HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday. HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
The latest OCED “Health at a Glance” report 2017 has found that countries that have a higher national income that spend more on health have longer life expectancies compared to those who do not. However many other factors also contribute to life expectancy, the report finds.
Ten years from the onset of the global financial crisis, global wealth has grown by 27%, according to Credit Suisse Research Institute’s 2017 Global Wealth Report.
The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn, according to Credit Suisse’s global wealth report published on Tuesday.
Swiss digital payment technology company SIX is reorganizing its business to improve its ability to compete with startups. The company, which sells virtual cards among other products, will merge its exchange execution and post-trading areas into one unit, and will separate its card acquiring unit from the rest of its payments business and seek a "partner" to operate the acquiring business.
A Swiss man was handed a suspended prison term of nearly two years and a fine on Thursday for spying on a German tax authority, in a case that has pitted Swiss bank secrecy against Germany’s clampdown on tax evasion.
The man had confessed to the Frankfurt state court that he accepted 28,000 euros ($33,000) from Switzerland’s NDB spy agency to obtain information on tax officials in the German state of North Rhine-Westphalia.
In the morning SNB released the Swiss FX reserves for October. The Swiss National Bank’s foreign-currency reserves jumped by 17 billion Swiss francs ($17.04 billion) in the month, putting the central bank on track for another banner quarter after earning a record-high profit of 32.5 billion francs between July and September.
The data increased strongly to $741.5 billion from $724.4billion. Tuesday’s
Sweden and Switzerland have been suffering from a long-standing problem; people keep confusing them. It may seem unlikely to the seasoned traveller but it’s been a long-running bone of contention for proud residents of both countries. Now one airline is aiming to end that confusion by offering people a trip to Swederland.
Glencore, the FTSE 100 mining giant, is facing fresh questions about the way it conducts its business following a massive data leak called the ‘Paradise Papers’.
More than 120,000 people and companies have been named in 13.4 million files, many of them leaked from offshore law firm Appleby. The documents have been reviewed by the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists (ICIJ).
