Archive – Banking & Fintech

Central bank posts loss of almost SFr20 billion

This content was published on Mar 3, 2011 The stability fund, the fund with toxic assets from Swiss bank UBS, made up for some of the hefty losses from the SNB’s currency interventions and recorded a profit of SFr2.6 billion. The SNB and its chairman Philipp Hildebrand have come under fire over the losses on the currency reserves, built up during interventions that…

Designer bodies

This content was published on Mar 2, 2011 The 81st Geneva Motor Show opens this week with the usual media hype and plenty of new bodywork to admire, and even more under the hood. Mass-market carmakers are once again promoting green technologies, claiming it will help them weather the impact of skyrocketing fuel prices, while less humble sportscar makers continue to flaunt their…

Swiss Life doubles profits in 2010

This content was published on Mar 2, 2011 Reporting full-year results for 2010, the company said turnover grew four per cent to SFr20.2 billion after foreign exchange rates had been taken into account. The company credited operational improvements, cost cutting measures and a successful investment programme with the results. “An important factor here, in addition to the improvements at operational level, continuing disciplined…

NZ earthquake to cost Swiss Re $800 million

This content was published on Mar 2, 2011 The total insured claims for the insurance sector caused by the February 22 disaster are estimated to be between $6 billion and $12 billion, Swiss Re said. The magnitude 6.3 earthquake which struck the Christchurch region of the South Island of New Zealand last month caused fatalities and widespread damage, particularly in the business district…

Switzerland cautioned over taxation transparency

This content was published on Mar 2, 2011 In an interview with swissinfo.ch, Pascal Saint-Amans, head of the Global Forum on Transparency and Exchange of Information of Tax Purposes, praised Finance Minister Eveline Widmer-Schlumpf for her recent moves to relax conditions for the release of data on foreign bank account holders. “The Swiss should not make a minor point of serious questions of…

Swatch creates more jobs as sales boom

This content was published on Mar 1, 2011 Nick Hayek also said the world’s largest watchmaking concern was aiming for record sales of more than SFr7 billion ($7.5 billion) this year. In an interview published on Tuesday, Hayek said that January had been the fourth-best month in the group’s history and spoke of an “incredible dynamism”. Annual sales at high-end Omega would approach…

Foreign firms look beyond low Swiss taxes

This content was published on Mar 1, 2011 Two of the best examples are internet search company Google, which in Zurich created its largest engineering lab outside the United States, and online auction website eBay that has its international headquarters in Bern. Low taxes are often cited as the main reason why foreign companies are attracted by Switzerland as a business location but…

Economy gains ground at the end of 2010

This content was published on Mar 1, 2011 Gross Domestic Product grew by 0.9 per cent compared with the previous quarter, according to a statement on Tuesday from the State Secretariat for Economic Affairs. The Swiss National Bank, which has forecast a slowdown of growth to about 1.5 per cent this year from the 2.6 per cent in 2010, holds its next policy…

Raw material prices pose corporate challenges

This content was published on Mar 1, 2011 The world of commodity risk management involves far more than keeping tabs on the price fluctuations of raw materials. It also encapsulates logistics, politics, currency exchange rates and weather forecasting. In February, Swiss food giant Nestlé said it expected rising commodity prices to add SFr2.5 to SFr3 billion ($2.7 to $3.2 billion) in additional costs…

Tax evasion glare turned on Credit Suisse

This content was published on Feb 27, 2011 Efforts by the Swiss authorities to purge the financial centre of ill-gotten gains, following the UBS debacle, have failed to deter countries from pursuing aggressive legal measures against other banks. The US indictments on Thursday follow the arrest of another Credit Suisse employee and – in a separate case – another raid by the German…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Central bank posts loss of almost SFr20 billion

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Designer bodies

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Swiss Life doubles profits in 2010

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NZ earthquake to cost Swiss Re $800 million

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Switzerland cautioned over taxation transparency

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Swatch creates more jobs as sales boom

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Foreign firms look beyond low Swiss taxes

More

Economy gains ground at the end of 2010

More

Raw material prices pose corporate challenges

More

Tax evasion glare turned on Credit Suisse

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