Archive – Banking & Fintech

Nestlé invests in Dubai and Indonesia factories

This content was published on Dec 9, 2010 The factory, which opened its doors on Thursday, will produce a variety of products such as powdered milk, chocolate bars and bottled water. It is located in the same place as the company’s microbiology lab, which specialises in salmonella research. Nestlé has been active in the Middle East for the past 75 years and has…

Madoff legal charges weigh on Swiss financiers

This content was published on Dec 8, 2010 Liquidators of the fraudulent scheme have demanded $2.5 billion (SFr2.47 billion) from UBS bank while Union Bancaire Privée has agreed to pay back up to $500 million in lost funds. Other institutions may also soon face civil or criminal suits. Disgraced trader Bernard Madoff is serving a 150-year jail term for setting up the most…

Online donations not possible on WikiLeaks site

This content was published on Dec 8, 2010 As the Swiss-Icelandic company Datacell announced on Wednesday, the service has been unavailable since Tuesday evening. Prior to that, both Visa and MasterCard had announced their intention to block payments to WikiLeaks. Datacell’s lawyers in Iceland are looking into how the company might respond to the credit card companies. Now that Visa and MasterCard have…

UBS faces further demands over Madoff case

This content was published on Dec 8, 2010 The second filing against UBS brings total recoveries sought from the Swiss bank to around $2.5 billion. Irving Picard, the trustee overseeing the liquidation of Madoff’s investment firm, made the additional demand for $555 million in recoveries from UBS at a New York bankruptcy court on Tuesday. On November 24 the trustee sued UBS…

Swiss bank reaches accord with Madoff trustee

This content was published on Dec 7, 2010 Madoff, a former non-executive chairman of the Nasdaq stock market in the United States, was arrested at the end of 2008 and charged with securities fraud. The deal between trustee Irving Picard and private Swiss bank Union Bancaire Privée (UBP), based in Geneva, ensures UBP will pay $470 million to benefit Madoff’s victims. “The UBP…

Business federation upbeat about Swiss economy

This content was published on Dec 6, 2010 In a report issued on Monday, the federation forecasts a growth of two per cent in gross domestic product in 2011, following 2.6 per cent in 2010. It says that the construction and consumer branches are benefiting from the increased spending power resulting from rising wages, lower unemployment, lower interest rates and overall immigration. It…

Could facelift stop resort from dying?

This content was published on Dec 6, 2010

No solution for brass plate firm impasse

This content was published on Dec 5, 2010 Brass plate firms, along with foreign holding companies based in Switzerland, do not have to pay tax on overseas earnings. The EU argues that this distorts competition and the ongoing row is one reason that bilateral talks have stalled. Market research firm Moneyhouse conservatively estimates that some 30,000 brass plate firms are located in Switzerland,…

“Society needs whistle-blowers”

This content was published on Dec 3, 2010 Elmer, 55, ran the Caribbean operations of Swiss private bank Julius Bär for eight years until he was dismissed in 2002. He then moved to Mauritius and began sending global tax authorities what he said were the secrets of his former employer. Elmer said he initially tried to fight offshore abuses himself but didn’t get…

Ex-UBS banker arrested in United States

This content was published on Dec 3, 2010 The US Justice Department said Peter Ghavami, a Belgian national, was arrested in New York on Wednesday after arriving on a flight from Moscow. Ghavami, who was with UBS until 2007, is the second former employee of the bank to be ensnared in the federal price-fixing probe of investment contracts governments buy with money raised…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Nestlé invests in Dubai and Indonesia factories

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Madoff legal charges weigh on Swiss financiers

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Online donations not possible on WikiLeaks site

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UBS faces further demands over Madoff case

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Swiss bank reaches accord with Madoff trustee

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Business federation upbeat about Swiss economy

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Could facelift stop resort from dying?

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No solution for brass plate firm impasse

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“Society needs whistle-blowers”

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Ex-UBS banker arrested in United States

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