Archive – Banking & Fintech

Top banker defends Swiss finance centre

This content was published on Sep 18, 2008 Mirabaud admitted that 2008 had so far been an “annus horribilis” for the financial sector but countered that crises threw up opportunities, not just risks. In particular, he honed in on Switzerland as a financial centre, noting that the country was not specifically associated with the crisis. “I wonder when we will finally stop continually…

Lausanne shows off new metro

This content was published on Sep 18, 2008 On September 18 Transport Minister Moritz Leuenberger cut the official red ribbon and tested the six-kilometre north-south line, called the M2. The new metro cost SFr740 million ($668 million) and is expected to be used by some 25 million passengers a year. “The M2 is not a object of prestige; it’s a means of transport…

Interest rates kept on hold

This content was published on Sep 18, 2008 The Swiss National Bank (SNB) announced as expected on Thursday that the rate would remain at 2.75 per cent. The bank said the financial-market situation remains worrisome, but the risk of inflation and high oil prices calls for a “prudent attitude”. It promised to “remain vigilant”. Analysts calculate Swiss economic growth at 1.5 to 2…

Breast milk menu too titillating for diners

This content was published on Sep 18, 2008 The Storchen restaurant, in Iberg on the outskirts of Winterthur, had advertised for mothers to sell their breast milk for the special menu. But breastfeeding counsellors had labelled the project unethical. The idea was eventually scrapped after canton Zurich food inspectors said it broke regulations, and threatened to take action. “Humans are not on the…

Stocks continue slippery ride

This content was published on Sep 17, 2008 The Swiss Market Index slipped 1.17 per cent to 6,654 points in afternoon trading, with UBS suffering the heaviest losses. The bank’s shares closed at SFr15.70 ($14), down 5.65 per cent or down 32.5 per cent during the past week. Some analysts believe the pounding the bank has endured after three major financial institutions in…

Credit Suisse pays penalty over ARS securities

This content was published on Sep 17, 2008 It has offered to buy back about $550 million (SFr615.7 million) in so-called auction rate securities (ARS) and pay a $15 million fine. The agreement is with the New York state attorney general Andrew Cuomo and the North American Securities Administrators Association (NASAA) – the oldest international organisation devoted to investor protection. Credit Suisse is…

Helping poor nations benefit from globalisation

This content was published on Sep 17, 2008 Nicolas Imboden is the driving force behind the first Geneva Trade and Development Forum, a conference dedicated to finding new ways of helping developing countries integrate into the global economy. The forum, held in the mountain resort of Crans Montana from Wednesday until Saturday, will bring together 400 top thinkers, practitioners and decision-makers from over…

UBS takes another hit

This content was published on Sep 16, 2008 After rivals in the United States took a renewed pounding when the New York market opened, UBS shares fell to SFr15.18 ($13.55), an all-time low, before rallying and closing Tuesday down 17.21 per cent at SFr16.64. That followed a tumble of 14.8 per cent on “Meltdown Monday”, when US investment bank Lehman Brothers went bankrupt,…

Finance minister spends evening with Darling

This content was published on Sep 16, 2008 The ministers appraised the financial situation and the fallout that their respective countries are facing after three major financial institutions in the United States failed on Monday. Merz emphasised the need for cooperation between central banks and regulatory agencies and for an increase in equity capital for large Swiss banking houses. Both agreed on the…

BAK adjusts economic prediction downwards

This content was published on Sep 16, 2008 BAK economists on Tuesday said they now expected growth in 2009 to be around 1.3 per cent versus the 1.6 per cent level forecast in June. A statement said the reason for the lower growth outlook was the deteriorating worldwide economic situation, with Switzerland feeling the effects in particular of low growth in the Eurozone.…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Top banker defends Swiss finance centre

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Lausanne shows off new metro

More

Interest rates kept on hold

More

Breast milk menu too titillating for diners

More

Stocks continue slippery ride

More

Credit Suisse pays penalty over ARS securities

More

Helping poor nations benefit from globalisation

More

UBS takes another hit

More

Finance minister spends evening with Darling

More

BAK adjusts economic prediction downwards

Popular Stories

Most Discussed