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Merrill Lynch purchase hits Julius Baer's profit

Swiss private bank Julius Baer on Monday said net profit fell by 30 percent in 2013 owing to costs related to its takeover of Merrill Lynch's global wealth management business. Based on IFRS international accounting standards, net profit was 188 million Swiss francs (154 million euros, $207 million), Julius Baer said. It noted that an improvement in operating results was more than offset by the impact of the international wealth management (IWM)deal with US group Merrill Lynch, the costs of which had been expected.

Merrill Lynch purchase hits Julius Baer's profit

Swiss private bank Julius Baer on Monday said net profit fell by 30 percent in 2013 owing to costs related to its takeover of Merrill Lynch's global wealth management business. Based on IFRS international accounting standards, net profit was 188 million Swiss francs (154 million euros, $207 million), Julius Baer said. It noted that an improvement in operating results was more than offset by the impact of the international wealth management (IWM)deal with US group Merrill Lynch, the costs of which had been expected.

Novartis keeps CEO pay steady, but incoming chairman pay drops

BASEL (Reuters) - Novartis <NOVN.VX> kept pay for its Chief Executive Joe Jimenez steady, after cutting it last year before a Swiss vote to force companies to accept shareholder limits on executive rewards. The Basel-based drugmaker, typically the first Swiss blue-chip company pay to disclose pay, said on Wednesday Jimenez was paid 13.2 million Swiss francs ($14.69 million) in total for 2013, more than 3 million francs of it in cash.

Park unveils gift from Davos Forum chairman

SEOUL, Jan. 28 (Yonhap) -- President Park Geun-hye said she received a quartz crystal cluster as a gift from Klaus Schwab, founder and executive chairman of the World Economic Forum, when she attended the annual forum in Switzerland last week. In a Facebook posting Monday night, Park said she was given the present before she made a keynote speech at the forum in the Swiss ski resort town of Davos on Wednesday. She attached a photo of the clear white stone with some quartz points sticking out.

Trip Tips: Switzerland skiing gets lifted by luxury

By Katharina Bart ZURICH (Reuters) - Prospects are bright for Switzerland's winter tourism industry, which is pinning its hopes on a slew of new luxury developments and bigger, better ski resorts to get back to growth. Aside from skiing, Switzerland has long been a prized winter destination due to an abundance of high-end shopping, luxury hotels and spas.

February trial date set in Fla. for former executive at Swiss bank UBS charged with conspiracy

FORT LAUDERDALE, Fla. - A February trial date has been set in Florida for a former senior executive at Swiss bank UBS AG charged with tax fraud conspiracy. U.S. District Judge James Cohn ordered trial during the two-week period beginning Feb. 18 for Raoul Weil, former head of Global Wealth Management at UBS. The 54-year-old Weil pleaded not guilty Tuesday to the tax charge, part of a broad federal probe into tax evasion by wealthy U.S. citizens.

Former UBS banker Raoul Weil pleads not guilty in Florida court to US tax evasion charges

FORT LAUDERDALE, Fla. - A former top executive with Swiss bank UBS AG has pleaded not guilty to U.S. fraud conspiracy charges stemming from a broad federal tax evasion investigation. Raoul Weil entered the plea Tuesday in a Florida courtroom to charges first filed in 2008. He was a fugitive until his arrest in October in Italy and was later extradited to the U.S. He is free on $10.5 million bail.

Swiss business urges voters to reject migration quotas

Switzerland's business, farm and hospital lobbies Monday urged voters to reject a law drafted by right-wing populists that would reimpose immigration quotas for European Union citizens. Passing the "Stop Mass Immigration" proposal in a referendum on February 9 would be a big mistake, hitting a swathe of sectors that rely on foreign labour, a 12-organisation coalition warned. "We owe our success to a flourishing, high-performance labour market," said Valentin Vogt, head of Swiss employers' federation UPS.

Swiss central bank has $9.9 billion loss in 2013 from hit to value in gold; no profit sharing

GENEVA - Switzerland's central bank has reported a loss of 9 billion Swiss francs ($9.9 billion) for 2013, denying shareholders and local governments any annual profit sharing. The Swiss National Bank said Monday that it lost 15 billion francs in the value of its gold holdings, but that was partly offset by a gain of 3 billion francs in foreign currency and more than 3 billion francs in profits from selling its stabilization fund that bailed out Swiss bank UBS AG.

Swiss private bank EFG says will join US tax deal

ZURICH (Reuters) - EFG International on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts. The Zurich-based bank said it had decided to participate in the scheme - brokered by the Swiss and U.S. governments in August - to make amends for aiding tax evasion, in keeping with recommendations from Swiss regulators.
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