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Oil spill will cost Transocean less

This content was published on Jan 27, 2012 A United States federal judge ruled on Thursday that the firm was shielded in a contract with well-owner BP. The decision will spare Transocean having to meet claims stemming from clean-up costs and economic losses, estimated at $40 billion (SFr36.85 billion). However, District Judge Carl Barbier said the driller is not exempt from paying possible…

Petroplus faces French investigation

This content was published on Jan 26, 2012 The “fraudulent insolvency” probe, opened by the Nanterre public prosecutor, on Wednesday saw its financial police unit search the subsidiary’s headquarters in Paris as well as Deutsche Bank, where the firm holds its bank accounts. Petroplus said it refuted all allegations of fraudulent bankruptcy in France. The prosecutor’s office, which had access to book-keeping documents…

China forecast to remain global growth engine

This content was published on Jan 26, 2012 The prognosis will come as welcome news to many Swiss exporters that are shifting their gaze away from Europe towards the most dynamic emerging economies. Some 300 Swiss firms are physically present in China and many more are gaining a foothold for their products in the rapidly expanding market. Fears that China’s economy (that expanded…

In sickness and in health

This content was published on Jan 26, 2012 Delegates at the WEF meeting spent Wednesday prodding at the wheezing body of the barely conscious eurozone like a team of doctors, only to shake their heads ruefully and wistfully hope for a miracle cure. While it may be difficult to find a pulse in the sick man of the global economy (Europe), China’s only…

FSB praises Swiss financial market regulation

This content was published on Jan 25, 2012 However, the FSB does see room for improvement in certain aspects of banking supervision, such as the use of external auditors. The FSB, which is based in Basel, deals with international financial market stability and financial market regulation issues. Member institutions include the central banks of many large economies including the United States, France and Germany.…

Merkel defends Germany’s role in debt crisis

This content was published on Jan 25, 2012 Hedge fund legend George Soros had earlier issued a damning rebuke of Germany’s leading role in sovereign debt negotiations as he addressed journalists on day one of the World Economic Forum’s (WEF) flagship event. The European debt crisis dominated the opening day in Davos, not only during debates but also among delegates mingling in the…

Soros abstains

This content was published on Jan 25, 2012 Why not? For one thing, the billionaire wheeler dealer who made his name by breaking the British pound in 1992, has retired from the hedge fund industry. Soros was speaking on day one of the WEF meeting. But he also advises the current crop of financial whizz kids against staking their shirts on the SNB…

Cabinet commissions review of SNB supervision

This content was published on Jan 25, 2012 A statement said that the cabinet had commissioned the follow-up assignments to see if there was “any need for action” after Hildebrand stepped down over a currency trading scandal earlier this month. Hildebrand had maintained that his family’s private currency deals were legal under the bank’s internal rules against insider trading. “The evaluation is to…

Lonza fires CEO as profit falls

This content was published on Jan 25, 2012 The Basel-based company said that 2012 would pose further challenges because of the current difficulties facing pharmaceutical firms. Lonza, which has been affected by currency headwinds and volatile raw material prices, said that the board had decided to replace Borgas in the last 48 hours. “CEOs have a responsibility to deliver on expectation and I…

Something in the air

This content was published on Jan 25, 2012 But the air is also thick with dire warnings of impending economic and social collapse. The WEF’s risk report identifies myriad interconnecting problems that threaten to plunge the world into a dystopian nightmare of riots and revolution. Christine Lagarde, head of the International Monetary Fund, says the world is on the brink of a 1930s-style…

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Oil spill will cost Transocean less

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Petroplus faces French investigation

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China forecast to remain global growth engine

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In sickness and in health

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FSB praises Swiss financial market regulation

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Merkel defends Germany’s role in debt crisis

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Soros abstains

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Cabinet commissions review of SNB supervision

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Lonza fires CEO as profit falls

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Something in the air

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