ABB lowers sales target, eyes $1 bn in savings

Last Updated: Wednesday, September 9, 2015, 16:26

Swiss-Swedish engineering giant ABB on Wednesday revised down its sales growth target for the next five years and unveiled a cost-cutting programme to rake in $1.0 billion in savings.

Swiss govt discloses new name in India's black money probe

Last Updated: Tuesday, September 8, 2015, 19:48

In a fresh disclosure on suspected black money cases being probed by tax authorities in India, Switzerland on Tuesday said it has received request for information about Indore-based textiles firm Neo Corp International Ltd.

Swiss banks moving 'full speed' on automatic tax info exchange

Last Updated: Thursday, September 3, 2015, 18:50

Swiss banks are working at "full speed" to implement the automatic tax information exchange regime that will help India's efforts to crackdown on illegal wealth stashed by its citizens in Switzerland.

Fight against black money: Swiss to help on stolen data too

Last Updated: Wednesday, September 2, 2015, 20:22

In a move that may help India's fight against black money, Switzerland on Wednesday proposed amending its laws to share information with foreign countries probing tax crimes on the basis of 'stolen data', provided details have come from administrative channels or public sources.

UBS pays $1.7 mn for `apparent` sanctions violations

Last Updated: Friday, August 28, 2015, 02:08

The Swiss bank UBS has agreed to pay US authorities $1.7 million to settle "apparent" violations of rules banning transactions benefiting officially designated terrorists, the Treasury Department said Thursday.

Black money: Swiss govt rejects privacy in financial matters

Last Updated: Wednesday, August 26, 2015, 21:20

At a time when it is under global pressure, including from India, on black money menace, the Swiss government has rejected the popular initiative to allow strict privacy in financial matters.

Black money: Cooperating with Indian authorities on Swiss a/c probe, says HSBC

Last Updated: Monday, August 3, 2015, 16:27

Facing a probe by Indian authorities into accounts held by Indians in Switzerland, global banking giant HSBC Monday said it is cooperating with the authorities.

UBS posts 53% rise in second quarter profits

Last Updated: Monday, July 27, 2015, 14:13

Switzerland's largest bank UBS on Monday posted second quarter profits of 1.2 billion Swiss francs ($1.25 billion, 1.1 billion euro), a 53 percent rise over the same period last year, which beat expectations.

UBS posts 53% rise in second quarter profits

Last Updated: Monday, July 27, 2015, 14:13

Switzerland's largest bank UBS on Monday posted second quarter profits of 1.2 billion Swiss francs ($1.25 billion, 1.1 billion euro), a 53 percent rise over the same period last year, which beat expectations.

2G scam money went to tax-safe havens via Surat, claims ED

Last Updated: Friday, July 10, 2015, 19:37

ED sources said that new information has surfaced after the arrest of a Dubai-based businessman Manish Shah from Surat on July 1 by the agency's Ahmedabad zonal unit.

Switzerland admits being 'attractive' for money laundering

Last Updated: Sunday, June 21, 2015, 15:17

In a first major admission of being an "attractive location" for laundering of assets amassed illegally abroad, Switzerland has said it needs to further strengthen systems for combating money laundering and terrorist financing.

Black money: India slips to 61st place on Swiss money list

Last Updated: Sunday, June 21, 2015, 14:58

While the UK and the US have retained their top two positions with the largest shares of the foreign clients' money with Swiss banks, Pakistan has inched up to 73rd place.