Archive – Banking & Fintech

Drinking like a Swiss

This content was published on Jan 20, 2010 An exhibition at the Forum of Swiss History in Schwyz in central Switzerland shows how drinking habits have changed over the centuries, and includes a look at Swiss inventions such as Ovaltine and a short-lived attempt at cola. “Drinking is their passion, their delight, their biggest expense. They drink together, they bargain together while drinking…

Swatch leaves financial crisis in fine shape

This content was published on Jan 20, 2010 The world’s largest watchmaking concern said that 2009 sales had fallen by 6.3 per cent compared with the previous year when adjusted for currency swings and 2008 divestments. In a statement, the Biel-based group said that there had been a significant rebound in sales in the second half of 2009, with a “phenomenal” record month…

Migros Bank adds assets, customers

This content was published on Jan 19, 2010 Net client money at Migros Bank, a cooperative, rose to SFr25.5 billion last year as it added 59,000 customers. Gross profit rose by 8.6 per cent, it said. The results are another sign that clients are pulling money out of struggling bank UBS. Analysts expect UBS to post its first quarterly profit for over a…

New British tax eats into Credit Suisse bonuses

This content was published on Jan 19, 2010 Its bonus cuts for top managers in Britain will be deeper, the Zurich-based bank said. Swiss Finance Minister Hans Rudolf-Merz has rejected the idea of introducing a British-style tax on bonuses in Switzerland. Bonuses of 400 Credit Suisse managing directors in Britain will be cut by 30 per cent, spokesman Andres Luther said. Credit Suisse…

Swiss steer clear of proposed US bank levy

This content was published on Jan 19, 2010 Banks UBS and Credit Suisse would almost certainly be forced to contribute to the proposed US levy, but they and other Swiss institutions would not face the same decision-making shackles as US counterparts. US President Barack Obama announced plans last week to recoup some $117 billion (SFr120 billion) of taxpayers’ money over the next decade…

Quiet optimism on display at Geneva watch fairs

This content was published on Jan 18, 2010 Cautious optimism is on show in Geneva alongside pricey new wristwatches at the 20th Salon International de la Haute Horlogerie (SIHH) and the new Geneva Time Exhibition, which features small independent brands. “We shouldn’t count our chickens before they’ve hatched at the end of the salon, but we are much more serene than last year,”…

Ad revenues continue to plummet

This content was published on Jan 18, 2010 They recorded a fall in ad revenue of around 30 per cent last year, said WEMF, a media advertising analysis firm, on Monday. Overall, Swiss press revenues fell by 20.4 per cent in 2009 to SFr1.59 billion ($1.55 billion), WEMF said. In 2008, ad spending dropped six per cent. Particularly striking in the 2009 figures…

OECD gives mostly good marks for Swiss economy

This content was published on Jan 15, 2010 But the Organisation for Economic Co-operation and Development recommends the Swiss authorities pursue reforms on surveillance of the financial markets, and on economic and monetary policy. In its report, the OECD said the financial system had weathered the global financial crisis – despite severe losses incurred by its two largest banks and a considerable loss…

SGS rides the global financial storm

This content was published on Jan 15, 2010 SGS said that net profit came in at SFr566 million ($553 million) and explained that the result was down because of a one-off gain made the previous year. “China, Africa, eastern Europe and the Middle East were able to post strong revenue growth performances, dampening the effect of the difficult conditions in the Americas and…

Private bankers urge Swiss to shape up on tax

This content was published on Jan 14, 2010 Switzerland backpedalled fast last year to get itself removed from a “grey list” of uncooperative tax havens. But now the authorities are facing a domestic backlash for appearing to surrender too easily. The Swiss Private Bankers Association (SPBA) on Thursday asked the government to look more carefully at the details of renegotiated double taxation agreements.…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Drinking like a Swiss

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Swatch leaves financial crisis in fine shape

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Migros Bank adds assets, customers

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New British tax eats into Credit Suisse bonuses

More

Swiss steer clear of proposed US bank levy

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Quiet optimism on display at Geneva watch fairs

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Ad revenues continue to plummet

More

OECD gives mostly good marks for Swiss economy

More

SGS rides the global financial storm

More

Private bankers urge Swiss to shape up on tax

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