The Transforming Finance initiative seeks to address these problems by including all stakeholders in a process of democratizing finance through a deep re-structuring of its mechanisms.
One is really left wondering how India can ever claim to fare better than the United States and the United Kingdom in this space.
Low cost airline SpiceJet and Swiss firm Credit Suisse AG on Thursday told the Supreme Court they have resolved their financial dispute. The apex court then permitted SpiceJet to withdraw its appeal against a Madras high court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse AG. "There is a settlement which has taken place on May 23, 2022 as per the consent terms.
Swiss bank UBS has been fined Pounds 8 million in the United Kingdom after four of its senior employees were found misusing funds of customers, including two companies of Indian industrialist Anil Ambani-led group.
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
The government should publish a White Paper Indian wealth stashed abroad: Advani.
As the debate on alleged black money stashed by Indians in Swiss banks continues, Switzerland on Monday said it is looking forward to working together with the new government of India in its fight against tax evasion.
Three leading international pharma companies have started due diligence to acquire Wockhardt Ltd's wholly-owned Irish generic drug company, Pinewood.
Switzerland makes public 2,600 dormant a/c; 4 from India.
Now fraudsters may log on as your "friend." How Facebook, LinkedIn, and other social networking sites are fighting a rise in scams
Switzerland, UK, Venezuela, US and France are t
'I know margins are under pressure, but have banks begin to stoop so low to enhance their floats or slip in strange charges?' asks Keya Sarkar.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
Swiss banking major UBS on Monday said it would adopt a new compensation model for the board of directors for next year and its top executives would not receive any bonus for 2008.
Swiss police raided the headquarters of the European soccer body UEFA on Wednesday to gather information about a contract signed by Gianni Infantino, now head of the global soccer body FIFA, that was reported in the Panama Papers.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
UBS is completely focused on India and especially on gaining a foothold in the wealth management space. The Swiss bank has operation centers in Hyderabad and is entering into projects in Mumbai. The latest subprime calamity struck deep wounds on UBS' management, forcing its Chairman Marcel Ospel to step down. The Swiss bank raised about $13 billion from investors in Singapore and West Asia last year.
State Bank of India was the biggest loser in the Sensex pack, shedding 1.69 per cent, followed by Asian Paints, Kotak Mahindra Bank, HCL Technologies, Reliance Industries, Wipro, IndusInd Bank, Infosys, Power Grid and HDFC twins. In contrast, Nestle, Maruti, Bharti Airtel, Tata Motors, ITC and Hindustan Unilever were among the gainers.
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green.
This marked an increase from 2,63,000 at the end of 2013
The world number one believes he is pulling away from his rivals in men's tennis.
The list includes 1,195 Indians with funds totalling $4.1 billion.
Switzerland has been perceived for long as a safe haven for alleged illicit funds or black money
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
The US-Swiss deal giving the Internal Revenue Service access to 4,450 secret accounts came after bitter wrangling that even put their bilateral ties in jeopardy.
A survey conducted by Swiss banking giant UBS found Oslo to be the most expensive in the world.
The bank remains on high alert to intervene if markets freeze.
The startling report comes at a time when many analysts are concerned over almost all the key indicators heading south or even contracting, forcing the government to offer massive tax giveaways.
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India and Switzerland have long standing bilateral ties across diverse areas including in the economic sphere.
Ramalingam Kalirajan explains the pros and cons of both investment types.
In 2011, the Indian government received the names of 782 Indians who had accounts with HSBC.
Former minister responds to Sheela Bhatt/Rediff.com's questions.
Anil Divan, who is fighting the black money case in the Supreme Court, speaks to Sheela Bhatt/Rediff.com.
A global group of government anti-money-laundering agencies said that financial institutions have not done enough to police suspicious financial activity by officials at soccer's global governing body FIFA.
The Supreme Court has not only exposed the BJP government's intentions, it has also questioned the government's credibility, which is a serious blow, says Sheela Bhatt/Rediff.com
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Bayern Munich president Uli Hoeness, once one of Germany's most admired soccer managers, goes on trial on Monday charged with tax evasion in a case that has shocked the nation and changed attitudes towards paying taxes.
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
