Archive – Banking & Fintech

Road deaths up in Switzerland

This content was published on Jan 31, 2008 There were 400 fatalities, up eight per cent overall, according to the Touring Club of Switzerland (TCS). In western Switzerland and the southern canton of Ticino, the figure rose by a dramatic 21 per cent. The TCS said its goal of reducing the number of deaths to 300 by 2010 was no longer realistic. The…

UBS and CS among casualties of banking woes

This content was published on Jan 31, 2008 The declines coincided with the head of the Swiss banking commission, Daniel Zuberbühler, warning that subprime mortgage losses in the United States might spread to other credits. The share price of UBS, the world’s largest wealth manager, slumped by more than nine per cent at one point, amid fears that Switzerland’s largest bank could experience…

Economy robust but prices on rise

This content was published on Jan 31, 2008 Growing orders in Swiss industrial companies, order backlogs along with rising production and employment were given on Thursday as reasons for the bank’s assessment. In its latest survey of about 400 companies, there was a feeling that the pace of growth was likely to decrease to a certain extent, with prices on the rise. The…

Bern follows Brussels in beef ban

This content was published on Jan 31, 2008 A spokesman for the Federal Veterinary Office told Swiss radio on Thursday that the temporary ban would come into effect immediately, after Brazil had failed to provide safety guarantees. The EU Commission took its decision after inspections last November found Brazil’s animal health and traceability systems failed to meet EU requirements. The Veterinary Office spokesman,…

Market eager for UBS rescue plan

This content was published on Jan 30, 2008 The bank is expected to announce how it will repair its investment banking arm, which incurred most of the $18.4 billion (SFr20 billion) losses. These writedowns resulted in a SFr4.4 billion ($4 billion) net loss for 2007. UBS axed its investment bank head, Huw Jenkins, in October while announcing 1,500 job cuts in the division.…

UBS plunges into the red

This content was published on Jan 30, 2008 Switzerland’s largest bank announced an extra $4 billion writedown on Wednesday, bringing the total cost arising from the collapsed United States subprime mortgage sector to $18.4 billion. The embattled bank had previously warned that it might report a loss for the full year of 2007 depending on its performance in the past three months of…

Roche profit rises 25 per cent

This content was published on Jan 30, 2008 Profit was up 25 per cent on the preceding year. Turnover also grew ten per cent to SFr46.1 billion – the seventh consecutive year of double-digit growth. The better turnover came despite a 19 per cent drop in sales of bird flu drug Tamiflu, as most pandemic stockpiling orders were completed in the second half.…

Sweet promotion for new Swiss Nestlé boss

This content was published on Jan 29, 2008 The Vevey-based multinational said 42-year-old Decorvet would be replacing Hervé Cathelin, who is taking over worldwide responsibilities for ice cream. The company praised Cathelin for turning around its chocolate and candy businesses and for improving customer relations. Decorvet studied at universities in Lausanne and St Gallen and brings a background in sales. He is also…

Blair to advise Zurich Financial Services

This content was published on Jan 28, 2008 Zurich announced on Monday that Blair would work with the company in particular on a climate initiative it announced last week. This is aimed at researching global warming and developing insurance products to help mitigate its effect. “There is a consensus now that the challenge of climate change is real, and what we need now…

Swiss highways to be less green

This content was published on Jan 28, 2008 A spokesman for the Federal Roads Office said that the increase in traffic had made maintenance more dangerous. The vegetation was originally designed to shield drivers from being dazzled by the headlights of oncoming vehicles, but the spokesman said that advances in headlight technology had made the plants unnecessary. The strips will be asphalted over,…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Road deaths up in Switzerland

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UBS and CS among casualties of banking woes

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Economy robust but prices on rise

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Bern follows Brussels in beef ban

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Market eager for UBS rescue plan

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UBS plunges into the red

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Roche profit rises 25 per cent

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Sweet promotion for new Swiss Nestlé boss

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Blair to advise Zurich Financial Services

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Swiss highways to be less green

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