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Credit Suisse shareholders are seeking compensation from the Swiss Confederation following the bank's takeover by UBS, claiming losses after purchasing shares based on misleading reassurances about the bank's stability. The Federal Department of Finance is appealing a court ruling that deemed the reduction of bonuses for former executives unlawful, arguing that exceptional circumstances justify their stance. Meanwhile, Japan faces rising inflation, with consumer prices hitting 3.5% in April, driven by soaring rice prices, prompting speculation about potential monetary policy changes by the Bank of Japan.
The Swiss Federal Department of Finance is appealing to the Federal Supreme Court against a ruling that deemed the reduction or elimination of bonuses for former Credit Suisse executives unlawful. This follows the Confederation's financial support to Credit Suisse during its liquidity crisis in March 2023. Meanwhile, Germany's economy showed unexpected growth in Q1 2025, attributed to anticipatory effects of US tariffs, although experts warn of a potential GDP contraction later in the year due to ongoing industrial challenges.
The Swiss National Bank (SNB) has faced accusations of currency manipulation from the U.S., particularly regarding its interventions to stabilize the Swiss franc during the financial crisis. While the SNB maintains that its actions were necessary for price stability, it acknowledges the ongoing risks of real estate bubbles and the need for banks to prepare better for liquidity crises. Additionally, the SNB has adjusted its investment portfolio to exclude companies that conflict with Switzerland's values, reflecting a cautious approach to environmental and ethical considerations.
"Game Over," a film about the collapse of Credit Suisse, premiered in Zurich, showcasing the dramatic downfall of the bank and its executives. While the movie highlights the greed and mismanagement of CS leaders, it leaves unanswered questions about the lack of accountability and the role of Swiss authorities during the crisis. The film, financed by Netflix, combines thrilling historical insights with a critique of the banking sector, yet rushes through key events leading to CS's demise.
Martin Schlegel, the new head of the Swiss National Bank, acknowledges the challenges of balancing family life with his demanding role. He emphasizes the need for improved banking regulations following the Credit Suisse crisis and supports the Public Liquidity Backstop to ensure financial stability. Schlegel also addresses the uncertainties in the global economy, particularly due to political pressures and customs policies, while maintaining the SNB's commitment to price stability through interest rate management.
Urban Angehrn, the former director of FINMA, has joined Partners Group to enhance its insurance sector, following his departure amid the Credit Suisse crisis. This trend of ex-regulators moving to private firms raises concerns about the effectiveness of oversight in Switzerland's financial industry. Meanwhile, Patrick Raaflaub of Swiss Re will retire in 2025, with the company opting for an internal successor rather than another external hire from the regulatory sphere.
Raiffeisen banks in St.Gallen reported a decline in earnings for 2024 due to lower interest rates, despite creating over 50 new jobs and a flourishing stock market business. While net interest income fell, the banks' diversification into investment services led to a slight increase in net profit to CHF 50 million. The overall economic environment remains stable, with rising demand for residential property and job security supporting consumption, despite challenges in the industrial sector.
Ueli Maurer reflects on the downfall of Credit Suisse, emphasizing that the bank resisted state intervention despite severe liquidity issues. He critiques the limitations of FINMA and the Swiss National Bank, noting that a lack of legal frameworks hindered timely action, ultimately leading to a loss of trust in CS. Maurer argues that the state should not rescue mismanaged companies, highlighting the need for better oversight and intervention mechanisms in the banking sector.
Wealthy individuals are increasingly relocating to tax-friendly areas like Oberägeri before retirement to significantly reduce their tax burdens on capital withdrawals. UBS Vice Chairman Lukas Gähwiler exemplifies this trend, moving from Langnau am Albis to save up to 70% in taxes on large pension payouts. However, to benefit, one must genuinely establish their main residence in the new canton, as superficial moves may not be recognized by tax authorities.
Lukas Gähwiler, UBS Vice-Chairman, has relocated from Langnau am Albis to Oberägeri, a tax haven in Zug, ahead of his retirement. This move allows him to significantly reduce his tax burden, as Oberägeri offers lower municipal and cantonal tax rates compared to his previous residence. As he approaches retirement, Gähwiler's decision reflects a trend among the wealthy to optimize tax benefits related to pension payouts.
Matthew Jordan
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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