Archive – Banking & Fintech

Climate on losing side of Euro 2008

This content was published on Jun 16, 2008 In the name of the four ministers, Switzerland’s Moritz Leuenberger called on European football’s governing body to buy certificates to offset carbon dioxide emissions generated by the football championships. The ministers criticised Uefa for refusing to accept its responsibilities to the climate, a spokesman for Leuenberger said after the ministers’ meeting on Monday. The Swiss…

Low salaries don’t indicate poverty

This content was published on Jun 16, 2008 These jobs concern 320,000 people – 70 per cent of them women – who earn less than SFr3,783 ($3,628) per month for a 40-hour working week. Over the past decade, the percentage of low salaries among the workforce has only varied slightly, decreasing from 11.2 to 10.2 per cent. These wages are often paid in…

More expatriates but few women managing firms

This content was published on Jun 16, 2008 However, the study found that women held only four per cent of management positions. It said that six per cent of incoming managers were women. The profile of a top manager remains a 51-year-old Swiss male with a university degree, two decades of work experience and ten years or more in a management position, the…

US requests Swiss help in UBS probe

This content was published on Jun 15, 2008 Switzerland is examining whether it can assist in the request, said Folco Galli of the Swiss federal prosecutor’s office on Sunday. Further details of the request have not been released. The US Department of Justice and the financial regulatory body, the Securities and Exchange Commission, are investigating services provided by Swiss-based UBS staff to American…

Banks settle in Parmalat dispute

This content was published on Jun 14, 2008 Parmalat collapsed under debts of €14 billion (SFr22.15 billion) and was later re-listed on the Milan stock exchange. The company launched a series of lawsuits for billions of dollars against banks including Citicorp, UBS, Deutsche Bank, Credit Suisse and Bank of America in an attempt to recoup losses for the company and investors. Parmalat’s new…

Truckers say no to transport strikes for now

This content was published on Jun 13, 2008 Following a committee meeting, Astag said in a statement on Friday that for the time being strikes were an ineffective way to address the grievances of its members. The association said it was worried by the “dramatic price explosion” of diesel fuel – currently selling for SFr2.25 ($2.15) per litre – and expressed concern over…

Swissmedic issues Botox warning

This content was published on Jun 12, 2008 The supervisory agency, Swissmedic, said there had been an increased problem with the non-controlled use of products using the active substance, botulinum toxin, in cosmetic “off-label use”. This means the use of medicines for purposes outside the scope of what is permitted in the information relating to the medicine. The muscle-paralysing effect of type A…

Restrictions on property sales remain in place

This content was published on Jun 11, 2008 The Senate on Wednesday called on the cabinet to draft a new amendment including special regulations for holiday homes in tourist areas. Opponents of the government moves warned that abolishing the constraints, which were first introduced 45 years ago, could trigger a wave of speculation on the property market. However, Justice Minister Eveline Widmer-Schlumpf said…

Credit Suisse issues optimistic forecast

This content was published on Jun 11, 2008 They predict that Swiss gross domestic product will grow in 2008 by 1.9 per cent and by 1.6 per cent in 2009. At the same time, the bank thinks that inflation will increase, averaging 2.2 per cent. In 2007 inflation stood at 0.7 per cent. It forecasts a dip in unemployment in 2008 to average…

Energy supplier demands new nuclear plant

This content was published on Jun 10, 2008 Environmental organisations are already threatening to take up the fight against the project, which could go to a nationwide vote for approval. Atel submitted its demand to the Federal Energy Office on Tuesday, confirming plans it had outlined in March. The company says that a new reactor is needed to cover an electricity shortfall that…

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