Banking & Fintech

Body promoting Swiss image abroad faces cuts

This content was published on Nov 28, 2000 The decision to cut funding for “Presence Switzerland” was part of a wide-ranging debate in parliament on Tuesday on next year’s federal budget. The House approved a proposal to reduce the agency’s budget by SFr4 million to SFr7.5 million ($4.2 million). However, the Senate is likely to overurn the cutbacks when it debates the issue…

Finance ministry shelves plans for tax benefits

This content was published on Nov 28, 2000 Villiger said the delays were necessary to balance the federal budget over the next years. He warned that the deficit could reach SFr1 billion ($560 million) by 2004, if parliament approves the extra spending. In 1994, the federal government chalked up a record budget deficit of SFr7 billion. As a result, voters in 1998 approved…

Czech group bought by CSFB and Winterthur

This content was published on Nov 28, 2000 Union’s spokesman, Josef Rericha, said in a statement that the owners plan to sell the mid-sized bank Union Banka, a key part of the group, at a later date to an unspecified bank interested in Czech retail banking. Union Banka posted a nine-month loss of 37 million crowns on total assets of 25 billion crowns.…

Feldschlösschen plans shareholder payout in 2001

This content was published on Nov 28, 2000 Under the proposal, to be put to shareholders at the next annual general meeting, investors would be paid in the form of options, which give them the right to sell stock in the future at a fixed price. Feldschlösschen agreed to sell its brewing business to Carlsberg for SFr870 million earlier this month. swissinfo with…

Strong performance for UBS in third quarter

This content was published on Nov 28, 2000 Net profit in the third quarter at the world’s sixth largest financial institution came in at SFr2.1 billion ($1.2 billion), up 73 per cent on the same period in 1999, but down slightly from the SFr2.2 billion seen in the second quarter of 2000. UBS said Tuesday that it expected a quiet fourth quarter, reiterating…

Switzerland and EU head for confrontation over banking secrecy

This content was published on Nov 28, 2000 A senior Swiss official told German-language Swiss radio that the EU has made it clear it will only continue discussions on further trade accords if its demands are met. The EU wants to see Switzerland make concessions on sharing information on non-residents’ savings income – an issue which goes to the heart of Swiss banking…

Switzerland signs free trade deal with Mexico

This content was published on Nov 28, 2000 The deal, signed in Mexico City on Monday, will remove most tariffs between EFTA and Mexico by 2007, giving Switzerland the same trade privileges as the United States and the European Union. Couchepin signed the document along with the outgoing Mexican president, Ernesto Zedillo. Zedillo said the accord – one of many signed by Mexico…

The bishops chase away evil spirits

This content was published on Nov 28, 2000 Hundreds of men appear in procession, each carrying a heavy bell that is rung once with every step. They are followed silently by dozens of others wearing giant headdresses, resembling bishop hats. Candlelight shines through intricate patterns carved out of the cardboard headdresses, which bear a striking resemblance to stained glass windows found in Gothic…

Rich get richer

This content was published on Nov 28, 2000 Bertarelli, boss of the Geneva-based biotech firm, Serono, tops the list of the country’s 300 wealthiest people, published by the business magazine, “Bilanz”, on Tuesday. He has doubled his fortune in the past year, closing the gap on the fabulously wealthy Oeri-Hoffmann family, who own the majority shareholding in the Swiss healthcare giant, Roche. The…

EU tax deal leaves Swiss vulnerable over banking secrecy

This content was published on Nov 27, 2000 The EU agreement, reached in Brussels on Monday, will compel member states to share information on non-residents’ savings income so it can be taxed in their country of origin. The deal will increase the pressure on Switzerland to lift banking secrecy because it is conditional on other financial centres applying the same rules. Until now…

Banking & Fintech

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Banking & Fintech

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Body promoting Swiss image abroad faces cuts

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Finance ministry shelves plans for tax benefits

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Czech group bought by CSFB and Winterthur

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Feldschlösschen plans shareholder payout in 2001

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Strong performance for UBS in third quarter

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Switzerland and EU head for confrontation over banking secrecy

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Switzerland signs free trade deal with Mexico

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The bishops chase away evil spirits

More

Rich get richer

More

EU tax deal leaves Swiss vulnerable over banking secrecy

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