Wall St Journal: Credit Suisse to pay $2.5b

ZURICH, SWITZERLAND – The Wall St Journal (paywall) is citing sources close to the matter as saying that Credit Suisse will have to pay $2.5 billion in fines set by US justice authorities, which has not yet begun criminal proceedings against the bank. According to the financial newspaper, the bulk would go to the federal […]

Geneva gets a train station to love

Geneva train station crowds2 new branding_140514

GENEVA, SWITZERLAND – If you haven’t visited the Cornavin train station in Geneva recently you are in for a big surprise. Most of the renovation – better put, overhaul – of the station has now been completed. Wednesday 14 May the CFF/SBB inaugurated the station’s new Business Point centre and first class lounge, just days […]

Blue diamond sets record in 2nd Geneva sale

Christies jewelry sale in Geneva 14 May

GENEVA, SWITZERLAND – The diamonds have it, setting world records this week in Geneva, this time Wednesday evening at Christie’s, where a Winston blue diamond went for nearly $1.8 million a carat, a world record per carat price for a blue. The Winston Blue, a pear-shaped fancy vivid blue, flawless diamond of 13.22 cts, was […]

Sotheby’s sees new gems records set

Big yellow Graff diamond set world record in Geneva

GENEVA, SWITZERLAND – New records for precious gems were set at the Sotheby’s auction in Geneva late Tuesday 13 May, and sales were strong overall, showing that the market is still very much thriving. The sale netted CHF125.5 million ($141.5m), slightly over the top end of estimates for the sale beforehand. The star of the […]

RTS banned from reporting on winery scandal

Giroud Vins label

Re-posted from Ellen’s Wine World Astonishing gag order “extremely rare” but will be respected: RTS GENEVA, SWITZERLAND – Swiss public television RTS was on the verge of running two news reports Monday evening on unfolding Giroud Vins legal problems when, in a move that RTS describes as “extremely rare”, a Sion court in canton Valais […]

Swiss insurer pays $4.4m in US fines

ZURICH, SWITZERLAND – Zurich-based Swisspartners Group, owned by Liechtensteinische Landesbank, has agreed to pay $4.4 million in fines in the US and admits to helping US clients avoid taxes through private insurance schemes, Nasdaq/Dow Jones reported over the weekend. The parent bank will now resume efforts to sell the insurance firm, after suspending this for […]

St Gotthard trains to carry 40% more passengers

St Gotthard tunnel under construction, April 2012 (photo copyright 2012 CFF)

Swiss firm Stadler gets CHF 1 billion order Ed. note: train photos to follow BERN, SWITZERLAND – The SBB/CFF rail company has ordered 29 new trains for the St Gotthard line, which currently has 9,000 passengers a day, with 15,000 expected by 2020 and more than 18,000 by 2025. Swiss firm Stadler was given the […]

Swiss economy: jobless rate down, tourism and consumer mood stable

View from Hotel de la Poste bedroom in Sierre, canton Valais

BERN, SWITZERLAND – The Swiss unemployment rate fell from 3.3 to 3.2 percent in April, compared to March, although it was marginally higher, 0.9 percent, than in April 2013. The jobless rate for Swiss workers was 2.3 percent and for foreigners 6.5 percent in March, the most recent month for calculations. The federal government’s regular […]

Biggest Swiss banks handed capital requirements

ubs_bern2_040613

BASEL, SWITZERLAND – Finma, the Swiss financial regulator, Wednesday for the first time issued total capital requirements for the country’s two biggest banks as buffers, under the “too big to fail” regulations put in place after the 2008 financial crisis. UBS will have to reach at least 19.2 percent of risk-weighted assets by 2019 and […]

New sponge offers hope for oil spill cleanup (update)

empa nano sponge oil spills_070514

Correction: The final version of this article, with Exxon and BP spill dates corrected, was accidentally replaced by an earlier version; this has now been corrected. Apologies for the error. ZURICH, SWITZERLAND – Swiss researchers at Empa in St Gallen have created a chemically modified nanocellulose sponge to provide a relatively simple solution to cleaning […]