Archive – Banking & Fintech

Young scientists wanted

This content was published on Nov 6, 2008 Economics Minister Doris Leuthard told a conference of businesspeople and education experts in Basel that despite the importance Switzerland attaches to innovation, it lags behind its main rivals in the number of scientists and engineers it produces. She listed several new measures aimed at closing the gap. These include “project days” designed to arouse children’s…

Central bank cuts interest rate in surprise move

This content was published on Nov 6, 2008 The move on Thursday lowers the three-month target range of the Libor (London Interbank Offered Rate) to 1.5 – 2.5 per cent with immediate effect, with the bank intending to hold the rate in the middle of the target range for the time being. In a statement, the SNB even painted the picture of recession…

Sweet results posted by chocolate maker

This content was published on Nov 6, 2008 The Zurich-based company said on Thursday that net profit for the year that ended on August 31 rose to SFr205 million ($175.5 million). “We continued to see good growth in the first two months of the current fiscal year,” the company said in a statement. The 2007/08 profit for Barry Callebaut was however below the…

Brussels probes leading cement companies

This content was published on Nov 5, 2008 Officials from Brussels raided several major companies’ offices including market leader Lafarge of France, Holcim – the second largest player – and Mexico’s Cemex. Other firms included Germany’s Dyckerhoff and HeidelbergCement. The Commission has reason to believe that the companies concerned may have violated EC Treaty antitrust rules that prohibit cartels and restrictive business practices…

Fresh battle for wealth about to begin

This content was published on Nov 4, 2008 The world’s largest wealth manager, UBS, saw net outflows of nearly SFr50 billion ($43 billion) in the third quarter as rival Credit Suisse and smaller banks saw more money flooding into their coffers. One expert in the fast expanding Asian market believes the shift signals a “day of reckoning” for the private banking sector as…

Free-trade food talks begin with EU

This content was published on Nov 4, 2008 Negotiations with Mariann Fischer Boel, the EU commissioner for agriculture and rural development, started in Brussels on Tuesday and are expected to last a couple of years. The goal is to create a free-trade agreement through a reduction in taxes and tariffs levied on agricultural goods traded between Switzerland and the EU. Food safety will…

Development goals hinge on solving poverty

This content was published on Nov 4, 2008 Martin Dahinden, the head of the Swiss Agency for Development and Cooperation, said solving poverty means integrating developing countries better into the global economy. To do that, they need more room to manoeuvre within institutions such as the World Bank and the World Trade Organisation. Development prospects also depend on global change; the current financial…

Swiss Re announces disappointing results

This content was published on Nov 4, 2008 The Zurich-based company also announced on Tuesday that it was suspending its share buyback programme because of high financial volatility and a significant increase in demand for reinsurance. In a statement, Swiss Re said it wrote down another SFr572 million on investments and reported a SFr289 million loss on credit derivatives. It’s the first time…

Customers pull their money out of ailing UBS

This content was published on Nov 4, 2008 However, the bank said it had made a profit of SFr296 million ($251.4 million) in the period, helped by its own credit and tax gains. UBS said outflows from its core wealth management business totalled a record SFr49.3 billion and a further SFr34.4 billion was taken out of its Global Asset Management business. Massive exposure…

Pupils “hyperventilating” after energy drinks

This content was published on Nov 4, 2008 Now Toni Bortoluzzi, a politician on parliament’s social security and health committee, has called on authorities around the country to ban the fizzy drinks. “Stimulating beverages should be banned in all schools, even vocational schools,” he told the Sonntag newspaper. “There must be no more hyperventilating pupils in classrooms.” The Swiss People’s Party parliamentarian has…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Young scientists wanted

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Central bank cuts interest rate in surprise move

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Sweet results posted by chocolate maker

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Brussels probes leading cement companies

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Fresh battle for wealth about to begin

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Free-trade food talks begin with EU

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Development goals hinge on solving poverty

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Swiss Re announces disappointing results

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Customers pull their money out of ailing UBS

More

Pupils “hyperventilating” after energy drinks

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