Archive – Banking & Fintech

Fagan sues UBS

This content was published on Feb 5, 2004 But on Friday a New York court said no complaint had been lodged. The controversial lawyer said on Thursday that he was taking action in the United States after the bank rejected an earlier ultimatum to open negotiations. Fagan wants UBS to pay back money which the US government paid to a former subsidiary of…

Funds fair casts a net for new investors

This content was published on Feb 5, 2004 More than 90 fund managers, representing about 80 per cent of the Swiss market, promoted their wares at the three-day “Fonds’04” fair in Zurich. The funds are effectively competing for a slice of Switzerland’s growing market for managed funds, estimated to be worth hundreds of billions of francs. And even though many investors were badly…

Swiss Re swoops for more business in the US

This content was published on Feb 5, 2004 The world’s largest life and health reinsurer is also acquiring CNA’s life insurance servicing and administration facility in Nashville, Tennessee. The move is one of the biggest “Admin Re” deals by the Zurich-based company. Admin Re involves Swiss Re taking over policies, premiums and staff from primary insurers who no longer want to run the…

Adecco under pressure to compensate shareholders

This content was published on Feb 5, 2004 Investors in the United States have filed several lawsuits seeking damages against the Swiss firm. Adecco saw its value drop by nearly SFr7 billion ($5.6 billion) in a matter of minutes on January 12, following the announcement that it would delay publishing its year-end results. The firm, which is based in Glattbrugg near Zurich, revealed…

Swiss venture capital investment picks up

This content was published on Feb 5, 2004 It was the lowest total in the past three years. But the sector held its own the European ranking, coming fifth overall. Switzerland is in fifth place in Europe with 5.8 per cent of the total venture funding announced in 2003, the same amount Switzerland raised in the previous year, according to Tornado Insider Research.…

Swiss weapons exports on the rise

This content was published on Feb 4, 2004 According to the State Secretariat for Economic Affairs (Seco), sales jumped by over a third in 2003 to reach SFr379 million ($302 million). The sale of armoured vehicles, air defence systems and ammunition boosted exports by more than SFr100 million last year. More than two-thirds of all weapons destined for the export market were sold…

Government pulls plug on sex line abuse

This content was published on Feb 4, 2004 The Federal Communications Office (Ofcom) is banning companies from automatically connecting web users at premium rates without their knowledge. The ban will run from April 1 and should bring down incidences of abuse, which have been rising steadily since 2002. Last year alone, officials registered nearly 2,000 complaints about webdiallers, many involving unusually large telephone…

Zurich internet show banks on wireless boom

This content was published on Feb 4, 2004 More than 340 companies are displaying a bewildering range of products, services and computer hardware across four halls of Zurich’s conference centre. Exhibition organiser Giancarlo Palmisani said this year’s highlight is the emergence of so-called wireless technology, which enables laptop users to log onto the internet in hotels, airports and an increasing number of public…

Deal gives Nestlé direct stake in L’Oréal

This content was published on Feb 4, 2004 Nestlé and L’Oréal’s majority shareholder and founding family, the Bettencourts, on Tuesday agreed to simplify their joint holding in the cosmetics empire. Under the terms of the pact, Gesparal – the holding company for Nestlé and the Bettencourt family – will merge with L’Oréal. The move means that Nestlé’s 49 per cent stake in Gesparal…

Catwalk fashion for top dogs

This content was published on Feb 3, 2004 But now the Zurich and Geneva branches of the low-priced retailer H&M are offering those of more modest means the chance to pamper their pooches. They are stocking a line of 1950s-inspired clothes and accessories for the dog about town. Far from being a gimmick the idea is a response to what is a general…

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