Tag Archives: 3.) Swissinfo Business and Economy

The Swiss bank said it had reached a final settlement with the New Jersey Attorney General © Keystone / Michael Buholzer Credit Suisse has agreed to pay $495 million (CHF496 million) to settle a case brought against it in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation. Credit Suisse said it would make the pay-out to settle claims brought by the New Jersey Attorney General related to the bank’s...

Uber’s activities in Switzerland have sparked legal disputes. © Keystone / Christian Beutler Dozens of taxi drivers staged a strike in Geneva to protest a decision by the authorities to allow the ride-hailing company to resume business in the Swiss city. The strike follows months of dispute and failed negotiations over the conditions of Uber drivers and the legal status of the American company. On Friday, the Geneva authorities decided to suspend a ban on Uber...

Cornelia Ritz Bossicard leads swissVR, an independent Swiss association of board members. She explains the role that boards of directors and their members play in steering businesses. A director of the board for several companies, Bossicard became president of swissVR in 2018. The aim of swissVR is to strengthen the skills of Swiss boards by offering a forum for sharing experiences, organising company visits, publishing surveys and reports, and providing...

Switzerland has been criticised for turning a blind eye to legal advisors and others who allow wealthy people to hide their money. © Keystone / Gaetan Bally The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime. The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the...

The United Nations’ Security Council goal was to ensure the collective security of humanity. Seventy years after its creation the five-member council needs a massive shakeup if it is to address today’s challenges argues Hassan Nafaa, professor of Political Science at Cairo University. More than seven decades have passed since the United Nations was established to maintain international peace and security. Since then, the world’s political and social landscapes have...

Dixit Joshi ‘loves solving big, complex financial problems’, according to one acquaintance CS As daunting first weeks go, Dixit Joshi’s takes some beating. After a weekend of damaging speculation on social media about the impending collapse of Credit Suisse, Joshi started as the bank’s chief financial officer last Monday with its share price plumbing new lows and a gauge of default risk spiralling higher. The British-South Africa banker turned up to his first...

Five additional countries, including Nigeria, now benefit from an automatic exchange of banking information with Switzerland, taking the total to over 100 for the first time. On Monday, the Swiss Federal Tax Administration revealed that it had provided details of around 3.4 million bank accounts held by foreigners (or those with a fiscal residence abroad) to their countries of origin or residence this year. In return, it had received information on banking...

Uber’s disruptive model faces resistance from unions and authorities in various countries, not just Switzerland. Keystone / Caroline Brehman The ride-hailing company says it will offer drivers the possibility of remaining independent or becoming official employees of a subcontractor firm. The “dual model” will be extended gradually across the country – with the exception of Geneva – from October, Uber’s Swiss director Jean-Pascal Aribot told the Tribune de Genève...

The fluctuating price of bitcoin bears a repetitive hallmark: true believers hoard the vast majority of bitcoin in circulation and wait for the next wave of new disciples to push up the value by fighting for the scraps. When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch’s business correspondent can be found playing cricket on various grounds in Switzerland – including the frozen lake of St Moritz. More from this author |...

Another factor for the slowdown is foreign trade, which according to the forecast will weaken significantly next year. © Keystone / Gaetan Bally The KOF economic institute has joined other forecasting agencies to lower its predictions for the Swiss economy. However, the experts do not expect a recession for the time being. The Swiss Institute for Business Cycle Research at the Federal Institute of Technology (ETH) in Zurich is now forecasting growth in gross domestic...