Archive – Banking & Fintech

Blue-chip shares plummet amid global jitters

This content was published on Oct 6, 2008 Zurich’s blue-chip SMI index lost 6.12 per cent of its value on Monday as European markets absorbed the effects of the global financial crisis. Shares in private bank Julius Baer led the sell-off, ending 15.3 per cent lower than at the close on Friday. Swiss Re suffered a 13.4 per cent drop in the price…

Swiss stock exchange opens on low

This content was published on Oct 6, 2008 Similar falls were reported across Europe as trading opened after the weekend and after low finishes in Asia. Within the first 15 minutes of trading, the Swiss Market Index (SMI) of 20 leading companies had dropped to 6625.82 points. The country’s largest bank, UBS, recorded the sharpest tumble – ten per cent – before regaining…

Customers feel US cross-border banking squeeze

This content was published on Oct 4, 2008 Increasingly complex US tax regulations have also left many Americans resident in Switzerland unable to find services beyond a standard retail account with a range of Swiss banks. Strict rules that have emerged in recent years are part of a US campaign to stop people evading taxes with offshore accounts. The issue came to a…

Economists unenthusiastic about bank rescue

This content was published on Oct 4, 2008 They are warning that the $700 billion (SFr767 billion) package rewards mismanagement and will delay necessary consolidation. The House had unexpectedly rejected the plan on Monday night, but was then persuaded to accept an amended version. The Senate passed the package on Wednesday. Yvan Lengwiler, an economist from Basel University, wrote in the German-language Neue…

UBS slashes 2,000 more jobs

This content was published on Oct 3, 2008 The move comes just one day after an extraordinary meeting in Basel, where executives assured shareholders that UBS had a plan in place to recover from recent losses totalling $43 billion (SFr49 billion). UBS officials had made no mention of the additional cuts, but media speculation had suggested the move, which was confirmed by the…

Swiss-French cross-border scheme launches

This content was published on Oct 2, 2008 The Interreg IV France-Switzerland 2007-2013 agreement supports the creation of long-term cross-border business, training, environmental and urban planning projects. It is designed to improve the living standards of the 4.7 million Swiss and French people who live in the catchment area. But despite local enthusiasm for cross-border cooperation, Switzerland’s federal government is accused of continuing…

UBS outlines recovery plan to shareholders

This content was published on Oct 2, 2008 The bank, that has lost some $43 billion (SFr49 billion) in the subprime mortgage crisis, made no mention of further writedowns or job losses at the extraordinary general meeting held in Basel on Thursday. The third shareholders meeting of 2008 was called to announce details of a new strategic approach and to vote on new…

UBS announces it’s back in the black

This content was published on Oct 2, 2008 The bank, badly hit by the United States subprime crisis, said in a statement on Thursday that it had “substantially reduced” its US commercial and residential mortgage-related assets, mainly through disposals. It repeated that it expected 2009 would be an overall profitable year. The statement came ahead of an extraordinary shareholders’ meeting at which new…

Pulling the plug on the Ilisu dam project

This content was published on Oct 2, 2008 Four engineering and consulting firms supply SFr225 million ($202 million) in goods and services – alongside other companies from European countries – and benefit from state insurance cover. Development aid organisations and parliamentarians accuse Turkey of reneging on international social and environmental standards despite repeated pledges since 2006. They say Switzerland’s credibility is at stake…

Bank bail-out plan was “badly directed”

This content was published on Oct 1, 2008 The head of the Swiss Institute of Banking and Finance at St Gallen University believes that a more efficient use of taxpayers’ money would be to direct emergency funds at bailing out only the weakest banks rather than buying up bad debt across the board. Professor Manuel Ammann has warned of more banks collapsing and…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Blue-chip shares plummet amid global jitters

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Swiss stock exchange opens on low

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Customers feel US cross-border banking squeeze

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Economists unenthusiastic about bank rescue

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UBS slashes 2,000 more jobs

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Swiss-French cross-border scheme launches

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UBS outlines recovery plan to shareholders

More

UBS announces it’s back in the black

More

Pulling the plug on the Ilisu dam project

More

Bank bail-out plan was “badly directed”

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