Archive – Banking & Fintech

Helping the eyes see all the action

This content was published on Feb 25, 2009 A recent photograph shows that French marines have been using the sophisticated Vector model from the Vectronix company, based at Heerbrugg in eastern Switzerland. “The French have several thousand Vectors and they use them for a lot of applications. Unfortunately in the past few months and years, the threat coming from terrorists or pirates has…

Machinery exporters face plummeting orders

This content was published on Feb 24, 2009 Swissmem, the sector’s umbrella body, said on Tuesday that sales and profits remained stable last year, but warned that the industry faces mounting challenges and future uncertainties in 2009. Demand from abroad for the export-driven industry fell 20 per cent last year and 34 per cent in the last quarter alone. Swissmem director Peter Dietrich…

Pressure on UBS continues to weigh heavy

This content was published on Feb 24, 2009 At the close of trading, UBS shares were down 1.5 per cent to SFr9.85 ($8.47), after Monday’s close of SFr10. This means that the stock exchange value of UBS is about SFr30 billion or about as much as its rival Credit Suisse. In a related development, a Zurich lawyer has laid charges against UBS and…

Client assets at Swiss banks tumbled in 2008

This content was published on Feb 24, 2009 Figures released by the Swiss National Bank (SNB) show total deposits fell by SFr1.41 trillion ($1.21 trillion) to SFr3.82 trillion, the lowest level since August 2005. Assets from foreign customers shrank by SFr882 billion, as pressure grew against Switzerland’s offshore banking activities, while the value of domestic funds fell by SFr531 billion, according to the…

Panic sets in for UBS clients in America

This content was published on Feb 24, 2009 Some US lawyers say calls to their offices have shot up since the Swiss banking giant announced last Wednesday that it would hand over confidential details of some 250 clients the American tax authorities suspect of tax evasion. “People are looking for the ability to sleep at night,” Robert McKenzie, a Chicago attorney, told swissinfo.…

Georg Fischer profit plummets

This content was published on Feb 24, 2009 The company, which makes milling machines and motor spindles among other products, said on Tuesday it had been hit by a slump in demand in the fourth quarter. “The deterioration in external conditions in the course of 2008 was on a virtually unprecedented scale,” Georg Fischer said. It added that it was unable to give…

Bank secrecy faces coordinated global assault

This content was published on Feb 23, 2009 The meeting will push for a coordinated attack on tax evader boltholes as the financial crisis bites into national budgets. Switzerland has not been invited to the summit despite asking for a seat at the table. The news of a proposed international crackdown on tax havens, announced at the weekend, follows hard on the heels…

UBS feels the wrath of investors and the US

This content was published on Feb 23, 2009 The decline came as a federal judge decided it would take months to determine if and when the Internal Revenue Service (IRS) would gain access to accounts of 52,000 UBS clients in the US suspected of tax evasion. District judge Alan S. Gold set a July 13 hearing on the IRS lawsuit, unless an agreement…

Crunch time for biscuit exports

This content was published on Feb 23, 2009 But while sales at home rose by 6.9 per cent, exports shrank by 1.9 per cent, according to the confectionery and biscuit manufacturers’ association Biscosuisse. The 47,845 tons of biscuits produced in 2008 generated sales of SFr476.2 million ($410 million). Growth last year was less than in 2007 however, when sales rose by three per…

Swiss cancel Senate hearing appearance

This content was published on Feb 22, 2009 The government had intended to send a representative to the Permanent Subcommittee on Investigations hearing on Tuesday, part of a probe into alleged tax evasion by UBS clients in the US. The hearing will focus on the Internal Revenue Service’s request to UBS to provide more information about US citizens’ accounts. “The Swiss government regrets…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Helping the eyes see all the action

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Machinery exporters face plummeting orders

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Pressure on UBS continues to weigh heavy

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Client assets at Swiss banks tumbled in 2008

More

Panic sets in for UBS clients in America

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Georg Fischer profit plummets

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Bank secrecy faces coordinated global assault

More

UBS feels the wrath of investors and the US

More

Crunch time for biscuit exports

More

Swiss cancel Senate hearing appearance

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