Archive – Banking & Fintech

Swiss watch exports start to wind down

This content was published on Dec 18, 2008 The Federation of the Swiss Watch Industry in Biel reported that the value had fallen to SF1.52 billion ($1.42 billion) from SFr1.79 billion the year before. In a statement on Thursday, the federation said the decline “clearly illustrates the curb on growth suffered by the industry as a result of the world economic climate”. Exports…

Flurries cause transport delays

This content was published on Dec 17, 2008 Up to 13 centimetres of snow on Wednesday led to over 120 accidents and held up flights at Zurich’s Kloten airport. Traffic was stuck in central Switzerland – also in Bern, Thurgau and Aargau – and the A9 motorway at Vevey, near Lausanne, was blocked for an hour in the morning. Drivers on the A1…

Interest in geothermal projects heats up

This content was published on Dec 17, 2008 Despite the failure of the ambitious Deep Heat Mining project in Basel, which was put on hold in 2007 after drilling work triggered a series of small earthquakes, several other Swiss cantons have declared an interest in geothermal power. The SFr200 million ($173 million) Geneva project, initiated by the local power company Services Industriels de…

Switzerland faces recession

This content was published on Dec 16, 2008 A report issued by the State Secretariat for Economic Affairs (Seco) forecast a drop of 0.8 per cent in economic activity for 2009, followed by a modest recovery of one per cent in 2010. They expect a sharp increase in unemployment in 2009 and 2010. The export sector is particularly exposed to the coming recession,…

Parallel imports from EU to be allowed

This content was published on Dec 16, 2008 This could reduce prices, since such imports from the European Union could be sold more cheaply than identical ones made in Switzerland. The House of Representatives on Monday evening voted in favour of allowing the imports, following Senate approval in September. The government opposes such imports. But parliament has made an exception of pharmaceuticals, which…

Domestic tourism faces downturn

This content was published on Dec 16, 2008 A joint report by the State Secretariat for Economic Affairs (Seco) and BAK Basel Economics forecast that the number of hotel nights in the country would decline by 2.4 per cent between November 2008 and April 2009. The decline will be most marked among guests from abroad. The industry is suffering from the effects of…

Switzerland responds to WTO criticism

This content was published on Dec 15, 2008 The report criticises the high customs duties which Switzerland imposes on agricultural items, especially dairy products and meat. It also says that the direct subsidies paid to farmers are too high. It welcomes the strengthening of competitivity resulting from a new law on cartels, but point out that this is still limited in agriculture, health…

Swiss worries turn to economic downturn

This content was published on Dec 15, 2008 Unemployment, healthcare costs and retirement provisions remained the top three concerns in Credit Suisse’s 2008 Worry Barometer, published on Monday. But the year-on-year highest growing fears among respondents were inflation and overall economic development. Credit Suisse says the results of the survey, for which 1,008 face-to-face interviews were carried out in September, were “clearly influenced”…

Swiss banks add up cost of investment scam

This content was published on Dec 15, 2008 Two banks have admitted getting their fingers burnt while speculation is intensifying that other financial institutions have lost up to SFr5 billion in the Bernard Madoff Investment Securities scam. The full extent of the global fraud, masterminded by former Nasdaq chairman Bernard Madoff, was still emerging on Monday after the US authorities intervened on Thursday.…

Financial crisis boosts Swiss gold production

This content was published on Dec 14, 2008 The staff at the Argor-Heraeus company in the southern town of Mendrisio are putting in overtime to produce gold bars for people turning their backs on the financial markets. “I’ve never experienced anything like this in my whole career,” Erhard Oberle, chief executive of the firm for the past 20 years, told swissinfo. He said…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss watch exports start to wind down

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Flurries cause transport delays

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Interest in geothermal projects heats up

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Switzerland faces recession

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Parallel imports from EU to be allowed

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Domestic tourism faces downturn

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Switzerland responds to WTO criticism

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Swiss worries turn to economic downturn

More

Swiss banks add up cost of investment scam

More

Financial crisis boosts Swiss gold production

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