Archive – Banking & Fintech

Cardinal brewery to close its doors

This content was published on Aug 31, 2010 Citing overcapacity, Carlsberg said on Tuesday it would concentrate production of beer for the Swiss market in Rheinfelden, the home of Feldschlösschen, near Basel. Those affected in Fribourg will either be offered alternative employment within Feldschlösschen or retire. The factory will closed by June next year. A statement said Feldschlösschen would now begin discussion with…

Russian shops offer taste of home

This content was published on Aug 28, 2010 Alongside Russian restaurants, you can find Russian food shops and bookshops in Zurich, Geneva and Bern. And it’s not just Russians who are interested in buying imports from the homeland, but also people from other parts of the former Soviet Union as well as the Swiss themselves. According to the Russian embassy in Bern, there…

Switzerland complies as US tax deadline passes

This content was published on Aug 26, 2010 The State Secretariat for International Financial Matters (SIF), issued a statement saying that the Federal Tax Administration (FTA) had “issued the corresponding conclusive decrees” on the cases, as it was obliged to do by an agreement signed last August between Switzerland and the US. Client data in about half the cases has already been supplied…

Economic cooperation with Russia to increase

This content was published on Aug 26, 2010 The agreement was signed by the Swiss economics minister, Doris Leuthard, who is also this year’s Swiss president, and her Russian counterpart Elvira Nabiullina, during a meeting with Russian president Dmitri Medvedev, the Swiss economics ministry said. It replaces and extends a previous agreement which is due to expire at the end of the year.…

Novartis moves a step closer to Alcon buyout

This content was published on Aug 26, 2010 Novartis, which now has a 77 per cent stake in Alcon and a majority on its board, has been trying to buy the remaining 23 per cent in Alcon since exercising its option to buy the food group’s stake in January. Alcon’s Independent Director Committee has dismissed the Novartis offer for the minority stake as…

Economy sees decline of GDP in 2009

This content was published on Aug 26, 2010 The Federal Statistics Office reported it fell by 1.6 per cent at current prices. In view of the slight rise in the general price level, GDP at the previous year’s prices fell 1.9%, after an increase of 1.9% in 2008. Household consumer spending grew by one per cent last year, which helped to curb the…

Swiss franc breaks new record against euro

This content was published on Aug 25, 2010 This latest appreciation of the franc against the euro follows the Swiss National Bank’s decision not to further intervene in the currency market for the moment. The central bank announced in July that it spent around SFr132 billion to keep the Swiss franc down by boosting the demand for euros. The money went largely to…

Geneva private bankers targeted in attacks

This content was published on Aug 25, 2010 They confirmed a report of the attacks which appeared in the city’s Tribune de Genève newspaper. Geneva became a centre for private banking 200 years ago and the western Swiss city is now said to manage around ten per cent of international private savings. “I can confirm the information that appeared on Wednesday in the…

Regulator slaps hefty fine on Zurich Financial

This content was published on Aug 24, 2010 The supervisory body said on Tuesday this was the highest fine to date imposed on a single firm for data security failings. It added that Zurich UK, a subsidiary of ZFS, had lost a tape in South Africa containing details of 46,000 insurance customers. It was not aware of the loss until a year later,…

Another tax CD causes controversy in Germany

This content was published on Aug 24, 2010 A CD containing information about Swiss accounts was offered to the state earlier this year and later acquired by the German government. The new CD is said to include the names of 250 companies which allegedly deposited hundreds of millions of euros in Swiss bank accounts to avoid paying taxes to the German taxman. For…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Cardinal brewery to close its doors

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Russian shops offer taste of home

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Switzerland complies as US tax deadline passes

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Economic cooperation with Russia to increase

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Novartis moves a step closer to Alcon buyout

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Economy sees decline of GDP in 2009

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Swiss franc breaks new record against euro

More

Geneva private bankers targeted in attacks

More

Regulator slaps hefty fine on Zurich Financial

More

Another tax CD causes controversy in Germany

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