Archive – Banking & Fintech

Credit Suisse prepares for huge payout to US

This content was published on Dec 16, 2009 The probe has been looking into dollar payments made between 2002 and 2007 with countries, which include North Korea, Cuba, Sudan, Syria and Iran. US-regulated financial institutions are not allowed to do business with sanctioned countries. In a surprise statement late on Tuesday, Credit Suisse confirmed that it was in “advanced settlement discussions” with the…

Former UBS chiefs to face no charges

This content was published on Dec 15, 2009 News that ex-UBS chairman Marcel Ospel will not face charges in court has angered some people in Switzerland. But others are relieved there will be no repeat of the unsuccessful trial of executives of the former national airline, Swissair. Ospel was at the helm of UBS in 2007 when the bank was plunged into the…

Tax amnesty to hit southern canton of Ticino

This content was published on Dec 15, 2009 Experts predict that “scudo III” – the third Italian tax amnesty since 2001 – will surpass Italian government projections of recouping tax revenues of €3.7 billion (SF5.6 billion) in 2010. Official figures are not yet available but there are reports of about €100 billion being repatriated to Italy, of which €5 billion would go to…

EXHIBITION: Women on Money

This content was published on Dec 15, 2009 The Gutenberg Museum puts on a temporary exhibition about women and their appearance on Swiss paper money, reflecting on bank notes past and present and also money that never came to be because the women were too sexy.

UBS’s Ospel and Kurer avoid criminal charges

This content was published on Dec 15, 2009 The Zurich prosecutor’s office for economic crimes said on Tuesday that there was no evidence that the former chairmen had broken Swiss laws in the affair. The office also said there was no proof the men or other senior managers had taken greater risks than a more prudent businessman would have taken. UBS’s board agreed.…

Government outlines climate progress

This content was published on Dec 14, 2009 The Federal Environment Office presented a report on Monday at the climate change summit in Copenhagen, which outlines Switzerland’s efforts to meet its international obligations. Switzerland has committed itself to reducing the amount of greenhouse gases by eight per cent between 2008 and 2012, compared with 1990 levels. But since emissions remained at the same…

Swiss worry about their job security

This content was published on Dec 14, 2009 Sixty-six per cent of the people surveyed were concerned by the jobless rate, which stood at 4.2 per cent in November. Unemployment was the prime worry of only 53 per cent in 2008. Switzerland’s costly health system, pension schemes and the financial crisis were the other worries, although only about one-third of the population rated…

More clients affected by HSBC bank data theft

This content was published on Dec 14, 2009 French prosecutor Eric de Montgolfier said on Sunday that authorities had the names of 130,000 clients from numerous countries who had accounts in Switzerland. The bank said last week it believed the number of affected clients was “less than ten”. A former employee at HSBC Private Bank allegedly handed French tax authorities account data on…

New rail schedule comes into effect

This content was published on Dec 13, 2009 The changes, which came into effect at 3:00am on Sunday, will be tested when commuter traffic begins on Monday, officials said. People travelling from the capital Bern to Zurich, Switzerland’s largest city, now have the option of boarding a train that departs at 4:14pm. A non-stop journey between the cities takes 56 minutes. There will…

Crossing the borders

This content was published on Dec 11, 2009 The distinctive red and yellow tram takes us on a journey over 25.9 kilometre through the city of Basel and the surrounding countryside, crossing into France, on a one-hour trip that starts and ends in canton Solothurn.

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