Switzerland

The Silver Lining as Banks Say “No More Americans”

"Independent asset managers are entrepreneurs at heart. Many have started their own businesses after gaining deep experience in private banks or large investment houses. They recognize that those two business models don’t properly serve those looking for lower account minimums with the superior service found at smaller firms. Most Swiss independent asset managers feature tight, professional teams of four to five deeply experienced members. These managers are going about it the right way. They are registered with the SEC and they work with the very same private banks that decided to say good-bye to American clients." Continue reading →

Continue ReadingThe Silver Lining as Banks Say “No More Americans”

Switzerland pays billions to foreign governments in tax deal

"The Swiss finance ministry said that Britain had received a payment of 372 million francs, and Austria, 515 million. A ministry spokesman said the payments were just the first in a series of monthly instalments running until June 2014. Under bilateral deals with Britain and Austria, Switzerland has offered two options to people who fail to declare money placed in Swiss banks. They can either turn themselves in to their homeland's revenue services, or have their accounts taxed by the Swiss, who then transfer the funds without naming the clients. It was under the latter system that Switzerland handed over the sums revealed on Thursday." Continue reading →

Continue ReadingSwitzerland pays billions to foreign governments in tax deal

Swiss researchers make microchips that imitate the brain

"Scientists at the University of Zurich and ETH Zurich, together with colleagues in Germany and the United States, created electronic systems comparable to a human brain both in size, speed and energy consumption, the university said in a statement late Monday. Just like the brain, their so-called neuromorphic chips are capable of processing and reacting to information in real-time, it said. Using neuromorphic chips as artificial neurons, the researchers built networks that can perform tasks requiring short-term memory and decision-making and analytical abilities, Indiveri said." Continue reading →

Continue ReadingSwiss researchers make microchips that imitate the brain

India Department of Post to stop gold coin sales

"Following the Centre's decision to halt the import of gold coins and bars in the country, the department of post will stop their sales from its counters from August 1. So, if you want to buy 24-carat gold coins with India Post logo, better hurry up. Otherwise, you will miss the last chance - for the time being - to buy them. The department has so far been selling gold coins from 0.5gm to 50 gm in weight. India Post had entered into a tie-up with a private sector company to sell gold Suisse which were certified by the Switzerland-based International Gold Council. The government has asked India post, banks and other financial institutions to stop the supply of gold." Continue reading →

Continue ReadingIndia Department of Post to stop gold coin sales

Wegelin chief takes blame for oldest Swiss bank’s collapse over U.S. taxes

"The last president of a 270-year-old Swiss bank that collapsed after helping rich Americans dodge taxes blames himself for the firm's demise but hints the Holocaust contributed to Switzerland's banking secrecy. Konrad Hummler, in an interview published on Thursday, took full responsibility for the closure of Wegelin & Co., founded in 1741, after it paid US penalties of $57.8 million for helping clients avoid some $20 million in taxes. While stressing the bank had always respected Swiss law, he admitted exploiting 'differences between the (legal systems) in Switzerland and the United States.'" Continue reading →

Continue ReadingWegelin chief takes blame for oldest Swiss bank’s collapse over U.S. taxes

Swiss top the tables for household savings

"Switzerland tops a list compiled by Handelsblatt for money saved on average by average households. The Swiss put aside 17.5 percent of gross income into savings last year. This may not be entirely surprising given that incomes in the mountain country are three to four times as high as in most European countries. Switzerland’s unemployment rate of 2.9 percent in June compares with an average in the European Union of 12.1 percent in May, according to Eurostat. The report highlights a growing divide between wealthy northern countries and poorer countries in southern Europe. In Greece, the rate was negative 6.4 percent as citizens dug into existing reserves." Continue reading →

Continue ReadingSwiss top the tables for household savings

Hey, kids – let’s talk about heroin!

"In Switzerland, they took a different approach — give it away for free. Yes, they gave away free, controlled, safe doses of heroin to addicts in a clean clinic with doctors and social workers. They did a study in conjunction with this program and found a 94% reduction in criminal activity by those in the program; addicts were living longer; once stabilized they had an easier time kicking the drug; and… they made it unprofitable to be a criminal heroin dealer, so fewer young people were starting! Changing our drug laws will save lives." Continue reading →

Continue ReadingHey, kids – let’s talk about heroin!

Swiss thousand-franc note is a hidden treasure

"Swiss banknote circulation is the second highest in the world behind Japan and more than double that in the United States or the euro zone. Swiss National Bank spokeswoman Silvia Oppliger explains this by the fact that holdings and use of cash remain popular, and that many people still withdraw cash in order to pay their bills at the post office counter. 'People consider using banknotes to be very practical. Also, the wish for privacy has always been high in Switzerland,' Oppliger said. 'Using cash for payments is one manifestation of this.' Switzerland so far has no plans to investigate the use of its CHF1,000 note, let alone discuss its abolishment." Continue reading →

Continue ReadingSwiss thousand-franc note is a hidden treasure

Pot smoking to be reduced to ticketing offence in Switzerland

"A revision of the country’s drug laws, set to take effect on October 1st, will allow police officers to issue 100-franc ($105) tickets for people caught smoking a joint. On-the-spot fines will replace a court appearance in cases of cannabis possession involving amounts of 10 grams or less. The federal government issued a reminder of the planned change on Friday. It follows amendments to drug laws adopted by the senate and the house of representatives (national council) on September 28th 2012. If the person ticketed agrees to pay the fine, he or she can avoid appearing in court." Continue reading →

Continue ReadingPot smoking to be reduced to ticketing offence in Switzerland

Appenzell Innerhoden enjoys ‘pure democracy’

"Every year, voters from across the northeastern demi-canton, or region, of Appenzell Innerhoden flood into the Landsgemeindeplatz to elect their local leaders and judges — not by casting ballots but by raising their hands. The tradition of the Landsgemeinde, or open-air assembly, dates back to the 14th century. Historians say that back then, only men willing to go to battle to defend their community were allowed to vote — a right they for centuries have demonstrated by carrying a side-arm into the voting ring. 'This is the only place in the world, I think, where a weapon serves as voter ID,' says Rudolf Keller, the second secretary in the Appenzell cantonal government." Continue reading →

Continue ReadingAppenzell Innerhoden enjoys ‘pure democracy’