Archive – Banking & Fintech

German army buys trucks from Swiss company

This content was published on Apr 15, 2010 Equipped with machine guns, the Eagle IV trucks are intended to be used for patrol and humanitarian duties in Afghanistan. Mowag confirmed the news on Thursday after a report appeared in the German edition of the Financial Times. The defence ministry told the paper the order was being rushed through in response to the worsening…

Government upbeat about state-owned companies

This content was published on Apr 15, 2010 As the communications ministry announced on Thursday, the postal and telecom companies were successful in reaching their targets. But it said that the railways’ track record was less good. In particular, its struggling cargo division had a negative effect on other areas of business. Although the rail company achieved its punctuality targets, passengers complained about…

UBS has “witnessed a Waterloo”

This content was published on Apr 15, 2010 Commentators say the decision not to exonerate former CEO Marcel Ospel and other top managers of allowing the bank to suffer record losses and reputational damage is nothing short of historic. “Shareholders yesterday preferred honesty over immediate profit,” the Geneva-based Le Temps newspaper said in an article titled, “Shareholder courage”. “It was a courageous and…

Banks targeted over cluster bomb investments

This content was published on Apr 14, 2010 The investments occur despite the entry into force of the international treaty banning cluster munitions on August 1, groups claim. Switzerland, which formally signed the text in 2008, is expected to ratify it in 2011. “It’s unacceptable that our pension funds or the savings of the Swiss people are invested in producing weapons that kill…

Birkenfeld lawyers to ask for clemency

This content was published on Apr 14, 2010 Lawyers acting on behalf of Bradley Birkenfeld said they would file a petition on Thursday. Its timing coincides with the day most tax returns in the United States are due. The petition seeks a reduction in Birkenfeld’s three-year-plus sentence for a fraud conspiracy conviction to time served since he reported to prison on January 8.…

Shareholders hold UBS ex-bosses accountable

This content was published on Apr 14, 2010 At the bank’s annual general meeting on Wednesday, shareholders voted against exonerating the bank’s 2007 management, which includes former chairman Marcel Ospel, from all blame. The rebellion opens the door to possible civil or even criminal law suits. The Swiss bank’s current leadership had urged shareholders to clear their predecessors of blame following an internal…

Cabinet sends UBS deal to parliament

This content was published on Apr 14, 2010 It also said on Wednesday that UBS should pay some SFr40 million ($38 million) in costs associated with providing assistance to US requests for information. The cabinet had previously decided the bank would be only on the hook for SFr1 million. The US has accused clients of the embattled bank of evading taxes. The Swiss…

UBS shareholders approve bonus increases

This content was published on Apr 14, 2010 At Wednesday’s annual general meeting of the bank in Basel 54.7 per cent of shareholders voted to accept the report, with 39.4 per cent against and 5.8 per cent abstaining. Earlier the bank’s chairman, former Swiss cabinet minister Kaspar Villiger, said UBS had lost entire investment teams and their clients to rival banks last year…

Swiss may vote on jobless benefits reform

This content was published on Apr 14, 2010 The Social Democrats and trade unions behind the initiative must gather 50,000 signatures in support of the referendum by July 8. Proponents are against planned reforms to the law on state-run unemployment benefits and say undermining the country’s social security system would particularly affect young people. The initiative was launched last month after a reform…

UBS and downs

This content was published on Apr 14, 2010 Over the past few years, UBS has garnered a lot of negative press. Extraordinary general assemblies and public protests have been occuring with increasing frequency.

Archive – Banking & Fintech

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German army buys trucks from Swiss company

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Government upbeat about state-owned companies

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UBS has “witnessed a Waterloo”

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Banks targeted over cluster bomb investments

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Birkenfeld lawyers to ask for clemency

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Shareholders hold UBS ex-bosses accountable

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Cabinet sends UBS deal to parliament

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UBS shareholders approve bonus increases

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Swiss may vote on jobless benefits reform

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UBS and downs

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