Saturday, June 23, 2018
Business

Switzerland to let banks sidestep secrecy laws

The Swiss government said last week that it would allow its banks to disclose information on American clients with hidden accounts, a watershed move intended to help resolve a long-running dispute with the United States over tax evasion.

The decision, which comes amid widening scrutiny in Europe of tax havens, is a turning point in what has been an escalating conflict between Switzerland and the United States.

Eveline Widmer-Schlumpf, Switzerland's finance minister, said the move would enable Swiss banks to accept an offer from the United States government to hand over broad client details and pay fines in exchange for a promise by United States authorities not to indict any banks. Disclosure of actual client names and account data, which American authorities have been aggressively seeking, would take place under a taxation treaty between the two countries that the American side has not yet ratified. Banks under criminal scrutiny that agree to cooperate with the decision could still face deferred-prosecution or non-prosecution agreements, a lesser punishment than indictment.

Widmer-Schlumpf declined to say how much banks might have to pay. But she said the Swiss government would not make any payments as part of the agreement. Sources briefed on the matter say the fines could eventually total $7 billion to $10 billion.

American clients whose names are handed over by Swiss banks but who have not voluntarily disclosed hidden accounts to the Internal Revenue Service would probably face criminal tax-evasion charges, lawyers said.

Comments
Office building demolition at Midtown Tampa site proves tougher than expected

Office building demolition at Midtown Tampa site proves tougher than expected

TAMPA ó Stripped to the girders, the old Bromley office building looked about as substantial as fish bones on a dinner plate.But the 5-story structure proved Sunday it still had a surprising amount of fight left in it.A demolition team had planned to...
Updated: 5 hours ago
President Trumpís trade war threatens the US newspaper industry

President Trumpís trade war threatens the US newspaper industry

STERLING, Ill. - As a longtime editor of small-town newspapers, Jeff Rogers has seen his industry face the collapse of print advertising, the rise of the internet and more. Today, his 18 employees work in a newsroom here that puts out two daily newsp...
Updated: 7 hours ago
Making the case for more drones

Making the case for more drones

BLACKSBURG, Va. - They considered how well everyone slept the night before. They considered the chances a military jet might scream by on a training mission. They considered the farmer in the field.Then they considered some more.After making it throu...
Updated: 10 hours ago
Tampa Bay workforce development initiative looks to Houston for lessons

Tampa Bay workforce development initiative looks to Houston for lessons

The biggest hospitals in Houston had a problem.To earn a prized institutional certification, they needed more nurses with bachelor of science degrees in nursing.But local colleges were more focused on turning out nurses with two-year degrees who, to ...
Published: 06/22/18
Health care IT company CareSync shuts down, laying off 292

Health care IT company CareSync shuts down, laying off 292

TAMPA ó The days ahead were supposed to be bright.For weeks, the future of health care tech company CareSync had been thrown into question as founder and CEO and founder Travis Bond unexpectedly departed, kicking off multiple rounds of layoffs. But t...
Published: 06/22/18
Coal and gas hold onto their share of electricity production, despite massive push for renewables

Coal and gas hold onto their share of electricity production, despite massive push for renewables

Hereís an intriguing set of facts: Coal produces the same percentage of the worldís electricity as 20 years ago. Oil and gas remain about level, too.Same for nonfossil fuel sources. In other words, the massive push towards renewables over the past co...
Published: 06/22/18
Brink: Why have Floridaís working-age men left the labor market in droves

Brink: Why have Floridaís working-age men left the labor market in droves

A cancer lurks within Floridaís otherwise rosy job numbers, one thatís been called a quiet catastrophe and an intractable time bomb.Too many men between the ages of 25 and 54 have stopped working.Economists call those the prime-age years. Incomes gen...
Published: 06/22/18
Pride divided no more: St. Pete Pride comes back together

Pride divided no more: St. Pete Pride comes back together

ST. PETERSBURG — The 16th annual St. Pete Pride Parade is getting ready to march along the downtown waterfront the second straight year. But many hope to move past the division caused last year when the parade was uprooted from its original hom...
Published: 06/22/18
For sale: A Tampa Bay area elementary school where you can eat tacos and buy wine

For sale: A Tampa Bay area elementary school where you can eat tacos and buy wine

ST. PETERSBURG ó For sale: a 104-year-old elementary school with restaurant and wine shop. It even has a title company where you can close the deal.Less than a year after completing a major renovation of the historic North Ward school, developer Jona...
Published: 06/22/18
Domain Homes: Buyers love them, some others donít

Domain Homes: Buyers love them, some others donít

TAMPA ó When the 2008 financial crash brought down the nationís housing market, hundreds of home builders went out of business. Among them was Sharon McSwain Homes in Atlanta, forced to liquidate in 2009.But just as developers like to develop, builde...
Published: 06/21/18
Updated: 06/22/18