Archive – Banking & Fintech

No progress made with Baden-Württemberg

This content was published on Apr 30, 2012 The Green Party politician met four members of Switzerland’s seven-person cabinet on Monday, including Eveline Widmer-Schlumpf, who holds the rotating presidency for 2012. But despite the high ministerial turnout, nothing shifted in the debate over tax evasion, which has soured relations between Bern and Berlin. In March, Swiss authorities issued arrest warrants for three German…

National Bank makes first quarter loss

This content was published on Apr 30, 2012 “The SNB result depends largely on developments in the gold, foreign exchange and capital markets. Consequently, strong fluctuations are normal, and only provisional conclusions are possible as regards the annual result,” it said in a statement on its website announcing the results on Monday. Its losses on foreign currency positions amounted to SFr2.6 billion, while…

Small plane crash kills six

This content was published on Apr 28, 2012 Residents of the village of Tatroz saw the aircraft circle twice above the hamlet before crashing in a field nearby. Four bodies were found inside the aircraft, while two others were thrown out by the impact. There were four men and two women onboard. The plane was flying from a small airport near Lausanne on…

Council of Europe targets Swiss “tax haven”

This content was published on Apr 27, 2012 The resolution was presented to the parliamentary assembly of the Strasbourg-based Council of Europe, which brings together 47 European states, by Dirk Van der Maelen, a social democratic member of the Belgian parliament. It was passed by 51 votes to 11, with one abstention. Representatives of Cyprus, Germany, Liechtenstein, Luxembourg and Monaco also voted against.…

Credit Suisse hands client data to US

This content was published on Apr 27, 2012 Speaking to shareholders at the bank’s annual general meeting in Zurich on Friday, Dougan said the bank had acted on the advice of the Swiss government. “According to the recent decision of the Swiss [government], we provided the US authorities with information directly,” Dougan said, without disclosing the nature of the data handed over. Credit…

Central bank determined to stop franc rising

This content was published on Apr 27, 2012 Jordan, who was confirmed as head of the bank on April 18, said the swift measures taken by the SNB in August and September – cutting interest rates to increase liquidity, and setting a minimum exchange rate – had had the desired effect in reducing the “very substantial” overvaluation of the franc. “In the past…

Bertarelli surprised by Merck Serono closure

This content was published on Apr 25, 2012 The struggling German drug and chemical maker Merck said on Tuesday it planned to shut the Swiss headquarters of its Merck Serono division as part of an efficiency drive, cutting over 500 jobs and redeploying 750 others. “It’s unfortunate,” Bertarelli told Le Temps in a newspaper interview. “I’m saddened for all the people concerned in…

Geneva hit by Merck Serono job cuts

This content was published on Apr 24, 2012 Merck said in a statement on Tuesday that it plans to transfer more than 750 of the 1,250 positions at Serono’s Geneva headquarters to other company sites. It added that it expects to cut the other 500 jobs in Geneva and another 80 at Swiss manufacturing sites “to create a leaner, more agile organisation.” The move…

Geneva hit by Merck Serono job cuts

This content was published on Apr 24, 2012 Merck said on Tuesday in a statement that it plans to transfer more than 750 of the 1,250 positions at Serono’s Geneva headquarters to other Merck sites. It said it expects to cut the other 500 jobs in Geneva and another 80 at Swiss manufacturing sites “to create a leaner, more agile organization.” The move…

Minister accused of money-laundering via UBS

This content was published on Apr 23, 2012 The Federal Prosecutor’s Office and the Federal Justice Office have confirmed that Switzerland last year gave legal assistance to Hong Kong in a money-laundering case against Musa Aman, Chief Minister of the Malaysian State of Sabah on Borneo. According to the Bruno Manser Fund, a Swiss non-governmental organisation, Malaysian media reported last week that Aman was…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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No progress made with Baden-Württemberg

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National Bank makes first quarter loss

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Small plane crash kills six

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Council of Europe targets Swiss “tax haven”

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Credit Suisse hands client data to US

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Central bank determined to stop franc rising

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Bertarelli surprised by Merck Serono closure

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Geneva hit by Merck Serono job cuts

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Geneva hit by Merck Serono job cuts

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Minister accused of money-laundering via UBS

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