Switzerland
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Switzerland is set to bow to years of pressure from the EU by overhauling the system of tax privileges that has helped entice thousands of multinational firms to the country.
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ZURICH, May 8- In a 16th century Swiss castle in March the boss of UBS challenged the head of its private bank to explain his plans for overhauling the business of managing the money of the rich.
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His bill has little chance of winning approval in the Democratic-controlled Senate. Starting next year under FATCA, foreign banks, investment funds and other financial institutions will have to tell the U.S. Internal Revenue Service about Americans with accounts that are worth more than $50,000.
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Federal authorities alleged two of the defendants, who have ties to a New York broker-dealer, bribed the official to secure the bond trading business of Venezuela's state economic development bank.
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*Brazil becomes first BRICS nation to head WTO. GENEVA, May 7- Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organization, the first candidate from the BRICS club of emerging economies to take the job.
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Federal authorities alleged two of the defendants, who have ties to a New York broker-dealer, bribed the official to secure the bond trading business of Venezuela's state economic development bank.
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BRASILIA, May 7- Roberto Azevedo, picked on Tuesday to head the World Trade Organization, is in every respect the quintessential Brazilian diplomat: a well-spoken, competent and smooth negotiator with a knack for wooing adversaries into his corner.
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GENEVA, May 7- Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organization, the first candidate from the BRIC club of emerging economies to take the job.
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*One in three people deemed in need of help in Syria* U.N. faces bureaucratic hurdles to deliver aid* But more convoys crossing front lines, it says By Stephanie Nebehay. GENEVA, May 7- Bureaucratic hurdles still hamper delivery of aid in Syria where nearly one in three people need help, half of them children, the United Nations said on Tuesday.
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GENEVA, May 7- Roberto Azevedo, a Brazilian trade diplomat, will be the next head of the World Trade Organization, a diplomatic source said on Tuesday after the results of the contest to succeed France's Pascal Lamy were given in a confidential meeting.
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*One in three people deemed in need of help in Syria. GENEVA, May 7- Bureaucratic hurdles still hamper delivery of aid in Syria where nearly one in three people need help, half of them children, the United Nations said on Tuesday.
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*France closes Weds/Thurs, Germany Thurs only. Both markets observe Ascension day on Thursday, and France also has Wednesday off for Victory in Europe Day. Baseload power for Wednesday in Germany.
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BRUSSELS, May 7- Belgium's Solvay took a first step towards casting off its PVC business by agreeing a joint venture with privately-hold INEOS, which will ultimately take full control of the unit.
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GENEVA, May 7- Two more people in Saudi Arabia have died from a new strain of coronavirus that has emerged in the Middle East, bringing the toll in the kingdom's latest outbreak to seven, the World Health Organization said on Tuesday.
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LONDON, May 7- British gas prices rose on Tuesday as flows from Norway and North Sea fields fell and household heating demand was set to rise later this week along with cooler weather. Gas for Wednesday delivery rose 0.45 pence to 64.65 pence per therm at 1030 BST, while the month-ahead contract rose half a penny to 64.60 pence.
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PARIS, May 7- French banks Societe Generale and Credit Agricole vowed on Tuesday to keep cutting costs after asset sales and lending cutbacks helped to offset a weak domestic economy in the first quarter.
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*CEO says Italy, Spain, Portugal starting to improve. ZURICH, May 7- Adecco, the world's largest staffing company, said there were signs austerity-ravaged markets in southern Europe were starting to stabilise as big drops in wages make workers there more competitive.
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ZURICH, May 7- The Swiss National Bank's foreign exchange reserves fell in April, data showed on Tuesday. The SNB held 433.645 billion Swiss francs in foreign currency at the end of April, compared with 438.3 billion in March, preliminary data calculated according to the standards of the International Monetary Fund showed.
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ZURICH, May 7- The Swiss Federal Treasury said on Tuesday it was auctioning a 1.25 percent bond maturing in 2024..
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ZURICH, May 7- The Swiss consumer sentiment index improved slightly to -5 points in April from -6 points in January, the State Secretariat for Economic Affairs said on Tuesday.
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May 7- The Swiss unemployment rate fell to a non-seasonally adjusted 3.1 percent in April from 3.2 percent in the previous month, the State Secretariat for Economic Affairs said on Tuesday. KEY FIGURES April 2013 March 2013 April 2012. For recent Swiss National Bank comments...