Archive – Banking & Fintech

Petroplus to close Swiss refinery

This content was published on Jan 3, 2012 The Cressier closure is scheduled for mid-January and will leave about 260 employees without a job. However, the local authorities and labour unions said they are hoping to find a solution to prevent the closure of the site. On Tuesday, five Swiss, French and Belgian unions launched a joint appeal asking their countries to intervene…

Tax deal with US “needs more time”

This content was published on Dec 31, 2011 Eveline Widmer-Schlumpf told Swiss radio on Saturday that the cornerstone of an agreement had been negotiated, but several more meetings would be necessary. Widmer-Schlumpf, who assumes the rotating presidency for 2012, didn’t want to discuss any details, such as payments by the banks involved. But Switzerland would ensure, she added, that “the banks, which are…

Credit Suisse fined over US securities sales

This content was published on Dec 28, 2011 Credit Suisse violated a US regulation known as SHO, which requires a broker or dealer to have reasonable grounds to believe that a security can be borrowed and is available for delivery before accepting a short sale order, said the Financial Industry Regulatory Authority (FINRA). In short sales, investors sell securities they do not own,…

Economy to stagnate in first part of 2012

This content was published on Dec 28, 2011 The institute’s Economic Barometer measures expectations from a broad range of industry sectors. The report issued on Wednesday said the core GDP module representing all sectors except banking and construction “all clearly display a negative development”. The silver lining was KOF’s finding that the downward slide slowed from November to December. The barometer has been…

CS chief gives upbeat outlook for Swiss banking

This content was published on Dec 27, 2011 In an interview with the newspapers, Tages-Anzeiger and Der Bund, Dougan said Switzerland would come out stronger from a tax row with the United States. He said the quality of Swiss banking would prevail even without the advantage of banking secrecy for taxes. Dismissing the gloomy forecasts by the former CEO of rival UBS bank,…

Christmas cards are as popular as ever

This content was published on Dec 26, 2011 Between December 1 and 25, the Swiss postal service handled 15 million packages, with volume peaking on some days at one million parcels and 20 million letters. The numbers are on a par with recent years. In the week leading up to Christmas the three sorting centres in cantons Vaud, Solothurn and Thurgau were handling…

Economy braces for further turbulence

This content was published on Dec 26, 2011 The only real question appears to be how long the troubled period will last, how deeply it will cut into the Swiss economy and how much of the pain will have to be shouldered by workers. Despite the Swiss National Bank (SNB) and the government taking measures in the second half of the year to…

Orange Switzerland bought by British

This content was published on Dec 24, 2011 The sale, agreed on Friday night, is worth SFr2 billion ($2.14 billion). It still needs approval by the Swiss authorities. Orange Switzerland had a turnover of SFr1.3 billion in 2010. France Télécom said the sale was an important step in its optimisation strategy. It had already announced in July that it planned to sell its…

National Bank head cleared of wrong doing

This content was published on Dec 24, 2011 In a statement on Friday, the SNB said there had been no misuse of privileged information. The bank commission based its judgment on a thorough investigation carried out by PriceWaterhouseCoopers. The investigators had checked all bank transactions of Hildebrand and his family in 2011, the SNB said. The investigation was triggered by persistent rumours that…

Swatch court decision looms over watch industry

This content was published on Dec 24, 2011 Swatch and independent watch brands are locked in a fight over Swatch’s supply of components to third parties. One analyst believes the decision could be damaging for some small firms. On Monday the Federal Administrative Court rejected an appeal by nine watchmakers, including Louis Erard, Frédérique Constant and Sellita, against the Federal Competition Commission (Comco)…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Petroplus to close Swiss refinery

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Tax deal with US “needs more time”

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Credit Suisse fined over US securities sales

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Economy to stagnate in first part of 2012

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CS chief gives upbeat outlook for Swiss banking

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Christmas cards are as popular as ever

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Economy braces for further turbulence

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Orange Switzerland bought by British

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National Bank head cleared of wrong doing

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Swatch court decision looms over watch industry

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