BERN, SWITZERLAND – Switzerland’s recently announced decision to buy 22 Saab Gripen fighter planes from Sweden is under review following the publication by Le Matin Dimanche over the weekend of a 2009 report saying the Swedish jets didn’t meet Swiss military standards.
The spokesperson for Uele Maurer, Swiss defense minister, said Sunday 12 February that Maurer had never seen the report, raising new questions about the approval process behind the Federal Council’s decision to buy the planes.
Parliament has called on Maurer to immediately clarify the situation.
The 2009 confidential report was signed by Markus Gygax, head of the Swiss Air Force, after candidate fighter jets were submitted to tests; the Gripen did not meet the minimum standards while two other planes did. One was submitted by French company Dassault and information has surfaced in the past few days that the Dassault bid was also lower.
The Federal Council is now reviewing the decision, with the lower house of parliament loudly criticizing the way the choice was handled. The upper house’s security commission announced Monday 13 February that it will wait until its turn comes to review the decision, after the Federal Council makes its recommendation, before it becomes in the debate. But, it underscored firmly, it expects to be provided with all information available, including the minutes of lower house committee debates, in order to determine if the choice was made fairly and honestly.
ZURICH, SWITZERLAND – US pressure on the Swiss banking world appears to have claimed one more victim, with the announcement by St Gallen-based Wegelin, generally considered the country’s oldest bank, to sell most of its wealth management business to Raiffeisen in an effort to protect its employees and clients.
Wegelin one of 11 banks investigated by US, 2 countries finance ministers set deadline
The news comes just a day after Swiss President Eveline Widmer-Schlumpf told reporters in Davos that the US and Switzerland hope to conclude tax treaty talks by the end of 2012. She made her remarks after meeting with US Treasury Secretary Timothy Geithner at the World Economic Forum.
The discussions have been the subject of much media speculation, both for their timeline and a likely financial settlement, with some reports in late 2011 that Switzerland had proposed amounts, information denied by the Swiss Tax Office to GenevaLunch. Bloomberg/Business Week quotes the president as saying that “I have expressed that we’ve been in talks for a year, that we’ve invested a lot of time and energy to propose a fair solution,” adding that the two have discussed amounts and that “our aim, and he agreed, is to find a solution where we won’t be confronted with a question about the past every year.”
Reuters noted that the amounts are “possible fines [Switzerland's] banking industry will have to secure a global civil settlement with US authorities” and that Switzerland “is also trying to get the U.S. Department of Justice to drop criminal probes of 11 banks, including Credit Suisse and Julius Baer. “‘I assume we will be able to sort it out for these 11 banks as well as for the banking sector as a whole,’ she said.”
What next for Wegelin clients, staff
A statement issued by Wegelin and Raiffeisen says that “a substantial majority of clients and staff will be transferred to Notenstein Private Bank Ltd, which will become a 100% subsidiary of Raiffeisen for an undisclosed sum. This transaction enables Raiffeisen to substantially strengthen its position in wealth management. Wegelin & Co. Private Bankers will remain in existence to finalize the closure of all remaining US client relationships and to continue the negotiations with the US justice authorities.”
GENEVA, SWITZERLAND – The Irish government is prepared to sell its 25% share in Aer Lingus, the one-time national airline, the Irish Times has learned. The airline, valued at eruos 89 million, was on a list of state assets that could be sold, which was published a week ago, and 14 September the cabinet approved its sale, says the newspaper.
Interested buyers appear to include Air France, Lufthansa and the group that owns BA and Iberia. The sale would be subject to the brand being maintained and Aer Lingus keeping its valuable slots at Heathrow Airport in London.
SION, SWITZERLAND – Polyright SA, a Sion-based company jointly owned by Securitas and Kudelski in Lausanne, has been sold to US firm Identive Group. Polyright provides identity management solutions for the higher education and healthcare markets and is a leading Swiss provider of identity management platforms with open-ended rights and services management. The agreement was signed 18 July; the amount of the sale has not been made public.
The company describes its core competence as “the development, installation and maintenance of single-credential, multi-function identity management and cashless payment solutions integrated with third-party systems such as enterprise resource planning or access control. polyright’s platform allows integration of such functions as personnel and user management, physical and logical access control, cashless payment, and use of third-party services such as car parking, bicycle/vehicle rental, printing and photocopying and similar applications.”
EPFL, Rolex Learning Center
More than 150,000 students a day use a polyright card to access, pay, copy, print or ride a bicycle. EPFL, for example, began to use the system in 2005. The Bois Cerf and Cécile clinics in Lausanne, both owned by Hirslanden, use polyright card systems for parking, telephone and cafeteria purchases by patients.
Kudelski says the sale was prompted by its February 2011 strategic review, while Hans Winzenried, chief executive officer Swiss Securitas Group, says that the Identive Group will “further strengthen polyright’s products and services. I am glad that we can continue to offer and sell the polyright solution to our customer base.” Securitas, based near Bern, is a third-generation family business with some 12,000 employees, active in various parts of the security industry.
Chateau d'Ouchy, on Lausanne waterfront, sold to Lausanne Palace
GENEVA / LAUSANNE, SWITZERLAND – The Loterie Romande’s offshoot, Romande des Jeux, Monday 4 July sold the Chateau d’Ouchy to the Lausanne Palace hotel and spa for CHF45 million. The Loterie Romande paid CHF35m for it several years ago with the idea of turning it into a casino.
The federal gaming authorities refused to give it a license, however, and the owners, a public service utility under Swiss law, decided to invest CHF15m for major renovations in 2008, paying particular respect to the historical landmark nature of the building.
The Lausanne Palace was given a mandate in 2008 to run the Chateau, an arrangement that appears to have suited both parties.
Rocco Forte’s sale of Le Richemond followed by new management
May be linked to bank data theft, but authorities cautious
(update) Bern, Switzerland (GenevaLunch) - A 42-year-old man who was held in a regional Bern prison on suspicion of financial espionage died in prison Wednesday 29 September, Bern police say. The man’s body was found by prison staff at 06:30 Wednesday when they delivered his breakfast.
The death may be linked to the sale in 2009 of stolen Swiss bank data to German state authorities, a case that has caused friction between Switzerland and Germany. The Tribune de Geneve Friday evening described the death as “an affair that could turn out to be explosive,” in large part because Swiss federal prosecutor Jeannette Balmer confirmed to Swiss new agency ats that the man was arrested in connection with the sale of stolen bank data to Germany.
The involvement of a third party in the man’s death has been ruled out by investigators, and initial information points to a suicide, say police.
The man has been imprisoned since mid-September pending charges, according to Bern police and Swiss federal prosecutors.
The Wall Street Journal and Bloomberg have both reported that the man is suspected of stealing confidential Swiss bank account data, which he then sold to German authorities; Bloomberg says he is Austrian, based on a phone call to Austrian officials. Swiss authorities have not confirmed the information, nor will they release more information while an investigation into his death is underway, they say.
The origin of the Austria-stolen data-German sale story appears to be an Austrian newspaper, but there is little to confirm the story, picked up by other media. Bloomberg reports that “The man, a native of the Tyrol region of Austria who lived in the Swiss town of Winterthur, sold information on 2,000 account holders of a Swiss bank to the German tax authorities, the Vienna-based Krone newspaper reported, citing unidentified Swiss and German secret-service officials.”
A June 1938 Action Comic number one that introduced Superman to generations of readers was sold online for a record $1 million, by an unnamed seller to an unnamed buyer. The price is reported to be three times that paid for a lower-grade copy of the comic book in 2009. The owner of Comic Connect, a US-based comics auction site, Stephen Fischler, says there are only about 100 of the number one comic books left, and only two of this quality grade. Fischler says the comic is likely to disappear from view for a number of years again: few people knew of its existence, but he did, because he sold it in 1995 for $150,000.
The Action Comic number one also introduced Lois Lane, Superman’s sweetheart and modern female reporter.
ComicConnect was forced to temporarily remove its normal home page due to the high volume of traffic wanting to know about what it describes as “It’s a Bird…It’s a Plane…It’s the First Million Dollar Comic Book!”
Links to other sites: Comic Connect, Xinhua
Carmaker Ford in the US has reached the point in discussions with Chinese holding company Zhejiang Geely over the sale of Volvo where it looks likely to go ahead, reports Bloomberg. Ford has been trying to get back to focusing on its Ford division by selling off the luxury European brands it took on. Geely is reported by the Detroit Free Press to be offering less than one-third what Ford paid the Swedish automaker for the brand 10 years ago.
Links to other sites: Bloomberg, Detroit Free Press, Zhejiang Geely
Ebay, the online auction company, has sold 65 percent of its interest in Skype to a group of investors led by Silver Lake Partners for $2 billion. For Bloomberg it signifies a return to the way investors behaved before the market “exploded” and the Financial Times describes it as curtains coming down on a deal that has come to be seen as Ebay’s biggest strategic mistake.
Bern and Zurich, Switzerland (GenevaLunch) – Shares in the bank UBS rose nearly 5 percent by closing Thursday 20 August in Zurich to CHF17.56 after the Swiss government sold its 9 percent stake, 332.2 million shares (convertible notes to be converted 25 August), at a price of CHF16.50. The sale had been announced late Wednesday. In addition, UBS has agreed to pay the government CHF1.8b in cash, which waives its right to future coupons on the convertible notes.
The government has thus withdrawn its stake in the bank completely, and the initial investment of CHF6 billion in January 2009 to bail out the bank has been completely recovered, with the government making a net profit of CHF1.2b.
The eight-month investment provided an annual rate of return of more than 30 percent.
Title: Artist Jo Meynent exhibit and sale
Location: Geneva, Salle d’exposition Jules Crozier, Palais d’Atheénée, 2 rue de l’Athénée, 1205 Geneva
Link out: Info: 076 495 0287, TPG bus No. 3 and 7 (Athénée stop)
Description: Artist Jo Meynent shows his most recent works in the Palais de l’Athenée, his second solo show in two years. Preview (vernissage) Tuesday 01 Sept after 18:00*** Brunch Sunday 06 Sept from 11:00, with concert duo “Les Frères Bouclier” (violin and accordeon) at 13:00
Start Date: 31 Aug 2009
Start Time: 13:00
End Date: 12 Sep 2009
Verbier, Valais, Switzerland (GenevaLunch) - Televerbier, which operates the lift system in the commune of Bagnes, which includes the resort of Verbier, has bought out the 20 percent share of French company La Compagnie des Alpes for some CHF20 million.
The Financial Times has learned that Italy has blocked the sale of two luxury yachts for an estimated $17.8 million because it suspected they were for North Korean leader Kim Jong-il. The sale would have broken international sanctions against the country. Financial Times
Title: Library in English book sale
Location: Geneva
Link out: Click here
Description: Mark Your Calendars! The Library in English is holding its Spring Book Sale.
Thousands of second hand books and DVDs for all ages are available. There will also be a tea room serving homemade cakes and sandwiches.
Donations of books and DVDs are gladly accepted at the library during our opening hours.
Where: 3 Rue de Monthoux, in the Emmanuel Church building.
Start Date: 24 Apr 2009
Start Time: 10:00
End Date: 25 Apr 2009
End Time: 19:00
