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Switzerland

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  • *Geneva prosecutor opens inquiry into HSBC tax allegations. GENEVA, Feb 18- Geneva's public prosecutor searched HSBC's lakeside Swiss office on Wednesday after opening a criminal inquiry into allegations of aggravated money laundering, the second probe to hit the bank this week. HSBC's Swiss unit has been in the spotlight since 2008 when a former IT employee...

  • BERLIN— Geneva prosecutors searched the premises of HSBC's Swiss subsidiary on Wednesday after launching a money-laundering investigation over a report that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities. Prosecutors said they were investigating HSBC Private Bank SA and persons unknown for suspected...

  • PARIS, Feb 17- French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere for the Zurich- based bank. France has been investigating UBS...

  • PARIS, Feb 17- French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere within the Zurich- based bank. France has been investigating...

  • *UBS, Credit Suisse expand off-shoring centers in Poland. WARSAW/ KRAKOW, Feb 15- Swiss financial titans UBS and Credit Suisse are expanding their operations in provincial Poland in a cost-saving drive made more urgent by the surge in the value of the Swiss franc. Even before the Swiss central bank abandoned its cap on the currency in January, the cost of taking on...

  • GENEVA, Feb 13- Almost 200 countries agreed a draft text for a deal to fight climate change on Friday, but put off hard choices about narrowing down a vast range of options for limiting a damaging rise in temperatures. "Although it has become longer, countries are now fully aware of each other's positions," said Christiana Figueres, the head of the U.N.

  • The original Pullman 600, launched by Mercedes-Benz at the Frankfurt auto show in 1963, was over 6 metres long and had a top speed of 200 kilometres per hour. It gained notoriety in some circles as a "dictator ship" because it proved so popular with autocrats including Uganda's Idi Amin, Romania's Nicolae Ceaucescu, and Yugoslavia's Josip Broz Tito.

  • The original Pullman 600, launched by Mercedes-Benz at the Frankfurt auto show in 1963, was over 6 metres long and had a top speed of 200 kilometres per hour. It gained notoriety as a "dictator ship" because it proved so popular with autocrats including Uganda's Idi Amin, Romania's Nicolae Ceaucescu, and Yugoslavia's Josip Broz Tito. In April, Reuters reported...

  • ZURICH, Feb 12- Credit Suisse has announced a 25 percent boardroom pay cut and reduced bonuses for other top staff while also setting out a range of measures to tackle the surge in the Swiss franc. As global banks face renewed scrutiny after Britain's HSBC admitted failings by its Swiss private bank that may have allowed customers to dodge taxes, Credit Suisse...

  • ZURICH, Feb 12- Board members of Credit Suisse are taking a 25 percent pay cut and bonuses for top staff are being slashed after a hefty fine from U.S. authorities, the bank said as it also set out a range of measures to tackle the surge in the Swiss franc. Shares in the Zurich- based lender surged more than 9 percent but remained well below their level before the Swiss...

  • ZURICH, Feb 12- Swiss bank Credit Suisse on Thursday outlined measures to deal with the strong Swiss franc, as fourth-quarter net profit beat analysts' estimates. Like many big Swiss companies, Credit Suisse holds a considerable portion of assets, and derives revenue, in euros, dollars and other currencies, but reports in Swiss francs, raising its exposure to...

  • BRUSSELS, Feb 10- One goal for U.N. climate talks is to stop industry fleeing Europe to escape regulatory costs, a Dow Chemical director said on Wednesday, adding there was no need to intervene in the EU carbon market to drive up prices. The European Union has sought to lead efforts to curb greenhouse gas emissions with its Emissions Trading System, the world's...

  • WASHINGTON, Feb 11- The United States on Wednesday launched a legal challenge to Chinese export subsidies supporting billions of dollars of exports across a wide swathe of industries from steel to shrimp. The request for consultations, lodged on Wednesday, is the first step in a World Trade Organization dispute. "We are equally committed to the decisive,...

  • BRUSSELS, Feb 10- One goal for U.N. climate talks is to stop industry fleeing Europe to escape regulatory costs, a Dow Chemical director said on Wednesday, adding there was no need to intervene in the EU carbon market to drive up prices. The European Union has sought to lead efforts to curb greenhouse gas emissions with its Emissions Trading System, the world's...

  • Bank probes a ‘way of life’ as HSBC inquiry looms Wednesday, 11 Feb 2015 | 10:58 AM ET

    Bank inquiries have become a “way of life” in the UK, S&P says, after British lawmakers said they planned to investigate HSBC over tax evasion claims.

  • TRIPOLI, Feb 10- Libya reopened its oil port of Hariga on Tuesday, ending a strike by guards that threatened to further cut the OPEC country's petroleum production that is already battered by factional fighting over two export terminals. The threat to shut down Hariga port illustrated the fragility of oil shipments from Libya, where two rival governments and...

  • HSBC could face US legal action over Swiss accounts Tuesday, 10 Feb 2015 | 7:04 AM ET
    A security guard stands in front of the HSBC offices in Geneva, Feb. 9, 2015.

    HSBC faces investigation by the U.S. and U.K. after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes.

  • Apple sets final spreads on Swiss franc bonds Tuesday, 10 Feb 2015 | 6:50 AM ET
    An employee counts a stack of multiple denomination Swiss franc bank notes in this arranged photograph inside a currency exchange store in London on Jan. 16, 2015.

    Apple has set the final spreads on its dual-tranche Swiss franc deal.

  • *Media reports say HSBC helped wealthy dodge taxes. LONDON/ ZURICH/ WASHINGTON, Feb 10- HSBC Holdings Plc faces investigation by U.S. authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes. U.S. prosecutors have stepped up efforts to establish whether HSBC, the world's...

  • ZURICH, Feb 10- Swiss bank UBS said on Tuesday U.S. authorities had begun an investigation into the selling of certain securities that potentially violate tax law in the United States. "In January 2015, we received inquiries from the U.S. Attorney's Office for the Eastern District of New York and from the U.S. Securities and Exchange Commission, which are...