Archive – Banking & Fintech

Historic euro gains on franc after rate cuts

This content was published on Mar 13, 2009 The euro shot up over three per cent from SFr1.48 to SFr1.53 on news that the Swiss National Bank had cut its base rate to a record low of 0.25 per cent. The target range for the three-month Libor (London Interbank Offered Rate) was lowered by 25 basis points to 0 – 0.75 per cent.…

Future of banking secrecy under debate

This content was published on Mar 13, 2009 Switzerland is under pressure to ease banking secrecy laws as other alleged tax havens say they will amend their laws, and the government is expected to make some concessions. Finance Minister Hans-Rudolf Merz has said the government is willing to improve international cooperation to combat tax offences. Merz said Switzerland could be affected by Liechtenstein’s…

Child labour threatens chocolate’s sweet image

This content was published on Mar 12, 2009 The Swiss non-governmental organisation Berne Declaration has launched a campaign to encourage the country’s chocolate producers to do more to ensure the cocoa they buy comes from ethical sources. On the cusp of the Easter season the group has released images of chocolate bunny rabbits crying blood, with the slogan, “child labour is put into…

Alpine countries battle pollution

This content was published on Mar 12, 2009 He told an alpine conference in the French town of Evian that the Swiss idea for a reservation system for heavy goods trucks crossing the Alps – known as the Alpine Crossing Exchange – would reduce CO2 emissions in the narrow alpine valleys. But he stressed that Switzerland was not planning to cut the number…

Swatch sees profits drop but better days ahead

This content was published on Mar 12, 2009 Despite the downturn, consumer demand for its watches is strong. In a report issued on Thursday, the company said that its gross sales reached nearly SFr6 billion, a record. The announcement spoke of a “fundamental confidence” that sales will pick up again in the second half of 2009. Profits fell to SFr838 million in 2008,…

Roche buys Genentech for $46.8 billion

This content was published on Mar 12, 2009 Board members at Genentech, a California-based company, agreed to sell Roche all outstanding shares for $95 each in cash. It is one of the most expensive deals in the history of the Swiss economy. The deal ends a drawn-out battle that began last year and turned hostile for several months after Roche’s initial bid was…

Economists predict worst recession in 30 years

This content was published on Mar 11, 2009 The consensus forecast from 24 economists, released by the KOF Swiss Economic Institute on Wednesday, predicted a modest 0.4 per cent recovery in 2010. The poll painted a much bleaker picture than one conducted in December. Last year, economists were expecting Switzerland to escape negative growth thanks in large part to strong consumer spending and…

Swiss airline profits lose altitude

This content was published on Mar 11, 2009 The airline reported a 6.5 per cent decline in profits to SFr507 million ($435 million) but a record 13.5 million passengers helped to boost operating income 7.6 per cent to SFr5.3 billion. Swiss warned of weakening demand in the last quarter of 2008, particularly in cargo but also in passenger numbers. The drop-off in freight…

US settlement increases UBS annual loss

This content was published on Mar 11, 2009 The bank’s annual report published on Wednesday listed a net loss for the year of SFr20.9 billion ($17.95 billion), higher than the SFr19.7 billion presented in UBS’s fourth quarter 2008 report on February 10. Certain factors in the interim had affected the overall figures, the bank said in a statement, including an agreement to pay…

Retail decline tipped to dent property market

This content was published on Mar 11, 2009 While the global recession is not expected to hit Switzerland as hard as other countries, it could force some shops to the wall and others to reverse their recent strategy of increasing floor space. Tuesday’s real estate report from Credit Suisse bank predicts the start of a downsizing trend in offices and shops, leading to…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Historic euro gains on franc after rate cuts

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Future of banking secrecy under debate

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Child labour threatens chocolate’s sweet image

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Alpine countries battle pollution

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Swatch sees profits drop but better days ahead

More

Roche buys Genentech for $46.8 billion

More

Economists predict worst recession in 30 years

More

Swiss airline profits lose altitude

More

US settlement increases UBS annual loss

More

Retail decline tipped to dent property market

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