Archive – Banking & Fintech

Swisscom half-year profit below forecast

This content was published on Aug 13, 2008 This is below the forecast of Fr876 million set by analysts. In a statement, Swisscom attributed the lower than expected results to withdrawal from leasing agreements. For the 2008 financial year, Swisscom expects to post net revenue of around SFr12.3 billion and operating income of around SFr4.8 billion. Swisscom also expressed confidence that payouts to…

UBS One Bank U-turn intensifies speculation

This content was published on Aug 13, 2008 One expert believes the U-turn by Switzerland’s biggest bank keeps its options open, but a final decision on selling off businesses will not be made until new board members have a chance to settle in. UBS’s much-vaunted One Bank integrated model was designed to maximise profits by passing clients and their assets from one division…

Couchepin ends Asian tour on economic note

This content was published on Aug 12, 2008 About 60 companies were present at a meeting on Tuesday in the capital, Manila, along with three local government ministers, according to Couchepin’s spokesman. The ministers called for more Swiss investment in the Philippines, while company representatives praised the country as an attractive place to do business because of the young, well-trained and affordable labour…

UBS repositions itself after Q2 loss

This content was published on Aug 12, 2008 The move on Tuesday came as Switzerland’s largest bank reported a second-quarter loss of SFr358 million ($328.3 million), slightly worse than analysts had expected. The loss compares with a SFr5.5 billion profit a year earlier and was cushioned by SFr3.8 billion in tax credits. The bank also reported heavy fund outflows of SFr17.3 billion in…

Holocaust bank settlement “cleansed” Swiss

This content was published on Aug 11, 2008 But the $1.25 billion (SFr1.33 billion) settlement, sealed in 1998, also caused significant upheaval in Switzerland as the country faced allegations of colluding with Nazis during the Second World War. When Jewish organisations again raised questions in the mid-1990s about dormant Swiss bank accounts containing the assets of Holocaust victims, nobody could predict the storm…

UBS forced to buy back “mis-sold” investments

This content was published on Aug 8, 2008 UBS confirmed the settlement on Friday just a week after paying out SFr4.6 million to investors in Massachusetts. A top lawyer recently stepped down at the bank in connection with the auction rate securities (ARS) probe. UBS said in a statement issued on Friday evening that it had made the agreement in principle with the…

Engineers to remain in jail over nuclear probe

This content was published on Aug 8, 2008 The Swiss Federal Court upheld a ruling by the Criminal Court earlier this year which ordered the Tinners to remain in custody pending the outcome of an investigation. But judges also called on the authorities to speed up the procedure or release the brothers who have been detained since 2005, according to court statement on…

Football championships bad for hotel business

This content was published on Aug 8, 2008 Swiss hotels registered a 2.6 per cent drop in bookings in June compared with the previous year, despite predictions by the country’s hotel and tourism industry that football fans would account for an additional 500,000 nights during the month. Foreign visitor numbers were down 1.1 per cent, while the number of Swiss overnights was down…

Credit Suisse sued over auction-rate securities

This content was published on Aug 8, 2008 STMicro said Switzerland’s second-biggest bank placed cash from the computer-chip maker into the securities without its authorization. In a complaint filed in a federal court in New York two days ago STMicro said it assumed the money would be invested in highly liquid and secure investments, in this case US government-backed student loans. The European…

Peak oil adds fuel to Swiss energy debate

This content was published on Aug 7, 2008 The Swiss Academy of Engineering Sciences (SATW) said on Thursday that oil covered 57 per cent of the country’s total energy needs. The independent umbrella organisation, which brings together experts, institutions and private companies, said Switzerland had to be ready for supply shortages. One must assume that the maximum global extraction of petroleum – “peak…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swisscom half-year profit below forecast

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UBS One Bank U-turn intensifies speculation

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Couchepin ends Asian tour on economic note

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UBS repositions itself after Q2 loss

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Holocaust bank settlement “cleansed” Swiss

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UBS forced to buy back “mis-sold” investments

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Engineers to remain in jail over nuclear probe

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Football championships bad for hotel business

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Credit Suisse sued over auction-rate securities

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Peak oil adds fuel to Swiss energy debate

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