Archive – Banking & Fintech

Young conservatives fight for banking secrecy

This content was published on Aug 4, 2009 Eric Hess, president of the group, told media in Bern on Tuesday that the effort was aimed at enshrining banking secrecy laws into the country’s constitution to prevent the exchange of account holder data with foreign investigators. That was the best way to protect the private financial data of every Swiss citizen, he said. The…

Prices continue to fall

This content was published on Aug 4, 2009 Announcing the figures on Tuesday, the Federal Statistics Office said year-on-year inflation fell by 1.2 per cent compared with an also receding annual rate of one per cent in June 2009. In July 2008 the annual inflation rate was still 3.1 per cent. The government said the consumer price index (CPI) drop in July was…

UBS sinks deeper into the red

This content was published on Aug 4, 2009 Analysts had predicted losses of SFr1.2-SFr1.8 billion and pointed to the bank’s SFr582 million restructuring bill and a SFr1.2 billion credit charge that pulled profits down. UBS lost SFr12 billion in the first half of 2008. The bank said its outlook was cautious but that market conditions had improved steadily during the second quarter. Asset…

Swiss media mull implications of UBS deal

This content was published on Aug 3, 2009 US district judge Alan Gold agreed to cancel a trial that was supposed to begin on Monday into an Internal Revenue Service (IRS) demand for the confidential information of 52,000 wealthy UBS clients – a move that would violate Swiss law. According to media reports, under the proposed settlement the IRS would withdraw that demand…

UBS may not pay fine in US settlement

This content was published on Aug 2, 2009 The NZZ am Sonntag and SonntagsZeitung both reported that data on around 5,000 UBS clients would be released to US authorities as part of an agreement in principle, announced on Friday. They cited unnamed sources. The justice ministry and foreign ministry declined to comment. The US Internal Revenue Service (IRS) had wanted the Swiss bank…

Switzerland and US reach UBS tax agreement

This content was published on Jul 31, 2009 US district judge Alan Gold agreed to cancel a trial that was supposed to begin on Monday into a demand for the confidential information of 52,000 UBS clients. Gold had already delayed the case three weeks to allow all parties to reach an out-of-court settlement. “I’m reporting to the court that the parties have reached…

Economic decline predicted to slow

This content was published on Jul 31, 2009 The indicator had improved from -1.65 to -1.49 in June, but economists at the KOF Swiss Economic Institute at the Federal Institute of Technology in Zurich said gross domestic product would “continue to decline significantly. “However, the current barometer trend indicates that the GDP negative growth rate should bottom out soon,” KOF said in a…

Venezuela says it is ready to pay Holcim

This content was published on Jul 31, 2009 The world’s second-largest cement maker announced on Friday that it was selling its holdings in Panama and the Caribbean to joint venture partner Argos as a direct result of the takeover. Venezuelan President Hugo Chavez had forced Holcim to hand over 85 per cent of its Venezuelan subsidiary in June 2008 for a knockdown price…

Clinker

This content was published on Jul 31, 2009 Clinker is a key ingredient for making the most common kind of cement used around the world, Portland cement. Clinker, lumps of limestone and clay, is typically ground with gypsum to become cement. (source: Wikipedia)

Economic headwind pounds Swiss profits

This content was published on Jul 30, 2009 In a statement on Thursday, the subsidiary of the German carrier, Lufthansa, said the poor result was due to the global economic downturn and corresponding drop in demand, particularly in the premium segment. Total income from operating activities for the period declined 17 per cent to SFr2.1 billion. Swiss also said the increase of around…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Young conservatives fight for banking secrecy

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Prices continue to fall

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UBS sinks deeper into the red

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Swiss media mull implications of UBS deal

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UBS may not pay fine in US settlement

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Switzerland and US reach UBS tax agreement

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Economic decline predicted to slow

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Venezuela says it is ready to pay Holcim

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Clinker

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Economic headwind pounds Swiss profits

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