Archive – Banking & Fintech

Kuoni travels on with British acquisition

This content was published on Oct 1, 2008 The purchase come just a day after Zurich-based Kuoni said it was securing a foothold in the Australian market by buying Australian Tours Management (ATM) of Melbourne. Kuoni said in a statement on Wednesday that the British deal further strengthened the group’s position in the premium segment. Founded in 1980, Carrier expects to report SFr72…

Is Switzerland heading for a recession?

This content was published on Sep 30, 2008 The latest round of global financial turbulence has increased pessimism, but Switzerland is still expected to weather the storm better than many countries thanks to its sound economic foundations. On Monday, the KOF Swiss Economic Institute predicted negative growth over the next two financial quarters and dramatically revised its 2009 gross domestic product (GDP) prognosis…

Student grants shrinking over time

This content was published on Sep 30, 2008 The total handout of SFr310 million ($280 million) represented a decrease in real terms of 23 per cent since 1993, despite the fact that the number of people attending higher education has risen consistently since then. Less than one in ten of Switzerland’s 538,000 students and apprentices qualified for grants last year. The cantons paid…

Kuoni acquires Melbourne-based tour operator

This content was published on Sep 30, 2008 The Kuoni Group announced that is to acquire the business activities of ATM but the value of the deal was not disclosed. In the business year ending June 2008, ATM reported a turnover of SFr21 million ($19.16 million). The Australian company will keep its name, employees and management team. According to Kuoni, ATM is a…

Failed bank rescue seen as challenge for Europe

This content was published on Sep 30, 2008 “A wake up call for Europe,” was the title of the commentary in Tuesday morning’s Tages-Anzeiger newspaper of Zurich, echoed by Le Temps of Geneva: “A challenge for Europe”. The Tages-Anzeiger says that Europe lulled itself into a false sense of security at the beginning of the financial crisis in the United States, contrasting the…

Stock exchange sharply down

This content was published on Sep 29, 2008 At the close the Swiss Market Index of the 20 leading companies had lost 4.63 per cent in comparison with Friday. Banks shares were particularly badly hit, with UBS losing 13.6 per cent at its lowest point in the day. Credit Suisse lost 7.8 per cent and Julius Bär 6.8. UBS is due to hold…

The axe falls on pulp mill

This content was published on Sep 29, 2008 The Norwegian parent company of the Borregaard pulp mill in canton Solothurn said that it was unlikely that investors would be found to take the mill over. The 440 workers are set to lose their jobs. “This is very sad for us all, and we very much regret this development,” said Jorn Syvertsen, president of…

Trade accord with Japan soon ready for signing

This content was published on Sep 29, 2008 A statement by the ministry said the accord should be signed as soon as possible. The agreement covers several areas including trade in goods and services, rules of origin and investment. Both sides have pledged to eliminate or reduce tariffs on industrial, and agricultural, forestry and fishery products. The accord will also provide a framework…

Wellershoff of UBS criticises US authorities

This content was published on Sep 27, 2008 Klaus Wellershoff commented in Saturday’s Bund newspaper of Bern that he believed the decision not to give financial aid to the ailing group was a “clear mistake”. He also said that the planned $700 billion dollar (SFr763.4 billion) rescue package in the US was necessary to bring back confidence to the financial system. “It is…

Finance crisis blows hole in pension funds

This content was published on Sep 24, 2008 Some experts, however, put the losses at closer to SFr60 billion – or ten per cent of the total funds – in the past 12 months, which could rise even more if stock markets continue to decline. Swisscanto, one of Switzerland’s largest pension funds, presented a comprehensive report on the state of the industry at…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Kuoni travels on with British acquisition

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Is Switzerland heading for a recession?

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Student grants shrinking over time

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Kuoni acquires Melbourne-based tour operator

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Failed bank rescue seen as challenge for Europe

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Stock exchange sharply down

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The axe falls on pulp mill

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Trade accord with Japan soon ready for signing

More

Wellershoff of UBS criticises US authorities

More

Finance crisis blows hole in pension funds

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