Archive – Banking & Fintech

Surprise shake-up marks Glencore Xstrata meeting

This content was published on May 16, 2013 All former Xstrata directors were voted out, strengthening the control over the new company of CEO Ivan Glasenberg, who headed Glencore before the merger and is the largest shareholder. First indications of the shake-up came with an early morning notice to the stock exchange announcing that director Steve Robson – who had been up for…

Chinese parents drive baby milk powder boom

This content was published on May 16, 2013 Demand for foreign formula has remained high since six infant deaths and an estimated 290,000 children fell ill in 2008 from tainted local products. Reports are rife of Chinese baby milk tourists emptying supermarket shelves in Western countries to meet a perceived shortfall of safe formula in China. Foreign companies have been quick to capitalise on the…

EU moves to close tax loopholes

This content was published on May 14, 2013 The talks in Brussels had long been opposed by EU members Luxembourg and Austria, which were seeking to defend their own bank secrecy rules, but on Tuesday their finance ministers dropped those objections. “Ministers have adopted a negotiating mandate on the savings tax with Switzerland, Liechtenstein, Andorra, Monaco and San Marino,” said one EU official…

ABB’s Hogan announces surprise departure

This content was published on May 10, 2013 Hogan joined ABB from General Electric in 2008 to replace former CEO Fred Kindle, who abruptly left the company following a disagreement with the board over strategy. ABB released a statement saying that Hogan would now be leaving ABB for “private reasons”. “Joe is a great and successful CEO and has done a remarkable job…

PostFinance to close foreign youth accounts

This content was published on May 7, 2013 The move by the Swiss Post’s financial services provider is a safety measure to cut the risks for the company and its clients, PostFinance spokesman Alex Josty told French-language public radio, RTS. Swiss banks are under pressure to refuse money from clients if they suspect that it has not been taxed. For PostFinance it is…

Shareholder majority approves Swiss bankers’ pay

This content was published on May 2, 2013 At the annual general meeting of UBS in Zurich on Thursday more than four out of five shareholders in a non-binding ballot backed the salary proposals, a week after 88 per cent of stock owners at Credit Suisse cleared their executives’ pay packages. There had been concern after almost two out of three shareholders in…

‘I’m not a person who works only if it’s going to be profitable’

This content was published on May 2, 2013 ‘I’m not a person who works only if it’s going to be profitable’

UBS bounces back in first quarter

This content was published on Apr 30, 2013 The results were down 4.5 per cent from the comparable period a year ago. Still, it was a major turnaround from the CHF1.9 billion loss the bank posted for the fourth quarter of 2012 in the wake of a series of lawsuits, scandals and a wave of restructuring. UBS, which is cutting 10,000 jobs in…

Novartis hit by second US lawsuit in four days

This content was published on Apr 26, 2013 On Friday, US Attorney Preet Bharara in Manhattan said the government had joined a whistle-blower lawsuit filed against Novartis Pharmaceuticals Corp in January 2011 which seeks triple damages under the federal False Claims Act. The government accused Novartis of causing the Medicare and Medicaid programmes to pay millions of dollars in reimbursements based on kickback-tainted…

Chinese group buys Corum watch company

This content was published on Apr 24, 2013 The CHF86 million ($90.6) agreement is intended to allow Haldian to expand its presence in the Swiss luxury watch market while helping Corum to strengthen its brand worldwide, company representatives expressed at this week’s Baselworld watch industry trade fair. Antonio Calce, the CEO of Corum, expressed his belief that Hon Kwak Lung, who heads Haldian’s…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Surprise shake-up marks Glencore Xstrata meeting

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Chinese parents drive baby milk powder boom

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EU moves to close tax loopholes

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ABB’s Hogan announces surprise departure

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PostFinance to close foreign youth accounts

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Shareholder majority approves Swiss bankers’ pay

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‘I’m not a person who works only if it’s going to be profitable’

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UBS bounces back in first quarter

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Novartis hit by second US lawsuit in four days

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Chinese group buys Corum watch company

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