Archive – Banking & Fintech

UBS settles case with US hospital group

This content was published on Apr 26, 2010 The litigation came in the wake of an estimated $2.7 billion accounting fraud at the Alabama-based HealthSouth. UBS insurers will pay $117 million to HealthSouth shareholders and $100 million to bondholders. UK accounting firm Ernst & Young LLP has also agreed to pay a settlement of $33.5 million to the bondholders. According to court documents,…

Why Switzerland’s wealth is all relative

This content was published on Apr 26, 2010 According to a 2006 report issued by the World Bank and entitled “Where is the Wealth of Nations?”, Switzerland is indeed the richest, with theoretical assets of $648,000 (SFr 688, 500) per capita. That was long before the financial crisis that started in 2008, and whose consequences are still being very much felt. A speaker…

Swiss turn down proposal for tax on banks

This content was published on Apr 25, 2010 Hans-Rudolf Merz told journalists that Switzerland’s case of helping a bank in trouble was different from that of other countries which had come to the rescue of their financial institutions. The idea for such a tax has the support of countries that include the United States and Britain. While the IMF maintains that the world…

Trade unions demand stable financial sector

This content was published on Apr 24, 2010 The political left has for decades been demanding tax equality and an end to banking secrecy to prevent people profiting from tax evasion. However, the details of a proposed “clean assets” strategy are far from concrete. Pressure from other countries led the government to decide a year ago that it could do away with the…

Kuoni counts cost of volcano turmoil

This content was published on Apr 23, 2010 Switzerland closed its airspace for several days to protect aircraft from the cloud of volcanic ash spreading across Europe from Iceland. Even after it was reopened on Tuesday, a number of flights still had to be cancelled. The costs will be incorporated into Kuoni’s quarterly figures. Kuoni said almost all its 7,500 clients with a…

Salaries show strong increases in 2009

This content was published on Apr 23, 2010 The increase is the highest recorded in eight years but the statistics office points out that salaries for 2009 were agreed during the previous autumn when the effects of the economic crisis had not fully been felt. The figure in real terms takes into account a negative inflation rate of 0.5 per cent. Commenting on…

Group seeks to curb risks posed by banks

This content was published on Apr 22, 2010 The report published on Thursday establishes broad guidelines to limit risks that banks that are “too big to fail” could pose for the overall Swiss economy. The report has yet to be finalised but the suggestions include regulating a bank’s equity, liquidity, risk allocation and organisational structure. The final report is due out in the…

Nestlé sales show healthy growth

This content was published on Apr 22, 2010 The company said it was confident about prospects for the rest of 2010 as the economic recovery began to make itself felt. First-quarter revenues were higher than analysts’ expectations and included real internal growth of 4.8 per cent. Nestlé, which has a stable of brands that include Nescafé and Nespresso coffee, Gerber baby food and…

Bank profits frustrate out of pocket clients

This content was published on Apr 22, 2010 The plaintiffs claim they were poorly advised on being sold Lehman Brothers products before the United States bank collapsed. Credit Suisse pointed out that it made an SFr150 million ($140 million) settlement last year. Credit Suisse reported on Thursday net income of SFr2.1 billion for the first three months of 2010, on top of a…

Foreign trade shows recovery

This content was published on Apr 22, 2010 The balance of trade showed a SFr 5.7 billion ($5.34 billion) surplus. Exports made significant gains, despite the strong franc, with the watch and metallurgical industries each exporting about a third more, and the chemical industry up by a quarter. Demand for Swiss exports rose in all continents, with the greatest increase to countries of…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS settles case with US hospital group

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Why Switzerland’s wealth is all relative

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Swiss turn down proposal for tax on banks

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Trade unions demand stable financial sector

More

Kuoni counts cost of volcano turmoil

More

Salaries show strong increases in 2009

More

Group seeks to curb risks posed by banks

More

Nestlé sales show healthy growth

More

Bank profits frustrate out of pocket clients

More

Foreign trade shows recovery

Popular Stories

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