Archive – Banking & Fintech

Roche halts clinical trial

This content was published on Mar 8, 2010 The joint project with United States biotech group Biogen Idec was developing the Ocrelizumab treatment for the condition. A review by the Ocrelizumab Rheumatoid Arthritis and Lupus Data and Safety Monitoring Board (DSMB) found the safety risk outweighed benefits observed in the test populations. The review detected an indicator for serious infections, some of which…

Sawmills worry axe may fall over wood shortage

This content was published on Mar 6, 2010 The eastern regional branch of the country’s Wood Industry Association has urged private forest managers to harvest more trees to keep blades whirling and save jobs but foresters remain reluctant. They say soft demand has driven prices into the ground. Toni Horat, spokesman for the wood association, warns that if foresters don’t send more logs…

Singapore fund set for big UBS loss

This content was published on Mar 5, 2010 The newspaper has estimated that the Government of Singapore Investment Corp (GIC) stands to lose around SFr5.5 billion ($5.1 billion) on a SFr10.97 billion investment in the bank. GIC bailed UBS out in 2008 with a mandatory convertible bond paying a nine per cent coupon, or interest payment, over two years. GIC confirmed that it…

Cooperative bucks the banking trend

This content was published on Mar 5, 2010 The group announced on Friday it had also consolidated its share of the mortgage market, which increased by 9.1 per cent to SFr110.7 billion. This represented a market share of 15.2 per cent. Total client assets under management rose by 8.1 per cent to SFr134.9 billion. Raiffeisen chairman Pierin Vincenz said this growth did not…

Bonus politics creates tension in UBS ranks

This content was published on Mar 5, 2010 Many staff in Switzerland feel they have been unfairly overlooked after being told their performance was satisfactory in 2009. Some have contacted swissinfo.ch to voice their disquiet. UBS increased bonus payments from SFr1.7 billion in 2008 despite making a loss in 2009. Group chief executive Oswald Grübel has stated he will receive no 2009 bonus…

Swiss industry downplays Libyan boycott

This content was published on Mar 4, 2010 Announcing the boycott on Wednesday, a Libyan government spokesman singled out medicines and industrial equipment as two imports from Switzerland for which alternatives would be sought. The decision follows a call last week by Libyan leader Moammar Gaddafi for a “holy war” against Switzerland. On Thursday Libya’s ambassador to the United States, Ali Aujali, said…

Chalandamarz bids farewell to winter

This content was published on Mar 4, 2010 Boys in the Lower Engadine region of eastern Switzerland drive away the spirits with their bells, whips and rattles, so that “the grass will grow better”. Chalandamarz, here in the village of Ardez, takes place on March 1 (chalanda = first day of the month, marz = March). (Photos: Rolf Amiet, swissinfo)

UBS cleared in Madoff case

This content was published on Mar 4, 2010 A court in Luxembourg said that investors who lost money to the American through a fund set up by UBS cannot seek compensation directly from the bank. It rejected the demands of an initial small group of investors in the LuxAlpha fund who wanted to file individual claims against UBS, rather than having to go…

Carmakers put on brave glitzy face in Geneva

This content was published on Mar 4, 2010 With 100 world and European premieres, carmakers are hoping to catch the consumer’s eye at the 80th Geneva International Motor Show, which opens on Thursday. But beyond the glamour, the road to recovery remains a bumpy one. More than 700,000 people, including 10,000 journalists, are expected to pour through the doors of the huge Palexpo…

National Bank back in black

This content was published on Mar 4, 2010 The bank said on Thursday that the positive result was mainly due to the increased value of its gold holdings and income from interest on foreign currency. Switzerland’s central bank said the valuation gains on its gold reserves amounted to SFr7.3 billion. In the course of 2009, the price of gold rose to SFr38,958 per…

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