Tag Archives: 3) Swiss Markets and News

The 1MDB scandal has seen billions disappear from the sovereign wealth fund. The Swiss financial regulator has concluded its investigations into the Malaysian 1MDB scandal by finding Rothschild Bank AG and one of its subsidiaries in serious breach of anti-money laundering regulations. The Swiss Financial Market Supervisory Authority (FINMA) said on Friday that it has appointed an auditor to make sure the bank and its...

A Swiss-US agreement allows wrongdoers to settle financially to avoid criminal prosecution in the United States. The Zurich-based Neue Privat Bank (NPB) has paid $5 million (CHF5 million) fine to settle a criminal tax evasion investigation in the United States. NPB is one of a handful of so-called ‘category 1’ Swiss or Swiss-based bank branches that were still facing sanctions at the start of this year. On Thursday the...

Experts have warned that international cybercrime needs increased cooperation between cross-border law enforcement agencies Two people suspected of illegally obtaining and using the e-banking data of Swiss bank customers have been arrested in the Netherlands. The Swiss Office of the Attorney General says the suspects were arrested near the city of Rotterdam and premises were searched in the coordinated operation between...

Taxi drivers and trade unions have both opposed Uber in Switzerland. The ride sharing service Uber plans to expand further in Switzerland, but not as aggressively as in the past, Swiss head Steve Salom says in a newspaper interview. Uber is present in Zurich, Basel, Geneva and Lausanne with 300,000 regular customers and some 2,600 drivers in Switzerland, Salom told SonntagsBlick. But it has also run into some...

In Switzerland, tax is largely determined by the canton of residence. The range of tax rates is wide. In 2017, a single person earning CHF 100,000 paid only CHF 7,592 in the canton of Zug but CHF 19,233 in the canton of Neuchâtel, more than 2.5 times as much. Someone married with children earning the same amount paid CHF 920 in Zug and CHF 9,249 in Neuchâtel, more than 10 times as much. ...

© Arturo Osorno | Dreamstime.com Net migration into Switzerland from the EU was down by 11% last year, according to the State Secretariat for Economic Affairs (SECO). In 2017, a net 31,250 people from the EU and EFTA moved to Switzerland. And, with a 4% decline in the number arriving over the five months to May 2018, the fall looks set to continue. For some nationalities the net flow went into reverse. In 2017, more...

The WIPO annual innovation report is one of many that features Switzerland highly Switzerland retained its crown as the world’s most innovative country for the eighth year in a row, according to the World Intellectual Property Organization (WIPO) – the global intellectual property agency. Switzerland came top of the innovation list ahead of the Netherlands, Sweden, Britain, Singapore, the United States, Finland,...

Some older employees fear being axed from the workplace because they cost to much to employ. A lobby group representing the interests of older workers has launched a people’s initiative to reform the occupational pension system to reduce the incentive for employers to sack people once they pass the age of 50. The Workfair 50+external link group announced on Tuesday its intention of forcing a nationwide vote on the...

The US import measures targeted at protecting national security were unjustified, SECO wrote. The Swiss State Secretariat for Economic Affairs (SECO) has initiated a dispute settlement procedure with the World Trade Organisation (WTO) against US steel and aluminium import tariffs. In a statementexternal link published on Tuesday, SECOexternal link announced that a complaint to this effect had been filed with the...

Novartis’ Sandoz unit is one of the dozen Swiss firms alleged to have been targeted in the long-running German spying operation in Austria A dozen branches of Swiss firms in Austria were targeted by German spies between 1999 and 2006, according to the SonntagsBlick newspaper which has seen documents belonging to Germany’s federal intelligence service BND. Part of the data was allegedly handed to the United States. The...