Archive – Banking & Fintech

Credit Suisse boss bemoans tough market

This content was published on Aug 22, 2011 The expected upturn in the financial markets has failed to materialise this year as the global economy experiences yet more setbacks. Credit Suisse is one of a number of international banks to disappoint with recent results. “Low interest rates and the strong franc are applying pressure on our earnings,” Dougan told the Neue Luzerner Zeitung…

Strong franc hurts Swiss sales in the US

This content was published on Aug 21, 2011 The situation has become so difficult for some distributors that they have reduced their “Made in Switzerland” selection rather than have expensive products gathering dust on shelves. “Small and medium-sized businesses which import 100 per cent Swiss-made articles with high production costs such as cheese or chocolate have suffered the most from the exchange rate,”…

Corporate bribe money frozen

This content was published on Aug 21, 2011 The Federal Prosecutor’s Office told the newspaper on Sunday that the funds were deposited in Swiss accounts over the past four years by multinational companies for the purpose of bribing officials around the world to secure contracts. A spokesman for the Prosecutor’s Office confirmed the information to the Swiss News Agency. The bribes came…

Mud flies over direction of green technology

This content was published on Aug 19, 2011 All sides agree that Swiss industry should beef up its production of green technologies. But while the cleantech sector would welcome tougher environmental controls, the wider business community rejects such a course. At the crux of the argument are proposed new laws cutting Swiss carbon dioxide emissions by 20 per cent by 2020. The legislation,…

Confusion reigns over SFr2 billion bailout

This content was published on Aug 18, 2011 With individual enterprises clamouring for tax breaks and temporary low interest loans, there are fears that the package could distort competition or fail to hit the right targets. Economics Minister Johann Schneider-Ammann announced the cash injection on Wednesday in response to the export and tourism sectors complaining about the negative effects of the strengthening franc.…

Madoff trustee demands $2 billion from UBS

This content was published on Aug 18, 2011 Irving Picard on Wednesday accused the Swiss bank of misleading regulators in the United States and Luxembourg about its ties to Madoff, while helping feeder funds funnel their clients’ money into his Ponzi scheme. The Ponzi scheme being run at Bernard L. Madoff Investment Securities was uncovered in December 2008. Madoff, 73, is now serving…

Central bank moves again to dampen franc

This content was published on Aug 17, 2011 The central bank increased its supply of francs to SFr200 billion on Wednesday, adding to the SFr90 billion of extra liquidity it committed itself to providing in the last two weeks. The safe haven currency has inexorably increased in value since the financial sector meltdown as investors look for less risky places to stash their…

Prices cut on baby products and cosmetics

This content was published on Aug 17, 2011 Migros said it would reduce prices by up to 20 per cent on around 500 products from next Monday. The decision by the supermarket chain comes only days after its main competitor Coop said it would stop stocking about 100 products considered to be overpriced. Migros said the products to be marked down will include…

Zurich and Geneva among most expensive cities

This content was published on Aug 16, 2011 The annual study by Swiss bank UBS shows the effects of currency moves and compares prices and earnings in 73 cities worldwide for 122 goods and services. After Oslo, Zurich and Geneva, the next in line are Copenhagen, Stockholm and Tokyo. The American cities surveyed showed lower price levels than in previous years, with New…

Franc falls on talk of SNB euro target

This content was published on Aug 15, 2011 The franc hit all-time highs against the euro and the dollar last week as investors sought safe assets amid market turmoil and fears about government debt. The Swiss currency opened 2.9 per cent lower against the euro on Monday. The euro was worth 1.136 francs at close of buisiness, up from a record low of 1.007…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Credit Suisse boss bemoans tough market

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Strong franc hurts Swiss sales in the US

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Corporate bribe money frozen

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Mud flies over direction of green technology

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Confusion reigns over SFr2 billion bailout

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Madoff trustee demands $2 billion from UBS

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Central bank moves again to dampen franc

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Prices cut on baby products and cosmetics

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Zurich and Geneva among most expensive cities

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Franc falls on talk of SNB euro target

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