US Victims of Attacks in Israel Sue Swiss Bank

Government will end Gaza blockade

(NEWSER) - As Egypt regroups after Hosni Mubarak’s exit, it is realigning its diplomatic ties: Officials plan to end the Gaza border blockade and forge closer ties with Iran and Hamas. As elections approach, officials say they’re working toward policies that better fit public opinion; meanwhile, they hope to regain influence in the region, the New York Times reports. “We are opening a new page,” says a Foreign Ministry official. “Egypt is resuming its role that was once abdicated.” More»

Smuggled weapons were headed for Hezbollah, Israel says

(NEWSER) - Israel has seized a cargo ship it says was being used to smuggle hundreds of tons of weapons from Iran to Hezbollah in Lebanon. Though the ship has been sequestered, Israel tells the BBC it does not believe the crew was aware of the operation, and that the weapons were in containers “disguised as civilian cargo” among other legitimate cargo. The weapons, including rockets and missiles, "originate from Iran,” a spokesman says, and were destined for use “against the state of Israel and its citizens.” More»

(NEWSER) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000 alleged US tax evaders. The Justice Department and IRS want it; UBS and Switzerland say handing it over would violate Swiss law. More»

Outraged as Iranian, Swiss leaders meet at UN racism conference

(NEWSER) - Israel has angrily called home its ambassador to Switzerland after that country's president met with Iranian leader Mahmoud Ahmadinejad ahead of a politically charged UN meeting on racism that began today, the Times of London reports. On Israel's Holocaust Memorial Day, Switzerland’s “guest of honor is a racist and a Holocaust-denier who doesn’t conceal his intention to wipe Israel off the face of this earth,” PM Benjamin Netanyahu said. More»

Bank blames US tax fraud case for some of its 1Q losses

(NEWSER) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to downsize by ditching its investment banking arm to concentrate on wealth management. More»