Archive – Banking & Fintech

US reforms are “no constraint” on big banks

This content was published on Jul 15, 2010 Swiss banks, like their US counterparts, have been using lobbyists to fight their corner while the reform was being drawn up, and Switzerland’s biggest bank Credit Suisse has already surmised that there won’t be any major impact on their US operations. Spurred on by the most expensive public rescue plan in US history after the…

Prince inspired by Lavaux vineyards

This content was published on Jul 15, 2010 The artist visited Lavaux last year when he appeared at the nearby Montreux Jazz Festival, said festival spokesman Francesco Laratta. Simon Tomei, head of transport for the festival, told the Swiss news agency that he had driven Prince through the area after picking him up at the airport, since the artist did not want to…

Novartis settles US discrimination lawsuit

This content was published on Jul 15, 2010 The damages are to be divided between about 5,600 women employees of the Novartis Pharmaceuticals Corporation, a United States affiliate of the group, covered by the 2004 class action lawsuit. Another $22.5 million will go towards improving its gender equality policies. The measures include revising sexual harassment training and strengthening complaint procedures. In a joint…

High cocaine levels present in Swiss water

This content was published on Jul 15, 2010 Until now, only rough estimates have been possible of how much cocaine is consumed in Switzerland, based mainly on police seizures and anonymous questionnaires. According to those sources, cocaine consumption in Switzerland has increased exponentially over the past five years, with between 25,000 and 60,000 Swiss thought to take the drug every day. Now a…

German tax raid targets Credit Suisse staff

This content was published on Jul 14, 2010 If such evidence is found, Credit Suisse could find itself in much the same position as UBS in the United States when key staff and the bank itself were prosecuted for aiding and abetting tax evasion. Some 13 Credit Suisse bank offices were searched in Düsseldorf, Berlin, Munich and other German cities after the authorities…

Strong franc continues to haunt Swiss economy

This content was published on Jul 14, 2010 The Swiss National Bank (SNB) has spent billions of francs buying euros in an effort to stem the franc’s rise. The SNB is expected to reveal a paper loss of up to €7.5 billion (SFr10 billion) when it announces half-year results next month. The central bank has slowed its intervention in the monetary markets as…

Migrant numbers drop during crisis

This content was published on Jul 12, 2010 The figures, cited in a report by the Organisation for Economic Co-operation and Development (OECD) presented on Monday, follow an overall trend in rich countries during the same period, as labour demand fell. In the five years before the economic crisis, migration helped plug gaps in the Swiss labour market, said the OECD. Around half…

Dairy farmers decry low milk prices

This content was published on Jul 12, 2010 Several dozen staged a demonstration in the Swiss capital Bern on Monday, calling for industry heads to help them earn a fair living. They say that BO Milch, the industry organisation, has failed to curb overproduction. This in turn has led to a dramatic fall in the price of milk. Uniterre – the farmers’ union…

UBS shareholders set sights on former bosses

This content was published on Jul 11, 2010 Former UBS chairman Marcel Ospel heads a list of targets for potential lawsuits following the bank’s fall from grace. The chances of legal action were boosted in April when shareholders voted against absolving 2007 executives from blame. UBS was Europe’s worst victim of the subprime mortgage collapse, writing down some $50 billion (SFr53 billion) while…

Swiss and German railways sign new deal

This content was published on Jul 9, 2010 The government-owned service and Germany’s Deutsche Bahn signed a memorandum of understanding in Basel on Friday. This deal will improve services between the two countries greatly according to the two companies, increasing train numbers as well as upgrading the current fleet. High-speed trains will run from the end of 2014 but will only reach their…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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US reforms are “no constraint” on big banks

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Prince inspired by Lavaux vineyards

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Novartis settles US discrimination lawsuit

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High cocaine levels present in Swiss water

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German tax raid targets Credit Suisse staff

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Strong franc continues to haunt Swiss economy

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Migrant numbers drop during crisis

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Dairy farmers decry low milk prices

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UBS shareholders set sights on former bosses

More

Swiss and German railways sign new deal

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