Archive – Banking & Fintech

Banks no longer seek ‘Swiss solution’

This content was published on Jun 12, 2014 “We’ve been fighting for banking secrecy for many years, but now we have changed our religion,” said Michel Dérobert, director of the Association of Swiss Private Banks. Dérobert was one of the speakers at a two-day seminar with journalists earlier this month. The bankers used the occasion to put on brave faces – explaining how…

A national exhibition that won hearts and minds

This content was published on Jun 11, 2014 Swiss National Exhibitions have been held six times since 1883, showcasing advancements in the industry and craftsmanship. They are considered a snapshot of the country’s spiritual and intellectual state at a specific time.The 1939 national exhibition, commonly known as the Landi, inspired the nation to defend itself and to reflect on its identity, torn between…

Campaigners criticise lack of living textile wages

This content was published on Jun 11, 2014 About half of the 18 firms surveyed only gave standard answers to wage questions and failed to show what they are doing to secure living wages in their own production chains, the group criticises. “Some of them provided even less information than for the Clean Clothes Campaign report in 2010,” a statement said. None of them…

Swiss benchmark index reaches seven-year high

This content was published on Jun 10, 2014 The benchmark SMI representing 85% of the Swiss equity market rose 1.1% to 8752.86 points on Tuesday, the highest level since December 2007. The index with a base value set at 1500 as of June 30, 1988, reached its all-time high of 9548.09 on June 4, 2007. The shares of Basel-based pharmaceutical companies Roche and…

Blatter eyes fifth term as FIFA’s president

This content was published on Jun 6, 2014 According to FIFA insiders, his call will be taken up by a coterie of senior members who will take to the rostrum to implore the 78-year-old president to stand again – at which point Mr Blatter will officially announce he is a candidate. There are plenty inside football who believe revelations about secret payments allegedly…

US extends deadline for Swiss banks in tax case

This content was published on Jun 6, 2014 More than 100 banks that have a reason to believe they may have committed tax offences, defined as Category 2 banks, have signed up to the programme. They are eligible for a non-prosecution agreement if they come clean and face fines. The banks now have until July 31 to turn over the necessary information. The…

ECB rate drop unlikely to challenge franc

This content was published on Jun 5, 2014 The ECB announced its latest measures to stimulate the EU economy on Thursday, including a lowering of the benchmark interest rate from 0.25% to 0.15% and negative interest rates on commercial bank deposits at the central bank. One side effect of the measures is an almost certain weakening of the euro. The Swiss National Bank…

Do billionaires just want homes away from home?

This content was published on Jun 5, 2014 Donald Trump’s Maison de l’Amitié, a Florida mansion, estimated at $78 million (CHF70 million) and sold for $100 million was one property owned by a trust in the name of Rybolovlev and his daughter Ekaterina. A $88 million apartment in New York, the highest price ever paid for a home in the city, another. The…

Pharma opens new front in war on cancer

This content was published on Jun 4, 2014 This history of failure instils oncologists with a natural sense of caution, which makes it all the more striking when some say their profession is on the cusp of the biggest breakthrough in cancer therapy for decades. This history of failure instils oncologists with a natural sense of caution, which makes it all the more…

Novartis and its next big cancer venture

This content was published on Jun 4, 2014 Contrary to the belief that life-saving cancer drugs sell themselves, drug makers need to be dedicated marketers focused on a specific disease to be successful. A case in point is breast cancer therapy Tykerb that competes with Roche’s drug Herceptin and follow-on product Perjeta. Even though it has been around for seven years and has…

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