Financial Regulatory Forum

India looks to state stake sales, more reforms for growth

August 4, 2009

NEW DELHI, Aug 4 (Reuters) – India will continue economic reforms to regain a higher growth trajectory of at least 9 percent and encourage state-run firms to sell stakes through public offerings, the finance minister said.

UBS buoyed by reports of tax deal with U.S.

August 3, 2009

By Katie Reid and Lisa Jucca
ZURICH, Aug 3 (Reuters) – Shares in UBS soared on Monday after reports said the Swiss bank would not pay a fine and would pass on fewer client names than expected in a settlement of U.S. tax litigation to be finalised later this week. (more…)

U.S. and UBS reach breakthrough deal in tax dispute

July 31, 2009

USA/ MIAMI, July 31 (Reuters) – The United States and Swiss bank UBS AG have struck a deal to settle their dispute over tax evasion and bank secrecy, backing off from an escalating standoff that had threatened to damage ties between the two countries.

No deal yet in UBS tax case, trial to proceed, U.S. says

July 29, 2009

MIAMI, July 29 (Reuters) – The United States said on Wednesday no deal had been reached so far in talks with Swiss authorities to settle a tax evasion dispute and it expected a trial against Swiss bank UBS AG to go vahead as scheduled on Monday.

Mexico faces huge revenue gap, tax overhaul planned

July 24, 2009

Mexican Finance Minister Agustin CarstensBy Jason Lange
MEXICO CITY, July 23 (Reuters) – Mexico will have to cut
spending and raid its rainy day savings to cover a 480 billion
peso ($36.6 billion) hole blown in government revenues by the
recession, Finance Minister Agustin Carstens said on Thursday. (more…)

Swiss clinch deal as it seeks to shed tax haven label

July 23, 2009

ZURICH, July 23 (Reuters) – Switzerland’s Finance Ministry said on Thursday that on drafting an agreement with Finland it had brought to 12 the number of tax deals initialled in efforts to be removed from an international “grey list” of tax-havens. (more…)

Swiss minister to meet Clinton ahead of UBS deadline

July 20, 2009

U.S. Secretary of State Hillary Clinton    By Emma Thomasson
   ZURICH, July 19 (Reuters) – The Swiss foreign minister is due to meet U.S. Secretary of State Hillary Clinton on July 31, just days before a deadline to reach a settlement in a damaging U.S. tax case against UBS.

U.S. judge delays UBS tax trial, parties in settlement talks

July 13, 2009

ZURICH/MIAMI, July 13 (Reuters) – A federal judge in Miami approved a delay in a high-profile trial on Monday in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes. (more…)

Gruebel: UBS cannot comply with U.S. request-source

July 10, 2009

   By Ajay Kamalakaran
   BANGALORE, July 10 (Reuters) – UBS cannot comply with a U.S. request to disclose the identity of 52,000 U.S. secret account holders, the bank’s chief executive Oswald Gruebel said in an internal memorandum, according to a source familiar with the situation.

Judge asks if US govt would shut UBS in tax fight

July 9, 2009

By Lisa Jucca and Tom Brown

ZURICH/MIAMI, July 8 (Reuters) – A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes. (more…)