Archive – Banking & Fintech

Swisscom phones in lower profits

This content was published on Mar 4, 2009 The Bern-based company, a former monopolist, said its yearly revenues rose ten per cent to SFr12.19 billion ($10.38 billion). Net income fell 15.5 per cent to SFr1.75 billion, which the company attributed in part to the 2007 disposal of a Hungarian telecommunications provider. Swisscom also reported growth at Fastweb, an Italian broadband company. The 2007…

Holcim profit crumbles

This content was published on Mar 4, 2009 The St Gallen-based firm announced a net profit of just under SFr2.23 billion ($1.9 billion) last year on sales of just under SFr25.16 billion. The result, down 54 per cent on the previous year for the world’s second-largest cement company, fell below analysts’ expectations. 2009 is expected to be a dismal year for the global…

UBS reshuffle continues as chairman resigns

This content was published on Mar 4, 2009 The latest development comes a week after Switzerland’s largest bank replaced its chief executive. Kurer will end his one-year tenure in April, with Villiger nominated to take over his post. UBS has endured a torrid two years amid the financial crisis – losing two chairmen, two chief executives, 80 per cent of its share price…

Central bank reports 2008 loss

This content was published on Mar 4, 2009 In a statement on Wednesday, the central bank said the purchase of illiquid assets from bank UBS late last year did not affect the SNB’s result. The Swiss National Bank (SNB) has reported a loss of SFr4.7 billion ($3.98 billion) for 2008, due mainly to exchange rate losses on foreign currency investments. In a statement…

Jobs to go at sea-freight company

This content was published on Mar 3, 2009 The Swiss-based company said on Tuesday that it had been hit by the economic downturn in the last quarter of 2008. The company, which employs 54,000 people worldwide, already had to cut 1,800 jobs at the end of January. The further job losses will make up part of cost-cutting exercises for the year ahead. Net…

Major media companies seek merger

This content was published on Mar 3, 2009 A joint statement said the alliance of two of the country’s major media groups, to be completed by 2013, aimed to create synergies and ward off foreign competition. It is not clear how many jobs will be cut as a result. The deal is subject to approval by the Federal Competition Commission. Tamedia is Switzerland’s…

Money matters on the agenda in US visit

This content was published on Mar 2, 2009 The pair met on Monday in Washington before Widmer-Schlumpf held further talks on justice matters with US Attorney General Eric Holder, who has stepped aside from a US probe into Swiss bank, UBS, because of a conflict of interest. The US Justice Department said Holder thanked Widmer-Schlumpf for Switzerland’s offer for help with closing the…

“No talk of putting Switzerland on blacklist”

This content was published on Mar 2, 2009 But Switzerland has underestimated the political pressures building up over banking secrecy and the change of mood in countries that have been badly hit by the financial crisis, John Nichols tells swissinfo. Switzerland’s tradition of banking secrecy has come under renewed pressure recently. The country’s largest financial institution, UBS, is the subject of a major…

Small businesses weathering the economic storm

This content was published on Mar 2, 2009 Such small- and medium-sized enterprises (SMEs), which account for more than 88 per cent of all Swiss companies, are also cushioned by an aversion to taking on too much debt but still face succession problems. The survey of 300 Swiss family-owned SMEs found that 68 per cent of companies are less motivated by making money…

Green energy promoters seek financial boost

This content was published on Mar 2, 2009 The group handed in a petition with more than 28,000 signatures aimed at boosting the annual credit to support projects for hydro- and geothermal power, photovoltaic panels, and wind and biomass energy. The campaigners, which include Greenpeace and Swissolar, said more than 4,000 projects were blocked because government funding was limited to SFr250 million ($213…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swisscom phones in lower profits

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Holcim profit crumbles

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UBS reshuffle continues as chairman resigns

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Central bank reports 2008 loss

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Jobs to go at sea-freight company

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Major media companies seek merger

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Money matters on the agenda in US visit

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“No talk of putting Switzerland on blacklist”

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Small businesses weathering the economic storm

More

Green energy promoters seek financial boost

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