With the introduction of the Financial Services Act (FinSA) in Switzerland, the regulatory noose is tightening for international providers of financial services to Swiss clients. Although FinSA will not be fully implemented until January 1, 2020, preparations are well underway, and affected providers will need to study up on the new rules to ensure they are in full compliance—or face punishing penalties.
The last 18 months or so have seen initial coin offerings (ICOs) play a hugely disruptive role in the world of start-up financing. Companies the world over have managed to raise hundreds of millions of dollars—if not billions—to fund their blockchain-based development plans
How much value does a view have? It can have an awful lot. The luxury accommodations that combine lavish interiors with sumptuous views of the world’s wonders top the lodging value chain. In our travel feature, we take a world tour of the foremost accommodations that successfully combine luxury with the best views of everything from world-famous mausoleums to mesmerizing big cats.
The Alps of Switzerland draws foreigners not only to enjoy the pristine ski slopes but to buy luxury properties, although legislation has made home-ownership a difficult goal to achieve. Grace St Moritz serviced apartments, to be nestled within the exclusive resort of the same name, will provide a unique opportunity for long-term residential investment.
Earlier this year, the European Central Bank (ECB) decided to cut its deposit rate to -0.4 percent and its benchmark refinancing rate to zero.
Just a few years ago, the idea of negative interest rates was considered by many to be no more than an academic curiosity. After all, why would anyone pay for the privilege of lending money?
It is well known that credit booms generally end poorly and are followed by poor economic performance. But it is less clear what causes that poor performance.
In January the private bank Wegelin & Co. closed after pleading guilty to US tax evasion charges having payed fines worth $74 million. Now Bank Frey & Co., announced that its shareholders had taken the decision to stop operating. Chairman Dr. Markus A. Frey released a statement via the company’s website saying that he regrets the painful decision profoundly:
Switzerland, in an effort to combat tax evasion and money laundering activities, has agreed to a deal with the Organisation for Economic Co-operation and Development (OECD) agreeing to exchange data with 60 other countries that will effectively end its banking secrecy.
Switzerland’s investigation of possible manipulation of foreign exchange rates, announced Friday, is now one of at least five cases that are currently being scrutinized world-wide. Others include investigations into benchmarks for crude oil and the swaps market as well as Libor interest rates.