Archive – Banking & Fintech

Dark clouds overshadow business gains

This content was published on Dec 27, 2007 The collapsed United States subprime mortgage sector hit Switzerland’s biggest bank, UBS, the world’s largest reinsurer, Swiss Re, and to a lesser extent, Credit Suisse bank and computer mouse manufacturer Logitech. UBS was forced to write off more than SFr15 billion ($13 billion) in bad investments and turn to investors in Singapore and the Middle…

Text messaging takes on Christmas character

This content was published on Dec 26, 2007 The three largest mobile phone service providers in the country said more than 62 million messages were sent on December 24 and 25 – five million more than in 2006. Swisscom counted more than 25 million electronic messages on its network, with a little over half sent on Christmas Eve. Orange customers sent around 20…

Politics and economy differ on paternity leave

This content was published on Dec 23, 2007 More and more Swiss companies are adopting the practice, which is more widespread in other European countries. But politicians are yet to be convinced of the merits of enshrining paternity leave in law. From next year new fathers at the second-largest Swiss supermarket, Coop, will receive a week off instead of the previous two days.…

Train passenger numbers rise

This content was published on Dec 23, 2007 However, the company’s chief executive, Andreas Meyer, warned in an interview in a Sunday newspaper that the cargo division, which is in the red, might have to shed jobs. Meyer told the NZZ am Sonntag that the Federal Railways was considering whether to spend more than the planned annual SFr500 million ($433 million) on new…

Weather causes havoc with harvest

This content was published on Dec 22, 2007 According to the Swiss Farmers’ Association, this was largely due to the weather, which was either too dry or too wet. The very warm spring and a changeable, often wet summer resulted in many harvests being affected by disease, said the association. Grain harvests were down by 20 per cent this year compared with 2006.…

UBS could face shareholder rebellion

This content was published on Dec 21, 2007 Various Swiss-based groups have demanded answers ahead of a meeting in February 2008 where shareholders will be asked to approve an emergency SFr13-billion funding plan from Singapore and the Middle East. Sustainable investment fund Ethos wants details of the bank’s risk management procedures and may demand an independent audit depending on the answers it receives…

Swiss Post innovates with virtual counter

This content was published on Dec 21, 2007 The aim of the virtual counter is to give internet users faster access to the services, information and products they need. Swiss Post says that its website currently offers no fewer than 3,000 pages in German, French and Italian – 2,000 in English – and customers may not be aware of all that is on…

Sampling the lights and delights of Zurich

This content was published on Dec 21, 2007 swissinfo took a festive stroll through the city, finding out more about its Yuletide customs and why it was not always so enthusiastic about the holiday season. Our tour begins at the main station, which during Advent is transformed into Europe’s largest indoor Christmas market with 160 stalls. Delicious smells waft from the stands –…

Economics ministry optimistic about growth

This content was published on Dec 20, 2007 The State Secretariat for Economic Affairs (Seco) in Bern left its growth forecast for next year unchanged at 1.9 per cent. Officials on Thursday said they remained optimistic because of continuing strong exports and consumer spending. Seco expects economic growth to slow to 1.7 per cent in 2009 as a result of the cooling off…

Swiss imports and exports keep on rising

This content was published on Dec 20, 2007 The country ran a goods trade surplus of SFr1.89 billion, the highest ever recorded in a single month, the Federal Customs Office reported on Thursday. Imports increased by 0.9 per cent to SFr16.53 billion. In a statement, the Customs Office said that foreign trade posted a significant increase in both directions in November, although the…

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