Archive – Banking & Fintech

Syngenta profits boosted by demand

This content was published on Feb 8, 2012 Sales were also up by the same margin, reaching $13.3 billion last year. Farmers, especially in the United States and Latin America, have been seeking to boost yields and offset inflation on the back of higher wheat, corn and soybean prices. As a result they have been buying more products from Syngenta and its rivals,…

Switzerland still Europe’s innovation leader

This content was published on Feb 7, 2012 Switzerland is a long way ahead even of top-ranking EU members Sweden, Denmark, Germany and Finland. At a presentation in Brussels on Tuesday, the specialists who carried out the survey pointed out that EU members had a long road ahead before catching up with the Swiss, the United States, South Korea or Japan. Antonio Tajani, European…

Plummeting profits reinforce UBS caution

This content was published on Feb 7, 2012 The bank predicted a tough year ahead as fourth-quarter profits tumbled 76 per cent to SFr393 million. A poor investment banking performance led the decline, in common with other financial institutions. Chief executive Sergio Ermotti put a gloss on the disappointing results by insisting that a restructuring programme at UBS would make it one of…

SNB interim chief warns of eurozone risk

This content was published on Feb 7, 2012 In a speech to the Swiss-American Chamber of Commerce, Thomas Jordan said the bank would enforce its minimum exchange rate of SFr1.2 per euro with “utmost determination” to shield the economy from deflation risks and damage to the industrial base. The SNB capped the franc on September 6, 2011 to prevent Switzerland from tipping into…

Merger to create commodities colossus

This content was published on Feb 7, 2012 The new entity, spanning mining, agriculture and trading, would have a market value of $90 billion (SFr82.5 billion). Under the terms of the agreement, each Xstrata shareholder will receive 2.8 Glencore shares. The announcement of the terms of the deal comes just a few days after the first public acknowledgment that the two companies were…

Asian consumers fuel Swatch Group profits

This content was published on Feb 7, 2012 Net income rose to SFr1.27 billion ($1.4 billion) from SFr1.07 billion a year earlier, the Biel-based company said. “Swatch Group is well prepared for the future,” according to a company statement. “We expect growth to continue in 2012, although this is more and more challenging due to the high benchmark.” Swiss watch exports rose 19…

UBS reports massive drop in profit

This content was published on Feb 7, 2012 The net profit at the Zurich-based bank fell by 76 per cent from the same quarter in 2010 when net profits totaled SFr1.66 billion due to tax gains. UBS says it foresees “headwinds” for growth and gains in early 2012 due to Europe’s debt crisis and continued uncertainty about the global economic outlook. Earnings were…

Power of cheese beats strong Swiss franc

This content was published on Feb 6, 2012 The organisation said the increase was due to special marketing efforts, offsetting negative six-month figures reported last August. The big winners of 2011 were speciality cheeses, including Raclette, Vacherin and Tête de moine, while the popular Emmental, Gruyère and Appenzell varieties lost up to 9.4 per cent. Exports of processed cheeses dropped more than 20…

Julius Bär expects resolution to US woes

This content was published on Feb 6, 2012 “We’ve taken an early, proactive approach with the US, taken measures including the US exit in 2009 at our own decision, and have an ongoing constructive dialogue,” Julius Bär Chief Executive Boris Collardi told journalists. The US issue has burdened the bank for months, as American officials ratchet up the pressure on Swiss private banks…

United tax evasion defences start to crumble

This content was published on Feb 5, 2012 The criminal indictment of Wegelin on Friday and whispers that some banks favour unilateral negotiations with the United States has undermined the coordinated defence of banking secrecy. UBS – the bank that set off the relentless US attack – and two other heavyweights under suspicion, Credit Suisse and Julius Bär, will hope to soothe jittery…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Syngenta profits boosted by demand

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Switzerland still Europe’s innovation leader

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Plummeting profits reinforce UBS caution

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SNB interim chief warns of eurozone risk

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Merger to create commodities colossus

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Asian consumers fuel Swatch Group profits

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UBS reports massive drop in profit

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Power of cheese beats strong Swiss franc

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Julius Bär expects resolution to US woes

More

United tax evasion defences start to crumble

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