Archive – Banking & Fintech

Lessons learned

This content was published on Nov 9, 2009 On Friday, October 24, 2001, a collision between two trucks created a fire in the Gotthard tunnel, killing eleven and injuring many more, the smoke and gases produced by the fires being the main cause of death. New safety measures were implemented with the re-opening. The number of lorries travelling through the tunnel on a…

Sonova to buy US company for $489 million

This content was published on Nov 9, 2009 The Swiss company expects the transaction, which is subject to regulatory approval, to be completed within three months. “Sonova will offer the most comprehensive and innovative product and service portfolio covering any customer need for most types of hearing problems,” said Sonova’s chief executive, Valentin Chapero, in a statement on Monday. He added that the…

Consumers take on sunnier outlook

This content was published on Nov 7, 2009 Swiss shoppers have a healthier appetite for spending than in the summer, according to a government pulse check of consumer intentions. Retailers are more optimistic than any other sector in a separate survey. All of this flies in the face of official jobless figures, released on Friday, that showed the rate of unemployment had climbed…

South Korea investigates Roche and Novartis

This content was published on Nov 6, 2009 Swiss rival Novartis was also involved in the investigation by the Korea Food and Drug Administration (FDA) into pandemic stockpiling activities by corporations. Roche, based in Basel, confirmed that its South Korean affiliate had been “visited” by the FDA. A group spokeswoman said Roche was cooperating fully with the authorities and was committed to supporting…

UBS fined for failing to control rogue staff

This content was published on Nov 5, 2009 The Financial Services Authority (FSA) said on Thursday that “systems and controls failures” by the bank had enabled staff to use customer money to trade foreign exchange and precious metals, and to allocate the losses to customers’ accounts. The trades, which took place between January 2006 and December 2007 and involved at least 39 accounts,…

Novartis has green light for swine flu vaccine

This content was published on Nov 5, 2009 Novartis, which is based in Basel, described the approval as a “milestone” and said it was pursuing registration of the vaccine, marketed under the name Celtura, in other countries, including Japan and Switzerland. With demand high because of the pandemic, companies are trying to find a more efficient way of producing swine flu vaccine than…

Swiss consumers buoyed by economic upturn

This content was published on Nov 5, 2009 The consumer sentiment index also revealed a less pessimistic view of job security, with experts taking its findings as a further sign of imminent economic recovery. The quarterly index, based on a survey conducted in October among around 1,100 households, rose from -39 points in July to -14 points in October, the State Secretariat for…

Battered image continues to haunt UBS

This content was published on Nov 3, 2009 Despite downsizing, reducing exposure to risky assets and completely revamping its leadership structure, UBS appears unable to stem the outflow from its flagship wealth management business. The beleaguered bank saw rich individuals, families and institutional clients withdraw SFr36.6 billion ($35.5 billion) in the last three months. These startling figures overshadowed the group’s overall financial performance…

Novartis to invest $1 billion in China

This content was published on Nov 3, 2009 The investment will include a significant expansion of the Novartis Institute of BioMedical Research in Shanghai. Demand for healthcare in China is growing rapidly, Novartis said in a statement. “In addition, the burden of disease now includes more chronic diseases associated with lifestyle choices,” it added. “We are confident that our expanded investment in R&D…

Swiss Re posts rosy third quarter results

This content was published on Nov 3, 2009 The profit indicates a good recovery following a loss of SFr304 million in the same period in 2008. The company also said it strengthened its capital in the third quarter, boosting its chances of repaying a costly SFr3 billion convertible loan from Warren Buffett’s Berkshire Hathaway. Swiss Re said payouts dropped markedly during the quarter…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Lessons learned

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Sonova to buy US company for $489 million

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Consumers take on sunnier outlook

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South Korea investigates Roche and Novartis

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UBS fined for failing to control rogue staff

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Novartis has green light for swine flu vaccine

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Swiss consumers buoyed by economic upturn

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Battered image continues to haunt UBS

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Novartis to invest $1 billion in China

More

Swiss Re posts rosy third quarter results

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