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.
ZURICH, June 11 (Reuters) – Switzerland’s Eveline
Widmer-Schlumpf, a lone woman in the male bastion of Swiss
finance, is short of friends as she seeks to end the country’s
reputation as a haven for tax cheats, but has a track record of
getting her own way.
The 57-year-old finance minister has already taken tough
decisions in response to the global financial crisis, which hit
the liquidity of the country’s vast banking industry and looks
likely to end the secrecy that has underpinned it.
ZURICH, June 11 (Reuters) – Mondelez International,
the world’s second-biggest coffee producer, is going head to
head with Nestle by launching capsules compatible with
its rival’s Nespresso system to steal a share of the premium
The capsules will be sold under the Jacobs and Carte Noire
brands in Germany, France, Austria and Switzerland in the second
half of the year – the biggest challenge yet for the $4.4
billion Nespresso brand that has sued many copycat rivals.