Archive – Banking & Fintech

Decision on salary cap and bonuses put off

This content was published on May 27, 2009 The bank, which has benefited from a bail-out package by the government, made a loss of SFr21 billion ($19.4 billion) last year. Senators on Wednesday agreed to examine the proposals in detail, before resuming debate on the issue at a later stage. Supporters of salary restrictions, mainly from the centre-left, argued it was time to…

IMF urges Swiss to step up recession fight

This content was published on May 27, 2009 According to a yearly report the IMF released on Tuesday, researchers project that Switzerland’s economy will shrink three per cent on downturns in exports and troubles in the country’s financial sector. “Given Switzerland’s openness and the size of its financial sector, the economy is projected to experience a significant contraction in the near-term with sizable…

Swiss and Saudis ink double-taxation accord

This content was published on May 26, 2009 During a state visit to the Middle East, Hans-Rudolf Merz, the Swiss finance minister, said the countries had also moved closer to concluding a free trade agreement and bilateral air-traffic accords. Earlier on Sunday the finance ministry confirmed reports that Switzerland was ready to sign two tax accords that met standards set by the Organisation…

UBS criticised by bank workers’ group

This content was published on May 25, 2009 It said that it had hoped that the new management at Switzerland’s biggest bank “would have the courage to risk a new staff model and play a pioneering role”. This, the association admitted in a statement on Monday, was not to be, with Denise Chervet, the group’s secretary, describing May’s consultation process as a “farce”.…

Arkansas ends ties with UBS

This content was published on May 25, 2009 Trustees voted to end the contract with UBS over the US justice department’s probe of the Swiss banking giant, in a move announced on Sunday. Officials in Arkansas said that UBS currently manages around $160 million (SFr173 million) in stock market investments for the pension fund. The state’s teacher retirement scheme – a separate entity…

Swiss banks subject to US-style stress test

This content was published on May 24, 2009 In a report published on Sunday in the NZZ am Sonntag newspaper, the Swiss Financial Market Supervisor Authority (Finma) said the test looked at what would happen if a bank suddenly had four per cent of its credits turn sour. The paper estimated Swiss banks would need reserves of SFr50 billion ($46 billion) to withstand…

Border checks net suspects

This content was published on May 22, 2009 The two forces stepped up checks on road and rail travellers and in airports in the region between the Swiss city of Schaffhausen and the German city of Constance, along the eastern half of Switzerland’s border with Germany. As a result of the operation, conducted in the week of May 12 to 19, the police…

Novartis acquires cancer unit to boost Sandoz

This content was published on May 20, 2009 Novartis said the transaction would give its generic pharmaceuticals division Sandoz the opportunity to create a “strong global platform” for future growth. The Basel group said in a statement on Wednesday it would acquire the research, development and manufacturing assets of EBEWE’s cancer business, including a production site in Austria, as well as intellectual property…

Economic attractiveness of Switzerland fades

This content was published on May 20, 2009 In its annual assessment of world economies, the IMD said the flow of investments to Switzerland dropped from 12 per cent of gross domestic product in 2007 to three per cent in 2008. It commented that as Switerland’s main trade partner Germany had announced an “annus horribilis”, the effects of the current financial crisis would…

Anti-moonlighting drive deemed successful

This content was published on May 18, 2009 A campaign to simplify administrative procedures for hiring low-pay employees and facilitate social security payments has also been considered successful. More than 9,200 checks were carried out by cantonal work inspectors in all sectors of the economy across Switzerland last year. The cantons imposed more than 1,320 sanctions, mostly fines, against people violating a new…

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