Archive – Banking & Fintech

Swiss foreign trade takes a tumble

This content was published on Apr 23, 2009 Figures released on Thursday by the federal customs administration show that they even suffered declines of more than 20 per cent in March. Exports in the first quarter fell to SFr44.2 billion ($37.9 billion), a decline of 11.9 per cent (-13.3 per cent in real terms). The metal industry was the worst affected, recording a…

Global downturn hits Logitech hard

This content was published on Apr 23, 2009 Logitech, which is a Swiss company with headquarters in California, said income fell to $107 million (SFr124.7 million) from $231 million the previous year. The company said in a statement that sales for its fourth quarter from January to the end of March fell to $408 million, a decline of 32 per cent compared with…

Credit Suisse back in the black

This content was published on Apr 23, 2009 The profit was twice as much as was expected by analysts, and follows a net loss of SFr2.15 billion in the same quarter last year and a SFr4 billion loss in the fourth quarter. Chief executive Brady W. Dougan said on Thursday the results showed “the benefit of the measures we took last year across…

Swiss prepare for key financial meetings

This content was published on Apr 22, 2009 Economics Minister Doris Leuthard and the president of the Swiss National Bank, Jean-Pierre Roth, will also travel to Washington for the talks, which will focus on the response to the financial crisis and the global downturn. In meetings of the International Monetary and Financial Committee, finance ministers and central bank heads are due to examine…

Minnows claim toxic investment deal victory

This content was published on Apr 22, 2009 Credit Suisse has set aside SFr50 million ($43 million) to compensate some 1,700 clients who were sold Lehman Brothers products that were later rendered worthless when the United States bank collapsed. This comes on top of SFr100 million already paid out to around 2,000 clients, who accepted earlier deals. The new deal was brokered with…

Swiss company goes fishing in a sea of tweets

This content was published on Apr 21, 2009 Thanks to a Lausanne-based firm, the former United States vice president and Nobel laureate remains in the spotlight – tracked by tens of thousands – as though he were living his life in a big fishbowl. Most days, he floats around effortlessly, occasionally adjusting his vector with a tail wiggle. The colourful specimen lives in…

Anti-racism meeting a “foreseeable disgrace”

This content was published on Apr 21, 2009 On Monday, Mahmoud Ahmadinejad blasted Israel as “a totally racist” regime on the opening day of the contentious United Nations racism summit in Geneva, prompting a walkout. The Swiss representative stayed seated. The incident brought the Geneva conference closer to repeating the controversy of the UN’s first anti-racism meeting in Durban, South Africa, eight years…

Bankers out in the cold as reality bites

This content was published on Apr 21, 2009 UBS announced 8,700 cuts last week – 2,500 in Switzerland – while Credit Suisse axed 5,300 posts at the end of last year, 650 in Switzerland. Some observers predict this is the tip of the iceberg unless conditions improve. UBS said the job losses were necessary to save up to SFr4 billion ($3.4 billion) by…

Geneva airport broadens its US horizons

This content was published on Apr 20, 2009 United Airlines flights to Washington DC began on Monday, adding to the existing New York direct connection. Geneva airport director Robert Deillon said the flight was in demand by passengers needing to travel between the Swiss city’s United Nations offices and international organisations and the US capital. Around 400 jobs will be created locally to…

Railways invests heavily in future trains

This content was published on Apr 20, 2009 The company announced on Monday that the tender was for 59 trains that would come into service from 2013 and work on InterCity and InterRegio routes. It is investing a total of about SFr20 billion in new trains and updating existing rolling stock by the year 2030. In a statement, the company said the 59…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss foreign trade takes a tumble

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Global downturn hits Logitech hard

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Credit Suisse back in the black

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Swiss prepare for key financial meetings

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Minnows claim toxic investment deal victory

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Swiss company goes fishing in a sea of tweets

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Anti-racism meeting a “foreseeable disgrace”

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Bankers out in the cold as reality bites

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Geneva airport broadens its US horizons

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Railways invests heavily in future trains

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