Archive – Banking & Fintech

UBS faces fraud charges in US

This content was published on Jun 27, 2008 The complaint filed on Thursday by the Massachusetts Securities Division alleges that the bank knowingly let brokers present its so-called auction-rate securities as virtually risk-free so it could reduce its own stake in the failing scheme. The investments have their interest rates set at periodic auctions, depending on the submitted bids. Auction rate securities were…

Industry must tackle rising energy costs

This content was published on Jun 26, 2008 Oil prices this year have shot to well over $100 (SFr102.5) a barrel – and could reach $200 by the end of the year, according to some experts – placing a great strain on industrial output and contributing to rising inflation. The challenge of spiralling energy costs was the theme of this year’s Industry Day…

Alarm sounded over chemicals in sunscreens

This content was published on Jun 26, 2008 The scientists said ultra-violet filters found in sunscreens and commonly used fireproofing materials were to blame for the presence of these dangerous chemicals. Even at low dosages these chemicals have an effect, according to the national research programme into endocrine disruptors. They bind with hormone receptors in the body, upsetting normal functions. They are also…

Shops profit from upbeat consumers

This content was published on Jun 26, 2008 Purchases of non-food items drove the increase and some market sectors recorded double-digit growth, said marketing research firm IHA-GfK on Thursday. It said the non-food sector had increased its share of total retail turnover to 48 per cent from 40 per cent since 1990. The positive results were reflected in the decision by different branches…

Watchmakers boost numbers

This content was published on Jun 25, 2008 The employers organisation said 48,835 people worked in the watchmaking sector, up 4,391 on 2006, and the number of companies rose by more than five per cent to 627 firms, mainly in the northwestern Jura region. The watchmaking industry has repeatedly complained about a lack of trained personnel in the past few years. The sector,…

SMEs embrace “knowledge society”

This content was published on Jun 24, 2008 Economists at Switzerland’s second-largest bank surveyed nearly 1,600 SMEs about their views on selected important trends, general shifts in thinking and approaches affecting countries, industries and organisations. The main focus of this year’s survey, Opportunities and Risks for SMEs, was the “knowledge society”, where knowledge is the primary production resource instead of capital and labour.…

UBS acquires Dutch wealth manager

This content was published on Jun 24, 2008 The closing of the transaction remained subject to regulatory approval, the company said. Financial details were not disclosed. VermogensGroep manages client assets of approximately €4 billion (SFr6.49 billion), with an additional €10 billion assets under administration. It specialises in serving ultra-high net worth private clients, foundations and institutions. VermogensGroep employs 38 people in Amsterdam. UBS…

Novartis enters five-year tuberculosis deal

This content was published on Jun 24, 2008 The Novartis Institute for Tropical Diseases – a Singapore-based research centre managed by the Basel-based pharmaceutical firm – on Tuesday said the partnership would work to develop new tuberculosis (TB) medicines, including for drug-resistant strains of the virus. “While the global TB crisis shows no signs of abating, new treatments that are easier for patients…

Concern raised over popular biofuel option

This content was published on Jun 24, 2008 But as demand has grown over the past two years, concerns have been raised over how environmentally friendly it really is. Since being introduced in 2006 in the town of Winterthur, the Swiss bioethanol product has become available in 38 petrol stations around the country, GI-BioE, the group representing distribution and promotion of the fuel…

Domestic slowdown expected until mid-2009

This content was published on Jun 23, 2008 Gross domestic product (GDP) for Switzerland was expected to grow by 1.9 per cent this year and by 1.3 per cent in 2009, according to the State Secretariat for Economic Affairs (Seco). The economy grew by 3.1 per cent in 2007. “The cooling of the economy, which started at the beginning of the year will…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS faces fraud charges in US

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Industry must tackle rising energy costs

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Alarm sounded over chemicals in sunscreens

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Shops profit from upbeat consumers

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Watchmakers boost numbers

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SMEs embrace “knowledge society”

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UBS acquires Dutch wealth manager

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Novartis enters five-year tuberculosis deal

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Concern raised over popular biofuel option

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Domestic slowdown expected until mid-2009

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