Archive – Banking & Fintech

Lindt sees profit fall more than a quarter

This content was published on Mar 16, 2010 The company said group sales fell 1.9 per cent to SFr2.525 billion in what it called “extremely difficult” market conditions for premium products. Organic growth, which measures income adjusted for currency fluctuations among other factors, stood at 2.3 per cent. Earnings before income and taxes fell 26.7 per cent to SFr264.8 million. The Kilchberg, Zurich-based…

Jobless to face higher hurdles

This content was published on Mar 15, 2010 Daily allowances would be reduced and waiting periods for eligibility extended, according to the amended law. Those under 25 years of age would also be required to accept any job offer, while those over 55 qualify for the maximum number of daily allowances only if they have paid contributions for a minimum of 22 months…

Economic crisis hits alpine freight hard

This content was published on Mar 15, 2010 There was a drop of 17.7 per cent in goods that went by rail and the number of trucks went down by 7.4 per cent compared with 2008. Switzerland’s transport policy aims to move alpine freight from road to rail, mainly for environmental reasons. But 2009 was not a good year – 61 per cent…

New and old management at UBS fuel costs

This content was published on Mar 15, 2010 The embattled bank, which has changed much of its management team over the past year, also allotted SFr41.3 million to outgoing members. Bailed out by public funds in 2008 in the aftermath of the subprime crisis in the United States and now under pressure in the US over American tax evaders, UBS made a loss…

UBS warns parliament about US tax treaty

This content was published on Mar 12, 2010 In a letter to parliamentarians, the embattled bank said the other Swiss banks might be next to face pressure from US regulators. It said the US Internal Revenue Service had collected information on the cross-border activities of about 20 Swiss banks and may soon put pressure on them to reveal details of American tax evaders.…

HSBC says bank data on 24,000 accounts stolen

This content was published on Mar 11, 2010 Previously the private bank had said information on no more than ten accounts had been stolen by a former IT employee, who passed the data onto the French authorities, setting off a row between Paris and Bern. “It is now clear that the theft, which was carried out by an employee of the [bank’s] IT…

Stolen data contains thousands of client accounts

This content was published on Mar 11, 2010 Previously, HSBC said it affected no more than ten. A former HSBC computer specialist admitted stealing client data from the bank which he passed to French tax authorities. “It is now clear that the theft, which was perpetrated by a former IT employee about three years ago, involves approximately 15,000 existing clients who had accounts…

Swiss flies profitably despite harsh headwinds

This content was published on Mar 11, 2010 The airline, owned by German state carrier, Lufthansa, said in a statement that total income from operating activities last year declined by 17 per cent to SFr4.36 billion compared with 2008. Swiss CEO Harry Hohmeister said he was satisfied with the airline’s performance. “We achieved a black-ink result in all four quarters; and we were…

Swatch watches industry crisis from a pedestal

This content was published on Mar 11, 2010 Revenues fell nearly nine per cent last year at Biel-based Swatch Group, a 20-brand empire employing 22,000 people, but the company began 2010 with much fanfare in an atmosphere of near panic among most of its peers. The firm’s brashness surprised observers but Kalust Zorik, co-founder of the new watchmaking institute at the ARC technical…

Helsana cuts jobs to move to healthier figures

This content was published on Mar 10, 2010 The layoffs amount to nearly one-sixth of the company’s staff and will take place over the next 18 months, Helsana said. The company said a portion of the job cuts would come from natural wastage, or attrition. In 2009 the Helsana Group, which provides health insurance to nearly two million people in Switzerland, suffered a…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Lindt sees profit fall more than a quarter

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Jobless to face higher hurdles

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Economic crisis hits alpine freight hard

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New and old management at UBS fuel costs

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UBS warns parliament about US tax treaty

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HSBC says bank data on 24,000 accounts stolen

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Stolen data contains thousands of client accounts

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Swiss flies profitably despite harsh headwinds

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Swatch watches industry crisis from a pedestal

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Helsana cuts jobs to move to healthier figures

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