Tag Archive: Business

New Swiss 100-franc banknote blocks certain ATMs

The new CHF100 ($100) banknote, which went into circulation last month, has blocked bank ATMs in half a dozen German-speaking Swiss cantons. Bank machines belonging to the PostFinance bank do not seem to like the new blue CHF100 note, which was officially launched on September 12.

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Swiss are skilled but not so dynamic, finds ranking

Switzerland has slipped down a slot in the annual Global Competitiveness Index from the World Economic Forum (WEF). Having come in fourth in 2018, Switzerland now follows Singapore, the United States, Hong Kong and the Netherlands. The index covers 141 countries. The world economy is not ready for a major slowdown, warns WEF.

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Swiss firms give over CHF5 million a year to parties and candidates

Switzerland’s biggest firms – mainly banks, pharmaceutical firms and insurance companies - donate at least CHF5 million ($5 million) a year to political parties and candidates, a survey has revealed. The poll of 140 companies by Swiss public radio RTS, published on Tuesday, found that one in five firms donate regularly to political parties or politicians, to the tune of CHF5 million annually.

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Switzerland’s top UN diplomat in New York

When Antonio Guterres was elected United Nations Secretary General in 2016, some criticized the decision because they thought a woman should finally be at the helm of the international organisation. To his credit, Guterres has filled many of the UN’s top posts with women including Mirjana Spoljaric – Switzerland’s top ranking UN diplomat in New York.

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Switzerland shares details of 3.1 million bank accounts held by foreigners

In its second-ever data sharing exercise as part of a global automatic exchange of information (AEOI) treaty, Switzerland shared financial account information with 63 partner countries. On Monday, the Swiss Federal Tax Authority revealed that it had provided details of around 3.1 million bank accounts held by foreigners to the countries of their origin.

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‘A Swiss should run Credit Suisse’ ex-CS head tells newspaper

In an interview with the newspaper NZZ am Sonntag, former Credit Suisse CEO Oswald Grübel has criticized the large Swiss bank for its handling of the current crisis. By maintaining that CEO Tidjane Thiam was unaware of the spying affair, the bank is harming the Swiss financial sector, Grübel said in an interview published on Sunday.

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Hackers attack Swiss consumer protection agency

Hackers successfully attacked the website of the Swiss Consumer Protection Foundation last month, placing links to fake stores within the agency’s online shopping pages. The hack was detected within two hours and the malicious links were removed, said the foundation, which regularly warns consumers about online fraud.

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EU to remove Switzerland from tax haven lists

European Union finance ministers are set to remove Switzerland and the United Arab Emirates (UAE) from the bloc’s lists of countries deemed to act as tax havens, an EU document said. On October 10 they are expected to remove Switzerland from the grey list that includes countries that have committed to change their tax rules to make them compliant with EU standards.

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Blockchain for Good faces familiar blockages

Our regular analysis of developments in the world of fintech and Crypto Nation. All eyes were on Libra at the Blockchain 4 Impact summit in Geneva last week. But the Facebook stablecoin project was only one part of a two-day event asking the question: Can blockchain help meet Sustainable Development Goals?

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Fête des Vignerons seeks millions to fill financial hole

The organisers of the Fête des Vignerons – a traditional winegrowers’ festival in the Swiss lakeside town of Vevey – is scrambling to cover its multi-million-franc deficit for 2019. The local winegrowers’ guild behind the once-in-a-generation private festival, which started in the 17th century, reported a CHF15 million ($14.9 million) loss for the 2019 edition on Tuesday.

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Credit Suisse braced for ‘spygate’ reputational fallout

The usually discrete world of Swiss private banking has been shaken by spying revelations at Credit Suisse, the country’s second largest wealth manager. Chairman Urs Rohner has acknowledged that the sordid affair has damaged the reputation of the bank and the Swiss financial centre.

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Credit Suisse COO resigns over spying scandal

Credit Suisse Group Chief Operating Officer Pierre-Olivier Bouee has resigned following a spying scandal that has rocked Switzerland’s financial circles and which the lender said caused severe reputational damage to the bank. Bouee, a long-time associate of Chief Executive Officer Tidjane Thiam, assumed responsibility for the surveillance of former Credit Suisse executive Iqbal Khan along with the bank’s head of security.

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Swiss accident insurer to cut 170 jobs

Between 2021 and 2027, the Swiss National Accident Insurance Fund (SUVA)external link plans to cut about 20% of its jobs in the claims management department. Currently, that department has more than 800 jobs, including agency clerks, district physicians, insurance physicians at the head office and lawyers for objections and court cases.

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Libra stablecoin project ‘no threat’ to financial system

Facebook’s Libra cryptocurrency poses no threat to central banks or to financial law and order, the head of the Geneva-based Libra Association tells swissinfo.ch. Many regulators, politicians and central banks have reacted with alarm to the proposed new digital payments system.

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BNP Paribas bank accused of complicity in Sudan rights abuses

Victims of rights abuses in Sudan have filed a legal complaint against the French BNP Paribas bank and its Swiss subsidiary, accusing them of complicity in crimes against humanity, genocide and torture allegedly committed in Darfur between 2002 and 2008.

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Chasing wealth managers is a risky business

Zurich is a sober and orderly city, so a fierce altercation near the Swiss National Bankexternal link between a banker to the world’s billionaires and a private detective who was trailing him is worthy of John Le Carré. It is all the more lurid that Credit Suisse ordered surveillance of Iqbal Khan after he left abruptly for its rival UBS.

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US stamps policy on the Universal Postal Union

I think it’s fair to say many people may not have heard of the Universal Postal Union (UPU). Its unassuming headquarters sits peacefully in a leafy suburb of Bern. It is the only United Nations agency to grace Switzerland’s capital with a presence. In fact, the UPU is older than the UN itself. Founded in 1874, its mandate is to regulate the booming new (in the 19th century) international communication of letters and parcels.

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Another Swiss bank delves into cryptoassets

Arab Bank Switzerland has teamed up with blockchain technology firm Taurus to offer its wealthy clients access to bitcoin and ethereum. The bank joins a growing list of established players joining forces with fintech firms to tap into cryptoassets.

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Meat in Switzerland costs 2.3 times the EU average

You might think twice before overcooking a load of steak, chops and sausages on the barbecue: meat costs 2.3 times more in Switzerland than the European Union average. The priciest EU country for meat, Austria, is 1.46 times the average.

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Cryptos/Switzerland: Mountain Pass

Facebook takes on global finance. But its proposed digital currency Libra frightens central banks and regulators. Below the radar, Switzerland launches its own skirmish. Two local crypto-finance pioneers this week became the first to win banking licences.

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