Archive – Banking & Fintech

Politicians feel heat over Swiss accounts

This content was published on Jul 3, 2013 Pierre Condamin-Gerbier, a former executive of the Swiss private bank Reyl et Cie, told a French parliamentary commission on Wednesday that he had sent a list of well-known political figures with a Swiss bank account to the French justice department. Condamin-Gerbier, one of the principal witnesses in the enquiry into secret Swiss bank accounts owned…

Cabinet approves bank data transfer solution

This content was published on Jul 3, 2013 The cabinet agreed on parameters for granting authorisation on a case-by-case basis on Wednesday in an attempt to draw a line under the long-running tax evasion dispute with the US that has affected relations over the past four years. The new procedure is a compromise on the part of Swiss Finance Minister Eveline Widmer-Schlumpf whose…

How competitive are competitiveness rankings?

This content was published on Jul 1, 2013 After a quarter of a century, the Swiss-based IMD’s competitiveness list has become a coveted prize for countries around the world that view the top spot as the business world’s equivalent of an Oscar. A move in the right direction could persuade firms to invest in a country. This ritual was again on display with…

US tax cheat deal mired in legal minefield

This content was published on Jun 29, 2013 The US wants Swiss banks to hand over information of their US business dealings, including the names of employees and third-party lawyers and asset managers. Finding a legally compliant solution was complicated by parliament’s rejection on June 19 of the so-called Lex USA bill which aimed to enable the process. Since then, the government has…

‘Lax’ UBS France hit by €10 million fine

This content was published on Jun 26, 2013 UBS’s French unit has been put under formal investigation in Paris for alleged complicity in suspected illegal business practices in France. It is being investigated by the French judiciary, which opened a procedure in April 2012, on whether it offered potential French clients investments that were allegedly designed to evade taxes. The Autorité de contôle…

Post Office bank enters brave new world

This content was published on Jun 25, 2013 The legal conversion of PostFinance into a public limited company has partially met its desires to operate on an equal footing with commercial banks following lengthy political debate over many years. Parliament approved the plan to grant PostFinance independent status earlier this month. However, the company remains under the control of the state-owned Swiss Post…

Where Google stores your data

This content was published on Jun 24, 2013 To store the information that drives its business, Google has set up so-called “server farms” in a range of locations. Large amounts of water are needed to cool the servers. Google revealed in 2011 how energy was used to power its web services – 260 million watts continuously across the globe, or roughly a quarter…

Improved lending wins cautious praise from SNB

This content was published on Jun 20, 2013 Since last year’s warnings of “below average” capitalisation and a gloomy outlook for the banks’ futures if they didn’t adjust their lending practices, the SNB has significantly softened its tone and even praised UBS and Credit Suisse for their efforts in the past year. Both banks significantly reduced their investment banking activities, issuing more bonds…

Privacy officials raise concerns over Glass

This content was published on Jun 19, 2013 Hanspeter Thür signed the letter sent to Larry Page, Google’s chief executive officer, along with commissioners from Canada, the Netherlands, Australia, New Zealand, Mexico and Israel. “We would be very interested in hearing about the privacy implications of this new product and the steps you are taking to ensure that, as you move forward with…

Parliament vote stalls US tax settlement

This content was published on Jun 19, 2013 A majority of opponents on Tuesday argued the law violated Swiss sovereignty and didn’t provide either enough information about possible consequences or assurances from the US to protect bank employees. The result of the vote – 126 against, 67 in favour, with two abstentions – dealt a blow to the cabinet and Finance Minister Eveline…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Politicians feel heat over Swiss accounts

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Cabinet approves bank data transfer solution

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How competitive are competitiveness rankings?

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US tax cheat deal mired in legal minefield

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‘Lax’ UBS France hit by €10 million fine

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Post Office bank enters brave new world

More

Where Google stores your data

More

Improved lending wins cautious praise from SNB

More

Privacy officials raise concerns over Glass

More

Parliament vote stalls US tax settlement

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