Archive – Banking & Fintech

Fred Kindle in surprise departure from ABB

This content was published on Feb 13, 2008 The surprise move came as the group announced very strong full-year results a day early. Full year net income for 2007 more than doubled to SFr4.18 billion ($3.8 billion) compared with SFr1.54 billion in 2006. Kindle, who was named Swiss Entrepreneur of the Year last December, joined the company in 2004 and took over as…

Credit Suisse suffers less than rivals

This content was published on Feb 12, 2008 Net profits of SFr8.55 billion ($7.76 billion) were down from the SFr11.33 posted in 2006. However, the group managed to trim its writedowns to just over SFr2 billion despite a poor fourth quarter. The results contrasted starkly with those of rival bank UBS. It is expected to report a SFr4.4 billion loss in 2007 after…

Government reduces debt with budget surplus

This content was published on Feb 12, 2008 The finance ministry said on Tuesday that the surplus, which was more than four times larger than originally forecast, was used to cut federal debt to SFr121 billion by the end of 2007. The ministry added that overall Swiss public debt – including cantons and communes – stood at an estimated SFr216 billion, or around…

Credit Suisse profit drops 25 per cent

This content was published on Feb 12, 2008 Switzerland’s second-largest bank said on Tuesday that fourth-quarter net profit had dropped 72 per cent to SFr1.33 billion owing to writedowns for investment banking and money-market funds. Credit Suisse said net profit in the three months ending December 31 compared with SFr4.67 billion in the same period for 2006, when earnings were bolstered by investment…

Almost one in ten working-age adults is poor

This content was published on Feb 12, 2008 This represents nine per cent of the Swiss population group aged 20-59. The rate remains unchanged since 2000. The number of working poor decreased in the same period from five per cent to 4.5 per cent. The poverty line is defined as SFr2,200 ($2,000) net income for a single person and SFr4,650 for a couple…

Credit Suisse profit drops 25 per cent

This content was published on Feb 12, 2008 Switzerland’s second-largest bank added on Tuesday that fourth-quarter net profit had dropped 72 per cent to SFr1.33 billion owing to writedowns for investment banking and money-market funds. It took writedowns of SFr2.07 billion, which analysts said showed it continues to weather the subprime crisis better than some rivals. Credit Suisse said net profit in the…

Modest gains disappoint Nobel investors

This content was published on Feb 11, 2008 The Zurich-based firm on Monday reported a net profit of €166 million (SFr266 million) on sales worth €665.9 million – a margin of 25 per cent – but this fell below what analysts had hoped for. “This curious set of results will hardly make investors smile and dig holes in the share price,” said Swiss…

Basel revellers forward march

This content was published on Feb 11, 2008 In freezing temperatures the city lights went out and the traditional carnival lanterns were lit for the Morgestraich, the early morning procession that kicks off the festival. Hundreds of colourfully costumed drummers and pipers cramming the streets and alleys slowing advanced as the carnival organisers boomed out: “Morgestraich, forward march!” The Basel carnival is famous…

Leuthard completes Mexico visit

This content was published on Feb 9, 2008 Leuthard travelled to the capital of the state of Nuevo Leon with a delegation of Swiss business representatives to consider the perspectives for foreign firms. The city’s proximity to the United States and its industrial strength coupled with low production costs make it a platform for entering the North American market. But the city, which…

Chocolate is champion

This content was published on Feb 8, 2008 Chocosuisse, the umbrella organisation of the Swiss chocolate industry says in its 2007 report that each person in the country got through 12.3 kilograms last year – nearly half a kilo more than in 2006. It is true that tourists stocking up on gifts to take home help boost the Swiss figures – but that…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Fred Kindle in surprise departure from ABB

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Credit Suisse suffers less than rivals

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Government reduces debt with budget surplus

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Credit Suisse profit drops 25 per cent

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Almost one in ten working-age adults is poor

More

Credit Suisse profit drops 25 per cent

More

Modest gains disappoint Nobel investors

More

Basel revellers forward march

More

Leuthard completes Mexico visit

More

Chocolate is champion

Popular Stories

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