Archive – Banking & Fintech

Farmers urge payment over E.coli crisis

This content was published on Jul 26, 2011 The Swiss Association of Vegetable Farmers said the funds would help cover the costs of the vegetables, including cucumbers and tomatoes, destroyed. The association added the market still had not fully recovered after a four-week slump in consumer demand. The Federal Agriculture Office said it agreed with the calculations, but it was up to politicians…

UBS scraps earning goals after profit drops

This content was published on Jul 26, 2011 The Zurich-based bank says net profit attributable to shareholders fell to SFr1.02 billion ($1.27 billion) compared with SFr2 billion in the same period last year. “We believe we will deliver higher profitability, our target for pretax profit set in 2009 is unlikely to be achieved in the original timeframe of three to five years,” a…

Swiss wine, made in Italy

This content was published on Jul 24, 2011 The neighbor’s vines grew out of ground covered in brown, dead weeds. He had given up on the natural, no-chemical bio (organic) approach after his first year, which had been disastrous. Marcel has had his disastrous years, too: in 2008 he lost his entire crop of grapes when rain fell at the wrong moment of…

More Credit Suisse bankers charged in US

This content was published on Jul 22, 2011 Prosecutors originally charged four people involved in the scheme in February; Thursday’s announcement brings the total number of people charged up to eight. The US Justice Department wrote in February that as of late 2008 Credit Suisse was maintaining thousands of secret accounts for US customers with as much as $3 billion (SFr2.5 billion) in…

Swiss press give Greece deal cautious welcome

This content was published on Jul 22, 2011 They see Greece – and the economic future of the eurozone – as still unstable despite the deal. Eurozone leaders announced the Greece deal in Brussels on Thursday evening, as well as measures to radically reshape the currency union’s rescue fund, allowing it to act pre-emptively when crises build up. The 17 eurozone countries and…

Franc mortgages cause pain in Europe

This content was published on Jul 21, 2011 The craze of accumulating debt in francs has also left banks in many countries exposed to defaults and even affected communities in Austria that unwisely speculated in currency exchange rates before the financial crisis. Swiss franc mortgages were commonplace in countries such as Hungary, Poland, the Czech Republic, Romania and Croatia before the 2008 economic…

Swiss companies pay bills fastest

This content was published on Jul 21, 2011 It found that 68.2 per cent of bills were settled within the payment deadline, which, at 30 days in Switzerland, is one of the shortest. In Taiwan, for example, 67.4 per cent of bills are paid on time, but companies have 90 days to settle up. Other countries with 30-day deadlines include Germany (60.5 per…

Exports stagnate in June

This content was published on Jul 21, 2011 In reality, the figures were down 8.2 per cent, but this was because June 2011 had two fewer working days than the previous year. Last month Switzerland exported goods and services worth a total of SFr15.8 billion ($19.2 billion), the Federal Customs Administration said on Thursday. Looking at the first six months of 2011, exports…

Road accidents pursue downhill trend

This content was published on Jul 20, 2011 But despite the positive trend, experts say pressure should be maintained as bikers, cyclists and pedestrians are still at risk. The government’s new scheme for improving road safety, Via Sicura, is set to be discussed in parliament this autumn. Figures released by the Federal Statistics Office on Tuesday showed that road accidents causing injury dropped…

Sappi shuts down Swiss paper mill

This content was published on Jul 20, 2011 Sappi Fine Paper Europe said in a statement that around 550 employees in total at the canton Solothurn site would be affected by the closure. It said that there had been lengthy discussions about buying the plant. “Unfortunately several industry players quickly withdrew their interest and we were unable to come to an agreement with…

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