Archive – Banking & Fintech

Managers lead the way in fraud cases

This content was published on Sep 15, 2009 KPMG said it recorded 35 cases from January to June, involving SFr200 million ($192.4 million), not including a massive cigarette fraud case. Financial institutions and investors were the hardest hit. The sum in question in the “cigarette mafia” case, which came before a court in Bellinzona in southern Switzerland, was more than SFr1 billion. Dating…

Swiss banks learn Lehman lessons

This content was published on Sep 15, 2009 A year ago today, Lehman Brothers, one of Wall Street’s most revered institutions, went bankrupt at the peak of the financial crisis. The collapse sent shockwaves throughout the world and hastened the global recession. Any bank that held Lehman Brothers products racked up more losses on top of their worthless subprime paper. They were faced…

No recovery in sight for Swiss industry

This content was published on Sep 15, 2009 In addition, production decreased by 14.9 per cent compared with the same quarter a year earlier. Orders received and orders on hand continued their downswing: 17.5 per cent and 16.4 per cent respectively. Sales registered a marked decline of 12.9 per cent. Finished goods inventories also shrank by four per cent. The slump was greatest…

Bern warns Paris off “fishing” for fraudsters

This content was published on Sep 14, 2009 The finance ministry said on Monday it would stick with the standards of the Organisation for Economic Development and Co-operation and not allow so-called “fishing expeditions”. It explained that in a request for administrative assistance, the taxable person concerned must be able to be clearly identified and, in the case of banking information, it must…

Measures proposed to protect bank clients

This content was published on Sep 14, 2009 It wants to scrap the current system of self-regulation and replace it by a legally established fund paid for by the banks themselves. If the fund ran out, the state would make an advance or give a guarantee, which would also be funded by a premium paid by the banks. The fund, to be set…

UBS faces hefty legal bill

This content was published on Sep 14, 2009 In an answer to a parliamentary question, the government said on Friday that diplomatic costs and travel by cabinet members had cost SFr5 million, while back-up work had cost another SFr4 million. The federal tax administration had to call on “considerable personnel resources”, using both its own staff and external helpers. The government is now…

Big banks warned they should downsize

This content was published on Sep 11, 2009 It was a strange sight in Bern on Friday to see former cabinet minister Christoph Blocher of the rightwing Swiss People’s Party and Christian Levrat, president of the centre-left Social Democratic Party, sitting on a panel together and actually agreeing. In between them was Nicolas G. Hayek, chairman of the Swatch Group, who was not…

Handmade chocolate from Bern

This content was published on Sep 11, 2009

UBS predicts economy soon to be back on track

This content was published on Sep 11, 2009 The Investment Research division of UBS had previously predicted a downward spiral amounting to 2.4 per cent. The bank is positive about growth in 2010, saying the Swiss economy will find itself back on track and will see a rise in GDP of 1.7 per cent, which is a one per cent improvement on UBS’s…

Federal Railways reports sharp rise in profits

This content was published on Sep 10, 2009 Federal Railways said on Thursday that profits increased by 26.8 per cent to SFr132.8 million ($127.5 million). Operating expenses fell by SFr201.2 million, it noted. It said in a statement that its passenger load had risen but reported that freight traffic had felt the impact of the economic crisis. Measures taken to counter the crisis…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Managers lead the way in fraud cases

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Swiss banks learn Lehman lessons

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No recovery in sight for Swiss industry

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Bern warns Paris off “fishing” for fraudsters

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Measures proposed to protect bank clients

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UBS faces hefty legal bill

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Big banks warned they should downsize

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Handmade chocolate from Bern

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UBS predicts economy soon to be back on track

More

Federal Railways reports sharp rise in profits

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