ZURICH/GENEVA, July 17 (Reuters) – SGS SA, the
world’s biggest testing and inspection company, has warned it
may fall short of its ambitious growth forecasts because of a
slowdown in key European markets.
“There has been a distinct slowdown in Europe … and that’s
influenced a number of our businesses with a large European
presence,” Chief Executive Chris Kirk told a news conference,
adding the company may have to revisit its 2014 targets.
GENEVA, July 8 (Reuters) – Bangladesh pledged on Monday to
quickly boost worker rights and recruit more factory inspectors
as it seeks to preserve European Union trade benefits after
1,129 workers were killed in the collapse of a garment plant in
The EU, which gives preferential access to Bangladeshi
garments, has threatened punitive measures to press Dhaka to
improve worker safety standards after the collapse of the
illegally built Rana Plaza factory.
GENEVA (Reuters) – Bangladesh pledged on Monday to quickly boost worker rights and recruit more factory inspectors as it seeks to preserve European Union trade benefits after 1,129 workers were killed in the collapse of a garment plant in April.
The EU, which gives preferential access to Bangladeshi garments, has threatened punitive measures to press Dhaka to improve worker safety standards after the collapse of the illegally built Rana Plaza factory.
ZURICH (Reuters) – A group of mainly European retailers has finalized a plan to conduct coordinated inspections of factories in Bangladesh in an attempt to prevent a repeat of the Rana Plaza disaster that killed 1,129 people in April.
The collapse of Rana Plaza, a factory built on swampy ground outside Dhaka, on April 24 ranks among the world’s worst industrial accidents and has galvanized brands to look more closely at their suppliers.
ZURICH, July 3 (Reuters) – Swiss banks will be allowed to
cooperate with U.S. authorities under a government plan agreed
on Wednesday aimed at saving the industry from criminal charges
of helping Americans evade tax.
U.S. authorities want Swiss banks to pay fines potentially
totalling $10 billion and hand over the names of Americans it
suspects of using secret accounts to evade tax, but strict
secrecy laws stop the banks from complying.
ZURICH, June 28 (Reuters) – Swiss prosecutors have charged a
German IT expert with selling client data from private bank
Julius Baer in Zurich to the German tax authorities,
they said on Friday.
The man, who was arrested last July and is charged with
breaching banking laws, industrial espionage and money
laundering, had confessed and would therefore face a shorter
trial. They dropped proceedings against his wife.
VEVEY, Switzerland (Reuters) – Nestle, the world’s biggest food company and a major employer in Europe, plans to recruit 20,000 young people as the continent grapples with a youth unemployment crisis that is sapping consumer confidence.
Laurent Freixe, Nestle’s Europe boss, presented the plan on Thursday in Brussels to Employment Commissioner Laszlo Andor as European Union leaders gathered for a summit set to focus on tackling youth unemployment.
BASEL, Switzerland/LONDON June 25 (Reuters) – The Financial
Stability Board, which sets rules for global banks, will set up
a task force to look at reform of Libor after a scandal in which
three banks were fined for rigging the global interest rate
FSB Chairman Mark Carney said the steering group will report
back next year on whether the benchmark should be changed and
over what period, based on new international standards expected
from the IOSCO group of securities regulators next month.
ZURICH (Reuters) – The Swiss government will consider ways to allow the country’s banks to hand over information to U.S. authorities either next Wednesday or a week later, a spokesman said on Friday, later than previously indicated.
The government is under pressure to find a way to save its banks from criminal charges for helping wealthy Americans evade tax after parliament blocked a bill on Wednesday that would have allowed the banks to sidestep strict secrecy laws.
ZURICH (Reuters) – Prince Max von und zu Liechtenstein, chief executive of Liechtenstein’s biggest bank LGT, said it was striking how fast opinions on tax evasion had shifted since 2008, when stolen data revealed hundreds of Germans had hidden assets in the principality.
But the Prince, who runs the royal-family-owned bank, is not worried by an international push to fight tax evasion and expects Swiss and Liechtenstein banks to flourish if disputes over untaxed assets are settled quickly.