Archive – Banking & Fintech

Ex-CEO wants shake-up of UBS

This content was published on Apr 4, 2008 The move, he says, would help counter the effects of massive losses incurred in the United States subprime crisis. The investor has also demanded a shake-up of the bank’s governance, and the removal of the newly appointed chairman. Arnold’s proposal came after UBS announced writedowns totalling more than SFr40 billion ($39.7 billion) for the past…

UBS quickpoll

This content was published on Apr 4, 2008

Inflation climbs again

This content was published on Apr 4, 2008 The Federal Statistics Office said the annual inflation rate rose to 2.6 per cent in March, up 0.3 per cent on the previous month. The costs of imported products went up six per cent over 12 months, while prices for domestic goods were 1.4 per cent higher. The latest figures highlight the Swiss National Bank’s…

Swiss risk losing Islamic goldmine

This content was published on Apr 3, 2008 Many Swiss banks offer products that comply with Sharia law, but little is being done to tap into the $200 billion (SFr199 billion) of Arab funds being managed in Geneva, according to one asset manager. The National Bank of Kuwait is reportedly teaming up with a Saudi Arabian partner to follow on the heels of…

Luxury takes the limelight at Baselworld

This content was published on Apr 2, 2008 But a number of clouds have appeared on the horizon of the Swiss watchmaking sector, which has gone from strength to strength over the past few years. Not least of these is the global impact of the subprime mortgage crisis in the United States. The Swiss at the fair – Baselworld – say that 2008…

Migros reports drop in profits

This content was published on Apr 2, 2008 On Wednesday the group reported a net profit of SFr801 million ($793 million) in 2007 – 4.5 per cent less than in the previous year. The results contrast with Migros’ main competitor, Coop, which announced a nearly 13 per cent rise in net profit in February. Together, the companies make up 30 per cent of…

Railways stay profitable despite cargo losses

This content was published on Apr 2, 2008 Total revenue rose by 5.6 per cent to SFr7.674 billion ($7.57 billion). The company beat previous records for number of passengers and volume of goods transported, annual figures released on Wednesday show. Last year Federal Railways carried a record 306.7 million passengers compared with 285.1 million in 2006. The state-owned company reported a 69 per…

End of Ospel era leaves open questions

This content was published on Apr 2, 2008 Editorialists warn that the bank, which was hard hit by the mortgage crisis in the United States, has some way to go to win back the trust of clients across the world. The respected Neue Zürcher Zeitung newspaper says UBS – which wrote down more than SFr40 billion ($39.4 billion) as result of the credit…

Businesswomen push forward despite hurdles

This content was published on Apr 2, 2008 As participants at a recent entrepreneurship seminar in Zurich discovered, women are setting up a diverse range of firms. Obstacles to be overcome include work-life issues and encouraging investors. According to research by St Gallen University, the rate of women starting a business in Switzerland is 4.9 per cent compared with 7.6 per cent for…

A top banker falls

This content was published on Apr 1, 2008 Marcel Ospel had been described as the bank’s biggest liability after the huge losses it incurred over the US subprime crisis. It has written down SFr40 billion (just over $40.2 billion), and further losses are possible. Ospel is being seen as largely responsible for the debacle. And the qualities which enabled him to make UBS…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Ex-CEO wants shake-up of UBS

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UBS quickpoll

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Inflation climbs again

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Swiss risk losing Islamic goldmine

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Luxury takes the limelight at Baselworld

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Migros reports drop in profits

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Railways stay profitable despite cargo losses

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End of Ospel era leaves open questions

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Businesswomen push forward despite hurdles

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A top banker falls

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