Archive – Banking & Fintech

Banking secrecy attacked by British government

This content was published on Feb 22, 2009 In an interview published on Sunday in the Observer newspaper, Darling said it was intolerable that banking secrecy allowed some people to shelter their wealth from tax, while others had no choice but to pay. “It’s one of the things Switzerland has got to address. If it wants to be part of the international community,…

“Swiss must be creative with banking secrecy”

This content was published on Feb 22, 2009 But following a week in which US authorities gave Switzerland’s largest bank a bloody nose at the least, Pieth believes Switzerland needs to re-think its banking system. On Wednesday UBS paid nearly SFr1 billion ($850 million) in fines and agreed to hand over details of 250-300 customers to avert criminal proceedings relating to a tax…

African e-waste project to serve as blueprint

This content was published on Feb 21, 2009 An initial test in Cape Town treated 58 tonnes of electronic equipment, created 19 jobs and made a profit of $14,000 (SFr16,480) over ten months in 2008, according to published results. The joint backers, the Swiss Federal Laboratories for Materials Testing and Research (Empa), Hewlett-Packard and the Geneva-based non-governmental organisation Global Digital Solidarity Fund, are…

Authority says UBS data handover was “correct”

This content was published on Feb 21, 2009 The Financial Market Supervisory Authority (Finma) spokesman Alain Bichsel said the authority’s decision had been “legally correct”. After months of pressure, UBS and Finma announced on Thursday the decision to hand over confidential details of 250 clients whom the US authorities suspect of tax evasion. UBS also agreed to pay $780 million (SFr915.8 million) in…

Court orders stay in bank document handover

This content was published on Feb 20, 2009 The court sent a fax to this effect on Friday evening to the Financial Market Supervisory Authority (Finma) and to eight UBS clients who had appealed to the court against Finma’s decision to pass on their documents. The clients claimed that the handover of the documents would have extremely serious consequences for them. They requested…

Leuthard wants free trade with Hong Kong

This content was published on Feb 20, 2009 Leuthard held talks with Rita Lau Ng Wai-lan, Hong Kong’s state secretary for trade and economic development, before flying back to Switzerland. Both agreed that they wanted a free-trade accord as soon as possible, said Evelyn Kobelt of Switzerland’s economics ministry. Whether Switzerland would draft such an accord alone or in conjunction with other nations…

Banking secrecy

This content was published on Feb 20, 2009

Deal with Japanese a “bright spot” for exporters

This content was published on Feb 20, 2009 In an interview with swissinfo, Leuthard says the agreement – the first of its kind for a European country – is a big boost for Switzerland’s exporters, particularly its chemical, pharmaceutical and watch industries. In return for lowering tariffs, Japan wants more favourable terms for placing agricultural goods and industrial items, like cars and machinery,…

US increases pressure on UBS and Switzerland

This content was published on Feb 20, 2009 US tax collectors issued UBS with a civil lawsuit on Thursday seeking the identities of about 52,000 US clients who allegedly kept billions of dollars at the bank to dodge the Internal Revenue Service. UBS has said it will fight the case. The news sent the UBS share price tumbling at the bourse. In late…

Banking secrecy wobbles as data handed over

This content was published on Feb 19, 2009 The gravity and timing of the controversial move has sparked intense political and legal debate in Switzerland amid fears it could open the floodgates to similar demands from other countries. Switzerland is also faced with increasing pressure from European Union states to stop sheltering the cash of wealthy foreign citizens from their home tax authorities.…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Banking secrecy attacked by British government

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“Swiss must be creative with banking secrecy”

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African e-waste project to serve as blueprint

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Authority says UBS data handover was “correct”

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Court orders stay in bank document handover

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Leuthard wants free trade with Hong Kong

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Banking secrecy

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Deal with Japanese a “bright spot” for exporters

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US increases pressure on UBS and Switzerland

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Banking secrecy wobbles as data handed over

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