Archive – Banking & Fintech

More firms founded in 2008 but downturn likely

This content was published on Jan 6, 2009 In a yearly report released on Tuesday, Creditreform, the country’s association of creditors, noted that 36,861 new firms were registered in Switzerland in 2008. During that time 21,254 firms were dissolved, a ten-year low. That means Switzerland made a net gain of 15,607 new firms, up 13.3 per cent from 2007. Eastern Switzerland and Zurich…

You may smile!

This content was published on Jan 6, 2009 The 50 most prominent cartoonists in Switzerland have for the first time shown their work in a joint exhibition. Here is a telling look at a turbulent year.

Logitech to cut staff by 15 per cent

This content was published on Jan 6, 2009 The maker of mice, webcams and other computer peripherals – with offices in canton Vaud, western Switzerland, and Fremont, California – has about 3,500 salaried employees in a total work force of about 9,000. The company also withdrew its previous fiscal 2009 forecasts for sales growth of six to eight per cent and operating income…

Ski resorts fill up despite hard times

This content was published on Jan 5, 2009 Resort directors are crossing their fingers for the rest of the current winter, but they expect the economic crisis to hit hard next season. Verbier – popular with British, Russian and Scandinavian holidaymakers – reported a record start to the 2008-2009 season. According to Eric Balet, director of Verbier’s lift company, Téléverbier, there was a…

Unions urge companies not to lay off staff

This content was published on Jan 5, 2009 At a news conference in Bern on Monday the federation said companies filled their coffers during the economic boom, enabling them to keep staff in hard times. “No economisation should be allowed using the financial crisis as an excuse,” said the federation’s chief economist, Daniel Lampart. Only in emergency situations should firms introduce a shorter…

Phone operators profit from “Happy New Year”

This content was published on Jan 2, 2009 The biggest phone company, Swisscom, led the way with 47.6 million messages, followed by about 29 million each for operators, Sunrise and Orange. However, Sunrise was the only company that saw a significant rise in figures, registering about 2 million more than last year. The numbers also show that mobile phones are used nearly twice…

Political outlook moderate to stormy in 2009

This content was published on Jan 2, 2009 The February 8 referendum on prolonging the agreement with the European Union on the free movement of people and extending it to Bulgaria and Romania is the key vote of the year, Lausanne University political scientist Georg Lutz told swissinfo. A great deal would be on the line if the electorate rejected the deal, in…

CS sells chunk of asset management firm

This content was published on Dec 31, 2008 Switzerland’s second-largest bank said in a statement on Wednesday that the stake was valued at about SFr381 million ($361.15 million). The sale includes SFr75 billion of assets under management. Under the terms of the deal, Credit Suisse will have a seat on the board of Aberdeen. The deal will see Aberdeen, which currently has $160…

German minister calls for tax cooperation

This content was published on Dec 30, 2008 He said the €130 million (SFr194 million) withholding tax paid by Switzerland to Germany was a “joke”, considering experts estimate German taxpayers hold up to €300 billion in Swiss accounts. In an interview with the German Ruhr-Nachrichten newspaper Steinbrück said tax evasion was not a trivial offence. “We will support Switzerland when it wants to…

Economic barometer hits five-year low

This content was published on Dec 29, 2008 The indicator, which is produced by the KOF Swiss Economic Institute and points to the economy’s likely performance in six months, dropped to -0.39, the lowest level since April 2003 and down from an upwardly revised -0.04 in November. “Swiss gross domestic product in the first quarter of 2009 can be expected to be lower…

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