Archive – Banking & Fintech

UBS announces controversial pay rises

This content was published on May 18, 2009 Switzerland’s largest bank confirmed a report in the Sonntag newspaper that it was increasing the pay of some of its managers, but declined to comment on the details. “There have been off-cycle salary increases at UBS Investment Bank to retain employees in critical positions,” UBS spokesman Andreas Kern said, adding it was usual to adjust…

Most Swiss favour limits on executive pay

This content was published on May 17, 2009 A survey conducted by the gfs polling and research institute in Zurich found that 75 per cent of Swiss would approve an initiative to limit manager salaries and strengthen shareholder rights if the issue came to a vote today. Nine per cent said they would vote against it. The issue is at least one year…

Politicians smoke “peace pipe” in tax tiff

This content was published on May 14, 2009 Steinbrück, who has made headlines over various remarks comparing his country’s smaller neighbour to both American Indians and Burkina Faso, struck a more conciliatory tone during a meeting on Thursday. “Mr Steinbrück assured us that he will keep his language in check from now on,” said Maximilian Reimann, a Swiss senator who had donned a…

Credit Suisse attacked over luxury-resort flop

This content was published on May 14, 2009 The Yellowstone Club is one of six high-profile real-estate projects in the US to which Credit Suisse granted similar loans. All are in financial difficulty. The golf and ski resort, with greens and slopes reserved for millionaires, had attracted homebuyers including Microsoft’s Bill Gates and former US Vice President Dan Quayle. After a week of…

Richemont sees luxury sales hit by downturn

This content was published on May 14, 2009 Net profit was €1.075 million (SFr1.62 million) for the year ending March 2009, according to the audited results published on Thursday. Richemont said good growth of ten per cent in the first six months was largely offset by a five per cent drop in sales in the second six months. Overall sales increased by two…

Banking secrecy spices up Indian elections

This content was published on May 14, 2009 As the final votes were cast in national elections on Wednesday, accusations that the ruling elite had squirreled billions of dollars away in Swiss bank accounts continued to fill Indian newspapers. The Swiss Bankers Association has dismissed claims that up to $1.4 trillion (SFr1.55 trillion) in Indian money is held in Switzerland as “at best…

New rules will make UBS smaller

This content was published on May 13, 2009 Executive board member Thomas Jordan, referring to last year’s rescue package for UBS, told a panel discussion in Biel that lessons had been learned. “We want a bank that is clearly smaller,” he commented. UBS was forced to write down about $50 billion (SFr55.14 billion) as a result of the subprime mortgage crisis in the…

Aluminium industry takes a first-quarter hit

This content was published on May 11, 2009 The Swiss Aluminium Association announced on Monday that factories processed 3,700 tons of light metal in the first quarter compared to 6,100 tons for the same period last year. The die-casting sector, which is closely tied to the struggling automobile industry, was hit particularly hard, the association said. The figures show that the industry has…

Blue diamond dazzles at Geneva auction

This content was published on May 9, 2009 The 7.03-carat fancy vivid blue diamond fetched SFr10.5 million ($9.49 million), the highest price paid per carat for any gemstone at auction, Sotheby’s said after its Magnificent Jewels sale. It is the rarest stone to enter the international market this year and had an estimate of SFr6.8-10 million. It went to an anonymous telephone buyer…

Swiss National Bank vaults back into black

This content was published on May 8, 2009 The report marks a rebound for the central bank, which had closed the books on 2008 with a loss of SFr4.7 billion. In a statement, the bank noted that since the beginning of the year, the price of gold had risen substantially. At the end of March it stood at SFr33,521 per kilogram, or 13…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS announces controversial pay rises

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Most Swiss favour limits on executive pay

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Politicians smoke “peace pipe” in tax tiff

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Credit Suisse attacked over luxury-resort flop

More

Richemont sees luxury sales hit by downturn

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Banking secrecy spices up Indian elections

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New rules will make UBS smaller

More

Aluminium industry takes a first-quarter hit

More

Blue diamond dazzles at Geneva auction

More

Swiss National Bank vaults back into black

Popular Stories

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