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Swiss seek progress on U.S. tax deal - economy minister

(Reuters) - Switzerland hopes to restart talks with the U.S. over a long-simmering tax dispute following the re-election of president Obama, its economy minister was quoted as saying on Sunday.
Switzerland is trying to reach a deal to end investigations by U.S. tax authorities into 11 banks, including Credit Suisse (CSGN.VX) and Julius Baer (BAER.VX), suspected of helping clients dodge U.S. taxes with the help of offshore bank accounts.
It needs the tax deal so that it can normalise its banking relations with the United States and wants the investigations dropped in return for the payment of hefty fines by the Swiss banks and the transfer of names of thousands of U.S. clients.
"We are seeking clarification quickly," Johann Schneider-Ammann told the Zentralschweiz am Sonntag newspaper.

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UBS ‘rogue’ trader Kweku Adoboli to be bailed

A City trader accused of a £1.4bn ($2.2bn) fraud at the London offices of Swiss banking giant UBS is to be freed from Wandsworth Prison on bail.Kweku Adoboli, 32, will be released on Monday with an electronic tag ahead of his trial in September, a bail hearing at Southwark Crown Court heard.
He was “delighted” by the decision, his lawyer Giles Bark-Jones said.
The trader, who was arrested in September last year, denies two charges of false accounting and two of fraud.
Mr Bark-Jones told the BBC and Bark & Co Solicitors: “Our client is both emotional and delighted at the outcome of today’s bail hearing. He looks forward to working on his case at our London offices.”
Mr Adoboli, of Clark Street, east London, is accused of unauthorised trading while working for UBS’s global synthetic equities division, where he bought and sold exchange traded funds.

Rio+20: Stockholm Conference Issues Call for Action

BERLIN (IDN) - In the run-up to the Rio+20 summit June 20-22 in Brazil, an international conference in Stockholm has agreed on a set of 13 recommendations for governments, businesses, organisations and individuals to promote and contribute to sustainable development.
The agreement was reached among 42 ministers and deputy ministers, 35 international leaders from businesses and organisations and around 700 stakeholders including young people, civil society organisations, researchers and businesses from 72 countries who participated in the 'Stockholm+40 Partnership Forum for Sustainable Development' from April 23 to 25.
The gathering was hosted by the Swedish Government and attended by King Carl XVI Gustaf, Prime Minister Fredrik Reinfeldt and Chinese Premier Wen Jiabao.

Brightbridge Wealth Management Headlines: Asia looks to “friend” Lagarde to honor IMF pledges

Asia’s fast-rising economies set their sights on securing key IMF appointments under newly named chief Chistine Lagarde Wednesday, hopeful she would be the one to make good on oft-heard pledges to swing more power to emerging markets.



Lagarde said all the right things on her recent campaign-trail tour of Asia. She acknowledged that countries such as China and India deserve increased IMF voting power commensurate with their growing economic clout, and a fair shot at the emergency lending institution’s top decision-making posts.

“Lagarde is a friend of India,” a senior Indian government source said. “We can’t get the IMF managing director’s chair for now but at least India can get some high-level appointments in the IMF during her tenure and we will work toward that.”

Brightbridge Wealth Management Headlines: Switzerland: Return To Floating Exchange Rate Dismissed

The euro recently fell for the first time below the minimum limit of SFr1.20 ($1.31 ) set by the Swiss National Bank (SNB) in September 2011.

However, currency experts agree that the temporary slip that occurred during Easter week does not require a change in exchange rate policy.

Thomas Jordan, vice-president and interim president of the SNB, defended his institution at the start of this week and said that doubts about the exchange rate policy were “unfounded”.

Jordan repeated the central bank’s willingness “to buy foreign currency in unlimited amounts” in order to keep the franc within the specified limits. He also confirmed that the Swiss currency “remained overvalued”.

Mike Eldridge - Ameriprise Financial Advisor

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Eldrige Financial Blog: Fed Apprehension job gains could fade

WASHINGTON – The current strong gains in hiring makes the Federal Reserve policymakers worried that it could buzz if the economic growth of the US doesn’t go up.

According to the Fed’s minutes on Tuesday, members were first stated their concerns before they make a plan to keep interest rates at record lows until at least late year 2014. However, some of the members want to take further procedures to improve the economy current status if a condition gets worse or inflation remains reclaimed.

After the meeting, Fed presented the somewhat current view of the economy mainly because of the three consecutive months of hiring in two years. It was concluded that there have been similar raptures of hiring in the previous two years which ended up fading.

On the speech echoed by the Fed Chairman Ben Bernanke last week in the economists gathering, the decline of the economy recovery was the main concern of Fed as it did last year.

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Eldridge Financial Blog: UK in recession again as recovery is ‘paralyzed’ by the European debt crisis, forecasted.

Britain is once again suffering a recession and unemployment risks coming close into three million this year as forecasted by the leading economic forecaster. The UK’s economic recovery is ‘paralyzed’ by Europe’s debt crisis, the Ernst & Young Item club will warn, as it cut its GDP growth forecast from 1.5 per cent to 0.2 per cent. According to Eldridge Financial Blog, the dire prediction comes after nine European countries including France, have had their credit ratings downgraded on Friday, dropping world stock markets into turmoil.



Economists had hoped that exports and business investment would strengthen the economy this year, with public and consumerspending still in the doldrums. Nevertheless, Europe accounts for more than 40 percent of British trade and business confidence has been roughly hit by insecurity about the future of the Continent and the single currency.