Economy of Switzerland

Swiss central bank holds forex floor, warns of threat to economy

Agence France-PresseJune 20, 2013 07:02

The Swiss central bank insisted on Thursday it will continue defending the floor rate of the Swiss franc against the euro, a policy which could come under increasing strain if more investment funds flow into the currency for safety. The Swiss National Bank also announced it was keeping its record low interest rates intact. But it warned that "an appreciation of the Swiss franc would compromise price stability and would have serious consequences for the Swiss economy."

Swiss parliament rejects deal to expose US tax dodgers

Agence France-PresseJune 19, 2013 19:32

Swiss lawmakers rejected Wednesday a deal proposed by Washington to halt ruinous US legal action provided that Swiss banks that helped stash cash expose American tax dodgers and pay hefty fines. The Alpine country's lower house shot down the controversial "Lex USA" accord, which would have temporarily lifted Switzerland's long-sacrosanct banking secrecy and allow banks to settle with US authorities and draw a line under past wrongdoing.

Switzerland seeks US answers on whistleblower spy claims

Agence France-PresseJune 11, 2013 10:35

Switzerland on Tuesday revealed that it has asked the United States to explain an alleged CIA blackmail operation to spy on the Alpine country's banks, exposed by whistleblower Edward Snowden. The Swiss foreign ministry told AFP that it was aware of media reports about the issue and that it had sent the US embassy in the capital Berne a diplomatic note seeking "clarification". The ministry also confirmed that Snowden was accredited as a diplomatic attache at the US permanent mission to the United Nations in Geneva from March 2007 to February 2009.

Swiss alarmed at secretive US bank deal

Agence France-PresseJune 9, 2013 00:46

A secretive deal aimed at settling a dispute with Washington over Swiss banks' alleged complicity in tax evasion by Americans has caused uproar in the wealthy Alpine nation. Swiss Finance Minister Eveline Widmer-Schlumpf announced a deal last week that she said would put an end to the row that has been poisoning relations between Switzerland and the United States for years.

Swiss bank UBS under probe in France over dodgy accounts

Agence France-PresseJune 7, 2013 08:22

French investigators have placed Swiss bank UBS under formal investigation on suspicion that it tried to persuade rich French clients to open undeclared accounts in Switzerland, a legal source said. The move emerged less than a week after the French branch of UBS was also placed under investigation -- the closest equivalent in France to being charged. The alleged offences date back to the 2000s.

Swiss lawmakers put U.S. tax deal vote on ice

Thomson ReutersJune 5, 2013 14:51

BERN/ZURICH (Reuters) - Switzerland's parliament halted a bill on Wednesday that would let Swiss banks hand over client information to the U.S. authorities as part of a clampdown on tax evasion, saying it needed to know more about what the deal involved. The Swiss government wants parliament to rush through the legislation this month to put an end to a long-running tax spat with U.S. authorities over banks accused of helping wealthy Americans hide their money from the tax man.

UBS France placed under investigation

Agence France-PresseJune 1, 2013 01:31

Paris investigators placed the French branch of Swiss bank UBS under formal investigation Friday on suspicion it helped try to persuade rich French clients to open undeclared accounts in Switzerland, a legal source said. UBS was also named as an "assisted witness" in an investigation into a money laundering operation that was part of a tax fraud, the source added. The alleged offences date back to the 2000s, the source said.

CORRECTED: Swiss economy swells 0.6%, beats expectations

Agence France-PresseMay 30, 2013 08:39

The Swiss economy grew 0.6 percent in the first three months of the year, official data showed on Thursday, beating expectations and confirming its spot among the soundest economies in struggling Europe. The country's quarter-on-quarter growth easily beat the expectations of analysts polled by financial agency AWP, who had expected gross domestic product to grow by 0.2-0.4 percent. Compared to the same quarter last year, Swiss GDP performed even better, growing 1.1 percent, according to the statistics from Switzerland's State Secretariat for Economic Affairs, or SECO.

Swiss economy swells 0.6%, beats expectations

Agence France-PresseMay 30, 2013 07:19

Swiss banks may need to hand over employee names to US

Agence France-PresseMay 29, 2013 12:48

Swiss banks could be forced to hand over the names of their employees under a prospective deal between Switzerland and Washington that aims to end a dispute over alleged tax evasion, a newspaper reported Wednesday. "All the banks with significant business in the United States could be required to submit their correspondence to American authorities, as well as the names of their employees," the daily Tages Anzeiger said.