Archive – Banking & Fintech

Novartis to probe drug approval allegations

This content was published on May 10, 2012 “We will investigate the allegations presented in the government’s report,” Novartis said in a statement. The standing Indian upper house committee on health and family welfare reviewed 39 randomly selected drugs approved by the Central Drugs Standard Control Organization (CDSCO), which oversees clinical trials and the country’s 10,000 pharmaceutical firms. In the case of 11…

IMF warns Swiss of euro debt “headwinds”

This content was published on May 9, 2012 Last September the SNB set a floor value of SFr1.20 against the euro as safe-haven flows drove up the value of the currency, hurting the export-driven Swiss economy. In its annual review of Switzerland the IMF said the currency cap was “appropriate in light of the slow pace of activity and remaining deflation risks” but…

Emmi surrenders “Gruyère” label in US

This content was published on May 4, 2012 Le Gruyère AOC, representing more than 170 producers of the famous cheese, said on Friday it was satisfied with the decision, saying Emmi was taking its responsibility seriously and was showing respect towards a native quality product. Le Gruyère AOC had previously criticised the Emmi dairies for damaging the special origin label. Last month, the…

Businesses gaining confidence as demand rises

This content was published on May 4, 2012 The KOF Business Tendency survey conducted by the Federal Institute of Technology Zurich (ETHZ) found that top managers are less sceptical than they were at the beginning of the year. In the industrial sector, the downward trend noted a few months ago has not worsened. Declines in orders have slowed down and businesses no longer…

Glacier crash drama captivated the world

This content was published on May 4, 2012 On November 19, 1946 an American military plane with 12 passengers on board crashedon the Gauli glacier in the Swiss Alps.

Calm first quarter boosts profits for Swiss Re

This content was published on May 4, 2012 In a statement on Friday, Swiss Re said strong underwriting and good investment performance had also contributed to the positive result. Across the group, premiums earned increased by 21.7 per cent to $6.2 billion compared with $5.1 billion a year earlier and was driven recently by strong renewals, the company said. The reinsurance division reported…

Shareholders vent anger at UBS annual meeting

This content was published on May 3, 2012 Board members and senior management were told they “should be ashamed of themselves”, and when the vote was taken almost 40 per cent of the 3,400 shareholders present voted to reject the company’s remuneration plan. In his address to the meeting, outgoing chairman Kaspar Villiger said the bank had revised its remuneration policy following strong…

Lack of transparency hampers Swiss press

This content was published on May 3, 2012 A few weeks ago, the village assembly in Grandcour, canton Vaud, decided to deliberate two financial transactions behind closed doors and away from journalists. Nothing extraordinary moneywise, but a situation that may seem a little strange in the age of social media and Wikileaks, where transparency has become a catch cry for many. While such…

Jobs saved at Petroplus Cressier refinery

This content was published on May 3, 2012 The Cressier site, which employs 260 people, has been closed since mid-January when Zug-based Petroplus revealed that liquidity problems had forced it to cease operations at three of its five European refineries. Dutch-Swiss commodities trading company Vitol Group said in a statement on Thursday that the new Varol joint venture would acquire the Cressier refinery…

Mixed results for Switzerland’s largest bank

This content was published on May 2, 2012 First-quarter net profit fell to SFr827 million ($910 million) from SFr1.81 billion for the same period last year. The bank released the figures on Wednesday morning before trading opened in Zurich. However, the results were up on the last quarter of 2011, when the bank posted a net profit of only SFr319 million. Shares of UBS…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Novartis to probe drug approval allegations

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IMF warns Swiss of euro debt “headwinds”

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Emmi surrenders “Gruyère” label in US

More

Businesses gaining confidence as demand rises

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Glacier crash drama captivated the world

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Calm first quarter boosts profits for Swiss Re

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Shareholders vent anger at UBS annual meeting

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Lack of transparency hampers Swiss press

More

Jobs saved at Petroplus Cressier refinery

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Mixed results for Switzerland’s largest bank

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