Archive – Banking & Fintech

Bank fined for unauthorised investments

This content was published on Feb 16, 2009 An arbitration panel of the United States’ Financial Industry Regulatory Authority awarded STMicroelectronics damages of $406 million (SFr472 million) following the purchase of auction rate securities by Credit Suisse Securities. Geneva-based STMicroelectronics argued Credit Suisse carried out the unauthorised purchase of collateralised debt obligations and credit link notes instead of the federally guaranteed student loan…

Leuthard opens Muba trade fair

This content was published on Feb 13, 2009 Guest country this year at the 93rd Basel-based event is the Philippines. The Muba fair, which runs until February 22, showcases products and services arranged according to the themes of lifestyle, health, sport, garden, multimedia and fashion. Around 1,000 exhibitors are presenting their wares to the public this year. Three-quarters come from Switzerland. “Exhibitors here…

Nescafé ranked best brand

This content was published on Feb 13, 2009 It is the second time running that the brand, produced by the world’s largest food group, Nestlé, has topped the Bilanz magazine table. Nescafé’s brand value increased as the product developed and expanded into emerging markets, according to the Swiss magazine’s results published on Friday. Nestlé itself came in third. Switzerland’s largest bank, UBS, remained…

ABB accelerates move to cheaper markets

This content was published on Feb 12, 2009 The firm said it must reduce costs and exploit higher demand for its services in countries including Mexico and Poland after profits and orders fell appreciably last year. ABB announced on Thursday that net profits tumbled by 17 per cent in 2008 to $3.1 billion (SFr3.6 billion). This included an 88 per cent fall in…

Light plane crash kills two

This content was published on Feb 12, 2009 A third person was seriously injured as the plane hit a snow bank and broke up. The aircraft had appeared to go into a spin as it came down. It had left Vienna just after three o’clock, and the accident occurred about seventy-five minutes later. Air safety experts have gone to the scene to investigate…

Straumann profit slumps but outlook is good

This content was published on Feb 12, 2009 The company, which has its headquarters in Basel, said the economic downturn had led to a revaluation of intangible assets and exceptional write-downs totalling SFr173 million. Sales for the year totalled SFr778.7 million. Gilbert Achermann, chief executive of the world’s second-largest producer in the sector, said the market for implant, restorative and regenerative dentistry was…

ABB reports profit fall in 2008

This content was published on Feb 12, 2009 ABB posted an 88 per cent fall in fourth-quarter net profit to $213 million but the result was better than analysts had been expecting. The Zurich group, which makes robots and power equipment for utilities, booked provisions of about $870 million in the fourth quarter. ABB took the step after investigations by United States and…

Aigrain steps down as Swiss Re CEO

This content was published on Feb 12, 2009 At the same time as last week’s news, the troubled Zurich-based reinsurer also announced that United States investor Warren Buffett was injecting new capital of SFr3 billion into the group. Swiss Re said on Thursday that deputy CEO Stefan Lippe had been appointed to replace Aigrain. “Having taken measures to reinforce the group’s capital strength…

Swiss banking giants continue freefall

This content was published on Feb 11, 2009 Observers were sceptical about claims from both banks that they could recover in 2009, especially UBS’s intention to post a profit one year after losing a record amount of money for a Swiss company. UBS put in the worst performance last year, reporting nearly SFr20 billion ($17.3 billion) in losses after generating billions from a…

Government offers fresh boost to economy

This content was published on Feb 11, 2009 The lion’s share of the stimulus package will be directed at transport. The measures are expected to be approved by parliament next month. They are necessary, the government said, as the economic outlook has worsened since the first phase worth SFr341 million was introduced in November. The rescue package echoes what is taking place around…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Bank fined for unauthorised investments

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Leuthard opens Muba trade fair

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Nescafé ranked best brand

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ABB accelerates move to cheaper markets

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Light plane crash kills two

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Straumann profit slumps but outlook is good

More

ABB reports profit fall in 2008

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Aigrain steps down as Swiss Re CEO

More

Swiss banking giants continue freefall

More

Government offers fresh boost to economy

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