Archive – Banking & Fintech

Bankers appeal to counter secrecy fallout

This content was published on Mar 17, 2009 The changes could lead numerous clients to move their business elsewhere and may constitute a serious shortfall for the sector, the Swiss Private Bankers Association said on Tuesday. “The new policies of cooperation on tax issues will, to a certain degree, deprive our financial centre of a significant competitive advantage,” it said. It is essential…

Profit sweetens Lindt & Sprüngli result

This content was published on Mar 17, 2009 Despite an increasingly tough sales environment, the company made a net profit of SFr261.5 million ($220.5 million), up 4.4 per cent on 2007, it announced in a statement issued on Tuesday. The chocolate industry had to face not only a downturn in consumer mood, but also volatile raw material prices and currency fluctuations, the company…

UBS nominates finance specialists to boardroom

This content was published on Mar 16, 2009 Switzerland’s largest bank has replaced its chief executive and named a successor as chairman in the last month. Last summer, four directors stood down following the departure of then chairman Marcel Ospel. Swiss biotech magnate Ernesto Bertarelli, corporate lawyer Gabrielle Kaufmann-Kohler and Asian industry expert Jörg Wolle will step down from the UBS board at…

More changes to UBS board

This content was published on Mar 16, 2009 They will stand for election at the bank’s Annual General Meeting on April 15, and will replace Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle. Demaré is a member of the executive committee of the Swiss-Swedish concern ABB. At the request of the British government, Ann Godbehere served as Chief Financial Officer of Northern Rock during…

Foreign-held accounts could top SFr2 trillion

This content was published on Mar 15, 2009 Up to SFr2.15 trillion in foreign private clients funds is the estimate given by the SBA in response to inquiries from the NZZ am Sonntag, the newspaper reported on Sunday. The sum is twice the estimate given up to now by the Swiss National Bank, which mentioned SFr1 trillion. Based on the new higher figure,…

Patent system needs overhaul, say researchers

This content was published on Mar 14, 2009 An international team, led by Professor Peter Bossaerts from Lausanne’s Federal Institute of Technology, carried out experiments to quantify the ways patent systems and market forces might influence someone to invent and solve intellectual problems. Their findings were published in the latest issue of the journal Science. The researchers claim that a market economy, where…

Press bid farewell to paradise lost

This content was published on Mar 14, 2009 But after this historic concession, commentators point out that the time has come to move onto the offensive in negotiations to protect Switzerland’s competitive position. Facing possible sanctions by the Organisation for Economic Cooperation and Development (OECD), Finance Minister Hans-Rudolf Merz announced on Friday the government’s decision to cooperate on cases of international tax evasion.…

Cabinet marks presence in UBS case

This content was published on Mar 13, 2009 The Swiss will protect their “sovereign interests” according to a statement, by instructing an American law firm to draft an “amicus curiae” brief explaining Switzerland’s legal position. “Amicus curiae” is the name given to a person or organisation that participates in a court action but is not a party to the action. An amicus curiae…

swissinfo celebrates ten years of Swiss news

This content was published on Mar 13, 2009 Friday marks the tenth anniversary of swissinfo.ch, a multimedia platform that produces news about Switzerland in nine languages for an international audience. Based in Bern and part of the Swiss Broadcasting Corporation, the enterprise was created by federal mandate. The portal replaced shortwave radio broadcasts produced by Swiss Radio International for decades. swissinfo aims to…

Bertarelli ranked richest Swiss on Forbes list

This content was published on Mar 13, 2009 The magazine found that the number of billionaires dropped from 1,125 in 2008 to 793 in 2009 under the global financial crisis. “Like the rest of us, the richest people in the world have endured a financial disaster over the past year,” Forbes noted. Bertarelli, former head of the biotechnology group Serono, climbed from 75th…

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