Archive – Banking & Fintech

Lead author of key Swiss wartime report dies

This content was published on Oct 29, 2009 Jean-François Bergier died on Thursday morning at the age of 77 at a hospital in Blonay, near Lake Geneva, after a short battle with cancer, his family said. The independent commission of experts (ICE) was set up in 1996 in response to a scandal involving dormant Swiss bank accounts belonging to victims of the Holocaust.…

Arms exports rise again

This content was published on Oct 29, 2009 According to the Federal Customs Office, the biggest destinations were Germany and Saudi Arabia, but Pakistan has reduced its orders. The nine-month result was up by SFr9 million, or 1.8 per cent, on the same period last year. It continues a trend, as last year arms exports from Switzerland rose by 55 per cent as…

Swiss airline keeps flying into profit

This content was published on Oct 29, 2009 The airline, now a daughter company of the German Lufthansa, announced on Thursday that the operating profit for July to September was SFr47 million ($46 million). As a whole, over the first nine months of 2009, Swiss achieved an operating profit of SFr113 million, a drop of 70 per cent on last year. The company…

ABB shows third quarter profit

This content was published on Oct 29, 2009 In a statement released on Thursday, ABB said that it had made a net profit of $1.034 billion, up by 12 per cent from the same period last year. The result was boosted by previously announced provision adjustment of $380 million. Turnover dropped by 10 per cent to $7.9 billion and orders fell by 15…

Swiss ski resorts upbeat over downturn

This content was published on Oct 29, 2009 Many resorts report bookings for the Christmas, New Year and February school holidays at similar levels to last winter. “All the signs are positive,” Urs Zenhäusern, media director at Valais Tourism, told swissinfo.ch. “I think we’ll have a stable year, or maybe better, but not necessarily a drop.” Swiss ski resorts felt the pinch last…

Summoned ambassador justifies Italy bank raids

This content was published on Oct 28, 2009 Swiss officials told Ambassador Giuseppe Deodato that “Switzerland has cooperated to a great extent with the international community, with European Union countries as well as with Italy in particular in tax matters”, the foreign ministry said in a statement. A few hours later, Deodato, speaking on Swiss public radio RSR, said the action aimed at…

First US tax dodger in UBS case sentenced

This content was published on Oct 28, 2009 The 55-year-old accountant is the first American charged in the UBS case. The man pleaded guilty in June. Prosecutors say he hid $6 million (SFr6.13 million) from the Internal Revenue Service (IRS). Prosecutors said the defendant, who cannot be named under Swiss law, has cooperated fully and that his case has sent a message worldwide…

Italian bank raids complicate relations

This content was published on Oct 28, 2009 Some 100 financial police agents on Tuesday targeted 76 offices including Italian branches of Swiss banks, Italian banks with Swiss links and San Marino-linked banks. “Yesterday the tone between the ‘Boot’ and the confederation reached a new low that was hard to imagine just a few months ago,” Fribourg’s La Liberté newspaper wrote on Wednesday.…

Drug makers pay millions to sway health debate

This content was published on Oct 28, 2009 The companies are among the top ten drug manufacturers lobbying the White House and Congress, having spent upwards of $7 million (SFr7.05 million) combined during the first half of 2009 to influence policy. Roche, Novartis and other groups lobbying Washington spent a total of nearly $400 million lobbying lawmakers on health care reform, President Barack…

Corporate giants “pull their weight” in taxes

This content was published on Oct 28, 2009 Bank Credit Suisse confirmed at the weekend that it may not pay direct taxes this year despite making profits. Loss-making UBS is also proving barren ground for tax collectors, while other corporate earnings have fallen. The case for UBS not paying tax on profits is clear, but Credit Suisse may also escape levies, despite turning…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Lead author of key Swiss wartime report dies

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Arms exports rise again

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Swiss airline keeps flying into profit

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ABB shows third quarter profit

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Swiss ski resorts upbeat over downturn

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Summoned ambassador justifies Italy bank raids

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First US tax dodger in UBS case sentenced

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Italian bank raids complicate relations

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Drug makers pay millions to sway health debate

More

Corporate giants “pull their weight” in taxes

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