Archive – Banking & Fintech

Farmers vent their wrath in Sempach

This content was published on Aug 29, 2009 Organisers said about 10,000 farmers demonstrated with alphorns, banners, cow bells and flags. They met to protest atgainst negotiations between Switzerland and the European Union on an agricultural free trade accord and to voice their demand for a “fair milk price”. Milk producers said that they had suffered since May when milk quotas in the…

Concrete giants open up to the public

This content was published on Aug 29, 2009 Alpiq, the largest Swiss utility company, says hydropower has a key role to play in the future and recently announced plans to invest SFr3 billion ($2.8billion) with partners. But some critics say hydropower has reached its full potential. Thanks to its topography and high levels of annual rainfall, Switzerland has ideal conditions for the utilization…

Crisis corrodes steel firm profit as cuts loom

This content was published on Aug 28, 2009 The company, which made a net profit of €109 million in the comparable period last year, said sales were down by more than a half at €1.05 billion as customers ran down their stocks. “The widespread drastic effects of the economic slump were made even more severe for our company by massive inventory reductions of…

Diplomatic papers reveal bank secrecy concerns

This content was published on Aug 27, 2009 The latest volume of Swiss diplomatic documents, released on Thursday, includes a 1961 letter from the economics minister worried about plans by the Kennedy administration to extend the US tax system to cover foreign-based subsidiaries of US companies, including those in Switzerland. Around the same time France was officially expressing its concern about Swiss banking…

Travel group Kuoni moves to short time

This content was published on Aug 27, 2009 The agency said this week that the economic downturn had forced the company to trim schedules starting September 1. Peter Brun, Kuoni spokesman, said not all of the company’s 1,500 employees would be affected. “We can’t name an exact number since we are still waiting on authorisation from several cantons,” Brun said. Kuoni has a…

Bâloise profit slips but still hits targets

This content was published on Aug 27, 2009 This was down from SFr263.2 million a year earlier. The results released on Thursday were within the range of analysts’ expectations. Stocks were expected to open on the Swiss exchange three per cent higher at SFr98.15 a share. “We are fully on track to meet our goal of becoming one of Europe’s most profitable and…

“Visual Google” takes shape in Zurich

This content was published on Aug 26, 2009 The founders of Kooaba rejected the IT start-up paradise of Silicon Valley in favour of Zurich to initiate their ambitious project of building an image based “visual Google” search engine. The Federal Institute of Technology spin-off company was set up by Herbert Bay and Till Quack three years ago and is now entering a critical…

Swiss Life extends profit but cuts jobs

This content was published on Aug 26, 2009 But Swiss Life said on Wednesday that it would cut 520 jobs in Switzerland by 2012 and save up to SFr400 million. Gross written premiums fell to SFr10.39 billion from SFr10.89 billion a year earlier. An average analyst forecast by Reuters predicted profit of SFr144 million. “With the measures to boost competitiveness announced today, we…

Wegelin bank to pull out of US

This content was published on Aug 25, 2009 The St Gallen-based bank, Switzerland’s oldest, said the decision had been taken in response to stricter measures introduced in the US against tax dodgers and planned changes to estate tax, which would make some non-US citizens liable to tax if they inherited US securities. In a letter to investors it said Swiss banks were likely…

Alpine freight transit falls

This content was published on Aug 24, 2009 The Federal Transport Office confirmed a report in the German-language Neue Zürcher Zeitung newspaper on Monday that transalpine freight by both road and rail fell from 21.3 million net tons to 16.9 million, a drop of 20.6 per cent. The paper said that rail had been more affected than road, falling by 24.2 per cent.…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Farmers vent their wrath in Sempach

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Concrete giants open up to the public

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Crisis corrodes steel firm profit as cuts loom

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Diplomatic papers reveal bank secrecy concerns

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Travel group Kuoni moves to short time

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Bâloise profit slips but still hits targets

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“Visual Google” takes shape in Zurich

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Swiss Life extends profit but cuts jobs

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Wegelin bank to pull out of US

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Alpine freight transit falls

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