Archive – Banking & Fintech

Exporters pick path through economic minefield

This content was published on Feb 13, 2012 The trend is being driven as much by new opportunities in rapidly expanding emerging economies as by a flight from unfavourable exchange rates in Europe and the United States. Customs figures released in February revealed a 19 per cent rise in Swiss exports to China and the same hike in Hong Kong last year. The…

Train complaints rise despite record punctuality

This content was published on Feb 12, 2012 But despite this record performance, the number of complaints rose from 19,800 in 2010 to more than 25,000 – another record. According to the federal railways, almost a million people use its trains every day, and 89.8 per cent of them arrive within three minutes of the scheduled time. But spokesman Christian Ginsig explained how…

Swiss banks seen as victims of own tradition

This content was published on Feb 10, 2012 The banks had thought that they could always count on banking secrecy – a tradition that Switzerland still retains. Security, quality and trust… and banking secrecy. These are the qualities that have made the Swiss financial centre so successful. But it’s this very banking secrecy that is threatening the future of Swiss banks. Eleven Swiss…

Strong Swiss franc hits chocolate industry

This content was published on Feb 10, 2012 A total of 176,332 tons of chocolate products – worth SFr1.7 billion ($1.9 billion) – was sold in 2011, according to the industry association, Chocosuisse. About a third of chocolate products purchased were imported. Foreign sales recorded a 0.4 per cent increase to 107,051 tons but in value terms fell by nearly three per cent…

Credit Suisse results hit by cutting risk

This content was published on Feb 9, 2012 Chief executive Brady Dougan blamed “adverse market conditions”, but also admitted that the accelerated exit of certain investment banking operations cost the group nearly SFr1 billion. Credit Suisse surprised observers by revealing on Thursday that it had managed to cut $35 billion (SFr32 billion) of risky assets from its investment banking division in the last…

UBS provided US with data about rivals

This content was published on Feb 9, 2012 The documents contained information about which institutions had taken over UBS clients when the justice authorities clamped down on the bank in 2009 after it admitted helping wealthy Americans hide money to avoid paying tax. The report was carried in Thursday’s Handelszeitung economic weekly and confirmed by UBS. The weekly says the US authorities, who…

Credit Suisse announces “disappointing” results

This content was published on Feb 9, 2012 It was the first fourth quarter loss since 2008. CEO Brady Dougan attributed the poor performance to “the adverse market conditions during the period and the impact of the measures we have taken to swiftly adapt our business to the evolving market and regulatory requirements”. The bank’s profit for the year as a whole was…

Small private banks said to face bleak future

This content was published on Feb 8, 2012 Financial expert Daniel Senn said up to 15 banks had to act swiftly before it is too late as the costs for information technology and security – as well as for new clients – are growing. He said the strong Swiss franc and the tax row with the United States were adding to the difficulties.…

IBM moves from Zurich to Madrid

This content was published on Feb 8, 2012 The Swiss Handelszeitung newspaper reported the move on Wednesday. An IBM spokeswoman confirmed the report and told the Swiss News Agency that the company wished to create a leaner and more efficient infrastructure. The plan is to consolidate the southwestern and northeastern European headquarters, yet the Swiss branch of IBM will not be affected and…

“Glenstrata” megamerger unearths concerns

This content was published on Feb 8, 2012 But non-governmental organisations (NGOs) are worried about further exploitation in poor countries and some politicians fear damage to Switzerland’s image. The combined company, to be called Glencore Xstrata, will control a chain of businesses from mining to refining, storage and shipping of basic commodities like coal, copper and corn. It will be around twice as…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Exporters pick path through economic minefield

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Train complaints rise despite record punctuality

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Swiss banks seen as victims of own tradition

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Strong Swiss franc hits chocolate industry

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Credit Suisse results hit by cutting risk

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UBS provided US with data about rivals

More

Credit Suisse announces “disappointing” results

More

Small private banks said to face bleak future

More

IBM moves from Zurich to Madrid

More

“Glenstrata” megamerger unearths concerns

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