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Steel firm posts loss amid power squabble

This content was published on Aug 13, 2013 The highly indebted company has been embroiled in a bitter ownership dispute in recent months that has pitted the group’s board against founding family descendants, who have supported a hostile takeover bid by Russian billionaire Viktor Vekselberg. Vekselberg looks set to win the argument at the firm’s EGM on September 13 and add the specialist…

Swiss Life settles Austrian litigation

This content was published on Aug 12, 2013 The former AWD unit, which Swiss Life bought in 2008 for €1.2 billion (CHF1.48 billion) and re-branded as Swiss Life Select earlier this year, still faces similar allegations in Germany. The company, which reports first half 2013 results on Wednesday, said payment of the €11 million settlement will be made to the Austrian consumers association,…

Low mortgage rates could pose a trap

This content was published on Aug 11, 2013 “For 40 per cent of newly approved mortgages, the rule of prudence is not observed,” Danthine told the SonntagsZeitung and Le Matin Dimanche newspapers – meaning that many of these mortgages wouldn’t be able to handle higher interest rates. The rule of prudence states that a household must also be in a position to settle…

Swiss Re beats forecasts with high earnings

This content was published on Aug 8, 2013 On Thursday, the company posted a second-quarter net profit of $786 million (CHF723 million) – compared with $83 million last year. Analysts polled by Reuters had given an average forecast of $659 million. “This comes against the backdrop of high claims, especially those caused by the devastating floods in Europe and Canada,” the company’s Chief…

Swisscom profit slips, no plans to change course

This content was published on Aug 7, 2013 The company, which is majority state owned, was left with a vacuum at its helm after CEO Carsten Schloter was found dead at his home on July 23 in a suspected suicide. Deputy CEO Urs Schaeppi was named interim boss. In a statement on Wednesday, Swisscom said net income fell by 9.7 per cent to…

Nestlé escapes fine in baby formula probe

This content was published on Aug 7, 2013 The Chinese National Development and Reform Commission (NDRC) announced that it was charging the companies a total of $110 million (CHF102 million) following a four-month antitrust probe. The penalised firms are Mead Johnson Nutrition, Danone, Fonterra, Abbott Laboratories, FrieslandCampina and Biostime International Holdings. In a statement, published on Wednesday, the NDRC said that the fines…

UBS agrees to pay $50 million mortgage fine

This content was published on Aug 6, 2013 The Securities and Exchange Commission (SEC) announced the settlement with the bank’s investment arm UBS Securities on Tuesday. The SEC said the bank failed to disclose that it had kept $23.6 million in payments it received as it acquired collateral for the mortgage-backed securities. The agency said the money should have gone into the securities…

High-stakes science contests draw elite crowds

This content was published on Aug 2, 2013 The atmosphere is quiet and focused during the series of tests that make up the International Biology Olympiad (IBO), hosted by Bern University this year. The practical portion is taken in the lab, where students pipette samples, count specimens, and reach a conclusion that’s either right or wrong based on the evidence. Then, the theoretical…

‘Willpower’ needed for long summer days

This content was published on Jul 31, 2013 Many of course miss the familiar atmosphere. (Raffaella Rossello & Islah Bakhat, swissinfo.ch)

Taxation agreement signed with Australia

This content was published on Jul 30, 2013 The government said the new DTA, signed in Sydney, would contribute to the further positive development of bilateral economic relations between Switzerland and Australia, which unlike Switzerland is a member of the G20. According to a statement on Tuesday by the State Secretariat for International Financial Matters (SIF), Switzerland and Australia have agreed that both…

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Steel firm posts loss amid power squabble

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Swiss Life settles Austrian litigation

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Low mortgage rates could pose a trap

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Swiss Re beats forecasts with high earnings

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Swisscom profit slips, no plans to change course

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Nestlé escapes fine in baby formula probe

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UBS agrees to pay $50 million mortgage fine

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High-stakes science contests draw elite crowds

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‘Willpower’ needed for long summer days

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Taxation agreement signed with Australia

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