Category Archive: 3) Swiss Markets and News
US charge extradited Russian businessman with hacking, insider trading
The Russian businessman extradited from Switzerland to the United States and four other Russians have been charged with carrying out a $82-million (CHF75 million) insider trading scheme using data stolen during hacks of US computer networks.
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Omicron forces WEF to postpone flagship event again
The Covid-19 pandemic has severely disrupted plans to hold the World Economic Forum’s (WEF) main annual meeting in Davos for a second year in a row.
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UBS bank appeals French tax evasion fine a second time
Switzerland’s largest bank, UBS, says it will once again appeal a fine handed out by a French court for tax evasion offences.
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Credit Suisse hires former AMP chief to lead wealth management
Credit Suisse has hired the former chief executive of Australian finance group AMP to run its revamped wealth management division, as the Swiss lender tries to win market share from its domestic rival UBS.
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Falcon bank fined for money laundering, ex-CEO acquitted
A Swiss court has found the Zurich-based Falcon Private Bank guilty of money-laundering offences. The Federal Criminal CourtExternal link on Wednesday ordered the Abu Dhabi-owned bankExternal link to pay a fine of CHF3.5 million ($3.8 million) for failing to set up the necessary controls. It was the first time that a Swiss bank was taken to court over accusations of money laundering.
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Pension reform passes in parliament but set to be challenged to vote
Parliament has approved a major reform of the Swiss pension system, including a controversial rise in the retirement age for women. The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well as an increase in value-added tax.
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Swiss National Bank maintains loose monetary policy
The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation.
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Expo 2020 Dubai: Swiss pavilion focuses on sustainability and innovation
The Swiss pavilion at the ongoing Universal Exposition in Dubai leads the visitor through Alpine landscapes in a show of light and shadows to showcase Swiss sustainability, urbanisation and innovation. It is a concept that seems to appeal to the public, despite the pandemic and the many contradictions that characterise the Gulf region.
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Switzerland outlines 15 Alpine hydro projects for the future
Authorities, environmental groups, and energy providers have named 15 major hydropower projects that could help Switzerland achieve energy security and a green transition over the coming decades. The projects were chosen for their energy efficiency potential as well as their minimal impact on biodiversity and the landscape, the groups wrote in a joint declaration on Monday. It was the third time that the “round-table” had met since August 2020.
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‘The definition of a tax haven is changing’
A major global corporate tax deal agreed by more than 130 countries in October aims to curb tax abuse by multinational companies, but many important details remain on how this will be implemented.
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UBS fails to overturn French tax evasion guilty verdict
An appeal court in Paris has confirmed that Swiss bank UBS is guilty of having assisted French tax evaders - but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billion.
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Arm wrestling over the control of money
The Swiss National Bank (SNB) is doing its best to keep up with the fast-evolving world of cryptocurrencies and decentralised finance.
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Why Switzerland props up its ailing sugar industry
Every year from October to December more than 1.5 million tonnes of sugar beets grown in Switzerland are harvested to supply the country’s sugar industry – an industry being kept alive by massive government subsidies. SWI swissinfo.ch reports from Aarberg, home to the country’s largest sugar factory.
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Swiss tourists stayed close to home in 2020
New data on Swiss travel habits during the first year of the Covid-19 pandemic show fewer overnight stays, less air travel and a collapse in trips beyond the borders of Europe.
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Supply chain bottlenecks and Omicron hamper Swiss economic recovery
Swiss economic experts expect a significant economic slowdown as supply chain bottlenecks, inflation and pandemic restrictions persist in many parts of the world.
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Swiss trade union demands shorter work week
Switzerland’s largest trade union issued a statement on Saturday demanding a “massive reduction” of working hours with full wage compensation for lower and income earners.
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Ransomware attacks on the rise in Switzerland
Cyber-attacks are on the rise in Switzerland with 94 ransomware incidents reported in the first half of the year, according to the Sunday weekly Le Matin Dimanche.
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The highs and lows of living and working in Switzerland
Last year foreign workers in Switzerland loved the quality of life but moaned about how hard it is to settle in. Have they since cracked how to befriend the allegedly surly Swiss? The Expat City Ranking 2021 lists both praise and peeves of newcomers.
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Two Swiss cities remain in top 10 most expensive globally
The latest Economist Intelligence Unit (EIU) survey of the prices of 200 goods and services in 173 cities placed both Geneva and Zurich in the top 10 most expensive cities in 2021. Overall, the cost of living across these 173 cities has risen by an average of 3.5%, the highest inflation seen in the last 5 years.
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Swiss commodity traders control 2.7 million hectares of land worldwide
Research by investigative non-profit Public Eye has revealed that trading companies with a Swiss presence – or their subsidiaries – own over 550 plantations covering over 2.7 million hectares.
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