Archive – Banking & Fintech

Authorities call for tighter airport security

This content was published on Aug 13, 2004 The move comes less than three months after the Federal Office for Civil Aviation (FOCA) discovered serious security lapses at Zurich airport. At the end of May undercover FOCA officials succeeded in smuggling a fake bomb on to a plane by hiding it in a catering container waiting to be transported on board. Similar security…

Swatch stock plunges on tax evasion reports

This content was published on Aug 13, 2004 The Swatch Group, the world’s largest watchmaking concern, has denied the allegations. Analysts said that even though it was far from clear that Swatch had done anything illegal, the mere hint of scandal was enough to scare off investors. The sell-off – shares dropped by 11 per cent during early trading on Friday – came…

Swisscom pays price for debitel deal

This content was published on Aug 13, 2004 Swisscom said the loss-making sale of its 95 per cent stake in the German mobile phone company, debitel, had hit its balance sheet. Core profit fell by 5.6 per cent to SFr2.3 billion, the majority state-owned company said in a statement on Friday. Swisscom chief executive Jens Alder described the figures as satisfactory, adding that…

Switzerland deals crushing blow to counterfeiters

This content was published on Aug 11, 2004 According to officials, the production and sale of copies are taking a heavy financial toll on both the Swiss economy and the country’s influential watch industry. “Counterfeiting is one of the major problems we face,” admitted Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry. Economic impact “We estimate that the cost in…

Rising oil prices threaten to slow recovery

This content was published on Aug 11, 2004 The warning comes amid fears that a barrel of oil – currently trading at a 21-year high of $45 (SFr57) – could cost more than $50 by the end of the year. United States crude oil prices reached a peak of $45.04 per barrel on Tuesday after unrest in Iraq halted production. Some experts predict…

Regions’ funding threatened by EU enlargement

This content was published on Aug 10, 2004 Switzerland’s border cantons fear that the squeeze on their neighbours will weaken ties that have been built up over years. Although not an EU member, Switzerland contributes to the Union’s regional funds. Border cantons say the cooperation has helped cement ties with their neighbours and, by extension, improved relations between Switzerland and the EU. The…

Welcome to Zermatt

This content was published on Aug 10, 2004 For decades, the village with one of the world’s best-known mountains – the Matterhorn – on its doorstep did not believe there was any need to be nice. The results of a new survey of 10,000 tourists in Zermatt and two other resorts (Villars, Scuol) taking part in a pilot project, “Enjoy Switzerland”, are surprising.…

Private banking gains boost UBS profit

This content was published on Aug 10, 2004 The bank reported that net profit was up by 28 per cent over 2003 to SFr1.974 billion ($1.58 billion), matching analyst expectations. UBS said that half-year net profit had jumped by 60 per cent to reach SFr4.397 billion. Last week, rival Credit Suisse announced second-quarter income of SFr1.457 billion, but cautioned about future prospects. It…

Wealth management boosts UBS profit

This content was published on Aug 10, 2004 Rival Credit Suisse last week posted first-half net income of SFr3.3 billion. But the second-quarter net profit at both banks was down on that reported in the first three months of the year. UBS said on Tuesday that net profit for the period from January to March was up by 28 per cent over 2003…

Swiss spice is worth its weight in gold

This content was published on Aug 9, 2004 Saffron from the village of Mund was the first Swiss spice to receive certification guaranteeing its origin and quality. But the costly Swiss saffron almost never reaches the shops, since demand far outstrips supply. The best way of tasting it is to head to the village where the aromatic spice is the key ingredient in…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Authorities call for tighter airport security

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Swatch stock plunges on tax evasion reports

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Swisscom pays price for debitel deal

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Switzerland deals crushing blow to counterfeiters

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Rising oil prices threaten to slow recovery

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Regions’ funding threatened by EU enlargement

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Welcome to Zermatt

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Private banking gains boost UBS profit

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Wealth management boosts UBS profit

More

Swiss spice is worth its weight in gold

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