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Banking lobby celebrates centenary

This content was published on Jan 23, 2012 To mark the occasion, the association commissioned historian Robert U. Vogler – who headed the historical research section of the UBS bank from 2003 to 2009 – to produce an account of its first 100 years. The association – founded in Basel in 1912 to represent the interests of the banking industry – is proud…

Bank targets Weltwoche over Hildebrand reports

This content was published on Jan 23, 2012 Philipp Hildebrand resigned as chairman of the Swiss National Bank on January 9 amidst a scandal in which he was accused of profiting from his knowledge of the bank’s monetary policy to make advantageous currency trades. Hildebrand maintained that his wife had ordered the controversial currency trades which were detailed in private banking details leaked…

Record number of bankruptcies reported

This content was published on Jan 23, 2012 According to debt recovery firm Creditreform, the commercial registry recorded 6,661 bankruptcies of businesses in 2011, an increase of 6.5 per cent on the previous year. Although business bankruptcy declaration rates were relatively stable throughout the course of the year, a 19.4 increase in declarations – 406 – was recorded in December alone. A similar…

Net widens in Arab Spring probes

This content was published on Jan 23, 2012 The investigations are focusing on both money laundering and whether transfers of these assets were conducted as part of organised criminal activities. “We are conducting investigations against associates of Zine al-Abidine Ben Ali and Hosni Mubarak,” said office spokeswoman Jeannette Balmer, confirming earlier media reports. She refused to give any names, but said that no…

Swiss touch for French Huffington Post

This content was published on Jan 23, 2012 Ackermann is a former reporter for Swiss news magazine l’Hebdo, and was one of the initiators of the Bondy Blog in 2005. He has also acted as editor of www.figaro.fr, the online platform of French daily paper Le Figaro and launched the interactive platform of www.20minutes.fr . French journalist Anne Sinclair – also the wife…

Barry Callebaut to boost bottom line with new deal

This content was published on Jan 23, 2012 The company, which already makes chocolate for groups such as Hershey and Nestlé, will invest SFr22 million ($24 million) in its global factory network to boost capacity. The additional volumes have a ramp-up period of 12 months, starting immediately, said Barry Callebaut, the world’s largest chocolate maker, in a statement. “The announcement of a new…

Wage war

This content was published on Jan 23, 2012 For some, a minimum wage improves the living standards of workers, reduces poverty and forces businesses to be more efficient. Others see it as a cause of unemployment and inflation with the only winners being countries with no minimum wage. Where do you stand – and has the economic crisis changed your view?

Axpo cuts jobs as profits fall

This content was published on Jan 23, 2012 The move, along with the implementation of a more flexible production strategy and the merging of some activities, should save the Zurich-based company an estimated SFr100 million ($106.8 million) in the medium term. Other power companies had already announced job cuts over the past few months, with Bern’s BKW announcing it would let more than…

Central bank scandal stokes political fires

This content was published on Jan 21, 2012 At the heart of the affair is the leaking of confidential bank data detailing foreign currency exchange transactions by Philipp Hildebrand’s family in breach of Swiss banking secrecy laws. Zurich police last week opened criminal investigations into two Swiss People’s Party cantonal parliamentarians allegedly involved in the transmission of the data to third parties. And…

SNB interim director defends bank

This content was published on Jan 21, 2012 He told the Saturday edition of the Neue Zürcher Zeitung newspaper that the central bank would keep to its SFr1.20 ($1.28) floor against the euro for as long as is necessary. Jordan was nominated to his interim appointment on January 9 after Hildebrand stepped down over controversial currency deals. He said that the former director’s…

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Banking lobby celebrates centenary

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Bank targets Weltwoche over Hildebrand reports

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Record number of bankruptcies reported

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Net widens in Arab Spring probes

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Swiss touch for French Huffington Post

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Barry Callebaut to boost bottom line with new deal

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Wage war

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Axpo cuts jobs as profits fall

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Central bank scandal stokes political fires

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SNB interim director defends bank

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