Archive – Banking & Fintech

Stock exchange woes hit UBS and Swiss Re hard

This content was published on Sep 16, 2008 The share price of Switzerland’s largest bank had fallen by more than 20 per cent in late afternoon trading to about SFr16 ($14.4) after losing 14.5 per cent in value on Monday. UBS shares have lost more than 65 per cent of their value this year and are down 34 per cent in the past…

Financial failures infect world stock markets

This content was published on Sep 15, 2008 The Swiss Market Index (SMI) rallied at the end of Monday to close down nearly four per cent. Shares in Switzerland’s largest bank, UBS, dropped 15 per cent while Credit Suisse and other banks also dived. Stock markets around the world sank into the red as panic set in about the bankruptcy of US investment…

Ciba announces impending sale to German giant

This content was published on Sep 15, 2008 Shareholders were asked on Monday to accept a SFr50 per share offer at a forthcoming extraordinary general meeting. Chairman Armin Meyer had been facing increasing pressure to step down. Ciba has been struggling to cope with recent increases in raw materials costs, shrinking order books and the emergence of new competitors in Asia and the…

Swiss banks commit to borrowing facility

This content was published on Sep 15, 2008 The two Swiss banks agreed on Sunday to contribute $7 billion each toward the fund. Other contributors include Deutsche Bank, Bank of America, Barclays and Citigroup. Should any bank in the consortium need emergency cash, each member would be permitted to borrow about $23 billion, or one-third of the fund’s total allotment. That figure could…

BASF set to take over Ciba

This content was published on Sep 15, 2008 In a statement on Monday, Ciba’s board of directors recommended that shareholders accept the offer of SFr50 per share, which equates to a premium of 32 per cent above Friday’s closing share price, or a total of SFr6.1 billion ($5.48 billion). A transaction agreement was signed on Sunday, the statement said. “Against the backdrop of…

Champion cheese chosen

This content was published on Sep 12, 2008 The jury at the Swiss Cheese Awards 2008 chose the gruyere made by Jean-Louis Roch of the village of Charmey from the milk of cows grazing in the mountain pasture of La Théraulaz. “If nine foreigners from seven countries around the world, and nine Swiss from five cantons decide on the Swiss champion, that really…

Record-breaking cable laid

This content was published on Sep 12, 2008 The world’s longest underwater power cable linking Norway and the Netherlands was officially inaugurated on Friday, the company announced. The NordNed link, which is 580 km in length, will supply the Dutch grid with power from Norwegian hydroelectric stations to make up shortfalls during peak periods. ABB says that the use of hydroelectricity will make…

Young turn page on traditional press

This content was published on Sep 11, 2008 According to a Swiss media research institute, traditional newspapers and magazines continue to lose younger fans. The study also reveals that young people are far from being swamped by the news and information they handle on a daily basis. Figures released earlier this week by the Zurich-based institute, Wemf, showed that daily paid-for newspapers are…

Hedge fund drive causes concern

This content was published on Sep 11, 2008 A special committee put forward proposals early in September to make Switzerland more competitive for hedge fund managers and private equity groups, arguing it would boost the country’s financial centre. But a number of politicians and business leaders have mounted a concerted opposition to such plans and have threatened to scupper them if they reach…

Life is not so sweet for chocoholics

This content was published on Sep 11, 2008 Patrick de Maeseneire, CEO of the Zurich-based Barry-Callebaut company – the world’s largest chocolate manufacturer – told the Handelszeitung newspaper that a 100g bar could go up in price by 12 per cent. He blamed higher prices of raw materials in particular for the expected rises. “I’m not surprised because the price of cocoa is…

Page 751 of 1641

First … 749 750 751 752 753 … Last

Archive – Banking & Fintech

Popular Stories

Most Discussed

Archive – Banking & Fintech

More

Stock exchange woes hit UBS and Swiss Re hard

More

Financial failures infect world stock markets

More

Ciba announces impending sale to German giant

More

Swiss banks commit to borrowing facility

More

BASF set to take over Ciba

More

Champion cheese chosen

More

Record-breaking cable laid

More

Young turn page on traditional press

More

Hedge fund drive causes concern

More

Life is not so sweet for chocoholics

Popular Stories

Most Discussed