Archive – Banking & Fintech

Switzerland not alone in currency battles

This content was published on Oct 27, 2011 Scandinavian countries have recently joined nations as diverse as Japan, Brazil, Australia and Canada on currency watch as exporters weigh up the potential consequences of soaring prices for their goods. The Swiss National Bank (SNB) tried in vain to haul back the inflating franc by buying massive sums of euros and cutting interest rates to…

Row breaks out over Nestlé practices in China

This content was published on Oct 26, 2011 The accusations against the Nestlé Shuangcheng factory in the northern cattle breeding province of Heilongjiang surfaced in the Chinese press. The English language version of the People’s Daily Online carried an article on Tuesday quoting local dairy farmers as saying it was “an open secret” that Nestlé had been squeezing their profits. Farmers claim officials…

Basel’s disaster

This content was published on Oct 26, 2011 On the night of November 1, 1986 a fire broke out at the Sandoz company chemical warehouse at the Schweizerhalle industrial area outside the city. The run-off from water used in fire fighting operations mixed with chemicals to become a contaminated cocktail that found its way into the River Rhine, with devastating effects.

Schindler sheds jobs amid “uncertain economy”

This content was published on Oct 26, 2011 The cuts represent four per cent of the group’s workforce, a spokesman confirmed after the publication of nine month results. The restructuring will be part of a package of measures to boost growth. It should be implemented by 2013 and mainly affects staff in Spain, Portugal and the United States. Savings of around SFr150 million…

UBS fined for role in short sale profiteering

This content was published on Oct 26, 2011 A branch of the Swiss bank was criticised by a US brokerage regulator for a “systemic” failure to properly handle millions of orders that breached a ban on so-called naked short selling. In short sales, investors borrow securities from a third party and sell them, hoping the prices will fall so they can repurchase the…

Geneva summit aims to narrow broadband divide

This content was published on Oct 26, 2011 Top politicians and telecoms leaders are meeting in Geneva this week at Telecom World 2011 to discuss the issue of broadband, seen as key to helping achieve Millennium Development Goals by 2015. “I am absolutely convinced that broadband will be the defining technology of the early 21st century,” Hamadoun Touré, head of the International Telecommunications…

EU tax chief flags up Swiss deals

This content was published on Oct 25, 2011 Addressing a debate on fiscal issues at the European Parliament in Strasbourg, Algirdas Semeta said the European Commission was prepared to take “corrective measures” if the accords were found to breach EU directives. Semeta said he understood member states were searching for ways to boost their national coffers and the “attractiveness” of such accords, which…

One-off gains mask UBS trading losses

This content was published on Oct 25, 2011 For once, UBS profited from volatile markets in the last three months that reduced the size of its debts by SFr1.77 million ($2 billion) – at least on paper. But the lucky break has merely wallpapered over the cracks of a recent SFr1.85 billion rogue trading fiasco. The widening of credit spreads allowed the group…

Credit Suisse fined for inadequate client advice

This content was published on Oct 25, 2011 The fine was imposed because in the period from January 2007 to December 2009 the bank failed to explain sufficiently the dangers involved in buying so-called “structured capital at risk products”, or Scarps, the FSA said on Tuesday. During the three year period studied by the FSA, Credit Suisse UK sold about £1.1 billion worth…

Public warned against buying drugs online

This content was published on Oct 25, 2011 Swissmedic – the agency which authorises therapeutic products – has got together with pharmacists and the pharmaceutical industry to raise public awareness of the fact that many of these so-called medicines are counterfeit. The organisers say the composition of many internet medicines does not correspond to what is written on the label. Medicines claiming to…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Switzerland not alone in currency battles

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Row breaks out over Nestlé practices in China

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Basel’s disaster

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Schindler sheds jobs amid “uncertain economy”

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UBS fined for role in short sale profiteering

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Geneva summit aims to narrow broadband divide

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EU tax chief flags up Swiss deals

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One-off gains mask UBS trading losses

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Credit Suisse fined for inadequate client advice

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Public warned against buying drugs online

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