Archive – Banking & Fintech

ABB takes nautical lead in energy race

This content was published on Mar 19, 2012 One of the frontrunners, Swiss-Swedish technology company ABB, recently raised the bar by pioneering a system for improving the efficiency of electrical power on board ships. ABB’s onboard direct current (DC) power grid promises to save up to 20 per cent on fuel consumption and carbon emissions in boats. The company hopes that its energy…

Chairman of Julius Bär steps down

This content was published on Mar 19, 2012 The bank said Raymond J. Bär would not stand for re-election to the board next month. Daniel J. Sauter will be nominated as chairman instead. The Bär family holds a minority stake in the bank. A statement on Monday said Bär would assume an honorary role that included “overseeing the ongoing cooperation with US authorities”.…

Germany wants changes to Swiss tax deal

This content was published on Mar 19, 2012 A ministry spokesman said on Monday that any discussions would centre on changes to the text. No details were given. The accord, which has not yet been ratified by Germany, has been under threat after German opposition parties said it was too soft on tax evaders who had stashed an estimated SFr150 billion ($163 billion) in…

Belgium mourns as bodies flown home

This content was published on Mar 16, 2012 White coffins were loaded into two Hercules transport aircraft near the Swiss town of Sion and landed at a military airport near Brussels from where undertakers collected them after a short ceremony. A third plane returned with their belongings. The repatriations occurred as Belgium and the Netherlands observed a minute’s silence during a national day…

Day of mourning held for coach crash victims

This content was published on Mar 16, 2012 Meanwhile, the repatriation of the bodies of the crash victims started on Friday morning, canton Valais police said. Some survivors have already flown home. The accident, near Sierre, canton Valais, killed 22 children and six adults from the Flemish part of Belgium travelling home after a ski holiday on Tuesday evening. Twenty-four children were hospitalised. The…

First victims of Swiss bus crash return home

This content was published on Mar 16, 2012 Meanwhile, flights carrying the bodies of the 28 victims of the crash started on Friday morning, canton Valais police said. The accident near Sierre, canton Valais, killed 22 children and six adults travelling home after a ski holiday. Twenty-four children were hospitalised. Some of the families of the victims flew back home to Belgium out of…

SNB maintains cap on euro

This content was published on Mar 15, 2012 The Zurich-based central bank said in its quarterly report on Thursday that it was also keeping its benchmark interest rate at zero. The Swiss franc strengthened after the SNB announcement, recouping losses from Wednesday when it hit a one-month low against the euro and dollar. Although economists had widely expected the SNB to keep the…

Belgium prepares to fly home bus crash victims

This content was published on Mar 15, 2012 Authorities are still trying to determine what happened after a coach returning schoolchildren from a ski trip to St Luc in canton Valais crashed into a tunnel wall on Tuesday night. Three of the 24 children injured are still in a critical condition. The bus slammed head on into a concrete wall inside a tunnel…

Seco becomes more upbeat about 2012

This content was published on Mar 15, 2012 The government’s group of experts said in its spring forecast that the chances of sliding into recession were “improbable”. Instead there was a good chance of the economy regaining momentum as the eurozone’s debt crisis eases and domestic demand remains solid, they predicted. Since the start of the year, leading economic data has shown initial…

More details emerge about tragic bus crash

This content was published on Mar 14, 2012 The cause of the crash, which happened just 20 minutes into the journey and claimed the lives of 22 children returning from a skiing holiday, four teachers and two drivers, is being investigated. The bus crashed head on into a concrete wall inside a tunnel but early indications have ruled out speeding, the investigating prosecutor…

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