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Power of cheese beats strong Swiss franc

This content was published on Feb 6, 2012 The organisation said the increase was due to special marketing efforts, offsetting negative six-month figures reported last August. The big winners of 2011 were speciality cheeses, including Raclette, Vacherin and Tête de moine, while the popular Emmental, Gruyère and Appenzell varieties lost up to 9.4 per cent. Exports of processed cheeses dropped more than 20…

Julius Bär expects resolution to US woes

This content was published on Feb 6, 2012 “We’ve taken an early, proactive approach with the US, taken measures including the US exit in 2009 at our own decision, and have an ongoing constructive dialogue,” Julius Bär Chief Executive Boris Collardi told journalists. The US issue has burdened the bank for months, as American officials ratchet up the pressure on Swiss private banks…

United tax evasion defences start to crumble

This content was published on Feb 5, 2012 The criminal indictment of Wegelin on Friday and whispers that some banks favour unilateral negotiations with the United States has undermined the coordinated defence of banking secrecy. UBS – the bank that set off the relentless US attack – and two other heavyweights under suspicion, Credit Suisse and Julius Bär, will hope to soothe jittery…

Italian money heads back to Switzerland

This content was published on Feb 4, 2012 But financial experts say the funds are mostly assets that have been declared to the tax authorities in Italy and are not substantial. According to Attilo Befera, head of the Italian Revenue Agency, huge amounts of capital are leaving the country amid uncertainty surrounding its financial wellbeing. In an interview with the “La Repubblica” newspaper,…

Formal probes launched into UBS trading losses

This content was published on Feb 3, 2012 The Swiss Financial Market Supervisory Authority (Finma) said on Friday it had started formal administrative enforcement proceedings against UBS under Swiss law, as well as launching a deeper investigation alongside Britain’s Financial Services Authority. UBS unveiled the trading losses on September 15, blaming it on a rogue trader. A day later regulators began initial investigations…

US charges Wegelin with aiding tax fraud

This content was published on Feb 3, 2012 US officials claim the bank – founded in 1741 – conspired with Americans and others to hide more than $1.2 billion (SFr1.1 billion) in client assets from the Internal Revenue Service. The announcement represents the first time an overseas bank has been indicted by the United States for enabling tax fraud by US taxpayers. Justice…

Banks suspected of cartel activity

This content was published on Feb 3, 2012 Comco said on Friday it had received information regarding potential unlawful agreements among banks. Specifically, collusion between derivative traders which might have influenced the reference rates LIBOR und TIBOR. Furthermore, market conditions regarding derivative products based on these reference rates might have been manipulated too. The London Interbank Offered Rate (LIBOR) and the Tokyo Interbank…

Xstrata confirms possible merger with Glencore

This content was published on Feb 2, 2012 In response to speculation that the two were in talks, Xstrata released a statement on Thursday confirming that Glencore had proposed an all-share merger of equals. However, Xstrata also pointed out that there was no certainty of any offer being made. Glencore, which already holds more than a third of Xstrata shares, now has until…

Trade surplus reaches new record high

This content was published on Feb 2, 2012 Exports were worth SFr197.5 billion, up 2.1 per cent, with the chemical industry the biggest contributor at SFr37 billion. However, quarterly figures show that sales abroad slowed during the year, with the global financial crisis and the strong franc having an impact. Exporters were forced to make price concessions of around 5.5 per cent on…

Roche looks to personal future

This content was published on Feb 1, 2012 Last week, the Basel-based firm made an offer worth $5.7 billion for Illumina, a San Diego company that makes machines which help decode DNA at lower cost. It was ten years ago that the human genome was sequenced for the first time, at a cost of around $3 billion and a decade’s worth of research.…

Internal: Archive

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Internal: Archive

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Power of cheese beats strong Swiss franc

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Julius Bär expects resolution to US woes

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United tax evasion defences start to crumble

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Italian money heads back to Switzerland

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Formal probes launched into UBS trading losses

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US charges Wegelin with aiding tax fraud

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Banks suspected of cartel activity

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Xstrata confirms possible merger with Glencore

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Trade surplus reaches new record high

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Roche looks to personal future

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