Archive – Banking & Fintech

Soaring rents force families out of Zurich

This content was published on Aug 18, 2008 The situation is being blamed on an influx of skilled foreign workers, exploitative landlords and the wealthy buying up second homes. Observers say outlying districts are also now feeling the pinch. The cost of living in one of the world’s most expensive cities has never been cheap. But rental prices for first time tenants have…

UBS chairman wants “radical transformation”

This content was published on Aug 18, 2008 Peter Kurer also believes Switzerland’s largest bank will be profitable again next year. UBS is Europe’s hardest hit victim of the current credit crisis, having written down about $42 billion (SFr46 billion) of investments. Last week, the group announced a second-quarter loss of SFr358 million at the same time as separating its investment banking, asset…

Football fans spend little in Swiss shops

This content was published on Aug 18, 2008 The Federal Statistics Office said on Monday that turnover was up two per cent in June or only 0.7 per cent when adjusted for inflation, and was therefore considerably weaker than in previous months. Shops registered record growth in turnover in May with 9.3 per cent (7.4 per cent) compared with the same month in…

Chinese develop taste for Swiss chocolate

This content was published on Aug 15, 2008 Chocosuisse, the umbrella organisation of the Swiss chocolate industry, said exports to China rose from just two tons in 2001 to 308 tons last year. This represents an increase in value to SFr2.1 million ($1.9 million) from SFr57,000 seven years ago. The organisation said China imports primarily premium chocolate from Switzerland, as only a small…

Swatch records drop in first-half profit

This content was published on Aug 15, 2008 The world’s leading watchmaker says the fall in profit is the result of unrealised value adjustments on portfolios and foreign investments due to weak stock markets. Operative net profit grew 16 per cent to SFr593 million in the first half of the year, according to a company statement on Thursday. Swatch said the positive sales…

US releases UBS tax evasion witness

This content was published on Aug 14, 2008 UBS’s head of wealth management Americas, Martin Liechti, had not been allowed to leave the US after being named as a material witness in May. He appeared before a Senate hearing in July, but refused to testify. The US Internal Revenue Service and the Department of Justice are investigating whether UBS staff helped wealthy clients…

Consumers pessimistic about their finances

This content was published on Aug 14, 2008 Seco said the Swiss had become more pessimistic about the general state of the Swiss economy, their own financial situation over the past 12 months and the future. Seco said overall consumer confidence dropped 17 points in July compared with the April survey. The Swiss were most pessimistic about what the future holds for the…

Swiss Life strengthens German position

This content was published on Aug 14, 2008 At the same time, Swiss Life increased its holdings in MLP’s rival, AWD, to more than 96 per cent. Swiss Life said on Thursday it was acquiring the shares of Carsten Maschmeyer in MLP for around SFr500 million ($459 million), as well as Maschmeyer’s remaining stake in AWD for SFr194 million. In return, Maschmeyer has…

Credit Suisse fined for mispricing scam

This content was published on Aug 13, 2008 The deception resulted in the bank having to write down $2.85 billion (SFr3.1 billion) in February, just days after announcing its 2007 results. A Credit Suisse investigation found that a “handful” of traders had intentionally mispriced certain asset-backed securities to make their positions look healthier than they were. The bank said it had disciplined offenders…

ZFS on target with first-half profit

This content was published on Aug 13, 2008 Europe’s fourth-largest insurance group said on Wednesday it remained on track to achieve its efficiency targets. Gross written premiums and policy fees rose eight per cent to $20.6 billion. Chief executive James Schiro said the company was on course to cut costs by $800 million each year up to 2010 as part of an efficiency…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Soaring rents force families out of Zurich

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UBS chairman wants “radical transformation”

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Football fans spend little in Swiss shops

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Chinese develop taste for Swiss chocolate

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Swatch records drop in first-half profit

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US releases UBS tax evasion witness

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Consumers pessimistic about their finances

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Swiss Life strengthens German position

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Credit Suisse fined for mispricing scam

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ZFS on target with first-half profit

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