Archive – Banking & Fintech

Return to floating exchange rate dismissed

This content was published on Apr 13, 2012 However, currency experts agree that the temporary slip that occurred during Easter week does not require a change in exchange rate policy. Thomas Jordan, vice-president and interim president of the SNB, defended his institution at the start of this week and said that doubts about the exchange rate policy were “unfounded”. Jordan repeated the central…

Competitor cheesed off about rival on US market

This content was published on Apr 11, 2012 Le Gruyère AOC, representing more than 170 producers of the famous cheese, criticised the Emmi dairies of damaging the special origin label. The director of Gruyere AOC, Philippe Bardet, told the Swiss News Agency that Emmi dairies acted unethically, but within the law as there is no Protected Designation of Origin label in the US.…

Court rules in favour of Credit Suisse client

This content was published on Apr 11, 2012 The Swiss finance ministry said negotiations with Washington would continue to settle a dispute over banking secrecy and alleged tax dodging. In a statement issued on Wednesday, the court said that evidence of tax evasion – such as failing to declare possession of a Swiss bank account – was not reason enough for the American…

UBS wins motion to dismiss US tax case

This content was published on Apr 11, 2012 The Russian-American tycoon sued UBS in 2008, accusing the bank of fraud, conspiracy and other charges relating to the handling of some $200 million ($183 million) he kept in offshore accounts. Olenicoff claimed that UBS had wrongfully advised him that he did not have to report the accounts to the Internal Revenue Service (IRS). The…

Swiss tourists in Turkish bus crash

This content was published on Apr 11, 2012 The accident happened on Tuesday between Korkuteli and Antalya in the Mediterranean region of Turkey, an area very popular with Swiss tourists. The Swiss Air Rescue Service (Rega) sent an ambulance jet to the area on Wednesday to repatriate the injured. Two of the survivors sustained serious injuries. Switzerland’s honorary consul in Antalya is in…

Court rules in favour of Credit Suisse client

This content was published on Apr 11, 2012 Last year, the American Internal Revenue Service (IRS) filed a request for administrative assistance based on the Swiss-American double taxation convention. This was approved by Switzerland’s Federal Tax Administration (FTA). In particular it was looking for the account details of suspected tax evaders. Credit Suisse employees in the US were criticised for helping clients to…

Tax spat spares German trade relations

This content was published on Apr 10, 2012 Despite the growing friction surrounding the taxing of German fortunes held in Swiss banks and approach rights to Zurich airport, trade volume continued to grow uninterrupted in 2011. More than a quarter of Switzerland’s total international trade is with Germany: SFr98.6 billion ($107.5 billion) of SFr372 billion. This is up from SFr95 billion in 2010,…

Central bank confirms exchange rate floor

This content was published on Apr 10, 2012 Central bank interim chief Thomas Jordan told reporters at a press briefing on Tuesday that the bank is enforcing the minimum exchange rate with all the means at its disposal. “We are prepared to buy foreign currency in unlimited quantities for this purpose. In this respect, our policies are totally unchanged.” On April 5 the…

Jobless rate decreases as spring comes

This content was published on Apr 10, 2012 The State Secretariat for Economic Affairs (Seco) said 162,392 people – or 3.2 per cent of the workforce – were out of a job. The figure is down 0.2 per cent on February. Serge Gaillard, head of Seco, said the latest figures were good news but he added that it was too early to say…

Whistleblowing debate heats up

This content was published on Apr 9, 2012 Despite impending changes to Swiss employment laws to toughen sanctions against unfair dismissal, Switzerland continues to beat about the bush concerning the thorny issue of workers going public with suspicions of corruption. Several cases of whistleblowers getting their knuckles rapped in the past two years appear to demonstrate that Switzerland is no place to take…

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