Archive – Banking & Fintech

The business week in Switzerland

This content was published on Dec 16, 2000 Swiss traders were more interested in a report from the Paris-based Organisation for Economic Cooperation and Development (OECD) on the Swiss economy. The OECD gave Switzerland high marks in its latest survey, saying Switzerland’s economic growth in 2000 will be the strongest in 10 years and is likely to be followed by robust activity over…

Cyber thieves hit UBS

This content was published on Dec 16, 2000 A UBS spokeswoman said that following reports of a virus in the bank’s computer system a shortfall was noticed in the three accounts. The clients concerned had received full compensation. UBS has made a complaint to the authorities, which have launched an investigation. The virtual raid is the latest in a series to hit UBS…

Swiss firms fall behind in world rankings

This content was published on Dec 15, 2000 More than 700 company heads were questioned for the survey, which was published in Friday’s edition of the “Financial Times Deutschland”. On the basis of its findings, only two Swiss companies – the food giant Nestlé and the engineering group ABB – were listed among the top 50. Although better placed than all other Swiss…

Chernobyl closure leaves poisonous legacy

This content was published on Dec 15, 2000 Engineers at Chernobyl on Friday initiated the final “rapid emergency defence” procedure by slowly lowering nuclear control rods into the plant’s last functioning reactor. The ceremony, attended by the Ukrainian president, Leonid Kuchma, took place in the shadow of the highly radioactive remains of reactor number four, which lies entombed in a concrete sarcophagus. The…

Steaming into the New Year

This content was published on Dec 15, 2000 Santa Claus will help launch the first cruise on December 24, armed with presents for children. For their part, adults will be spoiled by four-course menus while enjoying the winter alpine scenery surrounding the lake. Everything that makes up an original English cream tea, including warm scones and cream, will also be served for four…

Swiss bankers discuss tax and banking secrecy in Brussels

This content was published on Dec 15, 2000 During their two-day visit, the 12-member delegation plans to discuss taxation on cross-border savings and bank customer confidentiality with EU officials. The visit comes as Switzerland and the EU are due to begin negotiations on fiscal savings. The EU has initiated a project aimed at taxing interest earned on foreign savings accounts. The SBA has…

Credit Suisse First Boston under investigation in US

This content was published on Dec 15, 2000 CSFB is one of a number of major financial institutions suspected of flouting the law by charging exaggerated commissions in return for arranging the flotation of shares on the stock market. In a statement on Thursday, CSFB in New York confirmed that it was under investigation in the US. It said market regulators and the…

Geneva paves way for Swiss maternity benefits

This content was published on Dec 15, 2000 Geneva’s cantonal parliament approved the draft law proposed by its social affairs commission. The new law, which envisages 16 weeks paid maternity leave, will come into force in July 2001. Payments will be made only to those mothers who have been working in the canton for at least three months – estimated at around 3,000…

Swiss Holocaust fund approves final payments to victims

This content was published on Dec 15, 2000 The SFr 3.39 million ($1.97 million) award to 4,671 Holocaust survivors brings to and end the processing of claims to the fund. In a statement, the fund’s executive board said the money contributed by Swiss companies, commercial banks and the central bank had been awarded so far to some 307,000 people. The latest allocations will…

The fall-out from Chernobyl is still being felt

This content was published on Dec 15, 2000 On the night of the explosion, radiation over 100 times higher than that caused by the two atomic bombs dropped on Hiroshima and Nagasaki was released into the atmosphere. It sent a radioactive plume across wide areas of Europe. “It was a unique event in human history, and I must stress, we cannot afford to…

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