Archive – Banking & Fintech

Frustration mounts within Swiss dairy industry

This content was published on Dec 1, 2011 That surplus amounted to 10,000 tons back in August, but was whittled down to 5,000 tons by late November, the milk branch organisation announced at a special assembly in Bern earlier this week. Yet the melting heap of butter was one of the only bright spots at the assembly, where the focus was on problems…

UBS sack risk officer after rogue trades

This content was published on Dec 1, 2011 The bank was rocked by a series of unauthorised trades that came to light in September, costing some SFr2 billion. Chief executive Oswald Grübel resigned the same month as a result of the debacle. In October, the two co-heads of UBS’s Global Equities Division also handed in their notice. Observers had predicted that more heads…

SNB joins others to shore up finance system

This content was published on Nov 30, 2011 Wednesday’s announcement pushed up world stock markets, which had tumbled earlier in the day after a meeting of Europe’s finance ministers had failed to stem fears that the euro currency union was hurtling toward a breakup. In Zurich the SMI index of leading shares ended the day 2.19 per cent up. The coordinated action by…

UBS downgraded by ratings agency

This content was published on Nov 30, 2011 UBS’s rating was downgraded from A+ to A. Its shares fell in early morning trading before rising again, jumping mid-afternoon after major central banks took coordinated action to ease strains on the world’s financial system. Barclays, HSBC, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley were among the banks that…

Tax deals may cost banks billions of assets

This content was published on Nov 29, 2011 Banks and wealth managers may also face a shortfall of SFr1.1 billion in annual revenue, or around four per cent of the 2010 total, a report published on Tuesday said. Switzerland reached bilateral tax agreements with Germany and Britain in August this year. The Swiss-designed Rubik tax treaty system promises to weed out undeclared assets and…

Tax law pushes US expats to give up passport

This content was published on Nov 29, 2011 Jackie Bugnion, director of American Citizens Abroad, talks to swissinfo.ch about the backlash from United States expats and the financial sector to the Foreign Account Tax Compliance Act (Fatca), designed to fight tax evasion. This summer the Geneva-based group launched a campaign to repeal Fatca, which they describe as “misconceived” and “dangerous for the US…

Ricola boss confessed fraud before suicide

This content was published on Nov 29, 2011 Adrian Kohler, CEO of the confectionery business Ricola, confessed to the fraud, believed to be of the magnitude of several hundreds of thousands of francs, on Tuesday of last week. Two days later he took his own life. There is so far no evidence that the firm’s former accountant and chief financial officer benefitted personally…

Nestlé investigates child labour

This content was published on Nov 28, 2011 Nestlé announced on Monday it was joining the Fair Labor Association (FLA), a United States group that formed as part of a presidential task force during the Clinton administration. Little has changed since Nestlé, along with other global chocolate producers, signed a US-brokered deal to eliminate child labour in 2001. The FLA said it would…

OECD predicts economic slowdown

This content was published on Nov 28, 2011 Weak exports and a strong franc will continue to dominate the economic situation until the middle of next year, it said on Monday. The Paris-based organisation expected the economy to pick up a little in the second half of 2012 thanks to a global revival. It predicted Swiss economic growth for 2012 of 0.8 per…

Nuclear contamination fears increase

This content was published on Nov 28, 2011 While the nuclear disaster in Fukushima and the global financial crisis seem to have sparked increased nuclear worry within Switzerland, the overall level of fear has remained fairly stable. The poll was carried out by research institute gfs-zürich for the Aduno Group, a Swiss company specialising in credit card and payment services. On a scale…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Frustration mounts within Swiss dairy industry

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UBS sack risk officer after rogue trades

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SNB joins others to shore up finance system

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UBS downgraded by ratings agency

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Tax deals may cost banks billions of assets

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Tax law pushes US expats to give up passport

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Ricola boss confessed fraud before suicide

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Nestlé investigates child labour

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OECD predicts economic slowdown

More

Nuclear contamination fears increase

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