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Bern and London sign tax accord

This content was published on Oct 6, 2011 Swiss Finance Minister Eveline Widmer-Schlumpf and British exchequer secretary David Gauke put pen to paper on a deal that would compel Swiss banks to pay backdated income on the long-standing accounts of British tax cheats. From 2013, banks would then collect taxes from British account holders in exchange for the continued anonymity of clients. Switzerland…

Swiss taxis rated “good” despite blips

This content was published on Oct 6, 2011 Touring Club Switzerland carried out tests in Geneva and Zurich as part of a study of taxis in 22 European cities. Inspectors looked at the state of taxis, driver professionalism and their willingness to follow passengers’ requested routes. Geneva and Zurich taxis were rated “good” and “satisfactory” by the investigators, ranking 12th and 15th place.…

Nespresso rival fights back in patent battle

This content was published on Oct 5, 2011 The Ethical Coffee Company (ECC) has threatened legal action after Coop refused to stock coffee capsules compatible with Nespresso machines. A court banned two other distributors from selling the capsules earlier this month. German retailer Media Saturn has vowed to appeal against the court order after selling some 50,000 ECC capsules in its Media-Markt and…

UBS equities bosses resign over trader scandal

This content was published on Oct 5, 2011 UBS said in a statement on Wednesday that Carsten Kengeter, CEO of UBS Investment Bank, had accepted the resignations of François Gouws and Yassine Bouhara following the recent unauthorised trading incident. “Their resignations come as they assume overall responsibility for the effective management of the equities business,” UBS said. The bank said it would also…

Tax evasion cloud over Asia refuses to budge

This content was published on Oct 5, 2011 But suspicions linger that some private banks are redirecting the illicit assets of tax evaders, despite claiming that they are setting up business in Singapore and Hong Kong to tap into local wealth. A private bankers’ summit in Zurich last week heard that a “flood” of assets had moved to Asia since the implementation of…

Eurozone bonds seen as a mixed blessing

This content was published on Oct 4, 2011 But as Klaus Neusser, a professor of economics at Bern University, explains to swissinfo.ch, while they would benefit indebted countries, states with a healthy financial system would find themselves footing the bill. Like all bonds, they would be a way to raise new funds to get rid of the debt facing some countries. The idea…

UBS expects profit despite rogue trader losses

This content was published on Oct 4, 2011 The result includes the $2.3 billion (SFr 2.1 billion) loss resulting from “the unauthorised trading incident” and approximately SFr0.4 billion of restructuring charges associated with the firm’s cost reduction programme. In a statement, the bank said positive net new money in its wealth management businesses was expected to be broadly similar to the second quarter…

Swiss seek fresh impetus from India trade talks

This content was published on Oct 4, 2011 Indian President Pratibha Patil and a 45-strong business delegation are visiting Switzerland for two days of talks on boosting bilateral relations, including financial and research cooperation. India is among the top four trading partners of Switzerland in Asia. The trade volume between the two countries stood at SFr3.6 billion ($3.95 billion) last year. In her…

Newspapers will die out by 2040, says UN expert

This content was published on Oct 3, 2011 Francis Gurry, who heads the Geneva-based World Intellectual Property Organization (Wipo), told La Tribune de Genève that “in a few years, there will no longer be printed newspapers as we know them today”. “It’s an evolution – it’s neither good nor bad – there are studies showing that [newspapers] will disappear by 2040. In the…

Wage politics heats up on eve of negotiations

This content was published on Oct 2, 2011 Trade unions and companies look set to clash over how much money is available for next year’s pay hikes while executive remuneration remains a hot issue both in the public and political arenas. The Trade Union Federation has demanded a two to three per cent salary rise across the board for workers. Government civil servants…

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Bern and London sign tax accord

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Swiss taxis rated “good” despite blips

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Nespresso rival fights back in patent battle

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UBS equities bosses resign over trader scandal

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Tax evasion cloud over Asia refuses to budge

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Eurozone bonds seen as a mixed blessing

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UBS expects profit despite rogue trader losses

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Swiss seek fresh impetus from India trade talks

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Newspapers will die out by 2040, says UN expert

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Wage politics heats up on eve of negotiations

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