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Swiss court OKs Credit Suisse client data transfer to IRS

“Switzerland’s highest court ruled on Friday that Swiss bank Credit Suisse was free to transfer data to US authorities concerning clients suspected of tax dodging, ending a long series of legal challenges. In its decision, the Alpine country’s Federal Supreme Court rejected an appeal by Credit Suisse clients and gave its blessing to a request made in 2011 by Washington for data on clients suspected of evading US taxes. The federal court on Friday ruled that Washington’s broad request ‘was not a fishing expedition’ even though the request did not specifically name the suspected clients.” Continue reading →

China, Switzerland sign free trade agreement

“China and Switzerland on Saturday signed a free trade agreement (FTA) – Beijing’s first in continental Europe – in a deal that comes against a backdrop of trade tensions between the Asian giant and the European Union (EU). Chinese Commerce Minister Gao Hucheng and Swiss Economy Minister Johann Schneider-Ammann inked the accord in a ceremony at the Commerce Ministry in Beijing before officials and reporters. Afterwards, they clinked glasses of champagne in celebration of the agreement, which aims to increase the $26.3 billion in bilateral trade they recorded in 2012.” Continue reading →

Switzerland Will Join Race to Be Trading Hub for China’s Yuan

“Switzerland plans to bid to become an offshore yuan trading center in Europe, competing with Frankfurt and London to corner trade in the Chinese currency. ‘It is in Swiss interest to have a renminbi hub in the center of Europe,’ Economy Minister Johann Schneider-Ammann said in Beijing yesterday after signing a free trade agreement with Chinese Commerce Minister Gao Hucheng. While no official talks have taken place, Schneider-Ammann said he hopes the idea will become ‘more serious’ in the coming weeks or months.” Continue reading →

Toronto Reviews Bid to Become Yuan Currency Trading Hub

“Canada’s banks are considering a plan to make Toronto the first North American trading hub for China’s yuan, joining a global race for a share of trading in the currency of the world’s second-largest economy. The moves to set up a trading hub in Canada come as an organization representing Frankfurt’s financial industry predicts the European Central Bank is nearing a deal with China that will help the German financial center become a European yuan trading hub. The Bank of England signed a similar but smaller agreement last month, joining other recent additions like Australia, Turkey, Brazil and South Korea as China pushes for greater use of its currency outside the mainland.” Continue reading →

China signals will cut off credit to rebalance economy

“China said on Friday it would cut off credit to force consolidation in industries plagued by overcapacity as it seeks to end the economy’s dependence on extravagant investment funded by cheap debt. The State Council said it would ensure credit kept flowing to businesses that it thought had competitive products, but it would work with banks to oversee a gradual winding down of other businesses. Friday’s announcement was the latest sign that China’s policymakers are determined to bring debt-fuelled expansion under control, after the central bank allowed a cash crunch last month that sent short-term lending rates to record highs.” Continue reading →

More trade payments settled in yuan

“Changes such as a pilot quota scheme announced in March that allowed a handful of foreign companies operating in China to move funds freely across borders is boosting trade volumes and encouraging other foreign firms to settle trade in yuan. A cash squeeze in the mainland in recent weeks may have made some firms reluctant to use yuan to settle payments, but that appears to have been a temporary impediment as money market rates have come back down. Redenominating Chinese trade in the yuan versus U.S. dollars has always been the primary goal for Beijing and analysts expect the recent wave of reforms to boost yuan trade settlement.” Continue reading →

China plans to allow yuan trade settlement for individuals this year

“China is looking into how individuals and small businesses can settle trade using yuan this year, a People’s Bank of China official told Reuters on Monday, potentially opening a massive new conduit for Chinese currency to flow into global markets. At the same time, by allowing individual traders and companies, Beijing can help eliminate the risk of currency fluctuation for individuals and small enterprises in the import/export sector. Chinese individuals are only permitted to exchange the equivalent of $50,000 per year for use in overseas purchases or investments, but many companies have managed to get around these restrictions through trade.” Continue reading →

17 Dead, More than 200 Injured As Morsi Supporters Rally To Reject ‘Coup’

“It seems the turmoil in Egypt is far from over as hundreds of thousands (if not more than a million) protesters rallied on Friday to reject the military’s removal and arrest of President Mohamed Morsi and other Muslim Brotherhood leaders. Egypt’s health ministry reports that 17 people were killed and more 200 were injured in clashes between pro- and anti-Morsi protesters on Friday. You can watch live feeds from the protests here, and Business Insider has a correspondent on the ground. Some of the most intense clashes came on the October 6th bridge in Cairo, where gun shots were heard and a car has been set ablaze.” Continue reading →