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Credit Suisse almost doubles net profit, but disappoints

Swiss banking giant Credit Suisse posted a soaring third-quarter net profit on Thursday, but still fell far short of analyst expectations amid worsening market conditions. For the July-September period, the bank, Switzerland's second-biggest, made a net profit of 454 million Swiss francs (369 million euros, $510 million), nearly double the 254 million it made during the year-ago period.

Swiss watchdog chides three banks over Tunisia accounts: TV

ZURICH (Reuters) - Switzerland's financial watchdog has told HSBC and two other private banks to pay thousands of Swiss francs for failing to supervise properly the accounts of people close to ousted Tunisian President Zine al-Abidine Ben Ali, television reported.

Swiss private bank Frey closes, citing burdensome regulation after US tax row

GENEVA - A Swiss private bank says it is closing down because of what it calls costly and burdensome rules it needs to follow in the wake of a tax evasion row between Switzerland and the United States. Bank Frey The exclusive bank is one of 14 Swiss institutions under investigation by U.S. authorities over possible tax evasion by their American clients. Washington and Bern reached a deal in August that would require Swiss banks to disclose information on U.S. clients and assets. Some would also have to pay a penalty.

Swiss private bank shuts up shop over U.S. tax row

ZURICH (Reuters) - Swiss private bank Frey & Co. is to close due to "unsustainable costs" stemming from the country's dispute with the United States over alleged tax evasion, it said on Friday, making it the second Swiss bank to shut as a result of the row. Switzerland and the United States have been at odds since 2010 over a U.S. campaign to get Switzerland's banking secrecy laws cracked open so it can identify possible U.S. tax evaders, a campaign which felled Wegelin, Switzerland's oldest bank, in January following an indictment.

Koor sells another 6.2 million Credit Suisse shares

JERUSALEM (Reuters) - Israeli holding company Koor Industries <KOR.TA> has sold another 6.2 million shares in Swiss bank Credit Suisse <CSGN.VX> for 175.87 million Swiss francs ($193 million), the company said on Sunday. Koor expects to post a capital gain of 17 million shekels ($4.8 million) in the fourth quarter.

Swiss court convicts Czechs, ex-IMF staffer of graft

Five Czech businessmen and a Belgian former International Monetary Fund staffer have been convicted by a Swiss court over a massive corruption scam tied to the privatisation of a Czech mining firm. Switzerland's Federal Criminal Court sentenced the Czechs, only two of whom were present in court, to between three years and four-and-a-half years in prison, the Swiss news agency ATS reported Friday. The Belgian, Jacques de Groote, was fined, but his penalty was suspended.

U.S. looking at alleged forex manipulation: source

WASHINGTON (Reuters) - The U.S. Justice Department is making inquiries into allegations of foreign exchange rate manipulation centered on the Swiss franc but has left the heavy lifting to Europe, according to a source familiar with the probe. The Justice Department spoke with participants in the probe but is letting officials in Europe take the lead in any investigation, said the source, who could not be named to protect business relationships.

Swiss to vote on 2,500 franc basic income for every adult

BERNE (Reuters) - Switzerland will hold a vote on whether to introduce a basic income for all adults, in a further sign of growing public activism over pay inequality since the financial crisis. A grassroots committee is calling for all adults in Switzerland to receive an unconditional income of 2,500 Swiss francs ($2,800) per month from the state, with the aim of providing a financial safety net for the population.

Swiss economy powers ahead in second quarter

By Alice Baghdjian ZURICH (Reuters) - Switzerland's economy grew by a robust and better-than-expected 0.5 percent in the second quarter, data showed on Tuesday, driven by private consumption and spending on machinery. The improving economy means the Swiss National Bank is even more unlikely than before to change policy at its next meeting on September 19. Policymakers meet then for an update on the 1.20 per euro cap on the Swiss franc and to set the three-month LIBOR rate.

Liechtenstein bank reports US tax deal hits profits

Liechtenstein's oldest bank revealed on Thursday the damage to profits from a deal to pay millions of dollars to settle a dispute over its alleged role in helping clients dodge US taxes. During the first six months of the year, the Liechtensteinische Landesbank (LLB Vaduz) saw its net profit plunge 77 percent to 13.6 million Swiss francs ($14.7 million, 11.1 million euros), the bank said in its earnings statement. The result, by comparison with the outcome for the same period of last year, was hit by a number of one-time costs.
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