Word: swiss
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Certainly the U.S. did not embrace the idea of carry trades being funded by the greenback, because this worked to only further weaken the dollar against major currencies, including the euro, the British pound and the Swiss franc. This made imports more expensive for consumers - at least in theory. (In reality, because of the size of the U.S. market, few importers could risk raising their prices for fear of being pushed...
...Merrill Lynch has turned out to be a recruiting bonanza for other Wall Street firms. In December, Morgan Stanley hired former Merrill president Gregory Fleming to head the firm's investment-management division. Another top former Merrill executive, Bob McCann, was picked to run the wealth-management division of Swiss bank UBS, which has more than 8,000 brokers. (See the best business deals...
...movement. If "simple" cooking ("getting out of the way" is how most chefs put it) is the best, why do you need a chef at all? Or three-star (or any) restaurants? Every chef has his story he likes to tell of eating a boiled chicken some Swiss farmer gave him once, and how perfect it was. But he doesn't measure himself by Swiss farmers. He looks at Alain Passard, whose three-star Paris restaurant treats vegetables as if they were as precious as plutonium. He looks at Japan's Yoshihiro Narisawa, who recently demonstrated a method of using...
...their designer shoes. On Tuesday, German Finance Minister Wolfgang Schaüble said the government had agreed to buy a CD from an anonymous informant that contains the stolen bank details of up to 1,500 people who are suspected of evading German taxes by stashing their money in Swiss bank accounts. The decision wasn't made easily: the deal prompted a weeklong bout of soul-searching in Germany, with critics accusing the government of playing into the hands of a common criminal. It also caused a spat with Switzerland, which has stood firmly behind its banking-secrecy laws...
...Switzerland was vehemently opposed to the deal. "Here we have a new form of bank robbery," Swiss lawmaker Pirmin Bischof said in an interview with Germany's Deutschlandfunk radio on Tuesday. "Before, you had to go to the bank and get hold of the money with a weapon. Today you can do it electronically by stealing data." Swiss Finance Minister Hans-Rudolf Merz went a step further, saying his country would refuse to help the German authorities on tax issues involving the stolen data. Lehner however, says this may just be bluster on Merz's part. "Under the double taxation...