Archive – Banking & Fintech

National Bank reports CHF12 billion loss

This content was published on Jan 6, 2014 Gold devaluation was a major factor, with losses on gold holdings amounting to about CHF15 billion. This cancelled out gains of CHF3 billion on foreign currency positions as well as CHF3 billion in profits from the sale of the stabilisation fund (StabFund) set up five years ago to bail UBS out during the financial crisis.…

Swiss probe Greek defence bribe link

This content was published on Jan 5, 2014 The Federal Prosecutor’s Office confirmed the action at the weekend following newspaper allegations of former Greek defence ministry workers taking bribes from German companies supplying military equipment to Greece in the 1990s. Swiss banks have been used to harbour millions of dollars of bungs, according to the Tages-Anzeiger newspaper. A former Greek defence minister has…

Ex-UBS chairman slams ‘brutal’ US

This content was published on Jan 3, 2014 Europeans need to have respect for the US legal system, Kurer told the German weekly paper, as “it’s a mix of great expertise but also absurd, imperialistic brutality”. Kurer was UBS chairman from April 2008 to April 2009 after spending seven years as the company’s top legal advisor. He now works at the investment firm…

Swiss stocks join European surge in 2013

This content was published on Jan 1, 2014 Finishing its last day of business on December 30 at 8,203 points, the benchmark index reflected a broad rally across European markets with the German DAX up 25%, the French CAC-40 rising 17% and Britain’s FTSE increasing 14% on the year’s trading. Even crisis-hit markets such as those in Ireland and Greece posted strong growth…

Swiss banks sign up for US tax programme

This content was published on Dec 31, 2013 The bigger Swiss banks had originally sparked the DoJ crackdown by knowingly or recklessly harbouring untaxed assets. But smaller regional institutions, which make up one in four of all Swiss banks, may also face considerable penalties, despite shouldering a far lesser burden of guilt. Under the terms of the Swiss-US tax deal, signed in August,…

Dramatic fire at Swatch Group company

This content was published on Dec 29, 2013 A huge plume of smoke was visible from the building on Sunday morning, and the local population was warned to stay indoors with doors and windows closed for fear of chemical pollution. However, officials later gave the all-clear. A statement on the group’s website said that the fire started at about 8:45 in the galvanic…

Fake watches crackdown deemed a success

This content was published on Dec 27, 2013 A total of more than 120,000 fake watches were seized in 2013, the federation president, Jean-Daniel Pasche said. “The results are encouraging, but we have to remain vigilant,” Pasche told the Swiss News Agency. In a spectacular raid on warehouses in Dubai, local police confiscated about 90,000 fake Swiss watches in 2013. In separate operations,…

Swiss banks fear being shut out of EU market

This content was published on Dec 23, 2013 Despite its cryptic name, the EU Markets in Financial Instruments Directive (MiFID II) – designed to enhance transparency and consumer protection – is anything but dull for the Swiss financial sector. Banks and asset managers fear it could freeze them out of the lucrative EU market. The exact wording has yet to be approved, but MiFID…

Tiffany ordered to pay Swatch CHF402 million

This content was published on Dec 23, 2013 Swatch, the world’s largest watchmaker, and Tiffany had struck an agreement in 2007 to develop watches under the Tiffany brand together. The arrangement, intended to last 20 years and give Tiffany a much bigger place in the luxury watch market, never turned into big business for either company and the deal ended in acrimony in…

Switzerland reiterates its positive economic forecast

This content was published on Dec 19, 2013 The expert group of the State Secretariat for Economic Affairs (SECO) reiterated that it expects the Swiss GDP to grow 2.3% in 2014, up from 1.9% in 2013. For 2015 it forecasts growth of 2.7%, SECO said in a statement on Thursday. “Further and consequently, broader-based economic expansion is expected, since the domestic economy, which…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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National Bank reports CHF12 billion loss

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Swiss probe Greek defence bribe link

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Ex-UBS chairman slams ‘brutal’ US

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Swiss stocks join European surge in 2013

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Swiss banks sign up for US tax programme

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Dramatic fire at Swatch Group company

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Fake watches crackdown deemed a success

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Swiss banks fear being shut out of EU market

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Tiffany ordered to pay Swatch CHF402 million

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Switzerland reiterates its positive economic forecast

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