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Federal authorities suspect the scandal over Americans’ secret offshore accounts at UBS, the big Swiss bank, runs far deeper than they believed only a week ago.
UBS was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.
Switzerland on Thursday embarked on a struggle to defend a landmark decision allowing bank giant UBS to transfer client data to the United States in a tax settlement that experts say will dilute bank secrecy laws, Reuters reported.
Investors looking for havens to hide their cash are faced with only “ghoulish” options, but the Swiss franc, German Bobl and silver are the best of a bad bunch, Nicole Elliott, technical analyst from Mizuho Corporate Bank, told CNBC.
Warren Buffett says he is "delighted" to have an opportunity to increase Berkshire Hathaway's investment in Swiss Re by 3 billion Swiss francs, or about $2.6 billion. Berkshire's cash infusion is seen as a vote of confidence in the troubled reinsurer, which is bolstering its capital position in an effort to save its credit rating. As usual, however, Buffett will be well paid for his support.
Swiss drug maker Roche sees growth slowing this year after its 2008 profit fell 5 percent and missed expectations, hurt by a loss of pandemic Tamiflu sales and the strong Swiss franc.
I know the secret to success. It begins with an empty inbox for your email.
Her's what the JPMorgan Chase boss has to say about the bank bank concept and the lending environment.
We're in the midst of preparing a CNBC-sponsored debate program from WEF, "No Way Back", so here's a sneak peek at what the the all-star panel had to say.
CNBC.com's coverage of The World Economic Forum has enjoyed three high-profile business leaders as contributors this week. Alcatel-Lucent CEO Ben Verwaayen, Infosys CEO Kris Gopalakrishnan and Nasdaq OMX CEO Robert Greifeld have all added their perspectives on Davos to our Heard in Davos blog.
Want to be a star at WEF? Storm out of a panel, the Congress Center, Davos and Switzerland altogether.
The severity of the economic crisis means that it’s more important now than ever for business leaders, governmental leaders and regulators to work together, Nasdaq OMX CEO Bob Greifeld told CNBC in his video blog from the World Economic Forum in Davos.
It's not just what's heard, it's what's seen at the security check lines at Davos.
Yeah, right. Actually, the working sessions and panels are better attended than any conference I've ever seen.
What turns blue even though it's in the red? The answer today: a banker at Davos.
What's the remedy for Bono-fatigue? The world's foremost martial arts action movie star--Jet Li.
The Chinese economy will stage a "quick rebound" of economic growth, but the US has a tougher job, facing the loss of $1 trillion in consumption, Zhu Min, executive vice president of Bank of China, told CNBC.com.
"If it looks like a bank and quacks like a bank, we've got to capitalize it as a bank," FSA Chairman Lord Adair Turner tells CNBC.
Turns out the pedometer does not send your step count back to some centralized database. Which means my bonanza score of 22,000 steps is gone!!!
The mood is more serious that last year, but not more somber. A few intense discussions were drawing in participants from around the center in between session, although the requisite numbers were propped up at the Plenary Bar--a notable meeting spot.