Archive – Banking & Fintech

CS takes legal action over data theft

This content was published on Mar 27, 2010 “We still don’t know whether there is a CD containing data of CS clients. But we handed in the complaint against parties unknown,” CS chairman Hans-Ulrich Doerig told the Neue Zürcher Zeitung newspaper. He added that the bank had no official knowledge of data theft, but it assumed from reports that its clients were among…

Swiss economy expected to keep up recovery

This content was published on Mar 26, 2010 The KOF Swiss Economic Institute has predicted sustained gross domestic product (GDP) growth, falling unemployment and a pick-up in exports as a result of a weakening of the franc. However, there are still potential hurdles to a recovery. Switzerland held out relatively well against the global recession, but still suffered a 2.5 per cent GDP…

Bern and Berlin hammer out new tax accord

This content was published on Mar 26, 2010 Swiss finance minister Hans-Rudolf Merz and his German counterpart, Wolfgang Schäuble, on Friday initialled an accord that is set to help Germany in its campaign against tax cheaters. “We are determined to solve the problem,” Schäuble told a news briefing after talks on bilateral tax issues with Merz. A bilateral working group is now set…

UBS called to court in Madoff-related case

This content was published on Mar 26, 2010 The investors, who lost all their money, accuse the bank of irresponsibility in presenting its Luxalpha fund as relatively safe and failing to mention the Madoff connection. A lawyer representing them said they had good reason to demand compensation after being “deceived” by UBS. They are asking for €100,000 (SFr142.900) each. A first hearing has…

Optimism returns in watch sector

This content was published on Mar 25, 2010 The fair organisers said 100,700 people from about 100 countries attended the show in the Swiss city. The eight-day fair, which brought together 1,915 exhibitors, was held amid signs that the industry is recovering from the economic crisis. Exports in the Swiss watch sector were down by more than 22 per cent last year, but…

Franc’s rise against the euro causes concern

This content was published on Mar 25, 2010 Leuthard, who holds Switzerland’s rotating presidency this year, says the franc is “at a quite crucial level”. The euro was trading at a record low of SFr1.4274 ($1.33) on Thursday. Leuthard told reporters in Bern that it was up to the Swiss National Bank to decide whether to intervene to soften the franc. The eurozone…

Technology group Ruag dips into red

This content was published on Mar 25, 2010 The Bern-based concern said charges of SFr160 million in its aerostructures division were the result of the risky outlook in operations for civil aviation manufacturers, programme delays in major civil aircraft projects and unfavourable price and exchange-rate trends. Sales in 2009 at Ruag, which is wholly owned by the Swiss government, totalled SFr1.7 billion, up…

Credit Suisse CEO sees 2009 pay leap

This content was published on Mar 25, 2010 Dougan, an American who has been CEO since May 2007, received a basic salary of SFr1.25 million plus bonuses, shares and pension awards of SFr17.7 million, the bank reported on Thursday. The total is almost seven times the compensation Dougan received for 2008. The annual report of Credit Suisse showed that the 13 members of…

Alstom bosses held on bribe charges

This content was published on Mar 24, 2010 The British Serious Fraud Office (SFO), which announced the arrests on Wednesday, has been working closely with the Swiss federal police. The SFO said in a statement it suspected bribes were paid in order to win contracts overseas and that this had involved associated money laundering and other offences. The three men arrested, who are…

US court upholds ruling against Credit Suisse

This content was published on Mar 24, 2010 A US district court judge in New York upheld a 2009 arbitration award and cited a “record replete with evidence of Credit Suisse’s fraud”. The bank will have to pay back the unpaid balance totalling around $354 million (SFr375 million) of a $431 million award. “Credit Suisse has grasped unsuccessfully at straws to avoid payment…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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CS takes legal action over data theft

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Swiss economy expected to keep up recovery

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Bern and Berlin hammer out new tax accord

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UBS called to court in Madoff-related case

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Optimism returns in watch sector

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Franc’s rise against the euro causes concern

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Technology group Ruag dips into red

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Credit Suisse CEO sees 2009 pay leap

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Alstom bosses held on bribe charges

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US court upholds ruling against Credit Suisse

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