Switzerland

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Switzerland's ECOM Buys Insolvent German Cocoa Grinder Euromar

Swiss commodities trading group ECOM has agreed to buy the factory of German cocoa grinder Euromar Commodities GmbH which declared insolvency in December, Euromar's insolvency administrator said on Monday, Reuters reported. ECOM plans to resume prod ...

Daily Headline - global.abi.org - 03/13/2017 - 22:06 - 0 comments

Credit Suisse CFO Sees Bank's Growth Slowing Capital Build

Credit Suisse Group AG’s push to expand in some areas of trading and across its wealth management businesses will make it harder to build up capital buffers at the same pace as last year, Chief Financial Officer David Mathers said. After selling billions ...

Daily Headline - global.abi.org - 03/03/2017 - 08:46 - 0 comments

Glencore Eyes More Brazil Mills After Recent Acquisition

Swiss commodities trader Glencore Plc is considering additional sugar and ethanol mills takeovers in Brazil, where it recently bought a second plant, to ramp up operations in the world's No. 1 sugar producer, three people familiar with the plan said ...

Daily Headline - global.abi.org - 01/24/2017 - 22:46 - 0 comments

Glencore To Buyback $1.25 Billion Of Bonds To Cut Debt

Glencore, the miner and commodity trader, has announced plans to repurchase up to $1.25bn of bonds as part of an ongoing plan to reduce debt and leverage, the Financial Times reported. The buy back is targeting bonds that mature in 2018 and 2019 with ...

Daily Headline - global.abi.org - 10/03/2016 - 19:05 - 0 comments

Geneva Set To Cut Corporate Tax Rate By More Than 10%

When the European Union pressured Switzerland to scrap tax breaks for foreign companies, Geneva had most to lose. Now, the canton that is home to almost 1,000 multinationals is set to use tax to burnish its appeal, the Irish Times reported. Geneva wi ...

Daily Headline - global.abi.org - 08/25/2016 - 23:56 - 0 comments

Guaranteed Income for All? Switzerland’s Voters Say No Thanks

Swiss voters on Sunday overwhelmingly rejected a proposal to guarantee an income to Switzerland’s residents, whether or not they are employed, an idea that has also been raised in other countries amid an intensifying debate over wealth disparities and dw ...

Daily Headline - global.abi.org - 06/05/2016 - 22:27 - 0 comments

Swiss Open Criminal Proceedings Against BSI Over Malaysia Fund Allegations

The authorities in Switzerland said on Tuesday that they had begun criminal proceedings against one of the country’s oldest banks, BSI, after allegations that it had laundered huge sums for “politically exposed” individuals linked to a scandal-plagued Ma ...

Daily Headline - global.abi.org - 05/25/2016 - 00:40 - 0 comments

Glencore Agrees to Sell Minority Stake in Agriculture Business

The Swiss commodities and mining company Glencore said on Wednesday that it had agreed to sell a 40 percent stake in its agriculture business to Canada Pension Plan Investment Board for $2.5 billion in cash. The deal is the latest move by Glencore to red ...

Daily Headline - global.abi.org - 04/06/2016 - 21:19 - 0 comments

UBS Faces Money Laundering and Fraud Inquiry in Belgium

A Belgian magistrate judge is investigating whether the Swiss bank UBS engaged in fraud, money laundering and other crimes in an effort to help wealthy individuals avoid taxes, the Brussels prosecutor’s office said on Friday, the International New York ...

Daily Headline - global.abi.org - 02/28/2016 - 23:35 - 0 comments

Fears Recede At Glencore As Banks Line Up To Join Debt Restructuring

Concerns about the financial health of the commodities company Glencore have receded after its banks queued up to take part in a multi-billion-dollar debt restructuring, The Guardian reported. Glencore said its 37 main lenders offered up to $8.4bn (£ ...

Daily Headline - global.abi.org - 02/17/2016 - 22:09 - 0 comments

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