ZURICH (Reuters) – Switzerland is to announce plans to clean up its reputation as a haven for untaxed money by demanding that banks force clients to declare their money is taxed, part of an attempt to put an end to a damaging U.S. investigation.
Under a ‘clean money’ strategy, which Finance Minister Eveline Widmer-Schlumpf is expected to present to the cabinet on Wednesday, banks will be obliged to get foreign clients to declare they are compliant with their home tax regimes.
ZURICH, Feb 21 (Reuters) – Strong demand for
pharmaceuticals helped Swiss exports recover in January,
weathering the impact of the strong franc and potentially
muffling calls for the central bank to do more to weaken the
The Swiss National Bank capped the franc at an upper limit
of 1.20 per euro on Sept. 6, but the Swiss currency is still
nearly 30 percent stronger than it was before the financial
crisis erupted in 2008.
ZURICH, Feb 16 (Reuters) – Swiss engineer ABB
said some customers were putting off big purchases due
to the uncertain economic outlook and a backlog of less
profitable orders would dent margins early this year after it
missed fourth-quarter profit forecasts.
ABB’s products are used by oil, mining and utility companies
and it hopes a global push to upgrade electrical grid
infrastructure and use energy more efficiently will drive longer
ZURICH, Feb 15 (Reuters) – Swisscom expects
revenues and core profit to dip in 2012 as it struggles to win
enough customers to offset lower prices, the Swiss phone group
said on Wednesday, after 2011 earnings fell shy of its targets.
“Price erosion in our domestic market will continue to be
stronger than the growth we can post to offset it,” Chief
Executive Carsten Schloter told a media conference.
ZURICH, Feb 8 (Reuters) – Financial haven Switzerland
risks a fresh hit to its reputation from the proposed
mega-merger between opaque commodities giants Glencore
and Xstrata, left wing groups warned.
The Alpine nation is struggling to restore its tarnished
image as the United States cracks down on hidden offshore
accounts held by wealthy Americans in secretive Swiss banks.
ZURICH, Feb 8 (Reuters) – The Swiss National Bank’s
(SNB) governing board is seeking a new member to set monetary
policy and curb the franc’s strength after Philipp Hildebrand
resigned as chairman following an uproar over a controversial
The bank’s supervisory council apparently forced Hildebrand
to step down after emails failed to clear him of involvement in
ZURICH (Reuters) – Chargers for electric cars may become a “billion dollar business” by 2017, said an executive at Swiss engineering firm ABB, which is teaming up with governments and companies such as RWE to roll out a network.
Building up a network of charging stations is vital to help fuel demand for electric cars, experts say, with some drivers put off by “range anxiety” — the fear their vehicle will run out of power miles from a charger.
ZURICH, Feb 3 (Reuters) – Switzerland said on Friday
it was investigating 12 U.S., European and Japanese banks
suspected of conspiring to manipulate interbank lending rates
used to set interest rates on hundreds of trillions of dollars
The Swiss Competition Commission (COMCO) said it had
received information of possible collusion between derivative
traders concerning the London Interbank Offered Rate (Libor) and
the Tokyo Interbank Offered Rate (Tibor).
ZURICH, Feb 2 (Reuters) – At least one more potential
buyer lined up for insolvent refiner Petroplus on
Thursday with private equity group Goldsmith registering
interest in all five of its plants.
Swiss-based Petroplus, Europe’s largest independent refinery
by capacity, is filing for insolvency after battling with high
debt and poor refining margins.
ZURICH, Jan 30 (Reuters) – Swiss engineering group ABB
said on Monday it had agreed to buy U.S. electrical
components maker Thomas & Betts for $3.9 billion in cash to
broaden its inroads into the world’s largest market for
Under the terms of the deal ABB will pay $72 per share in
cash for Thomas & Betts, a 24 percent premium over the stock’s
Friday’s closing price.