Switzerland sticks to bank secrecy, for now

Switzerland is resisting pressure from the EU and says it will not follow Luxembourg in abandoning bank secrecy. The fact that the country eventually, albeit reluctantly, signed a FATCA agreement with the US indicates that if Switzerland wants to survive as an offshore financial center it will eventually have to accommodate EU demands for greater transparency.

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FATCA: UK follows in US's footsteps

The Cayman Islands has announced that it will implement a FATCA Model 1 intergovernmental agreement with the US and that it will seek similar automatic exchanges of information with the UK. The announcement marks the latest major offshore jurisdiction to enter into a FATCA agreement with the US and, unsurprisingly, also with the UK.

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Luxembourg remains the largest offshore center in the world

Since 2008, a number of initiatives launched by many Western economies at a global level have been aimed at traditional offshore centers in order to stop them being used as tax havens by the rich. Luxembourg, however, has maintained its position as the largest offshore center in the world, thanks to its dominance in the European funds market, especially among offshore clients.

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New drinks review: beer breaks flavor boundaries

This month's selection of innovative new drinks products sees the launch of a variety of novel alcoholic beverages, including a wine in a pouch and beer that is designed to complement challenging food combinations. This shows the original ways in which manufacturers are attempting to gain an edge over the competition.

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New drinks review: developing drinks for all occasions

The growing health trend has seen the release of an array of niche products, as a look at the latest launches on Productscan reveals. One such product is a new bottled water that has been created especially for diabetics, highlighting how drinks manufacturers attempt to get ahead of the competition by offering something different.

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European power market: absence of regulator could impede progress

France, Germany, Belgium, the Netherlands and Luxembourg have signed an agreement to integrate their electricity transmission systems. This deal is being hailed by some as the first step towards a fully integrated European wholesale market. However, the lack of an independent, comprehensive regulator may slow movement towards this goal, and towards facilitating cross-border trade.

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Lukoil: brand new to western forecourts

Lukoil is keen to continue its charge across the European forecourt retailing sector as displayed by its interest in the soon-to-be-auctioned portfolio of ChevronTexaco forecourt retailing sites in the Benelux countries. With upstream infrastructure already in place, the capture of such a valuable retail network will ensure Lukoil achieves its goal of establishing its brand as a major player.

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Offshore fund management: retail investors account for just over half of assets

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Kredietbank Luxembourg: bolstering its Belgian boutiques

Kredietbank Luxembourg (KBL), a subsidiary of the KBC Group, has agreed to buy HSBC Dewaay, a private bank owned by HSBC and operating in Belgium and Luxembourg. This looks like a sensible move, as adding Dewaay to its Puilaetco Private Bankers division should boost KBL's presence in Belgian private banking, as well as underscoring the potential of the 'boutique' banking model.

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Kredietbank Luxembourg: Belgium bound

KBL has beaten its European peers in a sale carried out very much on Puilaetco's terms. However, in addition to further extending its European private banking network, the acquisition will provide KBL with a much more important advantage - a presence in Belgium with a chance of collecting offshore funds returning home.

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