The Local Switzerland

Credit Suisse pledges cooperation in $2 billion US fraud probe

Fri, 04 Jan 2019 14:04:58 +0100

Credit Suisse said Friday it was deceived by three former employees accused by US prosecutors of orchestrating $2 billion in dodgy loans to Mozambique, and pledged to cooperate with a US investigation.

Switzerland's richest get richer to reach record wealth high

Fri, 30 Nov 2018 11:18:10 +0100

The 300 richest people or families in Switzerland have seen their wealth grow by CHF 1.7 billion in the past year.

SBB to benefit from 12-billion franc injection

Fri, 02 Nov 2018 09:43:09 +0100

Switzerland’s Federal Council will invest nearly 12 billion Swiss francs into the SBB to meet the growing demand for more trains.

Switzerland loses top spot as US named most competitive economy

Wed, 17 Oct 2018 12:24:06 +0200

The United States has the world's most competitive and innovative economy, a World Economic Forum ranking showed Wednesday, after a methodology shift helped unseat Switzerland after nearly a decade on top.

Swiss economy predicted to grow 3% by end of year

Tue, 09 Oct 2018 17:54:08 +0200

The International Monetary Fund (IMF) has forecast Switzerland’s economy will grow by 3% by the end of 2018.

Switzerland exchanges financial accounts data with international partners for first time

Fri, 05 Oct 2018 15:28:24 +0200

As part of a new international initiative, Switzerland's tax authority is sharing information on its notoriously secret banking system with foreign partner agencies.

Study finds Switzerland is a great place to retire

Thu, 20 Jul 2017 13:17:06 +0200

Switzerland is second only to Norway as the best country to spend your retirement, a global study has found.

Germany asks Swiss envoy to clarify suspected spy case

Wed, 03 May 2017 11:03:29 +0200

Berlin on Tuesday asked the Swiss ambassador to clarify the case of an alleged Swiss spy suspected of monitoring German finance investigators who pursue cross-border tax cheats.

Swiss mining firm faces multi-billion-dollar debt

Mon, 07 Sep 2015 14:10:38 +0200

Swiss mining giant Glencore, hit by a collapse in commodities prices, announced on Monday a series of extraordinary measures to eliminate roughly a third of its $30 billion dollar (27 billion euros) net debt.

Swiss Petrobras probe targets Brazilian firm

Thu, 23 Jul 2015 19:55:22 +0200

The Swiss justice authorities say they are investigating Brazilian firm BTP Odebrecht in connection with the massive corruption probe targeting Brazil's state oil company Petrobras.

Credit Suisse to admit 'criminally wrong': report

Sun, 18 May 2014 17:06:00 +0200

Swiss banking giant Credit Suisse is set to sign a document admitting it had unwittingly run a "criminal enterprise" in its past wooing of US tax dodgers, media reported on Sunday.

Ex-Credit Suisse banker fined for price rigging

Fri, 21 Mar 2014 01:05:00 +0100

British regulators on Thursday fined an ex-Credit Suisse trader for attempting to rig the price of government bonds in order to profit from the Bank of England's quantitative easing programme.

Swiss bank 'used golf' to lure US tax cheats

Wed, 26 Feb 2014 09:07:00 +0100

Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help an estimated 19,000 US customers evade American tax authorities, a scathing report from a Senate inquiry said on Tuesday.

Millions transferred abroad in tax deal

Thu, 25 Jul 2013 18:58:00 +0200

Switzerland says it has paid Britain and Austria hundreds of millions of francs under a deal to settle past tax-dodging by their citizens.

Credit Suisse snaps up Morgan Stanley arm

Wed, 27 Mar 2013 12:18:00 +0100

Credit Suisse is buying US bank Morgan Stanley's wealth management businesses in Europe, the Middle East and Africa, excluding Switzerland.

Profits drop at Swiss bank Julius Bär

Mon, 06 Feb 2012 15:15:00 +0100

Swiss private bank Julius Bär posted a 26.8-percent fall in full year profits on Monday despite healthy cash inflows from emerging markets.

Central bank expects healthy profit for 2011

Fri, 13 Jan 2012 18:17:00 +0100

Switzerland's central bank said on Friday that it expects to post a significant profit for 2011 after taking advantage of rising gold prices and positive foreign currency trades.

Swiss central bank stands by currency cap

Thu, 15 Dec 2011 12:29:00 +0100

The Swiss central bank said on Thursday it would continue to enforce its cap on the franc's exchange rate against the euro, pledging to buy "unlimited" foreign currency if necessary.

US-Swiss tax deal on the way: Julius Bär chief

Mon, 21 Nov 2011 16:18:00 +0100

Bern and Washington could arrive within the next three or six months at a deal to regularise assets hidden by American taxpayers in Swiss banks, Julius Bär boss Boris Collardi said on Saturday.

Central bank posts gains on high gold prices

Mon, 31 Oct 2011 10:20:00 +0100

The Swiss central bank said on Monday that high gold prices helped to lift its nine-month profits to 5.8 billion francs ($6.7 billion) despite massive losses on some of its foreign currency positions.