Archive – Banking & Fintech

National bank holds interest rates steady

This content was published on Jun 16, 2005 Chairman Jean-Pierre Roth said the SNB was also revising down its forecast for 2005 economic growth, from 1.5 per cent in March to just one per cent – a clear signal that a recovery is not yet in sight. Thursday’s announcements come shortly after the Swiss stock market reached a three-year high. Following its regular…

Banks record best result in four years

This content was published on Jun 16, 2005 For the first time since 2001, the banks also increased their staffing levels, according to the Swiss National Bank (SNB). In 2004 the banks increased total annual profit by SFr2.7 billion, the SNB said in its annual statistical yearbook. Of the 338 banks covered, 316 reported a profit and 22 a loss – total losses…

Parliament gives go-ahead to budget cuts

This content was published on Jun 15, 2005 The House of Representatives on Wednesday ironed out its last differences with the Senate, paving the way for the savings package to be implemented. The government’s savings target was narrowly missed. It wanted to save SFr4.904 billion but parliament agreed on SFr4.839 – SFr65 million less. Most of the cutbacks will be in social welfare,…

Energy consumption reaches new heights

This content was published on Jun 15, 2005 The Federal Energy Office said the increase was slowed only by higher energy costs, warmer temperatures and falling aircraft fuel sales. The office said on Wednesday that overall energy consumption reached 877,290 terajoules last year, prompted by changes in the economy and population growth. A joule is the standard measure of energy and work. It…

Aluminium giant cuts 110 Swiss jobs

This content was published on Jun 14, 2005 It said rising raw material costs, unfavourable changes in the euro-dollar exchange rate and tough market conditions in central Europe led to the decision. Alcan, the second-largest aluminium company in the world, said it was integrating extrusion activities at its sites in Singen in Germany and Sierre in canton Valais to improve efficiency. The Montreal-based…

Low-cost airlines boost Geneva airport

This content was published on Jun 14, 2005 In an interview with swissinfo, Jean-Pierre Jobin talks about his winning strategy for Geneva and its relations with Switzerland’s two other main airports: Zurich and Basel. Virtually abandoned by national carrier Swissair in 1996, Geneva airport has since managed to bounce back to become one of the country’s strongest-performing air hubs. Earlier this month it…

Swiss share prices boosted by events elsewhere

This content was published on Jun 14, 2005 However, the share-price hike highlights how much the Swiss economy depends on events beyond its control – and on the performance of a handful of major multinationals. The SMI reached a three-year high of nearly 6,270 points on Tuesday, representing a total market value for its 27 member companies of some SFr627 billion ($493 billion).…

CO2 tax needed to meet Kyoto target

This content was published on Jun 14, 2005 The Swiss environment agency has called for the implementation of a government plan for taxes on fossil fuels in order to reduce carbon dioxide emissions to ten per cent below 1990 levels by 2010. The agency said on Tuesday that there would be a slight decrease in Switzerland’s greenhouse gas emissions in 2010, but that…

Labour market stagnates

This content was published on Jun 14, 2005 The study by the Manpower employment agency on the worldwide labour market revealed that 85 per cent of Swiss firms did not expect any change in employee numbers in the forthcoming months. The survey included Switzerland for the first time in its quarterly reports since it began in 1962. Of the more than 800 Swiss…

Bank “super-merger” – will Swiss follow suit?

This content was published on Jun 13, 2005 But market observers say the tie-up between Italy’s Unicredito and Germany’s HVB Group is unlikely to change the current “hands-off” approach of Switzerland’s two largest banks. The long-term implications, however, could be considerable – and a move towards a more aggressive acquisition strategy at UBS and Credit Suisse is certainly not out of the question.…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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National bank holds interest rates steady

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Banks record best result in four years

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Parliament gives go-ahead to budget cuts

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Energy consumption reaches new heights

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Aluminium giant cuts 110 Swiss jobs

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Low-cost airlines boost Geneva airport

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Swiss share prices boosted by events elsewhere

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CO2 tax needed to meet Kyoto target

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Labour market stagnates

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Bank “super-merger” – will Swiss follow suit?

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