Archive – Banking & Fintech

Keeping time

This content was published on Mar 27, 2009 A glimpse inside the workshop of one of the most famous Swiss watchmakers, Audemars Piguet. Timepieces are developed and assembled not far from the French border in Le Brassus and since 1986 at a subsidiary in nearby Le Locle. All photos Thomas Kern, swissinfo.

Crisis forces watch industry to “reset” values

This content was published on Mar 26, 2009 François Thiébaud, president of the Swiss exhibitors committee, tells swissinfo the industry will start to recover from the effects of the global financial crisis as of May and the general feeling of pessimism will subside. The industry will “reset” its watches as it returns to traditional values, he says. The sector is currently experiencing its…

Oerlikon extends restructuring

This content was published on Mar 26, 2009 The company said on Thursday it had been hit by restructuring costs and goodwill write-offs, while the global economic slump weighed on demand at its textiles and semiconductor units. Although the slowdown in these areas was partially compensated by its well-performing core businesses, in particular Oerlikon Solar, the group said it would react to the…

Goodwill write-offs

This content was published on Mar 26, 2009 Goodwill was first defined in the late 19th century as the difference between the purchase price and the book value of an acquired company’s assets. Today it can also mean the difference between the combined company’s profits over normal earnings for a similar business. It is difficult to measure as it is based on future…

More aid to developing countries

This content was published on Mar 25, 2009 The government announced on Wednesday that customs duties on these items would be reduced, and that a special website about the import regulations would be put on line. A statement from the economics ministry said that the measures would help developing countries to maintain their production, which is particularly important in times of economic crisis.…

Bankers’ pay to come under scrutiny once again

This content was published on Mar 25, 2009 UBS plans to claw back bonuses if long-term results disappoint, but sustainable investment fund Ethos Foundation wants variable pay to be capped to 50 per cent of base salary to prevent “excessive risk-taking”. Switzerland’s big two banks, UBS and Credit Suisse, have been at pains to stress how far they have slashed remuneration after having…

Swiss banks defend themselves in Berlin

This content was published on Mar 25, 2009 Urs Phillip Roth, head of the Swiss Bankers Association (SBA), told the committee that there would be serious consequences for the economies of both countries if Germany went ahead with the legislation proposed by Peer Steinbrück, Germany’s finance minister. Roth said if the legislation were to be passed it would be like “throwing the baby…

Holcim wants Venezuela to pay for taking control

This content was published on Mar 23, 2009 Holcim said the Venezuelan government had failed to live up to its promise to pay $550 million (SFr620 million) according to an agreement signed in August and had stopped all communication. Holcim’s Venezuelan subsidiary was taken over in June along with two other international cement makers. The compulsory nationalisation was part of a campaign by…

Small companies receive financial boost

This content was published on Mar 23, 2009 The economics ministry announced on Monday that SFr21.5 million ($19 million) from a government stimulus package would be set aside for SMEs from April 1. The money is part of a SFr710-million stimulus package approved by parliament earlier this month. The Federal Professional Education and Technology Office said promoting innovation was particularly important during a…

Unemployment fund faces big deficit

This content was published on Mar 22, 2009 Serge Gaillard, head of the labour directorate of the State Secretariat for Economic Affairs (Seco) told the Zurich-based paper NZZ am Sonntag that although the fund was well prepared for the recession, the extra measures being taken – such as courses for the unemployed – would amass further debts. When the economy improves again the…

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