Archive – Banking & Fintech

A computer disguised as a watch

This content was published on Dec 3, 2004 But there is no danger of the traditional wristwatch being swept away by the rising tide of technological innovation. “Right now, for example, I’m checking how Microsoft’s shares are doing,” said Bill Gates during the presentation of the novel timepiece in New York. The American software king in fact mentioned only one of the features…

Setback for ABB’s asbestos settlement plan

This content was published on Dec 2, 2004 On Thursday the Third Circuit Court of Appeals in the US threw out the plan, saying the settlement would have to be renegotiated by lower courts. The news sent the share price tumbling at the stock exchange. At the opening of trading on Friday, ABB shares fell by 11.25 per cent to SFr6.25 ($5.43) from…

Lack of money causes Swiss innovation to lag

This content was published on Dec 2, 2004 In the previous three years, Swiss companies managed consistently to capture gold, silver and bronze based on their innovations in materials, biotech, and computing. But this year only a handful of Swiss teams made into the semi-finals, and none exhibited a sufficient amount of innovation to make it to the top of the rankings, according…

Switzerland continues to draw multinationals

This content was published on Dec 2, 2004 Since the 1950s, almost 200 large foreign companies have moved either their global headquarters or part of their operations to Switzerland. The announcement by UPS – the world leader for parcel deliveries – coincides with two separate reviews as to why so many foreign companies still prefer Switzerland. The first “Location Management Forum”, which organisers…

OECD cuts growth forecast for Switzerland

This content was published on Nov 30, 2004 The Paris-based organisation also announced on Tuesday that it was trimming its outlook for the global economy because of high oil prices. In its autumn report the OECD said it expected Swiss gross domestic product (GDP) to grow by 2.0 per cent this year. But it has cut its outlook for Switzerland to 1.9 per…

UBS targets “super-rich” in German deal

This content was published on Nov 30, 2004 A statement issued by UBS on Tuesday said the merger would involve its German wealth management arm and Germany’s Sauerborn Trust. It said the deal, which would bring together both organisations’ advisory activities for their most wealthy clients, would be completed within the next few weeks. UBS, the world’s seventh-largest bank, said it would not…

Groups want better protection for farm workers

This content was published on Nov 29, 2004 An alliance of 16 organisations says it wants to ensure that consumers buy food that is produced under socially and environmentally acceptable conditions. “We want to improve conditions for farm labourers,” said Willy Streckeisen of the European Committee for the Defence of Refugees and Immigrants on Monday in Bern. There are more than 40,000 agricultural…

Algerian president on first state visit to Bern

This content was published on Nov 29, 2004 One of his first tasks was to sign a bilateral treaty on economic ties at a ceremony on Tuesday. The accord signed together with Swiss President Joseph Deiss is a framework agreement for investment support. Switzerland played a key role in the Evian talks that ended the eight-year Algerian civil war in 1962, and the…

Business leaders call for sweeping tax reforms

This content was published on Nov 26, 2004 The Swiss business federation, economiesuisse, issued the warning at a conference on Friday, called to promote a comparative study of tax regimes described as the first of its kind. Co-author Pascal Gentinetta said the study showed that international taxation – particularly corporate taxes – had become an “extremely dynamic, fast-changing field” and that Switzerland could…

Quarter of a million workers live in poverty

This content was published on Nov 26, 2004 More than seven per cent of the workforce were unable to get by on their salaries in 2003 – up one per cent on the previous year. In a statement released on Friday, the Federal Statistics Office said this amounted to at least 231,000 workers aged 20-59. In all, 137,000 households, comprising 513,000 people and…

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