Archive – Banking & Fintech

Luxembourg lends support to Swiss in tax row

This content was published on Feb 14, 2007 During a visit to Luxembourg by Swiss President Micheline Calmy-Rey on Wednesday, Luxembourg rejected Brussels’ threats, while calling on both sides to improve dialogue. “We can count on our friends,” declared Calmy-Rey, at the end of her meeting with Luxembourg’s Prime Minister Jean-Claude Juncker. On Tuesday the European Commission called on Switzerland to amend tax…

Swiss media toe government line in tax debate

This content was published on Feb 14, 2007 Writing in Wednesday’s papers, a majority of commentators denounced the “pressure” being applied by Brussels on non European-Union Switzerland. On Tuesday the Commission said corporate taxes offered by cantons including Obwalden and Zug violated a 1972 trade agreement, calling it a disguised state subsidy. It called on the Swiss to amend their policy and negotiate…

Swiss refuse to budge on corporate taxes

This content was published on Feb 13, 2007 On Tuesday, the commission called on the Swiss to amend their fiscal policy and negotiate with the European Union, a demand that drew fierce reactions from Swiss politicians and business leaders. Finance Minister Hans-Rudolf Merz shot down the EU proposal, saying in Bern that there was nothing to negotiate. He called the commission’s decision to…

Swiss hotels push for better quality control

This content was published on Feb 13, 2007 At a news conference in Bern on Tuesday, the association laid out its plans for 2007 also calling for measures to tackle Switzerland’s high prices, which it said hold back tourism. “We could do much better if people allowed us to,” said Guglielmo Brentel, Hotelleriesuisse’s director, on Tuesday. The association accounts for 80 per cent…

Ciba announces smaller net loss for 2006

This content was published on Feb 13, 2007 The Basel-based company said the better result was driven by improved sales and cost-cutting measures. Ciba, which is undergoing a wide-reaching restructuring, forecasts higher 2007 net income and sales, and a one per cent increase in full-year operating income margin. The company, which produces dyes and pigments, also announced that current chief operating officer Brendan…

Cantons hold key in EC business tax row

This content was published on Feb 13, 2007 Cantons are free to set their own tax rates under the Swiss constitution and they told swissinfo they would ignore renewed demands from the Commission to end “unfair” privileges. The Commission on Tuesday accused non-EU member Switzerland of violating the 1972 Free Trade Agreement by allowing individual cantons to set low tax rates to tempt…

UBS reports another record year

This content was published on Feb 13, 2007 Switzerland’s largest bank said financial businesses improved for the fourth consecutive year and attributed the result largely to the flood of new money into its wealth management businesses. UBS said that total 2006 attributable profit was SFr11.25 billion, up 19 per cent from the same period a year ago. “We are pleased to report that…

Dangerous substances still pose rail threat

This content was published on Feb 12, 2007 The affected stretches cross main Swiss cities including Geneva, Basel, Zurich and the capital, Bern. “Trains do not pass through the entire city but through zones which are densely populated and where there are major roads,” commented Davide Demicheli, spokesman of the Swiss Federal Transport Office. He was confirming a report that appeared in Sunday’s…

Deer alert

This content was published on Feb 11, 2007

EU prepares tax complaint against Switzerland

This content was published on Feb 10, 2007 But the reproach is considered dubious because the Commission cannot really prove there has been any infringement of free trade. Brussels and Bern have been at loggerheads for more than a year over low corporate taxes some of the cantons use to attract new companies, including firms from European Union countries. The Swiss government has…

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Luxembourg lends support to Swiss in tax row

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Swiss media toe government line in tax debate

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Swiss refuse to budge on corporate taxes

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Swiss hotels push for better quality control

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Ciba announces smaller net loss for 2006

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Cantons hold key in EC business tax row

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UBS reports another record year

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Dangerous substances still pose rail threat

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Deer alert

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EU prepares tax complaint against Switzerland

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