Archive – Banking & Fintech

Sulzer profit news dampened by business outlook

This content was published on Aug 24, 2009 The company, based in Winterthur with Russian businessman Viktor Vekselberg the major stakeholder, said its profit fell by 1.6 per cent, above the average estimate of SFr125 million in a Reuters poll. Sales in the first half slipped 1.9 per cent to SFr1.725 billion. For the full year, Sulzer expects a substantially lower order intake…

UBS clients in US are not “harmless victims”

This content was published on Aug 23, 2009 In an interview with the SonntagsBlick newspaper, Villiger also commented that legal cases against former UBS bankers did not affect the bank. “The clients are not just harmless victims. They knew what they wanted to evade. But they trusted the bank that it would work. Now we have to correct that.” Switzerland last week agreed…

UBS accord sends “clear signal” to US taxpayers

This content was published on Aug 22, 2009 Columbia University law professor John Coffee says this was always the goal of the negotiations between the Swiss and US governments, and that the court case brought against UBS was less about the bank than about sending a signal to taxpayers. “The Internal Revenue Service was targeting American taxpayers who try to avoid paying tax,”…

Officials in Canada set to ask UBS tax questions

This content was published on Aug 22, 2009 The country’s national revenue minister, Jean-Pierre Blackburn, told the Agence France Presse news agency that if UBS did not cooperate “we’ll go to court to get the information”. The September talks between UBS and the Canada Revenue Agency follow an out-of-court deal settling a United States lawsuit against UBS to reveal account information in their…

UBS informant gets US jail term

This content was published on Aug 21, 2009 The sentence was announced on Friday by a Florida court. He had been found guilty of conspiring to defraud the US by helping a Californian billionaire real estate developer to hide $200 million (SFr212 million) in assets. Birkenfeld, a US citizen, made a full confession and became a key informant in the government’s probe into…

Pair indicted for tax fraud in US

This content was published on Aug 21, 2009 Documents from a South Florida court allege that the lawyer advised clients on how to set up sham offshore corporations and trusts to hide assets. The pair are also alleged to have told a New York businessman that they had paid a Swiss government official a $45,000 (SFr47,000) bribe for information on whether his account…

Confidence low despite German economic gains

This content was published on Aug 21, 2009 A recent survey showed little optimism for the remainder of the year from most industry segments, in stark contrast to surprisingly upbeat signals sent out at the start of the global recession. Economic figures released in the last two weeks have also shown France and Hong Kong emerging from recession with positive gross economic product…

Lonza sets sights on Canadian drug firm

This content was published on Aug 21, 2009 Under details of the offer announced on Friday Basel-based Lonza intends to acquire Patheon’s restricted voting shares at a price of $3.55. “With Patheon, Lonza would be in a unique position to offer its customers manufacturing capability across the complete supply chain,” said Lonza CEO Stefan Borgas. Patheon said the offer was a “significant improvement…

Swiss president travels to Libya for talks

This content was published on Aug 20, 2009 The Swiss finance ministry confirmed Merz had met high-ranking officials during the trip to Tripoli on Thursday. Reuters quoted a Libyan government source as saying the Swiss president was expected to issue an apology for the arrest of one of the sons of the Libyan leader Moammar Gaddafi. Relations between the countries have been strained…

Tourism industry braced for hard year ahead

This content was published on Aug 20, 2009 Swiss travel group Kuoni’s half-year turnover figures, released on Thursday, were 21 per cent down on the same period last year at SFr1.76 billion ($1.65 billion). Its net loss was SFr51 million, compared with a 26.5 million half year profit in 2008. The travel group, which is among Europe’s top five, said that the results…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Sulzer profit news dampened by business outlook

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UBS clients in US are not “harmless victims”

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UBS accord sends “clear signal” to US taxpayers

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Officials in Canada set to ask UBS tax questions

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UBS informant gets US jail term

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Pair indicted for tax fraud in US

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Confidence low despite German economic gains

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Lonza sets sights on Canadian drug firm

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Swiss president travels to Libya for talks

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Tourism industry braced for hard year ahead

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