Archive – Banking & Fintech

SIX Group cuts 150 jobs

This content was published on Feb 28, 2012 The group, whose businesses include the management of credit and other card payments, cashless transactions, electronic bills and interbank payments, said on Tuesday that the difficult market environment worldwide and the strong Swiss franc had affected its profitability. In a statement it said that profit for 2011 was SFr216 million – up 27.3 per cent…

Transocean books $5.7 billion loss for 2011

This content was published on Feb 27, 2012 The company, which owned the Deepwater Horizon oil rig that exploded in the Gulf of Mexico in April 2010, attributed the result to a $5.2 billion goodwill impairment charge and an estimated $1 billion loss contingency on the Deepwater Horizon incident, both of which were booked in the fourth quarter of 2011. Transocean is locked…

Recession-hit nations owe pharma firms billions

This content was published on Feb 25, 2012 Swiss pharmaceutical giants Roche and Novartis are examining whether to limit supplies to some of the worst culprits. While European finance ministers shuttle between crisis meetings, the consequences of the debt problems continue to extend across the eurozone. “The on-going financial crisis and its resultant drag on economic growth continues to impact the debt burden…

Regulator moves to protect small investors

This content was published on Feb 24, 2012 Despite having misgivings about the sale of such complex products to small retail investors, the Swiss financial regulator found itself powerless to intervene. Now, the body wants to close loopholes with new laws. The Swiss Financial Market Supervisory Body (Finma) proposed new laws on Friday aimed at protecting small investors while driving out rogue investment…

Commissioner urges new law amid “rising racism”

This content was published on Feb 23, 2012 Intolerance and racism are “dangerously on the rise”, the commissioner for human rights, Thomas Hammarberg, said after a four-day review of Swiss policies and practices. The review was part of the Council of Europe’s ongoing assessments of the human rights situation in member states. The last such Swiss review was in 2004 and this time…

“Laughably small” innovation fund criticised

This content was published on Feb 23, 2012 But dwindling profits have also negatively impacted the ability of smaller firms to maintain research and development (R&D) budgets. An industry lobby group has therefore called on the government to increase funding for innovative projects. Last year, the government ploughed an extra SFr100 million ($110 million) into stimulating innovation, but the funds were bled dry…

Tax compliance fears hit Sarasin bank

This content was published on Feb 23, 2012 Its report on its annual figures issued on Thursday warned of further outflows in 2012 “owing to the implementation of its strategy focusing on tax-compliant assets”. The total amount of new money coming into the bank over the year as a whole was SFr1.5 billion. Its net profit fell by 10.3 per cent in comparison…

Clean money plan greeted with scepticism

This content was published on Feb 23, 2012 The government announced on Wednesday that it had mandated the finance ministry to prepare concrete measures by September in a bid to strengthen Switzerland’s financial centre, which is facing sustained pressure by several countries, including the United States. Finance Minister Eveline Widmer-Schlumpf said the cabinet had agreed on three tenets, including upgrading due diligence rules…

Cabinet steps up fight against cartels

This content was published on Feb 22, 2012 The proposals include changing the federal competition commission into an independent body, as well as banning so-called horizontal and vertical cartels. The new watchdog will no longer have to prove the existence of a cartel, with the burden of proof now lying with companies to show their activities do not involve cartel activity. Sanctions would…

UBS raises $2 billion capital with novel bond

This content was published on Feb 22, 2012 The innovative notes would shift the burden of losses onto the holder by falling in value if the bank’s capital buffer drops below a threshold value. The notes, bearing a 7.25 per cent interest rate, have been placed with European and Asian investors. Both UBS and Credit Suisse have been forced to come up with…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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SIX Group cuts 150 jobs

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Transocean books $5.7 billion loss for 2011

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Recession-hit nations owe pharma firms billions

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Regulator moves to protect small investors

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Commissioner urges new law amid “rising racism”

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“Laughably small” innovation fund criticised

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Tax compliance fears hit Sarasin bank

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Clean money plan greeted with scepticism

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Cabinet steps up fight against cartels

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UBS raises $2 billion capital with novel bond

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