Archive – Banking & Fintech

Private bankers take attack to regulators

This content was published on Jan 14, 2011 Bankers complained of a series of ill-advised knee-jerk reactions to the global tax evasion clampdown after regulators were spooked by the prosecution of UBS in the United States. Yves Mirabaud, president of the Geneva Private Bankers Association, blamed the situation on debt-ridden countries that are intent on “winning back tax income at any cost” to…

Swiss economy “most liberal” in Europe

This content was published on Jan 13, 2011 Switzerland scored a total of 81.9 points out of a possible 100 in the Index of Economic Freedom and took top spot away from Ireland. The Swiss result was 0.8 of a point better than the previous year, while Ireland lost two places as a result of the financial crisis. Worldwide, Hong Kong was ranked…

Eurogroup president says Europe has debt crisis

This content was published on Jan 13, 2011 Juncker, who was speaking at an event in Zurich on Wednesday evening, said: “We do not have a euro crisis. We have a debt crisis.” He added that it was no catastrophe that the euro had fallen by about 15 per cent against the Swiss franc. “The euro will be around for longer than me,”…

Passenger numbers at airports take off

This content was published on Jan 12, 2011 Nearly 12 million people used Geneva airport last year, an increase of 4.9 per cent compared to 2009. The rise was surprising since the airport was shut for several days, first in April due to the cloud of ash from an Icelandic volcano that grounded aircraft across Europe and then in December because of snowfall.…

Trade with Canada gets a boost

This content was published on Jan 12, 2011 The goal of the centre is to support entrance into the Canadian market of small and medium sized companies from Switzerland and Liechtenstein. The new Canadian hub will have satellite offices in Vancouver and Montreal. The SBH Canada is the 18th set up by Osec around the world in partnership with the Swiss foreign ministry.…

Strong Swiss franc gives Switzerland the jitters

This content was published on Jan 11, 2011 The value of the Swiss currency, most notably against the euro, is causing alarm among Swiss exporters, particularly those who sell in the eurozone. Their products are becoming increasingly expensive. Europe, and in particular Germany, are Switzerland’s largest export markets. Invited to the meeting, which is being organised by the State Secretariat for Economic Affairs…

Switzerland may contribute more to the IMF

This content was published on Jan 11, 2011 This finding, announced on Tuesday, endorses the views of the Swiss cabinet and Senate. The House’s foreign affairs committee voted 14 to 9 with one abstention in favour of Switzerland supporting the revised New Arrangements to Borrow (NAB) scheme. The aim is to help the IMF cope better with countries which run into problems on…

Swiss banks confident about future

This content was published on Jan 11, 2011 More than half of the 60 survey respondents said they had come out of the financial crisis in better shape. Two thirds forecast positive developments in the global financial markets in 2011. The Bank Barometer 2011, produced on Tuesday by consultancy firm Ernst & Young, tested the expectations and fears of the Swiss banking community…

Resorts cash in on sun and snow

This content was published on Jan 11, 2011 The Swiss tourist industry had feared a significant decline in bookings from European holidaymakers due to the strong Swiss franc, which has raised the price of a vacation here by more than ten per cent since last year’s Christmas period. Tourism is a key industry in Switzerland, ranked fourth in the export sector, generating an…

Nestlé defends its Nespresso capsules in court

This content was published on Jan 11, 2011 The decision is being seen as a success for the Swiss food multinational against cheaper competition. Denner, which is a subsidiary of retailer Migros, had since mid-December been offering the generic capsules at a price of SFr0.25 ($0.26) per capsule. Customers pay almost double for a Nespresso capsule. The St Gallen commercial court has provisionally…

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