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More bankers face US tax evasion charges

This content was published on Jan 4, 2012 The trio are accused of helping US clients switch their UBS accounts to the Wegelin private bank between 2008 and 2009 while the world’s largest wealth manager faced a tax evasion investigation. They are also alleged to have attracted clients between 2005 and 2010 and helped them to hide their tracks by creating sham foundations,…

Central bank’s independence put to the test

This content was published on Jan 3, 2012 But the latest allegation of insider trading against SNB chairman Philipp Hildebrand has also called into question the independence of the central bank from political interference. Rumours that Hildebrand helped his wife make a profit from a franc-dollar transaction by forewarning her of SNB exchange rate interventions have been rejected by subsequent investigations. But the…

Workers happy with their jobs

This content was published on Jan 3, 2012 Only six per cent said that they were dissatisfied with their jobs. The survey results aired on Monday on “Eco”, a business programme on Swiss television. It seems that women in particular are happy at work: 37 per cent said they were very satisfied in comparison with 33 per cent of the men. As for…

Petroplus to close Swiss refinery

This content was published on Jan 3, 2012 The Cressier closure is scheduled for mid-January and will leave about 260 employees without a job. However, the local authorities and labour unions said they are hoping to find a solution to prevent the closure of the site. On Tuesday, five Swiss, French and Belgian unions launched a joint appeal asking their countries to intervene…

How same-sex couples see their legal unions

This content was published on Jan 2, 2012

Tax deal with US “needs more time”

This content was published on Dec 31, 2011 Eveline Widmer-Schlumpf told Swiss radio on Saturday that the cornerstone of an agreement had been negotiated, but several more meetings would be necessary. Widmer-Schlumpf, who assumes the rotating presidency for 2012, didn’t want to discuss any details, such as payments by the banks involved. But Switzerland would ensure, she added, that “the banks, which are…

Polish workers descend on Switzerland

This content was published on Dec 30, 2011

Credit Suisse fined over US securities sales

This content was published on Dec 28, 2011 Credit Suisse violated a US regulation known as SHO, which requires a broker or dealer to have reasonable grounds to believe that a security can be borrowed and is available for delivery before accepting a short sale order, said the Financial Industry Regulatory Authority (FINRA). In short sales, investors sell securities they do not own,…

Economy to stagnate in first part of 2012

This content was published on Dec 28, 2011 The institute’s Economic Barometer measures expectations from a broad range of industry sectors. The report issued on Wednesday said the core GDP module representing all sectors except banking and construction “all clearly display a negative development”. The silver lining was KOF’s finding that the downward slide slowed from November to December. The barometer has been…

CS chief gives upbeat outlook for Swiss banking

This content was published on Dec 27, 2011 In an interview with the newspapers, Tages-Anzeiger and Der Bund, Dougan said Switzerland would come out stronger from a tax row with the United States. He said the quality of Swiss banking would prevail even without the advantage of banking secrecy for taxes. Dismissing the gloomy forecasts by the former CEO of rival UBS bank,…

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