John Thurso MP, and member of the U.K. Treasury Select Committee, discusses the tax avoidance allegations against HSBC ahead of a grilling of the bank's top bosses.» Read More
There is no doubt the landmark tax deal between the US and Switzerland this week is a success for UBS, Switzerland’s biggest bank by assets under management. But it may turn out to be the beginning of more headaches for the rest of the Swiss banking industry.
Nearly 10 more Swiss and other European banks holding wealthy US citizens accounts were identified using a tax-evasion amnesty program in the US, the Wall Street Journal reported on its Web site Wednesday.
Federal prosecutors are building criminal cases against 150 wealthy American clients of the Swiss banking giant UBS as part of a continuing investigation into tax evasion, a person briefed on the matter said Thursday, the New York Times reported.
Swiss banking giant UBS is being sued in Hong Kong for allegedly duping a 77-year-old woman into buying highly risky derivative investments that cost her nearly $26 million in losses.
When the Swiss bank UBS and federal prosecutors face off in a Florida courtroom on Monday, the focus will be whether UBS must disclose the identities of thousands of its American clients, but much more could be at stake as well, the New York Times reported.
The Justice Department may drop a closely watched legal case aimed at forcing the Swiss bank UBS to divulge the names of 52,000 wealthy American clients suspected of offshore tax evasion, a United States official briefed on the matter said Monday, the New York Times reported.
Glencore International, the discreet commodities trading house based in Switzerland, is considering listing on the stock market, the Financial Times reported Friday.
UBS surprisingly replaced Jerker Johansson as the head of its investment bank on Monday with two of its senior executives.
A Swiss court has increased the prison sentence handed to a former banker who broke the country's strict banking secrecy laws.
A drug from Novartis has won U.S. approval as a treatment for patients with kidney cancer that has returned after treatment with older drugs.
A man dubbed "the Swiss gigolo" by the German media was sentenced to six years in prison Monday for defrauding Germany's richest woman of $9 million (euro 7 million) and attempting to blackmail her for tens of millions more.
Geneva is hosting auto manufacturers from all over for the globe this week for the 79th International Motor Show. It’s no secret that the auto industry has been hit particularly hard since the onset of the recession, but as the as this year’s motto says, "the show must go on."
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.
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