Archive – Banking & Fintech

Nestlé to buy Pfizer’s infant-nutrition business

This content was published on Apr 23, 2012 The Vevey-based company says the acquisition, subject to regulatory approval, would “enhance its position in global infant nutrition”. Nestlé CEO Paul Bulcke called the deal to buy the Pfizer nutrition unit “an excellent strategic fit”. Nestlé said in a statement on Monday that estimated sales from the acquired business would be $2.4 billion in 2012.…

Swiss hope to solve tax row with US this year

This content was published on Apr 22, 2012 At a news conference in Washington on Saturday following talks with the US finance and justice ministers, Timothy Geithner and Eric Holder, Widmer-Schlumpf said negotiations were back on track. Widmer-Schlumpf said differences remained but the US government had given no indication that it intended to escalate the situation. She added that the Swiss banks accused…

UBS chief sees “economic warfare” against banks

This content was published on Apr 22, 2012 He accused foreign business competitors and politicians of undermining Switzerland’s finance industry over the past four years. “Their aim is to weaken Switzerland’s two internationally successful banks,” he said in an interview with the SonntagsZeitung newspaper. He said rival financial centres in Europe and the United States were hoping to win additional market shares from…

British win more favourable tax deal terms

This content was published on Apr 20, 2012 The finance ministry on Friday said both sides agreed to raise the minimum rate to legalise untaxed assets from 19 per cent and 34 per cent to between 21 per cent and 41 per cent, similar to a deal between Switzerland and Germany. The agreements still need approval by all the country’s parliaments in order to…

Patient dies during Novartis clinical trial

This content was published on Apr 19, 2012 The Basel-based company informed the US Food and Drug Administration (FDA) of “a small number” of pancreatitis cases and one death among patients taking the drug alisporivir and other medication to treat hepatitis C. Novartis said in a statement on Thursday that it had been notified by the FDA that clinical trials of the drug…

Swiss turn away from a tipple

This content was published on Apr 19, 2012 The Federal Agriculture Office said on Thursday that consumption of wine declined 2.3 per cent in 2011 to 2.74 million hectolitres (one hectolitre is 100 litres). It said the continued decline reflected the difficult economic circumstances in recent years. Consumption of Swiss wines, both red and white, declined by nearly 50,000hl. Consumption of imported red…

Thomas Jordan confirmed as National Bank head

This content was published on Apr 18, 2012 The move comes weeks after the Swiss franc temporarily fell below the central bank’s SFr1.20 exchange rate floor against the euro. Seven months ago Jordan’s predecessor, Philipp Hildebrand, had staked the credibility of the SNB on checking the inexorable rise of the franc against the single currency. The central bank has repeatedly vowed that it…

Swiss real estate urged to get house in order

This content was published on Apr 18, 2012 According to the Swiss government, real estate is not used systematically for money laundering but a “risk of abuse” exists. “The real estate business in Switzerland must become subject to anti-money laundering legislation,” asset recovery expert Mark Pieth told swissinfo.ch. According to Pieth, who is chairman of the board of the Basel Institute on Governance,…

Paris court to investigate UBS France

This content was published on Apr 16, 2012 Specifically, UBS is suspected of having had an organised, commercial offer for clients which proposed ways of hiding money from French tax authorities. The judicial investigation, which will be led by a Paris magistrate, follows a preliminary inquiry by police which was opened in March last year and which was meant to determine if serious…

Cross-border shoppers targeted by campaign

This content was published on Apr 13, 2012 The Swiss Small and Medium Sized Business (SME) Association is coordinating a campaign against cross-border shopping that is estimated to have cost the Swiss economy up to SFr5 billion ($5.5 billion) last year. The strong franc was responsible for driving more Swiss consumers over the borders in 2011 to take advantage of cheaper goods in…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Nestlé to buy Pfizer’s infant-nutrition business

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Swiss hope to solve tax row with US this year

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UBS chief sees “economic warfare” against banks

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British win more favourable tax deal terms

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Patient dies during Novartis clinical trial

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Swiss turn away from a tipple

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Thomas Jordan confirmed as National Bank head

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Swiss real estate urged to get house in order

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Paris court to investigate UBS France

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Cross-border shoppers targeted by campaign

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