Archive – Banking & Fintech

Cabinet backs IMF loan for developing countries

This content was published on Jun 18, 2010 Parliament must now decide on whether to approve the loan, which was requested by the IMF. The IMF intends to provide developing countries, also affected by the economic crisis, with adequate support. The fund’s decision to increase its loan fund by $13.5 billion over the next five years should allow the promotion of sustainable macroeconomic…

Swiss firms await Libya diplomatic outcome

This content was published on Jun 17, 2010 Swiss exports to Libya plunged 45 per cent last year and imports from the African state fared even worse – down by more than three-quarters. Libyan oil supplies have also plummeted while banks have seen massive withdrawals. These are the economic consequences of a diplomatic fallout between the two countries that followed the arrest of…

Central bank holds interest rate steady

This content was published on Jun 17, 2010 The three-month Libor range will remain unchanged at 0-0.75 per cent. Also on Thursday the central bank revised economic growth predictions upwards from 1.5 per cent to around 2.0 per cent. It does not believe this will result in excessive inflation this year or next. Growth is forecast to pick up in Switzerland this year,…

Swiss industry gets back on track

This content was published on Jun 17, 2010 Production figures for the first quarter of 2010 are up 5.3 per cent compared with the start of 2009, according to a report released by the Federal Statistics Office on Thursday. Turnover is up 3.1 per cent. There was also a 13.1 per cent rise in orders received. Consumer products experienced the strongest growth. The…

American citizens contest reporting rules

This content was published on Jun 16, 2010 According to the ACA, the legislation, called the Foreign Account Tax Compliance Act (FATCA) will have a severe, negative impact on American citizens living and working around the world. This week the ACA sent a 13-page letter outlining its concerns to the Internal Revenue Service (IRS), members of Congress and other key figures, including President…

More women than men work at interior ministry

This content was published on Jun 15, 2010 The percentage of women working at the federal ministry in 2009 was 51.8 per cent, whereas in 1993 it was just 31.5 per cent. The number of women at the ministry has grown 65 per cent in 18 years. In the higher wage bracket the number of women has trebled. In the top wage group,…

House approves UBS-IRS deal with big caveat

This content was published on Jun 15, 2010 Parliamentarians on Tuesday voted 81-61 to approve the controversial treaty with 53 abstentions and one sizeable hiccup: they also voted 106-80 to allow a possible referendum on the matter. The House’s decision was critical, as a “no” would have sunk the whole deal, which the government says is crucial toward maintaining a healthy economic position…

Nestlé sues over Nespresso-styled capsules

This content was published on Jun 15, 2010 The Sara Lee Corporation is being prosecuted in France for patent infringement, Nestlé said in a statement on Tuesday. “We appreciate fair competition,” said the group, adding however that it would “always take the necessary steps to defend intellectual property”. Sara Lee has sold 12 million of its own version of the coffee capsules, named…

No cheap way out for Transocean

This content was published on Jun 15, 2010 A federal judge in Houston, Texas, ruled on Monday that the owner of the Deepwater Horizon oil rig that exploded and sank cannot use a 159-year-old maritime law to cap its damages at $27 million (SFr30.8 million). The Limitation of Liability Act of 1851 states that a vessel owner is only liable for the post-accident…

Economy forecast to grow by 1.9 per cent

This content was published on Jun 14, 2010 The Swiss Business Federation, economiesuisse, on Monday predicted economic growth of 1.9 per cent for this year and 1.6 per cent for next year. In 2009 growth declined by 1.6 per cent. Economiesuisse said the Swiss economy had weathered the storm relatively well compared with other countries, and the moderate increase in unemployment had helped…

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