Archive – Banking & Fintech

Swiss winemakers pay tribute to Joyce

This content was published on Jun 16, 2004 Sion-based Provins Valais launched its red and white “Cuvée James Joyce” in April, to coincide with celebrations in Ireland to mark the centenary of Joyce’s classic “Ulysses”. On June 16, 1904, the book’s central characters – Stephen Dedalus and Leopold Bloom – each took their epic journeys through Dublin. June 16 – or Bloomsday –…

German discounter eyes Swiss market

This content was published on Jun 16, 2004 But experts warn that the company may struggle to make its mark in a country where two retailers control more than 70 per cent of the market. Aldi – famous in Germany and elsewhere for offering a narrow range of discounted brands – has applied to Swiss cantonal authorities for a building permit. The chain…

Banks face tough times ahead

This content was published on Jun 15, 2004 They also predict that the importance of banking secrecy to the country’s position as a leading financial centre will diminish by 2010. They say legislation in other countries will gradually undermine the sacred cow of Swiss banking and any competitive advantages it brings. Switzerland has been under almost constant pressure in recent years, notably from…

Parliament votes to lift ban on absinthe

This content was published on Jun 14, 2004 On Monday the House of Representatives voted by an overwhelming majority of 142 to 13 in favour of legalising production of the toxic tipple. The move comes less than a year after Switzerland’s other parliamentary chamber, the Senate, also agreed to lift the ban. A minority of parliamentarians pleaded in vain to keep absinthe on…

ABB unit overstates profits

This content was published on Jun 11, 2004 The company said the irregularities at an ABB division in Italy came to light during an internal audit. ABB announced on Friday that a factory of its Italian medium-voltage business near Milan also made two improper payments related to a power equipment contract in Italy. “Our investigation showed that this is an isolated case,” said…

Government unveils new round of spending cuts

This content was published on Jun 11, 2004 The latest proposals come less than a year after parliament approved a record SFr3 billion ($2.4 billion) cost-cutting programme. The finance minister, Hans-Rudolf Merz, announced on Friday that the government had set itself the target of doing away with a budget deficit of SFr4.4 billion by 2007. At a news conference in the Swiss capital,…

Spin-offs score in football bonanza

This content was published on Jun 11, 2004 Sales of scarves, team shirts, flags and football stickers are expected to go through the roof. Around 3,000 Euro 2004-related items are being distributed under Uefa licence. Classic items such as Panini stickers and albums first appeared in Swiss kiosks in mid-April, leading to frenetic exchanges in school playgrounds across Switzerland. More than 20 million…

Swiss face EU data challenge

This content was published on Jun 10, 2004 Moves to harmonise the two systems come as part of a new set of bilateral treaties concluded by Switzerland and the EU. “One of the goals of the accord on statistics is to have data which is compatible with that of the European Union, especially in sectors covered by the bilateral treaties,” said Gabriel Gamez…

Richemont reports higher profits

This content was published on Jun 10, 2004 The Swiss group – which includes the Cartier and Montblanc brands – said operating profit rose 14 per cent to €296 million, slightly above market expectations. Analysts said the Richemont results could be taken as an indicator of the health of the luxury goods sector, which is emerging from a three-year recession. Richemont’s earnings in…

Credit Suisse banker arrested in yakuza probe

This content was published on Jun 9, 2004 Authorities in Japan, Switzerland and Hong Kong have been investigating the illegal network, which involves Japan’s biggest yakuza crime syndicate, for several months. A Tokyo police official said Atsushi Doden, 41, was taken into custody hours after he arrived in Tokyo from Hong Kong. Doden is accused of helping the ring set up bank accounts…

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