Archive – Banking & Fintech

UBS “will never be the same again”

This content was published on Apr 1, 2008 Investors seemed to hold the same opinion as the bank’s share price rallied despite news of a further $19 billion (SFr19 billion) writedown and the announced departure of chairman Marcel Ospel on Tuesday. But UBS’s dream of building one of the top performing investment banks now lies in tatters and it faces the further challenge…

new banking commission

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Mario Botta hotel project turned down

This content was published on Apr 1, 2008 There was a 72 per cent “no” vote on Monday evening to plans to build a 77-metre high tower in the shape of a crystal. The voting was 296 to 88. Botta’s plans featured 300 hotel rooms on the tower’s 17 storeys and up to 25 apartments in four-storey blocks next to it. The proposal…

Ospel goes as UBS woes continue

This content was published on Apr 1, 2008 UBS – the European bank hardest hit by the United States subprime mortgage crisis – also said it had written down an additional $19 billion on US real estate and related credit positions. The bank said in a statement on Tuesday that its embattled chairman, Marcel Ospel, would not seek re-election at the annual shareholders’…

Credit Suisse helps ICRC in humanitarian role

This content was published on Mar 31, 2008 Monday’s signing builds upon a 2005 initial agreement that includes seven other Swiss organisations. The partners are ABB, Roche, Swiss Re, Zurich Financial Services, the Hans Wilsdorf Foundation, the Vontobel Group and the private bank Lombard Odier Darier Hentsch & Cie. Each has committed to donate at least SFr3 million ($3.01 million) over six years.…

Rail travellers on track to surf the net

This content was published on Mar 31, 2008 Swisscom, the country’s largest communication services provider, said on Monday that it had equipped 75 coaches in Intercity trains with wireless base stations. The high-speed Intercity trains travel between the country’s main cities, including Geneva, Zurich and Bern, the capital. Existing Swisscom mobile and broadband customers will be able to access the service for SFr4…

Seco lowers economic growth forecast for 2009

This content was published on Mar 31, 2008 The State Secretariat for Economic Affairs (Seco) said on Monday it now expects growth in 2009 to be 1.5 per cent, slightly lower than its previous forecast of 1.7 per cent. Seco said in a statement that the “international financial crisis represents a considerable and difficult-to-quantify risk to the economy”. However, it maintained its growth…

New online subscription daily in English

This content was published on Mar 29, 2008 The new website – Swisster.ch – is aimed at the 100,000 strong English-speaking community living in the French-speaking part of Switzerland, a company statement said. The editorial content will be updated five times per week by journalists working in Geneva, Lausanne and Zurich. The annual cost for a single person to access the site and…

Workers vote to continue rail cargo strike

This content was published on Mar 28, 2008 The disruption at a maintenance works in Bellinzona centres on plans by the Federal Railways to axe more than a hundred jobs in the city, which is capital of the southern Italian-speaking canton of Ticino. On Friday strikers described the latest proposals by their employer to try to solve the dispute as “shameful”. After a…

Central bank warns about economic growth risks

This content was published on Mar 28, 2008 Thomas Jordan, a member of the bank’s governing board, on Thursday reiterated growth forecasts for gross domestic product as well as inflation. “The National Bank forecasts a GDP growth of 1.5 to two per cent with an average inflation rate of two per cent in 2008,” Jordan said at a speech in Zurich. He said…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS “will never be the same again”

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new banking commission

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Mario Botta hotel project turned down

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Ospel goes as UBS woes continue

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Credit Suisse helps ICRC in humanitarian role

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Rail travellers on track to surf the net

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Seco lowers economic growth forecast for 2009

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New online subscription daily in English

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Workers vote to continue rail cargo strike

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Central bank warns about economic growth risks

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