Archive – Banking & Fintech

Barry Callebaut to boost bottom line with new deal

This content was published on Jan 23, 2012 The company, which already makes chocolate for groups such as Hershey and Nestlé, will invest SFr22 million ($24 million) in its global factory network to boost capacity. The additional volumes have a ramp-up period of 12 months, starting immediately, said Barry Callebaut, the world’s largest chocolate maker, in a statement. “The announcement of a new…

Axpo cuts jobs as profits fall

This content was published on Jan 23, 2012 The move, along with the implementation of a more flexible production strategy and the merging of some activities, should save the Zurich-based company an estimated SFr100 million ($106.8 million) in the medium term. Other power companies had already announced job cuts over the past few months, with Bern’s BKW announcing it would let more than…

Central bank scandal stokes political fires

This content was published on Jan 21, 2012 At the heart of the affair is the leaking of confidential bank data detailing foreign currency exchange transactions by Philipp Hildebrand’s family in breach of Swiss banking secrecy laws. Zurich police last week opened criminal investigations into two Swiss People’s Party cantonal parliamentarians allegedly involved in the transmission of the data to third parties. And…

SNB interim director defends bank

This content was published on Jan 21, 2012 He told the Saturday edition of the Neue Zürcher Zeitung newspaper that the central bank would keep to its SFr1.20 ($1.28) floor against the euro for as long as is necessary. Jordan was nominated to his interim appointment on January 9 after Hildebrand stepped down over controversial currency deals. He said that the former director’s…

Novartis U-turn is a “win-win solution”

This content was published on Jan 20, 2012 Described at the time by the pharmaceutical giant as a pre-emptive move, the announcement of 1,080 Swiss job cuts, alongside news of multi-billion profit figures, caused consternation in Switzerland. “We’re facing an increasingly difficult environment which is likely to get even tougher over the next five years,” Novartis CEO Joe Jimenez said in October, commenting…

Credit Suisse bets on US property market

This content was published on Jan 20, 2012 The New York Fed did not disclose the amount paid for the assets, part of a special portfolio created in the 2008 rescue of the American insurance and financial services company. The assets were sold through an auction, it said in a statement. Traders reckon that CS paid around $3.5 billion and will most likely…

Hildebrand stays in major financial think tank

This content was published on Jan 19, 2012 G30 executive director Stuart Mackintosh confirmed press reports to this effect on Thursday. The Washington-based G30 is a private, international non-profit organisation which brings together “very senior representatives of the private and public sectors and academia”. On its website the group describes its aims as being “to deepen understanding of international economic and financial issues,…

Avalanche airbags

This content was published on Jan 19, 2012 Avalanche airbags are selling well: more and more skiers go off-piste, and the inflatable airbags can save their lives in an avalanche. The Swiss sports and outdoor gear company Mammut has recently produced its own model. But the German inventor of this type of airbag is threatening to sue the Swiss for stealing his idea.…

Moody’s keeps top rating for Switzerland

This content was published on Jan 19, 2012 Switzerland’s creditworthiness contained very little risk, the agency said on Thursday. It added that the assessment reflected the open, highly developed and broad-based economy, which benefited from Swiss tax policies, low inflation and a strong position as a creditor. Moody’s said the government and legislation were very robust and the system was transparent and stable.…

WEF seeks to rewire global leadership

This content was published on Jan 18, 2012 The 2012 meeting will be held against the backdrop of the European sovereign debt crisis, continued social unrest in various places in the world and the danger of emerging economies expanding so fast that they overheat. WEF founder and chairman Klaus Schwab told the media on Wednesday that established systems of governance and business are…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Barry Callebaut to boost bottom line with new deal

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Axpo cuts jobs as profits fall

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Central bank scandal stokes political fires

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SNB interim director defends bank

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Novartis U-turn is a “win-win solution”

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Credit Suisse bets on US property market

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Hildebrand stays in major financial think tank

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Avalanche airbags

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Moody’s keeps top rating for Switzerland

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WEF seeks to rewire global leadership

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