Take Stock – July 13

The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service’s effort to identify thousands of suspected American tax evaders.

HOOKED UP

Bay 2, 6858 Gaetz Ave.

(North Gaetz Plaza)

Red Deer

403-340-8610

l Owner

Craig Hutton

l Type of business

Fishing shop specializing in tackle, accessories and bait for walleye, pike and trout.

l Opening date

June 15

THYME MATERNITY

4900 Molly Bannister Dr.

Red Deer

403-755-1036

l Manager

Bonnie Bisio

l Type of business

Clothing and accessories for new and expectant mothers.

l Opening date

June 28

(Reopened as new concept store.)

QUARK SHOES

4900 Molly Bannister Dr.

Red Deer

403-347-0797

l Manager

Lisa Petersen

l Type of business

Retail sales of footwear and accessories.

l Opening date

April 30

New businesses that have opened in Central Alberta within the past three months and wish to be listed here can send their information to Harley Richards by email (hrichards@bprda.wpengine.com) or fax (403-341-5309).

Governments seek delay in UBS secrecy case

The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service’s effort to identify thousands of suspected American tax evaders. The one-page motion, filed in Miami less than 24 hours before the hearings were to begin Monday, said postponement is needed “to allow the two governments to continue their discussions seeking a resolution of this matter.” Unless a deal is reached beforehand, the filing asks that the hearing be rescheduled for Aug. 3. U.S. District Judge Alan Gold did not immediately rule on the request, but judges routinely allow parties in civil cases extra time to settle out of court. Such a deal would likely include a large penalty against UBS and possibly require the bank to reveal at least some names, tax experts say. The case seeking the identities of some 52,000 wealthy American clients suspected of hiding $15 billion at UBS has already sent shock waves through the international banking system. Bankers fear a ruling against UBS would disrupt cross-border commerce, force people to withdraw huge sums of money from financial entities with offshore offices and play havoc with international tax treaties.

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