Archive for April, 2009

Credit Suisse starts shutting U.S. offshore accounts: report (Reuters)

Sunday, April 12th, 2009 | Finance News

ZURICH (Reuters) –
Swiss bank Credit Suisse (CSGN.VX) has started closing down the offshore accounts of U.S. clients who have not declared the money to the U.S. authorities, a newspaper reported on Sunday.

The Sonntagszeitung newspaper said the bank had about 2,500-5,000 U.S. clients with undeclared offshore accounts worth about 3 billion francs, without citing its sources.

The paper said Credit Suisse had started parting company with its U.S. offshore clients, giving them the option of moving their accounts to its CS Private Advisors subsidiary, which would report the accounts to the U.S. tax authorities, or writing them a check.

It quoted an unnamed Credit Suisse manager as saying the bank was only applying the new "zero tolerance" policy in individual cases for now but was considering a more general withdrawal from the U.S. offshore business.

Credit Suisse was not immediately available for comment on the article. Sonntagszeitung quoted a spokesman as declining to confirm the report, but noting the tougher approach of foreign authorities on offshore wealth management in recent times.

"CS sticks to all valid rules and regulations in various countries," a spokesman told the newspaper.

The move comes after rival UBS (UBSN.VX)(UBS.N) said last year it would stop offering offshore services to U.S. citizens after U.S. authorities alleged that the Swiss bank has helped rich Americans hide money away from the taxman in Swiss accounts.

A newspaper reported earlier this year that Credit Suisse was writing to its U.S. clients holding Swiss accounts asking them to sign a form that would reveal them to U.S. tax authorities.

(Reporting by Emma Thomasson; editing by Mike Nesbit)


Toyota operating loss may hit $5 billion in 2009/10: report (Reuters)

Saturday, April 11th, 2009 | Finance News

TOKYO (Reuters) –
Toyota Motor Corp's (7203.T) operating loss could balloon to over 500 billion yen ($5 billion) in the year to March 2010, as the global economic crisis hits car sales, the Nikkei business daily said on Sunday without citing sources.

Sales of automobiles could tumble to about 6.5 million units during the current year, falling 7 million units for the first time in six years, Nikkei said.

A survey of 19 brokerages by Reuters Estimates has operating loss at the world's biggest automaker expanding to a median 550 billion yen in the current year, from an estimated 450 billion yen in the year ended last month.

Analysts say the outcome will depend on the exchange rate, the global vehicle demand and how much Toyota will be able to reduce its costs.

(Reporting by Chang-Ran Kim, writing by Miho Yoshikawa; Editing by Kazunori Takada)


Steve Jobs maintains grip at Apple: report (Reuters)

Saturday, April 11th, 2009 | Finance News

WASHINGTON (Reuters) –
More than three months into a medical leave from Apple, Chief Executive Steve Jobs remains closely involved in key aspects of running the company, the Wall Street Journal reported Saturday, citing people familiar with the matter.

Chief Operating Officer Tim Cook runs the day-to-day operations, but Jobs has continued to work on the company's most important strategies and products from home, the newspaper said in a story on its website.

He regularly reviews products and product plans, and was particularly involved in the user interface of the new iPhone operating system that Apple unveiled last month, the Journal said.

Jobs, an Apple co-founder who is considered the company's creative leader, is also involved in the development of future projects, the paper said, citing people with knowledge of the company's strategy.

Jobs, 54, who was treated in 2004 for a rare form of pancreatic cancer, took a medical leave in early January, saying he would return in June and would remain involved in "major strategic decisions while I am out."

But he has made no public appearances or statements since then, and it has been unclear just how involved he continued to be, the Journal said.

Jobs didn't respond to requests for comment, the paper said. Apple spokesman Steve Dowling told the Journal: "Steve continues to look forward to returning to Apple at the end of June."

Apple stock has suffered since last summer on speculation about his condition.

(Writing by Eric Beech; Editing by David Fox)