Archive – Banking & Fintech

Swatch calls time on Tiffany watch division

This content was published on Sep 12, 2011 The Biel-based group accused Tiffany of breach of contract, citing “systematic efforts to block and delay development” of the Swatch-owned Tiffany Watch division. Swatch said in a statement on Monday that it would seek damages against Tiffany for loss of future business. Swatch and Tiffany formed their partnership in 2007 to further the development, production…

Catastrophe claims are already “second highest”

This content was published on Sep 9, 2011 Industry insured losses from natural catastrophes rose to an estimated $67 billion (SFr58 billion) in the first half of the year, more than twice the level in the 2010 period, the Zurich-based company said. Insured losses are those losses which insurers and reinsurers have to cover. This would make 2011 second only to 2005, when…

Leuthard attends new fast-rail link ceremony

This content was published on Sep 8, 2011 The Swiss government contributed some SFr100 million (€82 million) to the construction of the rail line which is expected to reduce travel time between Zurich/Basel and Paris by 30 minutes when it opens in December. The 140-kilometre rail link runs between Mulhouse on the Swiss, French and German border, and Dijon in eastern France. The…

Rail takes greater share of transalpine cargo

This content was published on Sep 8, 2011 There was an increase in both road and rail freight, with rail taking 64.1 per cent of the total as against 62.6 per cent in the same period in 2010, the transport ministry said on Thursday. In all 7,513,000 tonnes went by road, and 13,432,000 by rail. A record amount of “unaccompanied combined transport” –…

Federal Railways to slash budget

This content was published on Sep 7, 2011 The cost-cutting measures, in combination with more expensive tickets, are intended to help finance new rolling stock as well as higher access fees. The proposed savings total SFr550 million ($640 million). The company plans to reduce structural and administrative costs by SFr220 million by 2017, said CEO Andreas Meyer on Wednesday. “Efficiency will be improved,…

Switzerland named most competitive country

This content was published on Sep 7, 2011 The report, published on Wednesday, cited Switzerland’s technological capabilities and the effectiveness of its labour market as reasons for its good results in the overall rankings. It also said that Swiss scientific research institutes are among the best in the world. Switzerland has led the competitiveness ranking since 2009. This year it comes above Singapore,…

Media see risks in historic franc intervention

This content was published on Sep 7, 2011 But many commentators feel that by setting a minimum exchange rate target of SFr1.20 to the euro Switzerland is paving the way for inflation and isolation in Europe. The central bank said on Tuesday it was aiming for the “substantial and sustained weakening” of the safe-haven franc, whose rise of more than 20 per cent…

Finance committee rejects economic aid plan

This content was published on Sep 6, 2011 Commission president Margret Kiener Nellen told the media in Bern on Tuesday evening that the legal basis for the package was rejected by 13 votes to 12. The commission will return to the package after the Senate has debated it on Wednesday. The original SFr2 billion package, announced last month, met a storm of protest…

SNB toughens stance with euro rate target

This content was published on Sep 6, 2011 The move on Tuesday morning surprised foreign exchange markets and had the desired effect. The euro, which had been trading around SFr1.10 before the announcement, shot up to SFr1.20 afterwards. The intervention was welcomed unanimously by the main political parties and the business community. Economics Minister Johann Schneider-Ammann, who a day earlier had called on…

Central bank intervenes with euro exchange rate

This content was published on Sep 6, 2011 The central bank said it would “no longer tolerate” an exchange rate below that threshold and promised to take further measures if the economic outlook and deflationary risks required it. “The current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development,” the…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swatch calls time on Tiffany watch division

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Catastrophe claims are already “second highest”

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Leuthard attends new fast-rail link ceremony

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Rail takes greater share of transalpine cargo

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Federal Railways to slash budget

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Switzerland named most competitive country

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Media see risks in historic franc intervention

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Finance committee rejects economic aid plan

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SNB toughens stance with euro rate target

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Central bank intervenes with euro exchange rate

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