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UBS to foot government legal bill if asked

This content was published on Aug 13, 2009 The justice ministry has not said how much the legal proceedings and negotiations cost, although the final tab is estimated to be in the tens of millions of francs. “It would not surprise me if in the end, everything would total about 50 million,” Daniel Vischer, a Green Party parliamentarian from Zurich, told the Blick…

“Grey list” prompts latest double taxation deal

This content was published on Aug 13, 2009 The finance ministry said it was the 13th such accord, and the first time one had been initialled with a country outside the Organisation for Economic Co-operation and Development (OECD), which drew up the list of uncooperative tax havens. In a statement, the finance ministry said the double taxation agreement “contains solutions which are favourable…

Recruiters making do with slimmer pickings

This content was published on Aug 13, 2009 Having ridden the boom in recent years, it was only a matter of time before recruiters began to feel the pain of the downturn, as illustrated by Swiss-based Adecco’s dramatic second quarter loss reported on Tuesday. The world’s largest staffing company announced a second-quarter net loss of €147 million (SFr225 million) with revenues down by…

Financial crisis hits Swiss balance of payments hard

This content was published on Aug 13, 2009 The current account surplus fell to SFr13 billion ($12.1 billion) from SFr52 billion the previous year. In a statement on its 2008 balance of payments, the central bank said that excluding the banks’ losses the current account surplus would have been close to the 2007 figure. The bank also announced that it had sold 105…

Press say UBS settlement comes at a cost

This content was published on Aug 13, 2009 Headlines include “Too early to rejoice”, “UBS gets out of a tough spot” and “Agreement which avoids the worst”. The international press said the deal would have far-reaching consequences. They refer to the fact that the details worked out between Swiss and US negotiators are not yet known and therefore the consequences for Swiss banking…

UBS off the hook, but is Swiss banking?

This content was published on Aug 12, 2009 Lawyers told a Miami judge on Wednesday that an agreement to release UBS client data to the US tax authorities had been reached and that the threatened trial would be halted when it receives the final signatures. UBS is a clear winner having avoided a potentially disastrous court case to determine whether it had to…

Finance ministry projects lower budget surplus

This content was published on Aug 12, 2009 This is significantly lower than the SFr948 million surplus calculated in the 2009 budget, which was approved by parliament in December. Although the public accounts will be less healthy than expected, the picture could be worse considering the global economic crisis. While the tax take for 2009 is now expected to shrink by SFr1.4 billion,…

Swiss telecoms players weather economic storm

This content was published on Aug 12, 2009 Swisscom – the country’s biggest telecoms group and majority-owned by the government – and Sunrise announced SFr1.02 billion ($940 million) and SFr76 million net profit respectively. Swisscom closed the first half of the year with a 1.2 per cent fall in net revenue to SFr5.9 billion compared with the same period in 2008. Revenue at…

Automotive supplier announces more job cuts

This content was published on Aug 12, 2009 In a statement, Winterthur-based Rieter, a supplier to the textile and automotive industries, said the slump in these sectors had resulted in a 50 per cent drop in sales in the first half of this year to SFr899.8 million ($831.5 million). The concern announced a SFr145.5 million loss, with orders down SFr700 million or 46…

Nestlé turns profit but sees sales drop

This content was published on Aug 12, 2009 The multinational reported a net profit of SFr5.1 billion, which amounts to 9.7 per cent of sales. Nestlé said sales were affected by divestitures and a strong Swiss franc. However, the company said it achieved 3.5 per cent organic growth and the group’s EBIT grew to SFr7.4 billion. “With 3.5 per cent organic growth and…

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UBS to foot government legal bill if asked

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“Grey list” prompts latest double taxation deal

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Recruiters making do with slimmer pickings

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Financial crisis hits Swiss balance of payments hard

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Press say UBS settlement comes at a cost

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UBS off the hook, but is Swiss banking?

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Finance ministry projects lower budget surplus

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Swiss telecoms players weather economic storm

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Automotive supplier announces more job cuts

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Nestlé turns profit but sees sales drop

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