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Switzerland

July 22, 2010

Today’s second quarter results from Credit Suisse showed that Switzerland’s biggest bank in terms of market capitalisation continues to attract money from the world’s wealthy, including business-owning families and family offices, writes David Bain.

Today's second quarter results from Credit Suisse showed that Switzerland's biggest bank in terms of market capitalisation continues to attract money from the world's wealthy, including business-owning families and family offices, writes David Bain.
 
Nearly SFr12 billion of net new money flowed into the bank's core private-banking unit in the quarter, which compliments the already SFr13 billion that swelled the private bank's assets under management in the first quarter.
 

July 21, 2010

Despite having sold 350 million watches since 1983, the Swatch Group could easily have lost its bearings following the recent death of founder Nicolas Hayek, write Peter Leach and Alexandra Sharpe.

Despite having sold 350 million watches since 1983, the Swatch Group could easily have lost its bearings following the recent death of Nicolas Hayek, the founder and widely heralded savior of the Swiss watch industry, write Peter Leach and Alexandra Sharpe.

April 9, 2010

Raymond J Baer, founding family member and chairman of Julius Baer Group Ltd, launched an impassioned defence of Switzerland as a financial centre at the company’s AGM yesterday, but predicted that lessons learned by investors from the financial crisis would not be remembered in the future.

Raymond J Baer (pictured), founding family member and chairman of Julius Baer Group Ltd, launched an impassioned defence of Switzerland as a financial centre at the company's AGM yesterday, but predicted that lessons learned by investors from the financial crisis would not be remembered in the future.

August 20, 2009

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.
 
This is the final instalment in an ongoing dispute and marks a triumph for the US government's attempts to crack down on tax evasion. The account details must be handed over to US tax investigators within the next 12 months.
 

August 12, 2009

Despite having reached an agreement in principle over the main issues in the US/UBS tax evasion case, the two parties may still go to court as they are unable to agree on legal details, delaying an overall agreement.

Despite having reached an agreement in principle over the main issues in the US/UBS tax evasion case, the two parties may still go to court as they are unable to agree on legal details, delaying an overall agreement.

Judge Alan Gold will ask the two today if they have reached an acceptable deal and if not the case will go to trial as early as next month.

August 3, 2009

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Details of the settlement have not yet been disclosed but US media reports suggest UBS will be forced to reveal the names of thousands of private banking clients, including wealthy families, who hold offshore accounts in Switzerland.

July 9, 2009

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

February 26, 2009

Offshore centres around the world are being vilified by the OECD and the EU, but what are the facts?

In October 2008, the Organisation for Economic Cooperation and Development (OECD) renewed its campaign against offshore financial centres before, in November, the European Commission announced plans to extend its savings tax directive.

Although some offshore centres have adopted a wait and see attitude to these developments, others have already expressed anger at the potential threat to their financial services industries. Cayman and Switzerland have been among the most vocal.

April 15, 2008

Family-owned Swiss private bank Lombard Odier Darier Hentsch has launched the LODH Chair for Future Generations at the Swiss Federal Institute of Technology in Lausanne.

Family-owned Swiss private bank Lombard Odier Darier Hentsch has launched the LODH Chair for Future Generations at the Swiss Federal Institute of Technology in Lausanne (EPFL).

The Chair aims to provide long-term support for multidisciplinary and international research conducted by EPFL in the field of sustainable development in order to meet one of the main challenges facing society: creating a sustainable future.

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