Swiss banks part of 77,000 signed with US

ZURICH, SWITZERLAND – The US Treasury Department said Monday that 77,000 banks around the world have signed Fatca agreements under which they agree to supply information about US clients to American tax authorities. Switzerland signed a Fatca (Foreign Assets Tax Compliance Act) accord with the US last August. Forbes said in April that Fatca was […]

Swiss GDP up .5%, outstrips eurozone

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BERN, SWITZERLAND – Swiss real GDP (gross domestic product) rose by 0.5 percent in the first quarter of 2014 compared to the previous quarter. Bern said in a statement 28 May that “positive contributions to GDP growth came in particular from the balance of trade in goods and services as well as investments in construction. […]

Bulgarian, Romanian work permit restrictions extended

Swiss parliament in session Photo ©Swiss parliament

Croatia funds proposed to parliament BERN, SWITZERLAND – Restrictions on work permits for Bulgarians and Romanians in Switzerland will be extended by two years, the Swiss Federal Council said Wednesday. The new deadline of 31 May 2016 was  adopted under rules that are part of the agreement with the European Union on the addition of […]

French tax dodging: 80% accounts in Swiss accounts

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Group of US Republicans to push for Fatca repeal GENEVA, SWITZERLAND – French Finance Minister Michel Sapin said Wednesday 21 May that 23,000 taxpayers have owned up to undeclared bank accounts since June 2013, and of the 1,260 files dealt with by French tax authorities, 80 percent involved accounts held in Switzerland. Sapin noted Wednesday […]

IMD Competivity report: Swiss keep 2nd place

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LAUSANNE, SWITZERLAND – Switzerland has kept its second place world ranking (score: 92.42) by management school IMD in Lausanne, for competitivity in business. The United States remains in first place (100) and Singapore is third (90.96) The Alpine nation received some negative notes for the strong Swiss franc and an outlook that includes a dip […]

France trims the edges of rail platforms

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PARIS, FRANCE – Three hundred French train stations have seen their platforms trimmed to make room for new, fatter trains – and another 1,000 will get the same treatment by the end of 2016, two French rail bodies said 21 May. France’s train tracks and platforms are of varying sizes, many of them dating back […]

Divorce, Russian-Swiss style

GENEVA, SWITZERLAND – The Rybolovlev’s, Dmitry and Elena, who call Geneva home, have been sparring for years, with the latter reportedly planning a divorce since the mid-1990s, before the birth of their youngest child, based in part on his well-documented affairs. This week the court in Geneva that has been overseeing their separation awarded her […]

Finally: the Credit Suisse, US Justice deal is done

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Fine of CHF2.5 billion, Dougan says bank has seen no impact on business ZURICH, SWITZERLAND – Swiss bank Credit Suisse and the US Department of Justice have reached agreement and signed a deal where the bank agrees it helped US clients evade taxes and the US will receive client information from the bank. The bank […]

Central banks keep gold status quo

World's largest gold bar, 250kg, at the Toi Mine, manufactured by the Mitsubishi Materials Corporation, a subsidiary of Mitsubishi

ZURICH, SWITZERLAND – The Swiss National Bank has joined several other central banks in signing a fourth agreement covering their gold holdings. The first such five-year agreement was in 1999. The new one goes into effect in September 2014. The central bankers have declared their intentions, stating that: “gold remains an important element of global […]

Climate change investment an opportunity, says expert

Rimmer (photo: Paula Dupraz-Dobias)

GENEVA, SWITZERLAND – Investment in climate change projects provides huge business opportunities and benefits, the head of a Geneva-based certification organization told journalists Thursday 15 May. Adrian Rimmer, CEO of the Gold Standard, said that projects certified by the Geneva organization generate vast benefits in areas including employment, biodiversity and health, according to a study […]