Archive – Banking & Fintech

Unofficial founding father gets overdue credit

This content was published on Jul 5, 2006 Historian Joseph Jung has just published a four-volume study on Alfred Escher, to mark this year’s 150th jubilee celebrations of the Credit Suisse Group, the bank the industrialist founded. Despite his major contributions to politics, railways, universities, major banks and insurance, Escher has been treated “very shabbily” in academic circles, according to Jung. Jung is…

Banking complaints drop but are more complex

This content was published on Jul 4, 2006 The ombudsman, Hanspeter Häni, followed up half of the 1,495 cases received last year and upheld some 140. More than SFr1 million ($816,000) was paid out by banks to rectify errors. The figures in the banking ombudsman’s annual report in Zurich on Tuesday also revealed that the proportion of complaints submitted by customers living abroad…

Banks slammed for downplaying CIA probe

This content was published on Jul 3, 2006 Last weekend it emerged that US intelligence agencies had been monitoring records at the Belgium-based Society for Worldwide Interbank Financial Telecommunication (Swift) for the past five years. Switzerland’s biggest banks, UBS and Credit Suisse, played down the news by saying the CIA probe only related to limited data. UBS and the Swiss Bankers Association both…

Bern lifts weapons ban to Emirates

This content was published on Jul 3, 2006 On Monday the economics ministry confirmed newspaper reports that the ban was lifted last week following a request from Economics Minister Joseph Deiss. In August 2005 the cabinet introduced a weapons ban to the UAE following reports that 180 Swiss personnel carriers sold to the UAE and destined for Iraq would not be used for…

Work on new high-speed rail link to Paris begins

This content was published on Jul 3, 2006 Switzerland is contributing €66 million (SFr100 million) to the project, which took over 16 years to get off the ground despite being given a high priority by the European Union. A ceremony on Monday will mark the official launch of the Rhine-Rhône extension of the French high-speed network. Approximately 140 kilometres of rails will have…

Chinese football looks west for inspiration

This content was published on Jul 2, 2006 Infront Sports & Media marketing chief, John Kristick, tells swissinfo what the company is doing to help China field world-class teams. The deal, signed in April, gives Infront exclusive rights to handle all sponsorship marketing (except kit supply), as well as television, new media and image rights. The agreement extends to Infront playing an active…

WTO meeting fails to break trade impasse

This content was published on Jul 1, 2006 Ministers at the meeting failed to broker a deal on farm and industrial goods, possibly delaying a new global trade treaty that could lift millions of people out of poverty. Discussions stalled late on Friday at the end of the first of an originally scheduled three days of negotiations between ministers from 60 states. Plans…

Faster trains hope to attract more custom

This content was published on Jul 1, 2006 Since Saturday, trains on the 45-kilometre stretch between Mattstetten and Rothrist are able to travel at up to 200kmph using the Level 2 version of the European Train Control System (ETCS). The test route covers most of the distance between Bern and Olten. And Federal Railways plans to unveil ETCS throughout the country by 2015…

Unions target “fat cat” salaries

This content was published on Jun 30, 2006 The difference between the leading earners and those at the bottom of the pay scale continued to grow last year, encouraging unions to call for a four per cent salary rise across the board. Trade union federation Travail.Suisse, which studied the annual reports of 27 leading Swiss companies, said on Friday that managers’ incomes increased…

Gotthard tunnel route reopens

This content was published on Jun 30, 2006 The all-clear comes just ahead of the busy summer holiday period. The motorway had been closed since a rockslide at the end of May in which two people were killed. The motorway and main cantonal road leading to the Gotthard road tunnel were reopened to cars and trucks at 5am on Friday. Both roads were…

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