Archive – Banking & Fintech

Switzerland announces bank bail-out plan

This content was published on Oct 16, 2008 The Swiss National Bank (SNB) has agreed to put SFr6 billion ($5.23 billion) into UBS, in a move that aims to strengthen the bank’s capital base and reduce its balance sheet. In return, Switzerland’s central bank will take a 9.3 per cent stake in UBS. The surprise move by the cabinet, the SNB and the…

Government under pressure to act over finance crisis

This content was published on Oct 16, 2008 Speaking after a cabinet meeting, Spokesman Oswald Sigg said the government would communicate “only when there is something to communicate”. The Swiss silence stood in stark contrast to the high-profile reassurances from governments in the United States and Europe, whose leaders have taken to the airwaves in largely unsuccessful attempts to pacify volatile markets. It…

Swiss bank bailout plan announced

This content was published on Oct 16, 2008 The Swiss National Bank has agreed to put SFr6 billion ($5.23 billion) into UBS, in a move that aims to strengthen the bank’s capital base and reduce its balance sheet. The surprise move by the cabinet, the Swiss National Bank (SNB) and the Swiss Federal Banking Commission was announced on Thursday morning. It includes lending…

Government stays quiet on finance crisis

This content was published on Oct 15, 2008 Spokesman Oswald Sigg told the Swiss news agency that it would communicate “only when there is something to communicate” and declined to disclose details of the meeting. The move came on a day in which the Swiss Market Index (SMI), the country’s blue chip indicator, followed the downward trend of European markets and ended a…

Counterfeit drugs on the rise, authorities warn

This content was published on Oct 15, 2008 The medical supervisory agency, Swissmedic, said on Wednesday that educating consumers on the health risks of grey-market medicines is the only way to battle the problem. The agency is joining forces with pharmaceutical groups pharmaSuisse and Interpharma to launch a national awareness campaign next week. “Some of these products may seem cheaper but when you…

Stock market continues upward surge

This content was published on Oct 14, 2008 Tuesday’s rise in the Swiss Market Index (SMI) of the 20 leading companies coincided with the United States’ announcement that it would pour $250 billion (SFr283.34 billion) into various banks. Credit Suisse made the biggest leap on the SMI, with its shares up 15.24 per cent at SFr50.50. UBS shares rose by 12.04 per cent…

Government denies inaction in financial crisis

This content was published on Oct 14, 2008 Switzerland had acted together with the United States Federal Reserve and the European Central Bank in injecting cash to stabilise the financial markets, Economics Minister Doris Leuthard said on Tuesday. Her comments were echoed by fellow cabinet minister Mortiz Leuenberger, who said in his blog that the cabinet had discussed the situation but did not…

Tea and capsule coffee sales going strong

This content was published on Oct 14, 2008 While coffee consumption was up three per cent, tea drinkers sipped eight per cent more of the beverage in the year from September 2007 to September 2008. The study, published by market researchers ACNielsen, excludes sales through specialised outlets, service stations and restaurants. Four out of five Swiss homes are equipped with a coffee machine,…

Market fireworks light up Swiss front pages

This content was published on Oct 14, 2008 But alongside the grinning traders on front pages, the papers grappled with the many “buts” and unanswered questions: who was going to pay for all of this? What strings are attached? Why is the Swiss government conspicuous by its silence? “Breathe out!” ordered the tabloid Blick in its headline. “Phew, that was close,” it continued,…

Nervous savers scramble to protect assets

This content was published on Oct 13, 2008 All Swiss banks guarantee SFr30,000 ($26,600) of their clients’ money, prompting many people to spread their assets around different institutions. Officials maintain there is little danger of a Swiss bank collapsing. Nevertheless, savers are taking no chances with their hard-earned money, having witnessed a steady procession of failed banks in other countries. Some 1,700 Swiss…

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Archive – Banking & Fintech

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Switzerland announces bank bail-out plan

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Government under pressure to act over finance crisis

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Swiss bank bailout plan announced

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Government stays quiet on finance crisis

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Counterfeit drugs on the rise, authorities warn

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Stock market continues upward surge

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Government denies inaction in financial crisis

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Tea and capsule coffee sales going strong

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Market fireworks light up Swiss front pages

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Nervous savers scramble to protect assets

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