Archive – Banking & Fintech

ICRC triples its budget for Niger and Mali

This content was published on Apr 6, 2010 They are among millions hit by weather conditions and economic hardship. The ICRC is asking donors for an additional SFr23 million ($21.5 million) to bring its aid for the two African countries to SFr36 million for the next eight months. In Niger, the government believes that more than half the population is suffering from moderate…

US sex bias suit against Novartis set to begin

This content was published on Apr 6, 2010 The women, who have worked for the Swiss drug giant across the United States, claim that the company discriminated against them in the areas of pay, promotions, and pregnancy-related matters. The 17 plaintiffs – both current and former employees of Novartis – are representing 5,600 of their colleagues and seeking total damages of $200 million…

Oil prices fuel annual inflation

This content was published on Apr 6, 2010 Figures released on Tuesday for March show an inflation rate of 1.4 per cent, the highest since November 2008. In February 2010, it stood at 0.9 per cent. The Statistics Office reported that prices for domestic goods rose 0.8 per cent on the year, while prices for imported goods went up 2.9 per cent. It…

Banker payout under the spotlight

This content was published on Apr 4, 2010 “Those who made CS so successful can now reap the benefits,” said Oswald Grübel, former chief executive of CS and currently head of the rival UBS bank. Grübel said the bank had introduced the bonus system in 2005 to commit its top managers with a long-term programme of incentives. “This is exactly what the public…

Swisscom CEO takes helm of Fastweb

This content was published on Apr 3, 2010 The internet provider is under investigation for alleged tax fraud and money laundering. Fastweb CEO Stefano Parisi and three other managers have been suspended. Schloter said he would work out of Milan part time “for a few months”. In an interview with Bern-based Der Bund newspaper published on Friday, Schloter stressed there was no evidence…

Government pledges Haiti reconstruction money

This content was published on Apr 1, 2010 The Caribbean country was hit by a devastating earthquake in January. The Swiss government will contribute SFr35.6 million through 2012 on top of the SFr55 million collected by charities from private donations, according to a statement by the foreign ministry on Wednesday. Martin Dahinden, director of the Swiss Agency for Development and Cooperation (SDC), said…

Oerlikon continues to bleed, gets rescue deal

This content was published on Apr 1, 2010 The debt-laden technology group on Thursday announced it had slipped deeper into the red, losing SFr592 million last year, SFr170 million more than in 2008. Oerlikon will slash net debt by around 77 per cent under the plan, which came after months of negotiations between shareholders and bankers. It said it hoped to return to…

CS reignites bonus debate

This content was published on Mar 31, 2010 CEO Brady Dougan led the way among the 400 executives and managers by receiving shares worth around SFr71 million under a five-year bonus plan. Credit Suisse unveiled new compensation rules last year allowing the company to hold bonuses for three to four years and potentially take back pay if investments failed to perform over a…

UBS-US deal provisionally back on track

This content was published on Mar 31, 2010 The provisional application of the revised UBS protocol permits Switzerland to provide legal assistance in cases not only of tax fraud, but also of continued and serious tax evasion, the Federal Justice Office said on Wednesday. In January, a ruling by the Swiss Federal Administrative Court threatened to torpedo the US-Swiss agreement reached last August.…

Milk producer Emmi posts big profit increase

This content was published on Mar 31, 2010 Revenues fell last year to just over SFr 2.6 billion, the company said. Earnings before income and taxes were SFr109 million. Emmi said net sales fell 4.9 per cent at home but increased 7.9 per cent in international markets. Lucerne-based Emmi, which employs around 3,300 people in Europe and North America, said in a statement…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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ICRC triples its budget for Niger and Mali

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US sex bias suit against Novartis set to begin

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Oil prices fuel annual inflation

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Banker payout under the spotlight

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Swisscom CEO takes helm of Fastweb

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Government pledges Haiti reconstruction money

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Oerlikon continues to bleed, gets rescue deal

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CS reignites bonus debate

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UBS-US deal provisionally back on track

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Milk producer Emmi posts big profit increase

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