Archive – Banking & Fintech

Record number of travellers fly with Swiss

This content was published on Jan 12, 2009 Swiss, now owned and operated by German carrier Lufthansa, carried 13.5 million people last year. That was up 10.3 per cent compared with 2007. In December 2008, 1.07 million passengers boarded Swiss flights, which was an increase of 6.4 per cent compared to the same period in 2007. For all of 2008 seat occupancy climbed…

Financial system “could yet collapse”

This content was published on Jan 12, 2009 Professor Peter Katzenstein said the industry is exposed to trillions of dollars of bets that could still turn sour. Switzerland would be particularly vulnerable if the financial crisis develops further. Governments around the world have pumped trillions of dollars into the financial industry to prop up individual institutions, cover toxic assets and to give banks…

Record numbers to attend economic meeting

This content was published on Jan 9, 2009 They include more than 40 heads of state and government and nearly 2,500 political and business leaders. In an interview published on Friday with the French-language newspaper Le Temps, Schwab described the current financial and economic crisis as “the most exceptional situation we have ever had”. “The crisis is like a huge pile-up on the…

Credit Suisse agrees a recession looms

This content was published on Jan 9, 2009 The bank now believes gross domestic product (GDP) will shrink by 0.6 per cent in 2009, as opposed to the one per cent growth it forecast last September. Credit Suisse blamed the revision on worsening conditions at the end of 2008. “The Swiss economy still appeared to be robust until the end of October 2008.…

President pleas for return to traditional values

This content was published on Jan 8, 2009 Speaking at a seminar for Swiss cooperation in Interlaken, he said Switzerland must draw the appropriate lessions from the financial crisis, which had revealed weaknesses in the banking system. He said money managers had ignored “the traditional values of the classic banker such as: know your customer, prudence when lending money, closely monitoring dossiers, respect…

Switzerland insulated from Russian gas dispute

This content was published on Jan 7, 2009 But Switzerland has been asked to help ensure supplies to other countries and assist diplomatic efforts to resolve the crisis. The government is expected this month to consider two formal requests for help. There is little sign of a swift resolution to the pricing dispute between Russia and Ukraine, while freezing mid-winter temperatures across Europe…

Year of ups and downs for Swiss airports

This content was published on Jan 7, 2009 A record number of passengers used Geneva’s Cointrin airport, up 5.7 per cent to reach nearly 11,530,000, the airport announced. The number of movements – take-offs and landings – was up by 1.5 per cent. But the EuroAirport near Basel, which is shared with the French town of Mulhouse and the German town of Freiburg,…

Canton is not an economic backwater

This content was published on Jan 7, 2009 Commissioned by leading politicians, economists and businessmen in Ticino, the study shows that the canton is well positioned for growth. The 60-page report focussed on the development in the canton over the past two decades (1986-2006), and its prospects up to 2020. Even though Ticino’s economic productivity is six per cent lower than the Swiss…

Matterhorn is part of “New 7 Wonders” contest

This content was published on Jan 7, 2009 The mountain will vie with 260 other spectacular places including the Grand Canyon, Mount Everest and Loch Ness for a spot on the list, organisers of the Switzerland-based New 7 Wonders campaign said on Wednesday. More than a billion people are expected to pare down the list, which now includes entries from 222 countries, to…

Spin-offs from ETH Zurich reach record level

This content was published on Jan 6, 2009 In a statement on Tuesday, the Institute noted that six firms were created in computer science and communication technologies and in services, and four in biotechnology/pharmaceuticals. Four were established in electrical and electronics engineering, two in medical devices and one in micro- and nanotechnology. It noted that spin-offs had won over SFr1 million ($890,000) in…

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