Archive – Banking & Fintech

Time comes for blame and questions in UBS case

This content was published on Aug 14, 2009 No new details emerged on Friday over a settlement between the Internal Revenue Service (IRS) and UBS in a case over client confidentiality and tax evasion, but the storm has eroded the pillars of Swiss banking and left many wondering what comes next. Whatever the terms of the final settlement, one thing is clear, says…

Central bank posts positive first-half profit

This content was published on Aug 14, 2009 The bank said in a statement that the result was in particular affected by valuation changes on gold holdings. Valuation gains totalled SFr3 billion for the first half. It reported that nearly all types of investment contributed to the positive half-yearly results. Interest income on foreign currency positions had a “significant impact”, and equity securities…

Swatch Group profit beats expectations

This content was published on Aug 14, 2009 This compares with SFr418 million for the same period last year, a decline of 28 per cent. A Reuters poll of analysts had expected a first-half profit of SFr275 million. The Swatch Group, which includes luxury brands such as Breguet and Omega, as well as Longines, Tissot and Swatch, forecast that demand for its timepieces…

UBS to foot government legal bill if asked

This content was published on Aug 13, 2009 The justice ministry has not said how much the legal proceedings and negotiations cost, although the final tab is estimated to be in the tens of millions of francs. “It would not surprise me if in the end, everything would total about 50 million,” Daniel Vischer, a Green Party parliamentarian from Zurich, told the Blick…

“Grey list” prompts latest double taxation deal

This content was published on Aug 13, 2009 The finance ministry said it was the 13th such accord, and the first time one had been initialled with a country outside the Organisation for Economic Co-operation and Development (OECD), which drew up the list of uncooperative tax havens. In a statement, the finance ministry said the double taxation agreement “contains solutions which are favourable…

Recruiters making do with slimmer pickings

This content was published on Aug 13, 2009 Having ridden the boom in recent years, it was only a matter of time before recruiters began to feel the pain of the downturn, as illustrated by Swiss-based Adecco’s dramatic second quarter loss reported on Tuesday. The world’s largest staffing company announced a second-quarter net loss of €147 million (SFr225 million) with revenues down by…

Financial crisis hits Swiss balance of payments hard

This content was published on Aug 13, 2009 The current account surplus fell to SFr13 billion ($12.1 billion) from SFr52 billion the previous year. In a statement on its 2008 balance of payments, the central bank said that excluding the banks’ losses the current account surplus would have been close to the 2007 figure. The bank also announced that it had sold 105…

Press say UBS settlement comes at a cost

This content was published on Aug 13, 2009 Headlines include “Too early to rejoice”, “UBS gets out of a tough spot” and “Agreement which avoids the worst”. The international press said the deal would have far-reaching consequences. They refer to the fact that the details worked out between Swiss and US negotiators are not yet known and therefore the consequences for Swiss banking…

UBS off the hook, but is Swiss banking?

This content was published on Aug 12, 2009 Lawyers told a Miami judge on Wednesday that an agreement to release UBS client data to the US tax authorities had been reached and that the threatened trial would be halted when it receives the final signatures. UBS is a clear winner having avoided a potentially disastrous court case to determine whether it had to…

Finance ministry projects lower budget surplus

This content was published on Aug 12, 2009 This is significantly lower than the SFr948 million surplus calculated in the 2009 budget, which was approved by parliament in December. Although the public accounts will be less healthy than expected, the picture could be worse considering the global economic crisis. While the tax take for 2009 is now expected to shrink by SFr1.4 billion,…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Time comes for blame and questions in UBS case

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Central bank posts positive first-half profit

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Swatch Group profit beats expectations

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UBS to foot government legal bill if asked

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“Grey list” prompts latest double taxation deal

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Recruiters making do with slimmer pickings

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Financial crisis hits Swiss balance of payments hard

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Press say UBS settlement comes at a cost

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UBS off the hook, but is Swiss banking?

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Finance ministry projects lower budget surplus

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