Archive – Banking & Fintech

Federal Railways says no to nuclear power

This content was published on May 8, 2011 CEO Andreas Meyer told the Sonntag newspaper that the Railways had as its goal the “continual reduction of its dependence on nuclear energy”, which currently accounts for 25 per cent of the company’s electricity. Meyer added that the Railways hoped to achieve the goal mainly by increasing the output of its hydroelectric plants and by…

Economy starts 2011 on a high

This content was published on May 6, 2011 The Swiss economy is expected to have expanded in the first quarter and experienced continued strong growth, states the KOF Swiss Economic Institute survey published on Friday. Only the hotel and restaurant industry has reported falling sales and turnover. The strong Swiss franc, little snowfall and late Easter holiday are likely to have contributed to…

UBS client files complaint in Strasbourg

This content was published on May 5, 2011 He objects to having his account information revealed to the American tax authorities under the administrative assistance agreement between Switzerland and the United States. More specifically he cites violations of his right to privacy and of the principle of equal treatment. In early March, he was among a number of clients whose appeals were rejected…

UBS settles US rigged bids case

This content was published on May 5, 2011 UBS admitted and accepted responsibility for illegal, anti-competitive conduct by former employees from 2001-2006 in contracts for cities and towns in 24 states, the US Justice Department said on Wednesday. The local governments were looking to invest their proceeds from municipal bond sales – issued to build schools, hospitals and roads – and former UBS…

Glencore announces share float

This content was published on May 4, 2011 The company says it aims to sell its shares for between $8-$9.67 on the London Stock Exchange starting May 24. A secondary flotation is planned for Hong Kong a day later. Glencore aims to raise about $10 billion from the initial public offering that will catapult it straight into the FTSE 100 on the first…

Actelion to appeal against $547-million fine

This content was published on May 4, 2011 A jury in the Superior Court of the State of California awarded Asahi $547 million (SFr472 million) in compensatory damages as well as punitive damages against individual officers of Actelion. In a statement released one day ahead of its annual general meeting, the group, Europe’s largest of its kind and based near Basel, said that…

Date rape drug seized by customs

This content was published on May 3, 2011 The amount is equal to 75,000 two-millilitre doses of the substance, which is also often taken for recreational use. It has been listed as an illegal drug in Switzerland since 2002. Most such synthetic drugs are ordered over the internet and delivered by post to Switzerland, according to the Federal Health Office. Suppliers are based…

Youth science judged exceptional

This content was published on Apr 30, 2011 The winning projects included studies about women in management positions and the mathematical intricacies of a popular card game known as Jass. The jury evaluated 64 projects by 78 young people aged between 16 and 23. A further 19 projects were judged to be “excellent”. Present at the awards ceremony in Zurich was Economics Minister…

Qatar bankrolls revamped five-star hotel

This content was published on Apr 29, 2011 But it remains to be seen whether the Swiss capital, which is better known as a political than a financial location, is big enough for two five-star hotels – the Bellevue Palace being the other. On April 16 the ribbon was cut on the lobby and bar, then the restaurant, and over the coming weeks…

SNB profit jumps 20 per cent in Q1

This content was published on Apr 29, 2011 The result rests largely on profits from foreign currency positions, which increased to SFr1.6 billion compared with a loss of SFr872 million for the same period a year earlier. The bank said strong fluctuations in the results were normal as its business depends mostly on gold, foreign exchange positions and capital markets. The SNB, which…

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