Archive – Banking & Fintech

Novartis announces profit, cuts 2,000 jobs

This content was published on Oct 25, 2011 A further 900 positions will be eliminated in the United States. The news came as Novartis announced its third quarter results on Tuesday, posting a seven per cent increase in net profit and earnings of $2.49 billion (SFr2.19 billion), up from $2.32 billion for the same period last year. Sales grew 18 per cent to…

UBS Q3 results exceed expectations

This content was published on Oct 25, 2011 The Zurich-based banking giant indicated at the beginning of this month that a “modest net profit” was in store for the Q3 results but Tuesday’s figures well exceed analysts’ expectations. In a statement, UBS revealed that the SFr980 million result included the SFr1.849 billion trading income loss “resulting from the unauthorised trading incident” and an…

Authorities accused of Gotthard tunnel vision

This content was published on Oct 23, 2011 The 17km tunnel is notorious for its congestion and still controversial because it remains a single bore tunnel with just one lane operating in each direction. The situation is expected to worsen when major renovation work begins. The 30th birthday of the Gotthard road link was celebrated a little over a year ago. But the…

Swiss-Greek tax deal dismissed as fig leaf

This content was published on Oct 21, 2011 Greek officials are due in Bern next week to begin negotiations on a treaty that would mirror recent pacts made by Switzerland with Germany and Britain to impose withholding taxes on hidden accounts. The head of the European Union’s Greece task force, Horst Reichenbach, has endorsed the planned deal, saying it would boost the debt-stricken…

Gotthard tunnel safer ten years after inferno

This content was published on Oct 20, 2011 The date was October 24, 2001, the time 9.39am. Inside the Gotthard tunnel, traffic was running smoothly. Suddenly, one kilometre short of the south entrance, a truck veered out of control. “I tried to avoid it, but it just came right at me,” said Italian truck driver Bruno Saba afterwards. When the crash happened, Saba…

Day in court set for UBS trader

This content was published on Oct 20, 2011 The 31-year-old who worked as a director of exchange traded funds at UBS in London, is charged with two counts of fraud dating back to 2008 and two counts of false accounting. He made no application for bail at the City of London magistrates court and will next appear on November 22 at Southwark Crown…

Strong franc forces job cuts at Huber+Suhner

This content was published on Oct 20, 2011 Huber+Suhner said the move to relocate assembly jobs involving a high degree of manual labour would boost its competitiveness, particularly in the euro zone. “As an export-orientated company with important production locations in Switzerland, Huber-Suhner is particularly badly affected by upheavals on the international currency markets,” the company said in a statement on Thursday. The…

EFG private bank to restructure after “missteps”

This content was published on Oct 18, 2011 It will be focusing more on its “profitable” private banking and address underperforming areas, the company said in a statement on Tuesday. This year will see a loss due to restructuring charges of around SFr50 million ($55.4 million). The company said “strengths have been obscured in recent years by various missteps, including investments in non-private…

Mövenpick founder dies

This content was published on Oct 18, 2011 His family published an obituary for his death on Tuesday. The Blick tabloid reported he claimed the secret to his success was being “open to everything”. Prager died in his sleep. Prager started with one restaurant in Zurich in 1948, later opening others in Switzerland before expanding abroad in the 1960s. The first Mövenpick brand…

Roche boosts drug profile with US merger

This content was published on Oct 17, 2011 Basel-based Roche said on Monday that the merger would boost its portfolio of drugs to treat hepatitis C. Anadys has developed an oral drug called Setrobuvir that is currently being trialed for treatment of chronic hepatitis C infections. Roche said it would pay $3.70 per share, a premium of more than 250 per cent on…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Novartis announces profit, cuts 2,000 jobs

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UBS Q3 results exceed expectations

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Authorities accused of Gotthard tunnel vision

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Swiss-Greek tax deal dismissed as fig leaf

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Gotthard tunnel safer ten years after inferno

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Day in court set for UBS trader

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Strong franc forces job cuts at Huber+Suhner

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EFG private bank to restructure after “missteps”

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Mövenpick founder dies

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Roche boosts drug profile with US merger

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