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US tax “ultimatum” has Swiss banks sweating

This content was published on Dec 21, 2011 Swiss newspapers claim the deadline for the US ultimatum passed on Tuesday night. However, banks are keeping tight lipped over claims that they would also have to provide all correspondence with offshore clients over the past 11 years. The Department of Justice (DoJ) has been steadily closing a net around Swiss banks ever since UBS…

Austrian resorts outperform Swiss

This content was published on Dec 21, 2011 The Austrian resort of Grossarltal was the most successful year-round resort due to high numbers of overnight stays and a “remarkable” use of its services, according to the BAK TOPindex of competitiveness and performance compiled by the BAK Basel Economics organisation. Lucerne was the top Swiss destination, rising to fifth place from 11th in 2009.…

Credit Suisse expands its Asian private banking

This content was published on Dec 21, 2011 HSBC said the gross assets of the business being sold were worth $2.7 billion (SFr2.5 billion) at the end of October, but it gave no sale price. The sale still needs to be approved by competition authorities but is due to take place in mid-2012, HSBC said. The business covers clients who hold more than…

Swiss casinos hit by euro crisis

This content was published on Dec 21, 2011 This has had consequences for the federal government, which has seen its share of the gambling houses’ profits sink by millions of Swiss francs. Ticino may not be Las Vegas, but it does have three casinos spread across just 2,800km² (from north to south, Locarno, Lugano and Mendrisio) as well as the largest casino in…

Workplace deal to cover 300,000 temp workers

This content was published on Dec 20, 2011 The accord is the first of its kind signed for temporary workers and will set in stone a minimum wage, a 42-hour-week and five weeks of holidays for workers under the age of 50. Renzo Ambrosetti, co-president of Unia, Switzerland’s largest trade union, said the agreement would also help to stamp out wage dumping and…

Watch industry clocks up record exports

This content was published on Dec 20, 2011 Imports on the other hand slumped 6.7 per cent on the previous year – down to SFr14.8 billion – as well as the previous month (-7.4 per cent). This drop in imports resulted in the trade balance for November – SFr3 billion – being the second-highest ever measured, the Federal Customs Administration said on Tuesday.…

Fastweb writedown weighs heavily on Swisscom

This content was published on Dec 20, 2011 Fastweb still has some good cards in its hand despite the worsening economic conditions in Italy and the service’s poor coverage among private sector customers, according to experts. Swisscom’s track record in foreign investments is not so good: in 2004 Switzerland’s biggest telecom company sold its stake in the German Debitel, losing more than SFr3…

Swiss firms well positioned for downturn

This content was published on Dec 19, 2011 A report published on Monday by Swiss Institutional Credit Research, a research branch of Credit Suisse, said that although the market environment was characterised by great political and economic uncertainty, Swiss firms were in a healthy financial state. Credit Suisse analysts think the crisis in the eurozone is likely to improve, but did not rule…

Swatch allowed to cut supplies to competitors

This content was published on Dec 19, 2011 The commission (Comco) opened an investigation into the Swatch Group in June 2011. Its purpose is to determine whether or not the watchmaker’s plans to stop supplying the competition with mechanical movements violate antitrust laws. Nine watchmakers had appealed to the federal administrative court against Comco’s ruling on December 15 allowing Swatch to reduce its…

Entrepreneurs stampede for emergency cash

This content was published on Dec 18, 2011 The SFr100 million ($107 million) emergency cash pot has been oversubscribed more than fivefold, with more than 1,000 applications asking for a total of SFr550 million in funding since September. The agency handing out the grants has called for greater long-term financing. As the franc gained rapidly in value against most major currencies, including the…

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US tax “ultimatum” has Swiss banks sweating

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Austrian resorts outperform Swiss

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Credit Suisse expands its Asian private banking

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Swiss casinos hit by euro crisis

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Workplace deal to cover 300,000 temp workers

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Watch industry clocks up record exports

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Fastweb writedown weighs heavily on Swisscom

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Swiss firms well positioned for downturn

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Swatch allowed to cut supplies to competitors

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Entrepreneurs stampede for emergency cash

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