Swiss Private Banks Lift Veil; Expat Political Representation coming to a canton near you; New Car Sharing Service Pilot for Basel; Basel Film Festival Commences

Today marks a historic day in Swiss Banking History. Geneva's Bank Pictet opens the way with an unprecedented release of its first-half financial results, followed on Thursday by crosstown rival Lombard Odier "All the figures published will be important, even if these banks are not publicly listed," Andreas Venditti, an analyst at Zurich's Vontobel Bank, told AFP. The revolution in the secretive world of private banking —- which caters for the globe's super-wealthy —  began in January when Pictet and Lombard Odier ditched their two-century-old statutes. Under the former rules, a private bank's handful of wealthy managing partners were personally responsible for the money they managed for their clients. In other words, if the bank got into trouble, the partners could lose all their assets, not just those they have invested in the operation. Unlimited responsibility has long been a selling point for wealthy clients who sought the comfort of such a guarantee. But the increasingly complex nature of global finance has made it hard for private bankers to feel safe with a traditional approach that puts all their assets on the line as they expand their operations The tougher regulatory environment seen since the global financial crisis, and scandals such as the Madoff fraud case in the United States which rippled across the world's banking sector, were also a wake-up call. Switzerland's cherished tradition of banking secrecy has meanwhile also been battered as governments -- notably the United States and European Union -- crack down on tax cheats who stash cash abroad. As a result, a quartet of private banks have shifted from their near-unique status and transformed themselves into businesses almost like any other. They have recast themselves a "corporate partnership", a hybrid status that will make it easier to compare them with fully-listed Swiss players such as Credit Suisse and UBS. The partners now only risk the funds they have invested in the bank, rather than putting all their personal assets on the line. Not being listed on the stock exchange, private banks do not have to publish results the way other swiss banks do They are set to reveal their overall performance, plus their half-year profit or loss, the value of assets under management, the ratio of own funds, and their short-term liquidities. They have no obligation to reveal the salaries of their executives. For Luc Thevenoz, a law professor at the University of Geneva, the changed business model offers greater protection, adding,  "the price of that is more transparency," While Pictet and Lombard Odier revealed when they would publish their figures, fellow statute-changers Mirabaud and LaRoche declined to set a date when contacted by AFP. Seven lower-profile private banks, meanwhile, opted to stick to their traditional operating model.   ============================================================

A closely watched referendum in Canton Jura could have major implications on expats living in Basel and in Swizterland in general.

The proposal, put forward to the cantonal parliament by an alternative left-wing party, says that foreign residents of the Jura should be able to run for elected positions in communal councils in the region, with the exception of the post of Mayor.

Proponents say this change in the law would further the integration of foreign residents into local political life, according to news agency ATS.

To be candidates for political office under the new proposal, foreigners must have lived in Switzerland for ten years and in the canton of Jura for at least one year.

The original proposal has been watered down since it was first put to the cantonal parliament in 2012 in order to obtain as large a consensus as possible.

Foreigners will remain unable to run for mayor of their community or stand for office at cantonal level.

Although foreign residents can vote in cantonal elections, they will not be given the right to participate in any vote relating to constitutional issues.  

The federal government is backing the proposal, believing it will help to take advantage of the highly skilled and educated populations of foreigners living in the canton and switzerland.

The referendum will be the third in 18 years to address an extension to the political rights of foreign residents in the Jura.

The canton is something of a pioneer in the subject, having given foreigners the right to vote in communal and cantonal elections back in 1979.

However progress since then has been slow.

In 1996 and 2007 Jura residents voted on – and rejected – a similar proposal to extend the political rights of foreigners, leaving the region lagging behind other cantons.

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The Swiss car sharing service Mobility is set to introduce a new service in Basel named "catch a car".  Starting yesterday, 100 Volkswagen UP vehicles were unveiled as part of the pilot program by the company to be tested in Basel.  Spokesman Patrick Eigenmann described the service: "in contrast to the service mobility and other rent-a-car services currently provide, catch-a-car vehicles have no fixed drop-off or return points, and may be parked anywhere within the urban area it was rented in.  A smartphone app is used to find an available vehicle and a customer may depart immediately with the vehicle when they find it."  The introductory fares for the service are 37 rappen per minute while driving and 27 rappen while stopped or idling.  the price is inclusive of fuel, insurance, tolls, etc.  managing director Adamo Bonorva said he hopes to enhance and ride the trend of carless households.  The two year pilot project will be evaluated for its profitability, popularity and effect on urban congestion and transport before being expanded to other swiss and european cities.

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Today marks the start of the ^th annual Gässli Film Festival in Basel.  At the Festival's home at the city cinema on Gerbergasslein 33 works by young filmmakers will be showcased.  Hollywood director Terry Zwigoff is this year's guest of honor.  The festival began today at 5pm with a panel discussion on how to become a filmmaker.  Mr Zwigoff, director of such hollywood hits as Ghost World and Bad Santa was joined by Anna Thommen a Basel based Documentarian on the panel and fielded questions related to the theme.  Continuing the festival tomorrow, the film "art School confidential" will be screened at the city theater.  In addition, to the 33 films of regional filmmakers, 8 short films by the participants of last spring's movie camp will also be screened.  The festival is structured as a film competition, and Saturday evening will mark the ceremonies when the winners of various categories will be announced.