Archive – Banking & Fintech

Novartis puts in “strong performance”

This content was published on Jul 17, 2008 In a statement from its Basel headquarters, the group said sales were up 11 per cent to $20.6 billion, with all business contributing to “the strong performance”. Net sales for the second quarter rose by 14 per cent to $10.7 billion. “The growth acceleration in the second quarter of 2008 and our R&D successes, especially…

ABB appoints Hogan as new CEO

This content was published on Jul 17, 2008 ABB, which is active in power and automation technologies, said in a statement on Thursday that Hogan, aged 51, would join the company on September 1. Hogan, a United States citizen, has been at GE for 23 years and has led both its medical systems and healthcare units since November 2000. Michel Demaré, the group’s…

US pressure mounts on Swiss bank

This content was published on Jul 17, 2008 The subcommittee on investigations issued a report putting the total cost of the abuses aided by foreign banks at about $100 billion (SFr101 billion) per year. The chief targets of the report were UBS, and Liechtenstein’s LGT group, which is owned by the ruling family of the principality. The report recommended a range of reforms,…

Banks resist tighter regulatory proposals

This content was published on Jul 16, 2008 The Swiss Federal Banking Commission (SFBC) and the Swiss National Bank (SNB) have both recommended that the two banks increase safeguards following the damaging subprime mortgage crash in the United States. UBS has been forced to write down SFr39 billion in recent months while Credit Suisse has also lost around SFr8 billion. Both subscribe to…

Sites for sore eyes

This content was published on Jul 16, 2008 Unesco, the United Nations Educational, Scientific and Cultural Organization, has currently around 9000 sites “of outstanding universal value” in more than 140 countries. There are 66 sites in Switzerland – 63 cultural (including 56 pile dwelling sites) and three natural.

Swiss market hits three-year low

This content was published on Jul 15, 2008 The Swiss Market Index (SMI), Switzerland’s leading indicator of blue-chip company performance, dipped beneath the 6,500 mark for the first time since August 2005 and reached a low of 6,478.41 before ending Tuesday 1.7 per cent down at 6,561.98. Things continued to go from bad to worse for UBS, which is already reeling from huge…

Actelion signs key accord with GSK

This content was published on Jul 14, 2008 In a statement on Monday, Actelion said the deal would be worth up to SFr3.3 billion ($3.23 billion). The accord, under which GSK receives exclusive worldwide rights to co-develop and co-commercialise almorexant, ends months of speculation about whom Actelion might pick for cooperation on the drug. almorexant is the first in a new class of…

Official calls for US cooperation on UBS

This content was published on Jul 12, 2008 State Secretary for Foreign Affairs Michael Ambühl made the comments during a trip to the US. He also used the occasion to make contact with the teams of the two presidential candidates. The US authorities are currently investigating alleged income tax evasion by wealthy Americans linked to UBS. Earlier this month a court order was…

Leuthard wraps up Russia visit

This content was published on Jul 12, 2008 During her trip, Leuthard signed an agreement on trade cooperation with Russia, but for the time being there is no free trade accord in sight. The Swiss business world is split on how fast to pursue the free trade issue. But Leuthard prefers to wait. “I am personally of the opinion that we should only…

Lawyer sentenced in Aeroflot fraud

This content was published on Jul 11, 2008 The ruling against the 58-year-old man also obliges him to pay SFr90,000 ($87,500) in retribution and over SFr300,000 in court costs. The verdict was only a partial victory for prosecutors, who had demanded four years in prison and fines of SFr500,000 for the lawyer’s role in the SFr50 million fraud. The lawyer had been accused…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Novartis puts in “strong performance”

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ABB appoints Hogan as new CEO

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US pressure mounts on Swiss bank

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Banks resist tighter regulatory proposals

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Sites for sore eyes

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Swiss market hits three-year low

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Actelion signs key accord with GSK

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Official calls for US cooperation on UBS

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Leuthard wraps up Russia visit

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Lawyer sentenced in Aeroflot fraud

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