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Pressure on UBS continues to weigh heavy

This content was published on Feb 24, 2009 At the close of trading, UBS shares were down 1.5 per cent to SFr9.85 ($8.47), after Monday’s close of SFr10. This means that the stock exchange value of UBS is about SFr30 billion or about as much as its rival Credit Suisse. In a related development, a Zurich lawyer has laid charges against UBS and…

Cold winter doesn’t buck global warming trend

This content was published on Feb 24, 2009 Bern University climatologist Heinz Wanner tells swissinfo that although the current winter season may appear colder and snowier than usual the larger historical picture shows it isn’t as severe as it seems. The head of the Climatology and Meteorology Research Group (Klimet), Wanner has for three decades been studying the climate to reconstruct conditions as…

Client assets at Swiss banks tumbled in 2008

This content was published on Feb 24, 2009 Figures released by the Swiss National Bank (SNB) show total deposits fell by SFr1.41 trillion ($1.21 trillion) to SFr3.82 trillion, the lowest level since August 2005. Assets from foreign customers shrank by SFr882 billion, as pressure grew against Switzerland’s offshore banking activities, while the value of domestic funds fell by SFr531 billion, according to the…

Panic sets in for UBS clients in America

This content was published on Feb 24, 2009 Some US lawyers say calls to their offices have shot up since the Swiss banking giant announced last Wednesday that it would hand over confidential details of some 250 clients the American tax authorities suspect of tax evasion. “People are looking for the ability to sleep at night,” Robert McKenzie, a Chicago attorney, told swissinfo.…

Georg Fischer profit plummets

This content was published on Feb 24, 2009 The company, which makes milling machines and motor spindles among other products, said on Tuesday it had been hit by a slump in demand in the fourth quarter. “The deterioration in external conditions in the course of 2008 was on a virtually unprecedented scale,” Georg Fischer said. It added that it was unable to give…

Bank secrecy faces coordinated global assault

This content was published on Feb 23, 2009 The meeting will push for a coordinated attack on tax evader boltholes as the financial crisis bites into national budgets. Switzerland has not been invited to the summit despite asking for a seat at the table. The news of a proposed international crackdown on tax havens, announced at the weekend, follows hard on the heels…

UBS feels the wrath of investors and the US

This content was published on Feb 23, 2009 The decline came as a federal judge decided it would take months to determine if and when the Internal Revenue Service (IRS) would gain access to accounts of 52,000 UBS clients in the US suspected of tax evasion. District judge Alan S. Gold set a July 13 hearing on the IRS lawsuit, unless an agreement…

Crunch time for biscuit exports

This content was published on Feb 23, 2009 But while sales at home rose by 6.9 per cent, exports shrank by 1.9 per cent, according to the confectionery and biscuit manufacturers’ association Biscosuisse. The 47,845 tons of biscuits produced in 2008 generated sales of SFr476.2 million ($410 million). Growth last year was less than in 2007 however, when sales rose by three per…

Swiss cancel Senate hearing appearance

This content was published on Feb 22, 2009 The government had intended to send a representative to the Permanent Subcommittee on Investigations hearing on Tuesday, part of a probe into alleged tax evasion by UBS clients in the US. The hearing will focus on the Internal Revenue Service’s request to UBS to provide more information about US citizens’ accounts. “The Swiss government regrets…

Banking secrecy attacked by British government

This content was published on Feb 22, 2009 In an interview published on Sunday in the Observer newspaper, Darling said it was intolerable that banking secrecy allowed some people to shelter their wealth from tax, while others had no choice but to pay. “It’s one of the things Switzerland has got to address. If it wants to be part of the international community,…

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Pressure on UBS continues to weigh heavy

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Cold winter doesn’t buck global warming trend

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Client assets at Swiss banks tumbled in 2008

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Panic sets in for UBS clients in America

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Georg Fischer profit plummets

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Bank secrecy faces coordinated global assault

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UBS feels the wrath of investors and the US

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Crunch time for biscuit exports

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Swiss cancel Senate hearing appearance

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Banking secrecy attacked by British government

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