Archive – Banking & Fintech

Swiss banks deny currency speculation claim

This content was published on Jan 11, 2011 The Swiss Business Federation, economiesuisse, supported the banks’ argument that there is no need to renew a “gentleman’s agreement” with the central bank to prevent currency traders from betting against the euro. The strength of the safe haven Swiss franc continues to haunt exporters and the tourism industry as it reaches new heights against the…

A small but excellent vintage for Swiss wines

This content was published on Jan 10, 2011 Production sank 7.8 per cent to 1.03 million hectolitres last year, the Agriculture Office said in a statement. “The maturity of the harvest, the sugar concentration and the balance between alcohol and acidity are remarkable,” it said. “But the quantity of the harvest is less satisfactory.” The winter was hard but followed by a mild…

Direct Zurich-Beijing flights to restart

This content was published on Jan 10, 2011 The two airlines said on Monday that the flights would start on July 7 and end on October 14, provided they obtain the necessary rights. Swiss spokesman Jean-Claude Donzel told swissinfo.ch that the new flight is aimed chiefly at the tourist trade. Agreements had been made with Swiss and Chinese tourist agencies, but tickets will…

Credit Suisse restructures bonus system

This content was published on Jan 10, 2011 In a statement published on its website on Monday, it explains that a larger proportion of the bonuses will be subject to deferred payment, and there will be fewer cash payouts. It has also lowered the threshold for deferred bonus restrictions, with the result that more employees will be affected. The changes will apply to…

Swiss flights allowed back into Russian airspace

This content was published on Jan 9, 2011 The Swiss company confirmed reports that its aircraft are again allowed to enter Russian airspace since January 1 following an agreement between the aviation authorities of both countries. The ban had affected Swiss’ flights to Shanghai and Hong Kong, resulting in longer journeys and higher fuel costs. A year ago the Swiss finance ministry decided…

Thousands follow tax amnesty call

This content was published on Jan 7, 2011 The agency said 4,489 delinquent taxpayers in 21 cantons came forward last year. Five cantons did not reveal any details. Canton Zurich saw the greatest number of people owning up – around 1,400 – declaring SFr666 million ($690 million) of previously untaxed assets. In comparison, canton Geneva could win over only 293 people to the…

Bankruptcies reach record level

This content was published on Jan 7, 2011 However, more new companies were also registered, and the total number of companies in Switzerland increased. Company bankruptcies were up by 19.9 per cent against 2009, which was itself a record year. However, Creditreform explained that the rise could largely be attributed to a change in the law. The greatest increase in company bankruptcies was…

Consumers worried by health costs and alcohol

This content was published on Jan 7, 2011 A survey had shown that for the fourth year in a row concerns about increasing health costs are foremost on people’s minds, the forum said on Friday. The poll was carried out among 1,000 people in December. Alcohol abuse by young people and youth violence as well as “aggressive advertising” and “questionable business practices on…

Exporters get creative to fight strong franc

This content was published on Jan 6, 2011 Twelve months ago one euro cost SFr1.50. Today it is worth SFr1.26. Economiesuisse expects it to stabilise at SFr1.33 in 2011. With 90 per cent of its products exported, the Vaud-based temperature and pressure instrument firm Rüeger is suffering. “To offset our losses we are reducing costs by purchasing raw materials in euros and US…

Transocean criticised by oil spill commission

This content was published on Jan 6, 2011 “Whether purposeful or not, many of the decisions that BP, Halliburton and Transocean made that increased the risk of the Macondo blowout clearly saved those companies significant time (and money),” said a report by the White House oil spill commission. The report ultimately blamed management failures for the April 20 explosion that ruptured the Macondo…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss banks deny currency speculation claim

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A small but excellent vintage for Swiss wines

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Direct Zurich-Beijing flights to restart

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Credit Suisse restructures bonus system

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Swiss flights allowed back into Russian airspace

More

Thousands follow tax amnesty call

More

Bankruptcies reach record level

More

Consumers worried by health costs and alcohol

More

Exporters get creative to fight strong franc

More

Transocean criticised by oil spill commission

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