Archive – Banking & Fintech

Swiss Life posts mixed results

This content was published on Mar 30, 2010 This is down around 20 per cent on 2008 when the results were boosted by disposal gains. The net profit announced on Tuesday was below analysts’ expectations, as the Zurich-based company struggled under the weight of restructuring costs at German advisory unit AWD. Swiss Life said profit from its continuing operations was SFr324 million in…

Migros posts record results

This content was published on Mar 30, 2010 “Despite the economic crisis and depressed consumer mood, Migros has developed in a good way in the business year 2009 and strengthened its leading position in the Swiss market,” Migros said in a statement. The operating result jumped by 3.6 per cent on 2008, which the company attributed to a massive increase in productivity. But…

Fastweb founder resigns from board

This content was published on Mar 30, 2010 Silvio Scaglia, who served as a non-executive director, has left his post with immediate effect, a Fastweb statement said on Monday evening. Fastweb is involved in a probe into tax fraud and money laundering with alleged mafia links. The investigation into former and present Fastweb employees has already caused reputational damage to the firm, which…

Speaking scanners offer practical help to blind

This content was published on Mar 30, 2010 For blind people a device that reads food labels is a practical aid in the kitchen, but the database of products it can identify is still quite limited. “So far the scanner can just read the barcodes of the [biggest] retailer Migros,” says Martin Mischler, IT consultant with the Swiss Association for the Blind. “But…

Credit Suisse approved for India branch

This content was published on Mar 29, 2010 The proposed Mumbai branch will be able to accept deposits and help provide financing to clients, complementing the capabilities of Credit Suisse’s non-bank financial company in India, the bank said. Credit Suisse applied for the licence in 2008. The Zurich-based bank will be able to trade domestic fixed-income products and foreign exchange, and will be…

Power prices for homes surged in 2009

This content was published on Mar 29, 2010 Prices increased 2.8 to 12.5 per cent between 2008 and 2009, depending on the category. Hardest hit were homes with electric furnaces. Monthly bills had dropped in the year pre-liberalisation years of 2004-2008. That trend has now stopped. A five-room flat with an electric stove and dryer saw rates increase 1.6 per cent annually between…

Bottle-fed babies exposed to disruptive chemical

This content was published on Mar 29, 2010 BPA can mimic the body’s own hormones, and some scientists believe it can adversely affect a person’s health. But how much is required to achieve this effect is still being debated. The researchers from Zurich’s Federal Institute of Technology say the estimated levels are well below the tolerable daily intake currently set by European authorities.…

Are too big to fail banks too hard to control?

This content was published on Mar 28, 2010 But regulating such large and complex institutions runs the risk of the rules themselves creating instability. Two national taskforces are currently weighing up how to solve the conundrum. The catastrophic effects on the Swiss economy of UBS or Credit Suisse going bankrupt are obvious. The two largest banks inject a large share of the 15…

Swiss image remains good in US eyes

This content was published on Mar 27, 2010 What’s more, Switzerland’s image doesn’t appear to have been hurt by recent transatlantic disputes involving UBS and banking secrecy, according to a study by research centre IDHEAP on behalf of Presence Switzerland, the government’s PR agency. “America loves Switzerland! We’re extremely similar: we’re dynamic, innovative, competitive worldwide, and that’s recognised in America,” Martin Naville, CEO…

Scottish island group sold to Swiss businessman

This content was published on Mar 27, 2010 The deal, which was worth about £2.5 million (SFr4 million), includes the island of Sanda, which has its own pub but only one resident, as well as neighbouring Sheep Island and Glunimore Island. The sale was confirmed by the previous owner of the islands, according to local media and the British Broadcasting Corporation. The buyer…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss Life posts mixed results

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Migros posts record results

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Fastweb founder resigns from board

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Speaking scanners offer practical help to blind

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Credit Suisse approved for India branch

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Power prices for homes surged in 2009

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Bottle-fed babies exposed to disruptive chemical

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Are too big to fail banks too hard to control?

More

Swiss image remains good in US eyes

More

Scottish island group sold to Swiss businessman

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