Archive – Banking & Fintech

Credit Suisse devalues assets in surprise move

This content was published on Feb 19, 2008 An unexpected announcement on Tuesday sent the share price of Switzerland’s second-largest financial institution down by 6.6 per cent at the end of trading on the Swiss stock exchange. Credit Suisse said an internal review had found traders had overpriced some of its assets. Chief executive Brady Dougan said an unspecified number of them had…

Givaudan posts marked decline in net profit

This content was published on Feb 19, 2008 The Swiss company, which is based near Geneva, said on Tuesday it had missed forecasts because of its acquisitions of Quest International but added it was confident of sales growth in 2008. Givaudan expected 2007 to be a transition year after its $2.25 billion (SFr2.47 billion) purchase of Quest International from ICI. Full-year sales rose…

UBS gains new foothold in Indian market

This content was published on Feb 18, 2008 Approval had apparently been delayed over the bank’s alleged “reluctance to cooperate” in a probe over its role in facilitating transfers between an Indian businessman and a Saudi arms dealer. The licence, initially requested in 2004, was granted after certain transactions were clarified according to one of the Reserve Bank of India’s deputy governors, Shri…

Cable car failures an “unfortunate coincidence”

This content was published on Feb 17, 2008 Max Friedli said the fact that since 2007 cable car railways have themselves been responsible for safety wasn’t a factor. “We investigate every incident in detail,” he told the Sonntagszeitung newspaper. “When all the information is on the table, we then look into what measures are necessary and inform the railways.” Friedli said he was…

Muba trade fair starts

This content was published on Feb 15, 2008 The Basel-based event’s guest country this year is Austria, which is Switzerland’s co-host in summer’s Euro 2008 football championships. The ten-day Muba fair showcases products and services arranged according to the themes of lifestyle, health, sport, garden, multimedia and fashion. Around 1,000 exhibitors are presenting their wares to the public this year. Continuing the sport…

Greenpeace thinks of lonely hearts

This content was published on Feb 14, 2008 Officially launched on Valentine’s Day, it will provide, apart from a search for the perfect partner, tips on greener lifestyles, on how to protect the environment better, how to be politically active, and travel advice. Greenpeace says that while it might not be easy being green – to paraphrase Kermit the frog – that will…

UBS revival hinges on market upturn

This content was published on Feb 14, 2008 The bank posted a SFr4.38 billion ($3.96 billion) loss last year as a result of the United States subprime crisis. It has appointed a new investment banking head and a task force to clean up the troubled division. The “unacceptable” result was in stark contrast to that of rival Credit Suisse, which benefited from its…

Plane crash blamed on human error

This content was published on Feb 14, 2008 The two-seater aircraft crashed into a valley near Lauterbrunnen, killing the pilot and seriously injuring the navigator. The plane had been returning to Germany after a training mission. Both Swiss military investigators as well as the German air force’s flight safety service concluded that the crew did not sufficiently take into account the nature of…

Insurer registers record profits

This content was published on Feb 14, 2008 Net profit rose by one-fifth to $5.6 billion (SFr 6.2 billion), the company announced on Thursday. It said that operating performances had been excellent in all segments of its business. Last year the company made a number of small acquisitions in the face of weak market growth. Despite what it described as “the difficult market…

Conservative Kindle surplus to requirements

This content was published on Feb 13, 2008 The official reason given on Wednesday was “irreconcilable differences of opinion about how to lead the company”. Kindle trod a conservative and successful path at the Swiss-Swedish engineering group. Brought in from Sulzer by former CEO and chairman Jürgen Dormann, the ex-McKinsey consultant was groomed to continue his mentor’s sustainable strategy that brought ABB back…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Credit Suisse devalues assets in surprise move

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Givaudan posts marked decline in net profit

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UBS gains new foothold in Indian market

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Cable car failures an “unfortunate coincidence”

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Muba trade fair starts

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Greenpeace thinks of lonely hearts

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UBS revival hinges on market upturn

More

Plane crash blamed on human error

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Insurer registers record profits

More

Conservative Kindle surplus to requirements

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