Archive – Banking & Fintech

Greek turmoil piles pressure on franc defence

This content was published on May 29, 2012 A government taskforce is looking at additional measures to halt the rise of the franc, prompting rumours of taxes on foreign deposits and even a relaxing of the Swiss National Bank’s (SNB) SFr1.20 franc-euro exchange rate floor. “The situation in the last few weeks has become worse and much more uncertain,” SNB President Thomas Jordan told…

Illicit funds must be returned to Tunisia

This content was published on May 29, 2012 Switzerland froze about SFr60 million ($62.7 million) at the beginning of 2011, as soon as the old regime was overthrown – the first country to do so. But while welcoming the support which Switzerland had given Tunisia from the beginning, Marzouki was critical about the slowness with which moves to return the money were being made.…

How Italian assets still evade the tax authorities

This content was published on May 28, 2012 In June Finance Minister Eveline Widmer-Schlumpf will meet with Italian Prime Minister Mario Monti to discuss a new tax agreement between Switzerland and Italy. Talks will cover a new withholding tax on Italian assets in Swiss banks, taxes levied on cross-border workers in the southern canton of Ticino, access to financial markets and a revision…

Cementing unexpected beauty

This content was published on May 28, 2012 Some people say the world would be a more beautiful place without it, but Swiss photographer Andreas Schwaiger’s pictures tend to prove the opposite.

Shaping cement in new, lighter ways

This content was published on May 28, 2012 Cement might seem grey, boring and very common. The most widely used construction material in the world, it has a long history. But it has a huge potential for further development as well, way beyond the invention of reinforced concrete in the first half of the 20th century. “Do you know what this is made…

SNB reviews measures in case of eurozone break-up

This content was published on May 27, 2012 Jordan told the SonntagsZeitung newspaper it was a question of taking precautions that would directly influence the inflow of capital into Switzerland. The government task force, of which Jordan is a member, focuses on various tools to combat the strong franc. In September 2011, the SNB set a minimum limit of SFr1.20 per euro. Jordan…

EU withholding taxes worth over half a billion

This content was published on May 25, 2012 Twenty per cent tax was retained until July last year, when the rate was increased to 35 per cent. However, the result is still less than in 2009, when SFr534.8 million was collected. Three-quarters of the proceeds were transferred to EU member states, with the rest going to the Swiss government and cantons. The tax…

BMW fined for blocking direct imports

This content was published on May 24, 2012 The franc has soared since the global financial crisis erupted, prompting many Swiss consumers to cross the border to shop in Germany, France or Italy, importing goods back to Switzerland and hurting the retail sector in the country. The Federal Competition Commission fined BMW as a result of an investigation it launched in 2010 following…

Pilatus seals plane deals with India and Saudis

This content was published on May 24, 2012 The company also said on Thursday that it is in the final stages of a major contract with Saudi Arabia for 55 PC-21 propeller-driven trainers via a deal with the British defence contractor BAE Systems PLC. The deal was officially confirmed a day later (see freeform). The India deal, which also includes an integrated ground-based training…

Bank Wegelin shirks second court hearing

This content was published on May 24, 2012 Wegelin is accused of helping its clients hide more than $1.2 billion (SFr1.15 billion) in offshore bank accounts. The case is part of a United States crackdown on alleged tax fraud. The indictment of Wegelin, which was founded in 1741, marks the first time that the US has accused a foreign bank – rather than…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Greek turmoil piles pressure on franc defence

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Illicit funds must be returned to Tunisia

More

How Italian assets still evade the tax authorities

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Cementing unexpected beauty

More

Shaping cement in new, lighter ways

More

SNB reviews measures in case of eurozone break-up

More

EU withholding taxes worth over half a billion

More

BMW fined for blocking direct imports

More

Pilatus seals plane deals with India and Saudis

More

Bank Wegelin shirks second court hearing

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