Banking & Fintech

Opec decision to boost oil output gets lukewarm response

This content was published on Sep 11, 2000 Oil prices have surged to 10-year highs in recent weeks to around $35 dollars a barrel, raising fears of a global economic slowdown. There are also concerns that low fuel stocks could trigger shortages as the northern hemisphere moves into winter. Opec oil ministers meeting in Vienna on Sunday said they wanted to see prices…

BIS proposes share buy-back programme

This content was published on Sep 11, 2000 The Basel-based organisation will offer SFr16,000 per share. An extraordinary general meeting is to be held on January 8 to vote on the proposal. BIS shares are traded in Switzerland and Paris. They last traded at SFr8,195 in Switzerland and at 4,050 euros in Paris. Trading was suspended on Monday but will resume on Tuesday.…

Leading economists upbeat on Swiss-US trade

This content was published on Sep 11, 2000 The US is Switzerland’s second most important export market after Germany, and the US is also the most important direct investor into Switzerland. In total some 300,000 jobs, in both the US and Switzerland, are dependent on mutual investments between the two countries. Alois Bischofsberger, chief economist at Credit Suisse, gave an address about direct…

Market action set to gather pace

This content was published on Sep 10, 2000 The dollar’s surge against both the euro and the Swiss franc was a feature of the markets last week. Dealers are expecting the trend to continue over the coming sessions as sentiment on the market continues to support the dollar and knock the euro lower. Despite the failure of last week’s pleasing Swiss jobless figures…

Switzerland ups the stakes in casino gambling

This content was published on Sep 10, 2000 Since April, companies have been allowed to apply for a limited number of licences for high-stake casinos. Currently the maximum betting limit in Switzerland is SFr5 ($2.91). The prospect of Las Vegas-style gambling has many businesses and cities, which are bidding for licences, licking their lips. And, ironically, they may have found an unlikely supporter…

Swiss franc loses ground against dollar, pound and yen

This content was published on Sep 9, 2000 Last month, the franc lost 3.9 per cent of its value against the US dollar according to the State Secretariat for Economic Affairs (SECO), 3.7 per cent against the yen and 2.6 per cent against the British pound. Versus European currencies included in the euro zone, the franc has remained stable. The index of the…

Swiss banks under the spotlight

This content was published on Sep 9, 2000 In a report released on Monday, the Swiss Federal Banking Commission accused the banks of serious “violations and organisational shortcomings” for failing to detect and reject deposits from what it said were “dubious” sources. Banks remained in the news on Thursday as The Financial Action Task Force on Money Laundering, an inter-governmental body based in…

UBS shareholders approve share offer to fund US buyout

This content was published on Sep 8, 2000 At a special general meeting in Zurich, an overwhelming majority voted in favour of the bank’s proposal to issue up to 38 million new authorised capital shares and 17 million conditional capital shares. UBS announced in July that it would buy PaineWebber for $10.8 billion (SFr19.22 billion) but the price has increased to $12.4 billion…

Nestlé strengthens its position in Japan

This content was published on Sep 8, 2000 The purchase will make Nestlé Mackintosh K.K. a wholly owned subsidiary of Nestlé Japan. The cost of the deal was not released. A statement from Nestlé headquarters in Vevey said the move was part of a strategy to systematically strengthen its position in important markets. Nestlé Mackintosh K.K. has sales of more than SFr200 million…

UBS enters life insurance market

This content was published on Sep 8, 2000 UBS will sell its own products, as well as continuing to market those of other companies. A statement said the move was in line with the bank’s strategy of providing insurance products that cater for capital growth and retirement needs. It added that the move was an appropriate step for an integrated financial services group.…

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Banking & Fintech

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Opec decision to boost oil output gets lukewarm response

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BIS proposes share buy-back programme

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Leading economists upbeat on Swiss-US trade

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Market action set to gather pace

More

Switzerland ups the stakes in casino gambling

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Swiss franc loses ground against dollar, pound and yen

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Swiss banks under the spotlight

More

UBS shareholders approve share offer to fund US buyout

More

Nestlé strengthens its position in Japan

More

UBS enters life insurance market

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