Archive – Banking & Fintech

370 jobs to be axed at Philip Morris

This content was published on Feb 16, 2007 The company said in a statement on Friday that around 300 of the 1,500 jobs in the western Swiss city would disappear, as well as 70 others in subsidiaries abroad. Spokesman Michael Pfeil said the job cuts – to be completed by the end of 2008 – were necessary to increase efficiency and to be…

Swisscom fined over mobile connection charges

This content was published on Feb 16, 2007 The company has already rejected the charge and has promised to fight the SFr333 million ($269 million) fine in the Federal Administrative Court, saying the accusation that it had abused its dominant position on the market was unfounded. The Federal Competition Commission (Comco) said on Friday that Swisscom Mobile had breached cartel rules between April…

Switzerland defends European rail record

This content was published on Feb 16, 2007 Worldwide the Swiss come second behind Japan but they are the global champions when it comes to distances travelled, according to a study released by the International Union of Railways. The average Swiss made five more journeys in 2005 than in 2004, putting Switzerland far ahead of its nearest European competitors, the inhabitants of Luxembourg…

VAT should become less taxing

This content was published on Feb 15, 2007 The preferred scenario among those tabled would be to reduce VAT from 7.6 to six per cent and do away with most of the current 25 exceptions. The cabinet opened a consultation procedure on Thursday in Bern, giving interested parties until July 31 to respond to the proposals. Finance Minister Hans-Rudolf Merz called for a…

OECD

This content was published on Feb 15, 2007 The Organisation for Economic Cooperation and Development is the successor (1961) of the Organisation for European Economic Cooperation, which was formed to administer United States and Canadian aid under the Marshall Plan for reconstruction of Europe after the Second World War. The OECD groups 30 members, including Switzerland. The organisation, which is based in Paris,…

Free movement of people

This content was published on Feb 15, 2007 The free movement of people is one of the four basic freedoms on which the European Union is built (the others are free movement of goods, the free movement of services and the free movement of capital). The free movement of people is the right of a person to travel into Switzerland or an EU…

Zurich Financial seeking to boost growth

This content was published on Feb 15, 2007 The insurance-based firm beat expectations with a profit of $4.53 billion (SFr5.6 billion), helped by healthy results in its non-life insurance business and growing premiums in life insurance. Zurich, which is Switzerland’s biggest insurer, plans to launch a share buyback programme of up to SFr1.25 billion and hand out a higher dividend. “We have a…

Net profit leaps at revitalised ABB

This content was published on Feb 15, 2007 Chief executive Fred Kindle also indicated that the Zurich-based company would be looking to spend part of its substantial cash reserves to make future acquisitions. ABB said there had been strong demand for technologies aimed at improving power grid reliability, industrial productivity and energy efficiency. Analysts had expected the net profit to be slightly higher…

$100 laptop is no cheap throwaway

This content was published on Feb 15, 2007 Launched by Nicholas Negroponte, the founder of the MIT Media Lab, at the World Economic Forum summit in Davos two years ago, it is considered a vote of confidence in the future of these nations. For Negroponte, the One Laptop per Child (OLPC) is an educational endeavour, and not a computer project as such. In…

Credit Suisse CEO Grübel to retire

This content was published on Feb 15, 2007 The news came shortly before Credit Suisse on Thursday reported that its net profit for 2006 surged to a record SFr11.327 billion ($8.62 billion), an increase of 94 per cent compared with 2005. The CS board of directors has named the head of investment banking, Brady Dougan, to succeed Grübel. Europe’s tenth-largest bank reported fourth…

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Archive – Banking & Fintech

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370 jobs to be axed at Philip Morris

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Swisscom fined over mobile connection charges

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Switzerland defends European rail record

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VAT should become less taxing

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OECD

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Free movement of people

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Zurich Financial seeking to boost growth

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Net profit leaps at revitalised ABB

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$100 laptop is no cheap throwaway

More

Credit Suisse CEO Grübel to retire

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