Archive – Banking & Fintech

Strong franc slows economic growth

This content was published on Sep 20, 2010 The institute said in its annual autumn report released on Monday that Switzerland’s Gross Domestic Product (GDP) had soared 2.7 per cent this year, surpassing the European Union and the United States. In June forecasters had predicted GDP growth at 1.8 per cent. Growth will likely slump to 1.8 per cent for 2011 as exports…

Swiss bankers urge restraint ahead of reforms

This content was published on Sep 19, 2010 Speaking at the association’s annual address, SBA chairman Patrick Odier called for “proportionate” regulations that would not be “detrimental to the financial centre and the wider economy.” This week the Basel Committee on Banking Supervision agreed new rules that would require banks to hold more capital reserves to cover potential losses. The Basel III rules…

UBS client gets one year prison sentence

This content was published on Sep 18, 2010 The US Department of Justice said on Friday that this was the longest prison sentence to be handed down for using a “secret” UBS account in Switzerland. The offender is part of a group of seven tax-dodgers who pleaded guilty of tax evasion in Switzerland in April. The man, a New York financial advisor, was…

Aviation biofuels hold “great promise”

This content was published on Sep 17, 2010 Executives say that by 2050 advanced technologies, including biofuels, should go 50 per cent of the way towards halving emissions from planes from 2005 levels – their declared aim. “Aviation biofuels hold great promise,” Paul Steele, head of the Air Transport Action Group, a joint lobby for airlines, airports and aircraft makers, told swissinfo.ch on…

Danes sell Sunrise for SFr3.3 billion

This content was published on Sep 17, 2010 The deal should be concluded during the final quarter of 2010 if the Swiss competition authorities approve the sale. “We are very pleased with this merger,” Sunrise CEO Oliver Steil said in a statement. “With CVC we are getting the support of a strong, long-term financial partner.” Sunrise has been owned by the Danish TDC…

Central bank ponders repeat franc rescue act

This content was published on Sep 16, 2010 With the global economic recovery cooling off and the franc again rising against both the euro and the dollar, the central bank said on Thursday that it was poised to act if the twin deflationary threats worsened. The SNB recently came under heavy criticism after revealing that it had accrued a paper loss of SFr14.3…

Economic crisis clips Swiss wings

This content was published on Sep 15, 2010 According to the Federal Civil Aviation Office (FOCA), there were 410,000 flight movements (take offs and landings) in 2009. That is 21,000 fewer than in 2008. However, the 2009 figure for scheduled and charter air traffic is significantly lower than the record high reached in 2000 when there were 538,000 movements. The bankruptcy of the…

Vekselberg takes on ministry after huge fine

This content was published on Sep 15, 2010 Vekselberg and two co-accused will fight the combined SFr120 million ($120 million) penalty at a court hearing starting on Wednesday. The verdict could have significant repercussions for the future regulation of share transactions. Experts say the result of the proceedings will test the credibility of the finance ministry as the guardian of fair stock market…

Restoring UBS reputation “hinges on actions”

This content was published on Sep 14, 2010 The bank hopes to take advantage of a recent upturn in its fortunes with a public relations offensive. But the success or failure of this slick presentation campaign depends on what lies beneath its surface. UBS has suffered a spectacular fall from grace in the past two years after writing off more than $50 billion…

Banks await “Swiss finish” to Basel III rules

This content was published on Sep 13, 2010 UBS and Credit Suisse must still wait for the results of a Swiss report into the “too-big-to-fail” issue later this month before they can assess the implications for their business. The Basel III reforms, hammered out on Sunday but yet to be rubber stamped later this year, lay down measures designed to help prevent another…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Strong franc slows economic growth

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Swiss bankers urge restraint ahead of reforms

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UBS client gets one year prison sentence

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Aviation biofuels hold “great promise”

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Danes sell Sunrise for SFr3.3 billion

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Central bank ponders repeat franc rescue act

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Economic crisis clips Swiss wings

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Vekselberg takes on ministry after huge fine

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Restoring UBS reputation “hinges on actions”

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Banks await “Swiss finish” to Basel III rules

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