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UBS accounts to be passed to US

The details of the UBS agreement with the Justice Department will be released next week, according to reports, some basic details.

UBS Midtown

The US will withdraw demand for disclosure of the identity of 52,000 UBS accounts holders.

Swiss will direct UBS to turn over information on 4,450 accounts to IRS.

Swiss agree to review requests involving other banks for account holders similar to UBS case.

UBS says it does not have to pay any fine.

Swiss banking giant UBS AG agreed Wednesday to turn over to the IRS the details of 4,450 accounts suspected of holding undeclared assets by American customers, ending an intense trans-Atlantic legal fight. Read More…

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United Nations World Conference Against Racism (WCAR)

The conference is called under the mandate of United Nations General Assembly resolution 61/149 (passed in 1996) with a mandate to review the implementation of the The Durban Declaration and Programme of Action from the 2001 World Conference Against Racism which took place in Durban, South Africa.

Boycotts and attendance at the Durban Review Conference

Boycotts and attendance at the Durban Review Conference

The conference was fully boycotted by Australia, Canada, Germany, Israel, Italy, the Netherlands, New Zealand, Poland, and the United States. The Czech Republic, which held the presidency of the European Union at the time of the conference, left on the first day and boycotted the remainder of the conference, and twenty-three European Union countries partially boycotted the conference by sending low-level delegations. Read More…

Feds sue UBS for 52,000 american customer names

UBS AG, Switzerland’s largest bank, agrees to pay US$780 million and disclose account information to the U.S. Government after admitting to helping American clients evade taxes.

The UBS Tower in Chicago

The UBS Tower in Chicago

UBS has a major presence in the United States, with its American headquarters located in New York City (Investment banking); Weehawken, New Jersey (Private Wealth Management); and Stamford, Connecticut (Capital markets). UBS’s retail offices are located throughout the U.S., and in over 50 other countries.

In 2007, after incurring huge losses, UBS was forced to turn to the Government of Singapore for fresh funding. Since then, the largest shareholder of UBS is Government of Singapore Investment Corporation. Read More…

Switzerland to join the Schengen Agreement

Switzerland becomes the 25th European country to join the Schengen Agreement, whereby cross-border passport checks will be abolished.

The term Schengen Agreement is used for two agreements included among European states in 1985 and 1990 which deal with the abolition of systematic border controls among the participating countries. Read More…

Electrical failure on LHC particle accelerator to cost US$21 million

The European Organization for Nuclear Research (CERN) said on Monday that repairing the Large Hadron Collider (LHC) will cost up to 16.6 million or US$21 million.

Tunnel of the Large Hadron Collider (LHC) of the European Organization for Nuclear Research

Tunnel of the LHC of the CERN

The LHC, which is the world’s largest and highest-energy particle accelerator, is located near the border of France and Switzerland and crosses the border four times.

It has a diameter of 27 km (17 miles). It is designed to simulate the conditions shortly after the Big Bang, but it broke down on September 19 due to an electrical failure. Read More…

Swiss cabinet reorganised

Swiss Finance Minister Hans-Rudolf Merz has suffered a major heart attack and had to be hospitalised. He was in Eastern Switzerland when he collapsed.

Later on Sunday he was flown by helicopter to Bern University Hospital where he was placed into an artificial coma. The Finance Minister underwent today a major bypass surgery and doctors say that he will have to remain in Intesive care for at least two weeks. As a result, the cabinet has been reorganised, with Eveline Widmer-Schlumpf (Minister for Justice and Police) as the interim Finance Minister and Moritz Leuenberger (Transport Minister) as her deputy.

The Swiss President, Pascal Couchepin, announced that he would not be attending the UN General Assembly in New York and that the Cabinet would hold an extra-ordinary session.

First beam successfully steered

The first beam was successfully steered around the Large Hadron Collider accelerator ring at CERN in Geneva, Switzerland.

The first beam was circulated through the collider on the morning of 10 September 2008. CERN successfully fired the protons around the tunnel in stages, three kilometres at a time.

The particles were fired in a clockwise direction into the accelerator and successfully steered around it at 10:28 am local time. Read More…