zurich cantonal bank branded too big to fail

More

Novartis sheds diagnostics unit

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