London CNN — A year after the failure of Credit Suisse, the Swiss government says UBS may have to find as much as $27 billion to absorb potential losses and protect taxpayers from ever having to bail out a major bank. Now, the giant Swiss lender is hitting back, saying its finances are robust and...
Category: Bussiness
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Swiss Air flight takeoff from NYC to Zurich aborted after 4 jets cleared to cross runway: report
Brian O’Neil recorded this video while taxiing at Boston Logan International Airport onboard JetBlue Flight 777 to Las Vegas Feb. 8, 2024. A Swiss Air flight traveling from New York City to Zurich last week had to abort takeoff, averting a “potentially dangerous situation,” the airline confirmed. Flight LX17 from John F. Kennedy Airport left...
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Egypt gets back its 3,400 old antique from Switzerland
The return of this antique statue began last year when the Swiss government decided to return a fragment of the statue to the Egyptian embassy in Bern. This was done in line with the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Import, Illicit Export, and Transfer of Ownership of Cultural Property...
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Panama Papers: From Singapore to Switzerland, which are the top tax havens?
The Panama Papers are back in the news after the public portion of a trial involving more than two dozen associates accused of helping some of the world’s richest people hide their wealth came to an unexpectedly speedy conclusion on Friday. The trial came eight years after 11 million leaked secret financial documents...
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Switzerland’s Peace Summit: Putin Calls Talks a Farce – Defence News
Russian President Vladimir Putin has called the peace conference to be held in Switzerland regarding the Ukraine war as a ‘Panopticon’ and even a circus. Furious over the peace summit, Putin has refuted the claim in which Switzerland had said that ‘Russia has been invited’ for the peace summit. What is Panopticon? According to reports...
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Novartis to cut 680 jobs in product development
Novartis is to cut up to 680 jobs in its development organisation, which helps bring its drugs to market, the Swiss pharmaceuticals company said on Tuesday. Around 440 jobs will go in Switzerland and up to 240 in the United States over the next two to three years, the Basel-based company said. The job eliminations...
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After Credit Suisse collapse Switzerland is now revamping its financial rulebook
Switzerland is accelerating efforts to reform its banking regulations a year after the collapse of Credit Suisse — and handing more power to those who will enforce them. The government is due to unveil long-awaited proposals for legislation in the coming days that are likely to touch on all of the main pillars of bank...
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Switzerland Seeks Bilateral Investment Treaty With India | India Business News – Times of India
New Delhi: After the India-European Free Trade Association (EFTA) trade deal that witnessed $100 billion investment commitment, Switzerland is now pushing for a new bilateral investment treaty (BIT) with India and a “red carpet” for investors from the four-nation bloc to meet the target.The issue of the investment treaty, a sore point with most countries,...
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Swiss financial watchdog fines Bank Audi for money-laundering violations – SWI swissinfo.ch
FINMA determined that the bank failed to provide information and did not adequately vet high-risk client relationships. KEYSTONE/© KEYSTONE / PETER KLAUNZER The Swiss Financial Market Supervisory Authority (FINMA) has identified serious violations of money-laundering regulations at the private bank, Bank Audi. This content was published on March 25, 2024 – 13:34 FINMA is fining...
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Charting the Global Economy: Switzerland Surprises With Rate Cut – BNN Bloomberg
(Bloomberg) — The Swiss National Bank surprised with the first interest-rate cut among its global peers, central bankers in Japan ended the most aggressive monetary stimulus in modern history and the Federal Reserve held the line on US borrowing costs. As Fed policymakers stuck to their path of lowering rates this year, the Bank of...
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Switzerland becomes first major economy to cut interest rates in surprise move
The Swiss national flag hangs from the Federal Palace, Switzerland’s parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks. Photographer: Stefan Wermuth/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty...
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Enhanced UK-Switzerland FTA negotiations: Update March 2024
We continue to work together with the Swiss towards an ambitious trade deal. Talks continue to be constructive and positive, with both countries focused on achieving a modern and comprehensive agreement with ambitious outcomes, including in areas such as services and investment, mobility, digital and the environment, which are not covered by our existing FTA....