Tag Archives: 3) Swiss Markets and News

Some Germans appear to have used Migros Bank to hide assets from their home tax authorities. © Keystone / Gaetan Bally Switzerland’s Migros Bank has agreed to pay €2.4 million (CHF2.65 million) to clear up cross-border tax evasion issues with Germany. Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär....

The WEF’s annual get-together of business, political and civil society leaders is planned for January 17-22 Keystone / Gian Ehrenzeller The annual meeting of the World Economic Forum (WEF) is set to take place in the Swiss mountain resort of Davos again next year. However, reasonable hotel rates are a prerequisite and the Covid-19 situation is also a decisive factor, according to organisers. “We want to remain true to tradition and Davos,” WEF spokesman Yann Zopf...

This week, Switzerland’s government set out the three phases of its plan to return to normal at a press conference recorded by RTS. The first is the protection phase, which we are currently in. This involves vaccinating the vulnerable and could last until the end of May 2021. The second is the stabilisation phase. This involves vaccinating all adults who want the shot. At this point bars could begin to open and larger events could be allowed with access limited to...

© Filmfoto | Dreamstime.com This week, Alain Berset, Switzerland’s health minister said that 80% of the population must be immunised for the virus to stop spreading, according to RTS. Vaccination against the SARS-CoV-2 virus is voluntary in Switzerland. Currently, estimates suggest only 60% of Switzerland’s population is prepared to be vaccinated, according to Berset, a figure below the level required to get rid of the virus. If 60% had immunity the virus would still...

Major infrastructure building projects abroad are could be an opportunity for Swiss companies to expand their business activities. Keystone/Joerg Sarbach The government has pledged CHF7.8 million ($8.5 million) over the next three years to help Swiss companies participate in major infrastructure projects abroad. The aim is to coordinate cooperation between the private sector and the government administration to help Swiss companies gain international visibility and...

Credit Suisse chairman Urs Rohner has some explaining to do at the bank’s AGM later this month. © Keystone / Ennio Leanza Five months before Greensill Capital’s collapse, Credit Suisse invited a special guest to present to its top ranks in Asia. The visitor was hailed as the sort of bold entrepreneur the bank wanted to do business with: Lex Greensill. “The tone was this is the exact kind of client the bank wants, tell the MDs to go out and find more guys like Lex,”...

Out with the old, in with the new? Digital asset trading venues now have to convert promise into performance. Keystone / Justin Lane A blockchain-inspired trading infrastructure, which links banks, companies and investors to cryptocurrencies and a new breed of digital securities, is nearing fruition in Switzerland. On Monday, the Swiss financial regulator gave the green light for the TDX Digital eXchange by awarding a securities house licence to technology company...

The aviation industry has been virtually grounded by Covid for a year. © Keystone/ Valentin Flauraud Business, tourism and trade union leaders have put forward an action plan to get Swiss air transport back in action as the coronavirus pandemic drags on. The “Back in the Air” plan was presented to Swiss President Guy Parmelin at Zurich airport on Thursday. Zurich Economics Minister Carmen Walker Späh said the airport is the “Suez Canal of Switzerland”, referring to...

The pandemic looms over the Swiss documentary festival, but is far from being the main topic. Some films tackle the social effects of quarantine, such as Pacho Velez’s “Searchers”, which explores how social networks helped to compensate for the loneliness of isolation. Visions du Réel After last year’s record edition during the Covid-19 lockdown, Visions du Réel – Switzerland’s largest documentary film festival that opened on April 15 – faces the challenge of...

© Keystone / Gaetan Bally Swiss courts dealt with 52 major cases of economic crime last year that amounted to CHF355 million ($384 million) in losses, the consultancy firm KPMG said on Thursday. Public institutions were especially targeted by fraudsters. The total number of documented cases was up by four compared to 2019 – well below the record peak (91) in 2015. The financial losses were also much lower than the CHF1.4 billion registered in 2016. Fraudsters...