Archive – Banking & Fintech

Vatican Radio gives Novartis bitter pill

This content was published on Feb 5, 2009 The broadcaster said the fact that Novartis manufactures contraceptives played a role in the decision. In a statement published on the German-language pages of its website, Vatican Radio said it had decided not to have an external “commentator of the month” in February due to the Lefebvre affair. It said it had only found out…

Record income for customs and excise

This content was published on Feb 5, 2009 In its annual report released on Thursday, the Federal Customs Administration (FCA) also said it intercepted twice as much smuggled medicine in 2008 than in 2007. The FCA earned a total of SFr23.7 billion in 2008, up by 700 million on 2007, and equivalent to 37 per cent of the annual federal income. Value added…

Buffett steps in as Swiss Re warns of big loss

This content was published on Feb 5, 2009 News of the losses and a large writedown left the Zurich-based group’s share price plummeting, ending Thursday 28 per cent lower on the Swiss stock exchange. The world’s second-largest reinsurer wrote down SFr6 billion in toxic assets in 2008 as its shareholder equity dropped, offsetting a strong underwriting performance, the group said. In a statement…

Profits plunge at Zurich Financial

This content was published on Feb 5, 2009 The group announced on Thursday that business operating profit had dropped by 23 per cent to $5.2 billion (SFr6 billion), and resulted in a net income after tax of $3 billion in its full year results. It followed an 87 per cent fall in fourth-quarter net profits, which the group blamed on losses and writedowns…

Swiss Re seeks Buffett aid as losses projected

This content was published on Feb 5, 2009 The world’s second-largest reinsurer said on Thursday that it would be taking “significant” measures to reinforce its capital strength to remedy its situation. Buffett’s Berkshire Hathaway conglomerate holding company, which bought a three per cent stake in Swiss Re in 2008, will invest a further SFr3 billion subject to shareholder approval. The group is also…

Swiss “too cautious” to try out Bulgaria

This content was published on Feb 3, 2009 And Bulgarians are also staying away from Switzerland – the take up of short-term and yearly Swiss work permits for 2008 was well under the quotas allocated by the Federal Migration Office. The debate surrounding the potential extension of the European Union labour accord to include Bulgaria and Romania may to some extent awaken Swiss…

Watches enjoy record 2008 but outlook is weak

This content was published on Feb 3, 2009 Exports totalled SFr17 billion ($15.13 billion), up from SFr16 billion posted in 2007, the Federation of the Swiss Watch Industry reported from its headquarters in Biel on Tuesday. After a fall of 15.4 per cent in value terms in November, the export situation improved in December, although still declining by 7.6 per cent compared with…

Exports hit a seven-year low

This content was published on Feb 3, 2009 At the same time the balance of trade surplus reached a new “historic” peak of SFr19.8 billion ($17 billion) – a 42 per cent gain on the previous year – the Federal Customs Office announced on Tuesday. Although full-year exports reached a record SFr206 billion, there was a “clear change” in the last three months…

White-collar crime flourishes as economy dips

This content was published on Feb 3, 2009 Experts believe the total value of fraud and other economic crimes could add up to five times that amount as the growing global economic crisis places workers under greater pressure. Audit specialists KPMG compiled their “fraud barometer 2008” by looking at publicised cases of corporate crime that ended up in the courts of Switzerland, Britain,…

Free movement poll

This content was published on Feb 3, 2009

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Vatican Radio gives Novartis bitter pill

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Record income for customs and excise

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Buffett steps in as Swiss Re warns of big loss

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Profits plunge at Zurich Financial

More

Swiss Re seeks Buffett aid as losses projected

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Swiss “too cautious” to try out Bulgaria

More

Watches enjoy record 2008 but outlook is weak

More

Exports hit a seven-year low

More

White-collar crime flourishes as economy dips

More

Free movement poll

Popular Stories

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