Swiss open banking vault
Switzerland, in a bid to avoid being blacklisted as an uncooperative tax haven, has said it will easse its banking secrecy norms.
By Sudeshna Sen, ET Bureau |
Swiss open banking vault
Switzerland, in a bid to avoid being blacklisted as an uncooperative tax haven, has said it will easse its banking secrecy norms, and agreed to cooperate with foreign tax authorities seeking information on cases with ���concrete information.��� Switzerland, Andorra, and Liechtenstein become the latest to agree to follow OECD norms for sharing of banking information, after rising pressure from the rest of Europe.
Luxembourg will cooperate with foreign tax authorities seeking banking information in specific cases, and will seek bilateral tax agreements with other nations. Cracking down on tax havens is high on the agenda for the upcoming G20 meeting in London. Meanwhile, the Swiss Central bank took the unprecedented step of intervening push down the value of the Swiss Franc, which has soared in the recent past as investors flocked to a haven. Battling a slowdown in the economy, the Swiss Central bank felt that an unnaturally high Swiss Franc would tighten monetary conditions.
Larger financial forum
The Financial Stability Forum, which is edging for centre stage with the IMF as the key global forum to monitor an internationally coordinated response to the financial crisis, expanded to include all member of the G20, Spain, and the European Commission. Originally set up with participation from Australia, Hong kong, Singapore, Netherlands and Switzerland, the FSF is supposed to assess the international financal system and improve coordination. With increasing calls for a global regulatory framework, it is expected that the FSF will see its mandate enlarged, and emerge as a major international financial instituton.
Welch says shareholder value ���dumb���
Jack Welch, the legendary leader from GE, slammed the concept of shareholder value in a media interview. ���On the face of it, shareholder value is the dumbest idea in the world,��� he said. ���Shareholder value is a result, not a strategy?.?.?.?Your main constituencies are your employees, your customers and your products,��� he said, the Financial Times reports.
The former chief of GE, which has just lost its triple A rating , also said that short term profits should be allied with an increase in the long term value of a company, and managers should not set quarterly profits and share price gains as their primary focus. The comment has raised a flurry of discussion, as Mr Welch has long been seen as the inspiration behind the rise of the shareholder value approach to managing companies, a dominant management strategy till the recent meltdown. Now, Mr Welch says he never meant that it is a strategy, and should be the result of manager���s efforts.
Switzerland, in a bid to avoid being blacklisted as an uncooperative tax haven, has said it will easse its banking secrecy norms, and agreed to cooperate with foreign tax authorities seeking information on cases with ���concrete information.��� Switzerland, Andorra, and Liechtenstein become the latest to agree to follow OECD norms for sharing of banking information, after rising pressure from the rest of Europe.
Luxembourg will cooperate with foreign tax authorities seeking banking information in specific cases, and will seek bilateral tax agreements with other nations. Cracking down on tax havens is high on the agenda for the upcoming G20 meeting in London. Meanwhile, the Swiss Central bank took the unprecedented step of intervening push down the value of the Swiss Franc, which has soared in the recent past as investors flocked to a haven. Battling a slowdown in the economy, the Swiss Central bank felt that an unnaturally high Swiss Franc would tighten monetary conditions.
Larger financial forum
The Financial Stability Forum, which is edging for centre stage with the IMF as the key global forum to monitor an internationally coordinated response to the financial crisis, expanded to include all member of the G20, Spain, and the European Commission. Originally set up with participation from Australia, Hong kong, Singapore, Netherlands and Switzerland, the FSF is supposed to assess the international financal system and improve coordination. With increasing calls for a global regulatory framework, it is expected that the FSF will see its mandate enlarged, and emerge as a major international financial instituton.
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Welch says shareholder value ���dumb���
Jack Welch, the legendary leader from GE, slammed the concept of shareholder value in a media interview. ���On the face of it, shareholder value is the dumbest idea in the world,��� he said. ���Shareholder value is a result, not a strategy?.?.?.?Your main constituencies are your employees, your customers and your products,��� he said, the Financial Times reports.
The former chief of GE, which has just lost its triple A rating , also said that short term profits should be allied with an increase in the long term value of a company, and managers should not set quarterly profits and share price gains as their primary focus. The comment has raised a flurry of discussion, as Mr Welch has long been seen as the inspiration behind the rise of the shareholder value approach to managing companies, a dominant management strategy till the recent meltdown. Now, Mr Welch says he never meant that it is a strategy, and should be the result of manager���s efforts.
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