Latest news with #Swiss
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First Post
12 minutes ago
- Business
- First Post
Modi crackdown impact? Deposits by Indians in Swiss banks 18% down in 10 years, SNB cites data
The data revealed that the Indian deposits in the bank saw a slight increase of 37 million Swiss francs last year. In 2023, the deposits stood at 309 million but rose to 346 million in 2024. read more Latest figures released by the Swiss National Bank (SNB) show that the deposits of Indian customers in Swiss banks has declined by nearly 18 per cent over the past 10 years. The deposits have now fallen to 346 million Swiss francs from 425 million in 2015. The data also shows that the deposits reached a whopping 602 million Swiss francs during the Covid-19 pandemic, the highest in the past decade. However, the figures sharply dropped as the pandemic withered away. STORY CONTINUES BELOW THIS AD Slight increase reported in 2024 The data further revealed that the Indian deposits in the bank saw a slight increase of 37 million Swiss francs last year. In 2023, the deposits stood at 309 million but rose to 346 million in 2024. However, the trend over the last decade showed a downward trajectory. Trend not unique to India However, the decline in deposits is not unique to India. Several other major economies have witnessed a reduction in funds deposit in Swiss banks by their nationals. For instance, deposits by UK nationals fell from 44 billion Swiss francs in 2015 to 31 billion Swiss francs in 2024. Chinese deposits also saw a decline, reducing from 5.01 billion Swiss francs to 4.3 billion Swiss francs over the same period. The neighbouring countries of India, Pakistan and Bangladesh also saw a decline. Over the past decade, deposits held by Pakistani nationals in Swiss banks have plummeted, falling from 947 million Swiss francs in 2015 to 241 million Swiss francs in 2024, a decline of nearly 75 per cent. A similar pattern is evident among Bangladeshi nationals, whose deposits dropped from 48 million Swiss francs in 2015 to 12.6 million Swiss francs in 2024, a reduction of over 73 per cent. This downward trend extends to other nationalities as well. Saudi Arabian deposits in Swiss banks nearly halved, decreasing from 8.3 billion Swiss francs in 2015 to 4.8 billion Swiss francs in 2024. The most dramatic decline was observed among American nationals, with deposits falling from 64.2 billion Swiss francs in 2015 to 24.4 billion Swiss francs in 2024, a drop of approximately 62 per cent. STORY CONTINUES BELOW THIS AD
Time of India
40 minutes ago
- Business
- Time of India
Why do Indians still increasingly rush to Swiss Banks to park their money
Swiss banks have long been a subject of political debate in India over alleged black money. However, experts argue that these institutions serve broader financial purposes. Former finance minister Arun Jaitley had said, 'Not all Swiss bank money is dirty.' The country's financial stability, favourable trust laws, and investor privileges continue to attract legitimate wealth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads It isn't just black money Data sharing between India & Switzerland Tired of too many ads? Remove Ads The Alpine banks have not lost their charm. Indian money parked in Swiss banks more than tripled in 2024, reaching 3.54 billion Swiss francs (around Rs 37,600 crore), the Swiss National Bank (SNB) revealed on June 19. This is the highest level since of the increase came from funds held through bank channels and other financial entities, not individual customer accounts, news agency PTI said in a report. Deposits directly from Indian customers rose modestly — up 11% to 346 million Swiss francs (about Rs 3,675 crore). These deposits make up just one-tenth of the total Indian-linked to the SNB, the total CHF 3,545.54 million reflects all liabilities of Swiss banks toward Indian clients. This includes CHF 3.02 billion held through other banks, CHF 346 million in customer accounts, CHF 41 million via fiduciaries or trusts, and CHF 135 million in other instruments like bonds and contrast, these funds had dropped by 70% in 2023, hitting a four-year low of CHF 1.04 billion. The latest rise is therefore seen as a significant rebound, though still short of the all-time high of CHF 6.5 billion in SNB data is based on official reports by banks and does not reveal details about alleged black money or accounts held through entities in other countries. Swiss officials have repeatedly said these funds cannot automatically be labelled issue of alleged 'black money' held by Indians in Swiss banks has been a recurring topic in Indian politics, with political parties and leaders frequently pledging to 'bring it back.'But Swiss banks aren't just about the black money buzz — there's a bigger story behind the vaults. There is an element of truth in Arun Jaitley's words that 'not all Swiss bank money is dirty'.For the wealthy, Swiss banks serve as a safe haven during political unrest or currency crises in their home account is a ticket to the rich man's club that has its privileges — such as, access to investment opportunities where the entry level is higher for investors outside the club.A relatively stable currency shields the money from wild swings in the foreign exchange market. Trust laws in Switzerland are probably the best to pool and ring-fence family wealth — through offshore trust in which family members spread across the globe are named beneficiaries.'Assets held by Indian residents in Switzerland cannot be considered as 'black money',' Swiss authorities have stated. 'Switzerland actively supports India in its fight against tax fraud and evasion.'The landlocked Alpine country has now been sharing annual financial details of Indian residents since 2018 under an automatic exchange of information agreement. The first data transfer to Indian authorities took place in September 2019. Since then, regular information sharing has continued, including on accounts with suspected links to financial irregularities.'Such exchange of information has taken place in hundreds of cases so far,' according to Swiss Indian-linked money rose sharply, total foreign client funds in Swiss banks fell slightly to CHF 977 billion in 2024 from CHF 983 billion a year earlier. Indian clients held CHF 1.59 billion in assets by the end of 2023 — an increase of 9% rose to the 48th spot globally in terms of funds in Swiss banks, up from 67th last year. However, this is still below the 46th rank it held at the end of neighbouring countries, Pakistan saw a dip to CHF 272 million, while Bangladesh's funds rose sharply to CHF 589 million. Like in India, discussions around black money in Swiss accounts are sensitive topics in both countries.
Time of India
an hour ago
- Business
- Time of India
Musk's X to offer investment, trading in 'super app' push: Report
X CEO Linda Yaccarino has said users will soon be able to make investments or trades on the social media platform, the Financial Times reported on Thursday, a move to support billionaire owner Elon Musk 's vision to create an "everything app." In an interview with the publisher, Yaccarino said the company was exploring the introduction of an X credit or debit card, which could come as soon as this year. Musk, who in April 2022 clinched a $44 billion deal to buy Twitter and later rebranded it as X, has signaled plans to model it as a "super app," similar to China's WeChat. The social media platform did not immediately respond to a Reuters request for comment. "2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more," Yaccarino wrote in a post in December last year. Payment s giant Visa and X partnered to offer direct payment solutions to customers of the social media app, a person familiar with the matter said earlier this year. A super app, or what Musk refers to as an "everything app," has been described as the Swiss army knife of mobile apps, offering a suite of services for users such as messaging, social networking, payments and e-commerce shopping. X hired NBCUniversal advertising chief Yaccarino as CEO in 2023 amid advertiser exodus from the platform as they worried that their ads could appear next to inappropriate content. Yaccarino said that 96% of X's ad clients prior to acquisition had now come back to the platform, the Financial Times report said. The company is poised for its first year of ad revenue growth this year since its acquisition by Musk, according to data from research firm Emarketer in March. X had filed a lawsuit in federal court in Texas against the World Federation of Advertisers, accusing them of unlawfully conspiring to boycott the site and causing it to lose revenue.
Straits Times
an hour ago
- Entertainment
- Straits Times
NewJeans' Danielle attends Omega event in Japan with Ador staff
SEOUL – K-pop girl group NewJeans' Danielle was spotted at an event in Japan accompanied by staff from her agency Ador, a first since the girl group took legal action against the company. The 20-year-old Korean-Australian singer was in Kyoto, Japan, on June 18 to attend Swiss luxury watchmaker Omega's product launch for its new Aqua Terra 30mm collection. Also at the event were celebrities such as American model Ashley Graham, Nigerian singer Tems, American singer-actress Ariana DeBose and British actress Marisa Abela. Danielle, whose full name is Danielle Marsh, appeared at the event as a global ambassador of the brand, which she has endorsed since 2024. According to officials quoted by South Korean news outlet Sports Chosun, the event was part of Danielle's endorsement commitments, which had been planned way in advance by Ador. NewJeans also comprise Minji, 21; Hanni, 20; Haerin, 19; and Hyein, 17. The girl group have been in conflict with Ador since November 2024, when the members unilaterally declared they had terminated their contracts with the agency, citing a breach of trust. Since then, the group have attempted to operate independently under the name NJZ. The Seoul High Court on June 17 rejected an appeal filed by NewJeans , which challenged an injunction that barred them from independently signing advertising contracts or pursuing entertainment work without Ador's prior approval. The court's decision upheld a previous ruling in favour of Ador, a label under K-pop conglomerate Hybe, reinforcing its claim that the girl group's exclusive contracts remain valid. July marks three years since NewJeans' debut. THE KOREA HERALD/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
NBC News
an hour ago
- Politics
- NBC News
Live updates: European leaders hold talks with Iran as Trump sets two-week deadline for U.S. action
What we know EUROPE-IRAN TALKS: Iranian Foreign MinisterAbbas Araghchi will be in the Swiss city of Geneva today for talks with his British, French, German and E.U. counterparts in an effort to end the weeklong Israel-Iran conflict although the U.S. envoy to the Middle East, Steve Witkoff, will not attend. TRUMP MULLS U.S. ACTION: President Donald Trump said he was still considering a U.S. military strike on Iran's nuclear sites. 'I will make my decision whether or not to go within the next two weeks,' he said, according to the White House. U.S. INTELLIGENCE UNCHANGED: The U.S. assessment of Iran's nuclear program remains unchanged since March, when the director of national intelligence told lawmakers that Tehran has not decided to rush toward building an atomic bomb even though it has large amounts of enriched uranium, according to the top Democrat on the Senate Intelligence Committee and a source with knowledge of the matter. HUNDREDS KILLED: Israeli strikes have killed at least 639 people in Iran since the conflict began a week ago, The Associated Press reported, citing a Washington-based human rights group. The Iranian health ministry says more than 2,500 people have been wounded. The death toll in Israel from Iran's retaliatory strikes remains at 24.
