Archive – Banking & Fintech

Holcim axes 3,300 jobs worldwide

This content was published on Jan 16, 2009 The firm, which has its company headquarters in Zurich, said it needed to make economies as a result of the global financial crisis. Two-thirds of the cuts – 2,000 posts – will be in the United States where Holcim is closing 67 factories. In Spain, Holcim is shutting 24 sites and cutting 450 jobs. Another…

Private bankers face up to regulatory pressure

This content was published on Jan 16, 2009 Banks are facing pressure on two fronts. On the one hand, from Swiss regulators who are hoping to avoid another financial collapse. On the other, some European countries and the United States want to tighten rules to prevent tax evasion. The Swiss Private Bankers Association (SPBA) said the damage from the financial crisis had been…

SGS brings positive news to the economy

This content was published on Jan 15, 2009 The group, which verifies the quantity, weight and quality of a wide variety of traded goods for governments and companies, reported this was due to strong demand for its services and an exceptional tax gain. Revenue increased by just over ten per cent to SFr4.8 billion. SGS said in a statement on Thursday that “in…

Banks face raft of legal action over losses

This content was published on Jan 15, 2009 Hundreds of small investors have grouped together to take on Credit Suisse, claiming the products they purchased were misrepresented. UBS is facing action from institutional clients over its role in the Madoff scandal. A group of around 380 people who lost some SFr21 million ($18.8 million) on Credit Suisse products after the collapse of United…

Cabinet to dispatch four ministers to Davos

This content was published on Jan 14, 2009 Economics Minister Doris Leuthard, Foreign Minister Micheline Calmy-Rey and Environment, Transport and Energy Minister Moritz Leuenberger will accompany Finance Minister Hans-Rudolf Merz, who also holds the Swiss presidency for 2009. Ueli Maurer, the newly elected defence minister, may also attend. The ministers’ schedules are still being determined but their days will likely include slots for…

Former UBS banker pronounced a fugitive

This content was published on Jan 14, 2009 The judge in Fort Lauderdale made the move after Weil, aged 49, failed to surrender to US authorities on charges of conspiring to help wealthy American citizens hide assets from US tax authorities. Prosecutors released details of the order putting Weil, a former head of the bank’s global wealth business, on the fugitive list on…

UBS faces Madoff-connected lawsuit

This content was published on Jan 14, 2009 Oddo said on Tuesday it had launched proceedings against Switzerland’s largest bank in Luxembourg. Oddo alleges that it sold shares in the LuxAlpha fund that UBS oversaw a month before the Madoff scandal broke but has not received the money. It is seeking to recover €30 million (SFr44.57 million). UBS also ran into trouble in…

Swiss economy ranks as one of the freest

This content was published on Jan 13, 2009 The Heritage Foundation, a public policy research institute that champions free enterprise and limited government, said Switzerland’s policies towards trade, business, investment and property rights had created the ninth-freest economy on the globe. “The highest form of economic freedom provides an absolute right of property ownership, fully realised freedoms of movement for labour, capital and…

Supermarket price war set to intensify

This content was published on Jan 13, 2009 Swiss supermarkets are slashing prices in anticipation of Lidl opening its first store in March. With German rival Aldi already present in Switzerland, suppliers will feel more pressure to lower costs. Switzerland’s second largest chain, Coop, landed the first blow in the renewed price offensive last week by reducing the cost of 600 products. Manor…

Global firm cuts 145 Swiss jobs

This content was published on Jan 13, 2009 The company said on Tuesday that demand for its milling machines and motor spindles among other products had been weak “for a long time”. The group will lay off 145 workers, two-thirds from sales and marketing, across its five offices in Switzerland. In November Georg Fischer, which employs 13,000 people around the globe, announced it…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Holcim axes 3,300 jobs worldwide

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Private bankers face up to regulatory pressure

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SGS brings positive news to the economy

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Banks face raft of legal action over losses

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Cabinet to dispatch four ministers to Davos

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Former UBS banker pronounced a fugitive

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UBS faces Madoff-connected lawsuit

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Swiss economy ranks as one of the freest

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Supermarket price war set to intensify

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Global firm cuts 145 Swiss jobs

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