Swiss central bank posts massive loss on soaring franc

Last Updated: Thursday, April 30, 2015, 17:42

The Swiss central bank said Thursday it had posted loss of 30 billion francs in the first quarter due to a jump in the franc`s value which led to huge exchange rate-related losses.

Money laundering cases rise to record high in Switzerland

Last Updated: Wednesday, April 29, 2015, 18:38

Long considered a safe haven for suspected black money, Switzerland has reported a sharp rise in the 'suspicious activity reports' received by its Money Laundering Reporting Office to a record high level of 1,753.

EU clears key hurdle to giant Lafarge, Holcim merger

Last Updated: Saturday, April 25, 2015, 01:11

The EU on Friday removed a key hurdle to the merger between French cement giant Lafarge and Swiss rival Holcim, approving the sale of assets demanded for the deal to go through.

Black money: HSBC tax evasion suspects in India told to get a lawyer

Last Updated: Tuesday, March 31, 2015, 19:01

Customers of HSBC in India, suspected of tax evasion, have been given a 30-day timeframe to get a lawyer in Switzerland to manage or challenge the disclosure of their names in the official gazette.

Black money: India offers cash reward to HSBC whistleblower

Last Updated: Monday, March 23, 2015, 17:30

As per rules, up to 30 percent of the tax amount realised could be offered to whistleblowers who provide specific information on illegal funds.

Automatic info exchange talks with India at 'earliest': Swiss

Last Updated: Sunday, March 22, 2015, 15:11

The assertion from Switzerland, which has been long perceived as a safe haven for stashing illicit wealth, comes close on the heels of the Alpine nation inking an initial pact for automatic exchange of tax information with European Union.

Switzerland, Luxembourg plan to join China-led development bank

Last Updated: Saturday, March 21, 2015, 11:44

Switzerland and Luxembourg are planning to join the Beijing-backed development bank AIIB, China`s finance ministry said, the latest European nations to sign up to the multilateral lender which has drawn scepticism from the United States.

Holcim and Lafarge revise terms to get merger back on track

Last Updated: Friday, March 20, 2015, 17:19

Switzerland`s Holcim and France`s Lafarge have agreed new terms for their plan to create the world`s biggest cement company, giving unhappy shareholders in the Swiss firm a better deal.

UK unveils new measures to combat tax evasion

Last Updated: Friday, March 20, 2015, 10:47

Corporations linked to offshore tax evasion by investors in Britain will face criminal sanctions under government plans unveiled Thursday, a month after an international scandal over tax-dodging in Switzerland.

Switzerland halves growth forecast as strong franc bites

Last Updated: Thursday, March 19, 2015, 15:56

Switzerland on Thursday halved its growth forecast for 2015 as the strong franc bit into the country`s exports, but the central bank said it was keeping its monetary policy unchanged.

Lafarge-Holcim merger hits roadblock

Last Updated: Monday, March 16, 2015, 18:33

The USD 40-billion mega merger between Holcim and Lafarge to create world's largest cement group has hit a roadblock with Swiss giant Holcim rejecting the deal in the present form, including on 'governance issues'.

Black money: RBI closely watching probe against HSBC

Last Updated: Thursday, February 26, 2015, 17:21

The Reserve Bank Thursday said it is keeping a close watch on global banking major HSBC, which is facing multi-nation probe including by Indian tax authorities for alleged tax evasion and money laundering at its Swiss units.