Archive – Banking & Fintech

GM to move out of Switzerland

This content was published on Nov 14, 2009 By moving its headquarters from Zurich to Opel’s Rüsselsheim complex, the company wants to strengthen its subsidiary Opel, spokesman Ulrich Weber said. GM’s Chevrolet brand will continue to keep its headquarters in Zurich. Last week GM called off the planned sale of German-based Opel to car parts maker Magna and Russian lender Sberbank. German Chancellor…

Pirates attack Swiss-owned freighter

This content was published on Nov 13, 2009 The attack happened at the end of October, when the bulk carrier Silvretta, loaded with a cargo of rice from Thailand, was waiting outside overnight for permission to dock. The attack happened at the end of October, when the bulk carrier Silvretta, loaded with a cargo of rice from Thailand, was waiting outside overnight for…

Swiss have “lots to learn” from Gulf region

This content was published on Nov 13, 2009 Patrick Aebischer recently visited the region as part of a Swiss delegation. The EPFL is currently developing a campus in Ras al-Khaimah, one of the United Arab Emirates (UAE). The campus will focus on research into alternative energy sources, including solar energy. It is due to receive its first students in 2011-2012. The city state…

Chocolate maker in profit but future stays dark

This content was published on Nov 12, 2009 The Zurich-based group reported SFr227 million ($225 million) net profit in results published on Thursday for the fiscal year ending August 31. The group said the current “challenging and volatile” economic environment was set to continue. It has therefore lowered its growth forecast by three per cent to six to eight per cent for 2012.…

Pay restrictions imposed on financial community

This content was published on Nov 11, 2009 The rules demand a link between bonuses and long-term performance to reduce excessive risk taking. Companies will also be expected to be more transparent about remuneration policies to shareholders. The Swiss Financial Market Supervisory Authority (Finma) presented its revised regulations on Wednesday that will come into effect on January 1, 2010. Switzerland is one of…

Ciba fined for role in EU price-fixing scheme

This content was published on Nov 11, 2009 The European Commission said Ciba, which became a subsidiary of Germany’s BASF group earlier this year, would have to pay €68.4 million (SFr103 million). All in all, EU regulators penalised 24 companies with fines totalling €173 million. Among the other multinationals are Akzo and Elf Aquitaine. The Commission said from 1987 to 2000 they fixed…

Merz sees end in Swiss-EU tax dispute

This content was published on Nov 10, 2009 Hans-Rudolf Merz said the EU continued to have problems with the Swiss system, but he expected the issue should be “brushed under the carpet next year”. It had been due to be resolved in the autumn. Merz made the remarks on the sidelines of the annual summit of finance ministers of the EU and the…

Swiss pitch for OECD presidency

This content was published on Nov 10, 2009 Switzerland last chaired the meeting 20 years ago. Italy has also expressed an interest in the 2010 presidency. Rita Baldegger, a spokeswoman for the State Secretariat for Economic Affairs, said the OECD was an important international platform. “A Swiss presidency would allow us to influence the international scene and to strengthen ties with our economic…

Probe of financial watchdog ordered

This content was published on Nov 10, 2009 Two independent experts will investigate what the finance ministry called the deficiencies of the Financial Market Supervisory Authority (Finma). They will also study a September 14 report released by Finma on its own performance, the ministry said in a statement on Tuesday. Finma said the Swiss Federal Banking Commission, a supervisory body that is now…

Sonova profit soars in first six months

This content was published on Nov 10, 2009 The company, which is based in Stäfa on Lake Zürich and is the world’s leader in sales of hearing implants, said net profit rose by 21.6 per cent to SFr164 million. Sonova, formerly known as Phonak, reported its figures a day after announcing it was buying California-based cochlear implant-maker Advanced Bionics for $489 million in…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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GM to move out of Switzerland

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Pirates attack Swiss-owned freighter

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Swiss have “lots to learn” from Gulf region

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Chocolate maker in profit but future stays dark

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Pay restrictions imposed on financial community

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Ciba fined for role in EU price-fixing scheme

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Merz sees end in Swiss-EU tax dispute

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Swiss pitch for OECD presidency

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Probe of financial watchdog ordered

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Sonova profit soars in first six months

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