Swiss banking major Credit Suisse on Thursday said its chief executive Brady W Dougan received a whopping compensation of 19.2 million swiss francs ($17.9 million) last year, nearly seven times higher than his pay package in 2008.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.
Credit Suisse has seen more than 50 per cent fall in quarterly profit.
For the three months ended March 31, 2009, the company has losses to the tune of two billion Swiss francs whereas in the year-ago period, the same stood at 11.62 billion Swiss francs, the entity said in a statement on Tuesday.
India can get information on secret bank accounts from Swiss authorities for cases dating from January 2011, once the revised taxation treaty between the two countries is ratified by the Switzerland Parliament.
Renegotiated tax treaty to relax banking secrecy laws.
B Raman chalks out three possible outcomes if the trial against Pakistan Prime Minister Yusuf Raza, on the charge of contempt of court, goes ahead as expected
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.
Defying a Supreme Court order, Pakistan government on Thursday said graft cases against President Asif Ali Zardari in Switzerland over alleged stashing of $ 60 million in banks there cannot be reopened and made it clear that the matter is closed.
He claimed 50 per cent of the country's black money was going to BJP's coffers.
A former Swiss banker on Monday handed over documents of 2,000 high net worth people from the United States, Britain and Asia to WikiLeaks that he claims would expose attempts by these business leaders and lawmakers to evade tax payments.
Authorities had written letters to Swiss Attorney General and other officials to reopen the corruption cases that were closed under a controversial graft amnesty issued by ex-military ruler Pervez Musharraf, National Accountability Bureau Chairman Naveed Ahsan's lawyer Abid Zubairi informed a seven-member bench headed by Chief Justice Iftikhar Chaudhry.
India and Switzerland on Monday signed the revised Double Taxation Avoidance Agreement, a move that will help the government seek details about illicit wealth allegedly stashed away by Indians in Swiss banks.
There have been concerns in India about limited flow of tax information from Switzerland about Indian citizens, who have allegedly stashed away unaccounted money in Swiss banks.
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The negotiations are expected to take place in the wake of the issue of black money stashed away in Swiss banks.
The government of India took note about the money kept by the Indian tax eva-ders in Swiss Banks, which is estimated at around $462 billion.
Bowing to pressure from the Supreme Court, the Pakistan government on Wednesday said it has asked Switzerland to reopen graft cases against Asif Ali Zardari over alleged stashing of $60 million in Swiss banks.
Noted advocate and Bharatiya Janata Party member Ram Jethmalani on Thursday created a flutter in the Rajya Sabha when he made certain remarks against persons having money stashed away in Swiss banks.
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.
Scores of activists of Arvind Kejriwal's India Against Corruption were on Saturday briefly detained by the police while staging a protest outside the family home of the Ambani brothers in Mumbai to demand a probe into alleged parking of black money by them in a Swiss bank.
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.
India has been probing hundreds of black money cases.
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.
High interest rates, minimal documentation and an unresponsive government are enough incentives for terror financiers and politicians to stash away their ill-gotten wealth to off-load their wealth to Mauritius. But does the world, especially India, realise the inherent dangers? Vicky Nanjappa reports
The worst could be over for the Indian economy, Swiss bank Credit Suisse said, after contending with many months of stubbornly high inflation and sluggish growth.
Indians might be known for their hard work, but when it comes to their wages, they are paid nearly 20 times less than their counterparts in the developed nations like the United States and Switzerland.
Finance Minister Arun Jaitley who is in Davos to showcase India as an investment destination at the World Economic Forum (WEF), on Wednesday promised India has a "lot in the pipeline" for global investors even as he plans to take up with Switzerland the issue of black money stashed in banks there.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
Uli Hoeness said on Friday he would accept a 3-1/2-year prison term for evading 27 million euros in taxes and resigned as president and chairman of Bayern Munich, the club he made into one of the world's most successful football dynasties.
Meeting planned with U.S. Attorney General in coming weeks
This is in addition to earlier writedowns worth billions of dollars. Credit Sussie already slashed 1,800 jobs this year.
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 Reserve Bank of India's (RBI) denial of permission to Swiss bank UBS to acquire Standard Chartered Asset Management Company has come as a blessing in disguise for Standard Chartered Bank.
India's global requests for obtaining classified tax information, in the face of a number of high-profile tax evasion and scam cases, has also seen a 59 per cent jump -- with a total of 646 requests -- as compared to a total of 386 similar letters during the 2011-12 fiscal.
Kejriwal had alleged Mukesh Ambani, Anil Ambani, Naresh Goyal and some members of Dabur Group's Burman family had secret accounts in HSBC.
The expos of Swiss bank account holders has rekindled a controversy regarding the amount of illegal money stashed abroad by Indians.
Jain did not want to financially burden the bank with his own, personal decision to quit
How many hours of work does it take to buy a half a litre of beer at a retail outlet?
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances