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Swiss ski resorts upbeat over downturn

This content was published on Oct 29, 2009 Many resorts report bookings for the Christmas, New Year and February school holidays at similar levels to last winter. “All the signs are positive,” Urs Zenhäusern, media director at Valais Tourism, told swissinfo.ch. “I think we’ll have a stable year, or maybe better, but not necessarily a drop.” Swiss ski resorts felt the pinch last…

Summoned ambassador justifies Italy bank raids

This content was published on Oct 28, 2009 Swiss officials told Ambassador Giuseppe Deodato that “Switzerland has cooperated to a great extent with the international community, with European Union countries as well as with Italy in particular in tax matters”, the foreign ministry said in a statement. A few hours later, Deodato, speaking on Swiss public radio RSR, said the action aimed at…

First US tax dodger in UBS case sentenced

This content was published on Oct 28, 2009 The 55-year-old accountant is the first American charged in the UBS case. The man pleaded guilty in June. Prosecutors say he hid $6 million (SFr6.13 million) from the Internal Revenue Service (IRS). Prosecutors said the defendant, who cannot be named under Swiss law, has cooperated fully and that his case has sent a message worldwide…

Dossier on the minaret controversy in Switzerland

This content was published on Oct 28, 2009 Switzerland’s system of direct democracy enables any citizen or pressure group to demand a change in the constitution if they can collect 100,000 signatures within 18 months. In July 2008 the rightwing Swiss People’s Party handed in an initiative, “Against the Construction of Minarets”, to the government with 113,540 valid signatures. The text is just…

Italian bank raids complicate relations

This content was published on Oct 28, 2009 Some 100 financial police agents on Tuesday targeted 76 offices including Italian branches of Swiss banks, Italian banks with Swiss links and San Marino-linked banks. “Yesterday the tone between the ‘Boot’ and the confederation reached a new low that was hard to imagine just a few months ago,” Fribourg’s La Liberté newspaper wrote on Wednesday.…

Drug makers pay millions to sway health debate

This content was published on Oct 28, 2009 The companies are among the top ten drug manufacturers lobbying the White House and Congress, having spent upwards of $7 million (SFr7.05 million) combined during the first half of 2009 to influence policy. Roche, Novartis and other groups lobbying Washington spent a total of nearly $400 million lobbying lawmakers on health care reform, President Barack…

Corporate giants “pull their weight” in taxes

This content was published on Oct 28, 2009 Bank Credit Suisse confirmed at the weekend that it may not pay direct taxes this year despite making profits. Loss-making UBS is also proving barren ground for tax collectors, while other corporate earnings have fallen. The case for UBS not paying tax on profits is clear, but Credit Suisse may also escape levies, despite turning…

UBS follows Credit Suisse on pay reform

This content was published on Oct 27, 2009 The move will boost fixed salaries at the bank, according to an internal memo released to staff on October 5. UBS will not implement the changes until key units return to profit. “At UBS, the ratio of variable to fixed compensation was in some cases particularly high,” the memo said. “Fixed salaries at UBS should,…

Bank employee steals, gambles away millions

This content was published on Oct 26, 2009 The woman, who worked for banking giant UBS, said she gambled up to SFr90,000 per week over five years. UBS has confirmed that it alerted police in September after discovering funds were missing at its branch in Neuhausen, near the Swiss-German border. The 41-year-old woman, who has not been named, was arrested in September and…

Geneva airport gets new terminal

This content was published on Oct 26, 2009 The terminal, which took three years to construct, has added 40 per cent more room to the airport. No taxpayer money had been used to fund the project, Transport Minister Moritz Leuenberger said at Monday’s ceremony. “This is the most important work undertaken by the airport in 40 years,” said François Longchamp, a Geneva senator.…

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Swiss ski resorts upbeat over downturn

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Summoned ambassador justifies Italy bank raids

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First US tax dodger in UBS case sentenced

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Dossier on the minaret controversy in Switzerland

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Italian bank raids complicate relations

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Drug makers pay millions to sway health debate

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Corporate giants “pull their weight” in taxes

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UBS follows Credit Suisse on pay reform

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Bank employee steals, gambles away millions

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Geneva airport gets new terminal

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