Archive – Banking & Fintech

Former UBS trader charged in Libor case

This content was published on Jun 18, 2013 Britain’s Serious Fraud Office says the 33 year old, who also worked for Citigroup, was charged in London on Tuesday with conspiracy to defraud in connection with the rigging of the benchmark rate. UBS was not immediately available for comment. The former UBS employee specialised in products pegged to Libor and worked in offices in…

Swiss take first step to end US tax spat

This content was published on Jun 12, 2013 Following more than 20 hours of debate, the Senate on Wednesday approved the divisive bill by 24 votes to 15. Supporters, mainly from the centrist parties, warned of the potentially disastrous consequences for indicted banks, the finance industry and also for the Swiss economy if the government-sponsored bill was rejected. The law would help draw…

Swiss and US agree on FATCA interpretation

This content was published on Jun 7, 2013 The memorandum was signed on Friday in Washington by Manuel Sager, Swiss ambassador to the United States, and Mark Mazur, assistant secretary for tax policy. It summarises the obligations of Swiss financial institutions and confirms the simplified self-declaration process for “exempt Swiss beneficial owners” under the FATCA agreement signed on February 14, 2013. Finally, it…

France extends UBS tax probe

This content was published on Jun 7, 2013 The move by the French justice authorities comes a week after a probe into the bank’s French business. Under investigation is whether UBS offered potential French clients investments that prosecutors allege were designed to evade taxes. This happened in the early 2000s, a source quoted by the AFP news agency said. UBS said the French…

Importing to export

This content was published on Jun 7, 2013

Are Swiss watches Swiss enough?

This content was published on Jun 7, 2013 At the moment, at least 50 per cent of the components of watch movements have to be Swiss. The other watch parts can be imported. The Federation of the Swiss Watch Industry argues 60 per cent of the entire watch should be made in Switzerland in order to qualify for the “Swiss” label. But medium-sized…

‘Made in the world’ creates winners and losers

This content was published on Jun 7, 2013 One country researches a product, the next designs it, another manufactures the parts and a fourth takes care of assembly: this phenomenon comes from so-called GVCs, or Global Value Chains, which the United Nations Conference on Trade and Development (UNCTAD) says make up 80 per cent of global trade. GVCs have become the nervous system…

Asset bubble ‘threatens SNB euro stockpiles’

This content was published on Jun 6, 2013 Since introducing a CHF1.20 exchange rate with the euro in 2011, the central bank has rapidly built up a huge stockpile of foreign exchange reserves that have nearly doubled in the past two years to over CHF440 billion ($470 billion) in May 2013. A large portion of these reserves has been pumped into eurozone government…

Legal expert mulls possible Swiss bank fallout

This content was published on Jun 5, 2013 Manuel Ammann, professor of banking law at the University of St Gallen, believes parliament’s approval of a cabinet-backed bill would make cooperation with the Americans easier. Parliament is voting in its current session on whether to accept or block a cabinet proposal to allow banks to hand over confidential data chronicling their business dealings with…

Lawyers cry foul over bank data transfer

This content was published on Jun 4, 2013 Parliament will vote during its current session on whether to accept or block a cabinet proposal to allow banks to hand over confidential data chronicling their business dealings with US clients. In doing so, the financial institutions would dodge both Swiss banking secrecy laws and criminal prosecution in the US. While Swiss banks are in…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Former UBS trader charged in Libor case

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Swiss take first step to end US tax spat

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Swiss and US agree on FATCA interpretation

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France extends UBS tax probe

More

Importing to export

More

Are Swiss watches Swiss enough?

More

‘Made in the world’ creates winners and losers

More

Asset bubble ‘threatens SNB euro stockpiles’

More

Legal expert mulls possible Swiss bank fallout

More

Lawyers cry foul over bank data transfer

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