Archive – Banking & Fintech

Swiss to lift sanctions against two Libyan banks

This content was published on Dec 22, 2011 A spokeswoman for the State Secretariat for Economic Affairs told the Swiss News Agency sanctions against the Central Bank of Libya and the Libyan Foreign Bank would be lifted on December 23. With this decision, “the international assets which are owned or controlled by these banks and were blocked in conformance with the resolutions of…

Parliament approves balanced budget for 2012

This content was published on Dec 22, 2011 Revenues are expected to increase by 2.4 per cent, having benefited from a SFr634 million windfall from auctioning off mobile telephone licenses. The budget will be more or less balanced with the deficit expected to come in at just SFr14 million. As part of the budget planning, parliament rejected an increase in direct agriculture subsidies…

Post plans joint venture with French

This content was published on Dec 22, 2011 The new joint venture, which has been approved by both boards of directors, should begin operations in 2012. The new company will be owned equally by Swiss Post and La Poste. It will be headquartered in Paris and Bern. In a statement on Thursday, Swiss Post said the merger would allow both companies “to further…

US tax “ultimatum” has Swiss banks sweating

This content was published on Dec 21, 2011 Swiss newspapers claim the deadline for the US ultimatum passed on Tuesday night. However, banks are keeping tight lipped over claims that they would also have to provide all correspondence with offshore clients over the past 11 years. The Department of Justice (DoJ) has been steadily closing a net around Swiss banks ever since UBS…

Austrian resorts outperform Swiss

This content was published on Dec 21, 2011 The Austrian resort of Grossarltal was the most successful year-round resort due to high numbers of overnight stays and a “remarkable” use of its services, according to the BAK TOPindex of competitiveness and performance compiled by the BAK Basel Economics organisation. Lucerne was the top Swiss destination, rising to fifth place from 11th in 2009.…

Credit Suisse expands its Asian private banking

This content was published on Dec 21, 2011 HSBC said the gross assets of the business being sold were worth $2.7 billion (SFr2.5 billion) at the end of October, but it gave no sale price. The sale still needs to be approved by competition authorities but is due to take place in mid-2012, HSBC said. The business covers clients who hold more than…

Swiss casinos hit by euro crisis

This content was published on Dec 21, 2011 This has had consequences for the federal government, which has seen its share of the gambling houses’ profits sink by millions of Swiss francs. Ticino may not be Las Vegas, but it does have three casinos spread across just 2,800km² (from north to south, Locarno, Lugano and Mendrisio) as well as the largest casino in…

Watch industry clocks up record exports

This content was published on Dec 20, 2011 Imports on the other hand slumped 6.7 per cent on the previous year – down to SFr14.8 billion – as well as the previous month (-7.4 per cent). This drop in imports resulted in the trade balance for November – SFr3 billion – being the second-highest ever measured, the Federal Customs Administration said on Tuesday.…

Fastweb writedown weighs heavily on Swisscom

This content was published on Dec 20, 2011 Fastweb still has some good cards in its hand despite the worsening economic conditions in Italy and the service’s poor coverage among private sector customers, according to experts. Swisscom’s track record in foreign investments is not so good: in 2004 Switzerland’s biggest telecom company sold its stake in the German Debitel, losing more than SFr3…

Swiss firms well positioned for downturn

This content was published on Dec 19, 2011 A report published on Monday by Swiss Institutional Credit Research, a research branch of Credit Suisse, said that although the market environment was characterised by great political and economic uncertainty, Swiss firms were in a healthy financial state. Credit Suisse analysts think the crisis in the eurozone is likely to improve, but did not rule…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss to lift sanctions against two Libyan banks

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Parliament approves balanced budget for 2012

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Post plans joint venture with French

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US tax “ultimatum” has Swiss banks sweating

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Austrian resorts outperform Swiss

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Credit Suisse expands its Asian private banking

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Swiss casinos hit by euro crisis

More

Watch industry clocks up record exports

More

Fastweb writedown weighs heavily on Swisscom

More

Swiss firms well positioned for downturn

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