Archive – Banking & Fintech

OECD predicts shrinking Swiss economy

This content was published on Nov 25, 2008 Instead of growing by 1.4 per cent in 2009 as previously predicted, Swiss gross domestic product (GDP) will now contract by 0.2 per cent, the organisation said in its biannual Economic Outlook on Tuesday. In addition, the OECD reckons unemployment in Switzerland will grow next year from 3.5 per cent to 3.9 per cent, and…

Banks lead stock market rally

This content was published on Nov 24, 2008 The UBS share price ended the day’s trading at SFr13.78 ($11.50) or 21 per cent higher than on Friday, while Credit Suisse’s shot up 16 per cent. One trader told the Reuters news agency that comments made by the head of Switzerland’s banking commission in a Sunday newspaper “turned on the turbo-engines” of UBS and…

Roche scraps plans for highest tower

This content was published on Nov 24, 2008 The SFr550 million ($450 million) project had been scheduled for completion by 2011 and would have included two buildings designed by Swiss star architects Herzog & de Meuron. Roche said on Monday that the planned 154-metre-high building, which would have resembled a giant helix, could not fulfil the company’s “significant functional requirements”. The 40-storey structure…

Bankruptcies drop – but rate slows

This content was published on Nov 24, 2008 Creditreform, the country’s association of creditors, expects 4,200 firms to go bust by the end of the year, compared with 4,314 in 2007. While fewer bankruptcies is good news, the reduction rate has slowed from four per cent a year between 2005 and 2007 to three per cent. As for 2009, faced with freefalling markets…

Regulator admits UBS may need extra bailout

This content was published on Nov 23, 2008 Daniel Zuberbühler, head of the commission, would not rule out that UBS might need more government aid to survive the crisis, in an interview published in the SonntagsZeitung newspaper on Sunday. “If you look at the development of the market, it is indeed open whether our package of measures will be sufficient,” he said, adding…

Switzerland keeps credit squeeze at bay

This content was published on Nov 22, 2008 There has been “no trace” of the squeeze according to polls of the Swiss National Bank by the State Secretariat for Economic Affairs (Seco) or in its dealings with banks and businesses, the department’s chief economist, Aymo Brunetti, said. “Credit terms have not become significantly more restrictive,” Brunetti told the economic review Finanz und Wirtschaft.…

Federal Railways adds more trains, food

This content was published on Nov 21, 2008 Swiss Federal Railways said on Friday that business and quiet compartments as well as dining carriages would be integrated into all IC compositions. There will also be more capacity on the line stretching from Geneva to Zurich, the railways said. Federal Railways CEO Andreas Meyer told a news conference in Bern that the network this…

Swiss alarmed by surge in Somali piracy

This content was published on Nov 21, 2008 The Swiss merchant navy is at risk, according to the Federal National Economic Supply Office. Swiss-based ship owners and shipping companies are also worried by the surge in Somali piracy. According to the International Maritime Organisation (IMO), there were 264 piracy attacks around the world in 2007. By September this year there had been 199.…

SNB cuts interest rates by 100 basis points

This content was published on Nov 20, 2008 Thursday’s surprise cut to the London Interbank Offered Rate was the third within a month and came as the SNB said there was a higher risk of a marked slowdown in economic activity in Switzerland next year. The cut followed a 50 basis point cut earlier in November and 25 basis points in October. Before…

Exports slump while trade surplus widens

This content was published on Nov 20, 2008 Figures released on Thursday by the Federal Customs Office showed they declined in real terms by 8.1 per cent compared with a year ago to SFr18.2 billion ($15 billion). Six out of ten sectors reported negative export growth, while the trade balance increased to SFr1.8 billion in October from SFr1.46 billion in September. Exports for…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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OECD predicts shrinking Swiss economy

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Banks lead stock market rally

More

Roche scraps plans for highest tower

More

Bankruptcies drop – but rate slows

More

Regulator admits UBS may need extra bailout

More

Switzerland keeps credit squeeze at bay

More

Federal Railways adds more trains, food

More

Swiss alarmed by surge in Somali piracy

More

SNB cuts interest rates by 100 basis points

More

Exports slump while trade surplus widens

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Most Discussed