Archive – Banking & Fintech

Another Swiss bank admits Madoff exposure

This content was published on Dec 13, 2008 Reichmuth Matterhorn said in a statement that it had investments in hedge funds associated with the Wall Street trader of around SFr385 million ($327 million). On Friday, wealth management bank, Bénédict Hentsch, said it had entrusted Madoff’s investment company with SFr56 million of its clients’ assets. The Le Temps newspaper reported that hedge funds and…

Mobutu assets stay frozen as legalities begin

This content was published on Dec 12, 2008 The assets were set to be returned to Mobutu’s family on December 15 but Switzerland agreed to keep them frozen for another two months after the Congolese government launched legal proceedings to determine their origin. The prime minister of Congo confirmed on December 9 his country’s wish to recuperate the assets, after Switzerland offered to…

Bilateral accords bring good fortune for firms

This content was published on Dec 12, 2008 The labour treaty in particular has helped boost the Swiss gross domestic product, according to an economiesuisse study released on Friday on the impact of the bilateral agreements on the Swiss economy. The findings show no negative repercussions on the job market as a result of the treaty and that could go some way towards…

Zurich agrees to pay penalty to US regulator

This content was published on Dec 12, 2008 The SEC had complained that the group had artificially inflated performance figures of its reinsurance unit, Zurich Re, which was spun off as Converium and last year taken over by Scor of France. The US regulator argued that as a result of the action, Zurich managed to book “a significant windfall” in 2001 at the…

Central bank acts again as recession looms

This content was published on Dec 11, 2008 The rate was lowered by 50 basis points as the bank insisted it would take further economic stimulus measures and said monetary policy was under control. The new three-month Libor (London Interbank Offered Rate) target range was set at 0-1 per cent with a target of 0.5 per cent. The SNB once again kept pace…

Government presents its new year resolutions

This content was published on Dec 11, 2008 President Pascal Couchepin announced the outline to the Senate on Thursday, keeping with the government’s tradition of presenting political goals in early December for the following year. Priorities include underlining the importance of measures designed to promote economic growth and free-trade accords that were put in place in 2004. That includes accompanying measures to help…

National bank lowers rate, expects recession

This content was published on Dec 11, 2008 The SNB said Gross Domestic Product growth would be negative next year, falling to between –0.5 and –1 per cent. In a statement, the SNB said it was prepared to “take all necessary steps” to support the Swiss economy in the face of the deteriorating global economic environment. The SNB “will continue to provide the…

Microsoft growth boosts Zurich’s “tech appeal”

This content was published on Dec 10, 2008 The Microsoft Development Center opened new premises on Tuesday with staff numbers expected to quadruple by 2011. Google also expanded in the city this year and IBM is co-funding a nanotech laboratory. Along with centres in Beijing, Hyderabad and the group headquarters in Redmond, Washington state, engineers in Zurich will develop Unified Communications (UC) software…

Swiss rate well on bribe index

This content was published on Dec 9, 2008 Switzerland was ranked joint third along with the Netherlands in the Bribe Payers Index (BPI), which lists 22 of the world’s largest countries in terms of honesty. The survey of 2,742 senior business executives from around the world found that only Belgium and Canada were considered less likely to make payoffs. Firms in Russia were…

Bailout plan agreed despite leftwing protest

This content was published on Dec 9, 2008 The centre-left failed to convince the House of Representatives and the Senate to apply additional conditions to the $60 billion (SFr73 billion) funding, including caps on manager salaries. The financial rescue plan, including a $54 billion government loan and a SFr6 billion cash injection for UBS, was only contested by the Greens. The four main…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Another Swiss bank admits Madoff exposure

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Mobutu assets stay frozen as legalities begin

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Bilateral accords bring good fortune for firms

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Zurich agrees to pay penalty to US regulator

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Central bank acts again as recession looms

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Government presents its new year resolutions

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National bank lowers rate, expects recession

More

Microsoft growth boosts Zurich’s “tech appeal”

More

Swiss rate well on bribe index

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Bailout plan agreed despite leftwing protest

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