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Xamax escapes bankruptcy ruling

This content was published on Nov 2, 2011 The judge turned down an application submitted by lawyer Ralph Isenegger who claims that Xamax owes him SFr400,000 ($454,000). The money is half of the proceeds for the transfer he arranged of a Xamax player to the Bernese club Young Boys. Isenegger suspects that Xamax has not paid him because it is bankrupt. The club’s…

Swiss firm destroys Tunisian bank notes celebrating Ben Ali

This content was published on Nov 2, 2011

Swiss banks gloomy about their business

This content was published on Nov 2, 2011 The indicator conducted by the Swiss Economic Institute (KOF) uses a survey to measure the business and employment mood and outlook in the banking sector. It is the first time since the start of 2010 when the sector began to recover from the economic crisis that the majority of the institutions surveyed said that affairs…

Swiss firms found least likely to offer bribes

This content was published on Nov 2, 2011 Berlin-based Transparency International surveyed 3,000 business executives from 28 developed and developing countries and ranked them on the likelihood their firms would pay bribes abroad. Switzerland and the Netherlands tied for first place with 8.8 points out of a possible ten as being the least likely to bribe. Emerging economic powerhouses China and Russia, which…

Madoff investors’ case against UBS rejected

This content was published on Nov 2, 2011 The case was thrown out by Manhattan District Court judge Colleen McMahon on Tuesday along with most of a $19.9 billion lawsuit against JPMorgan Chase. Trustee Irving Picard has filed roughly 1,050 lawsuits on behalf of former Madoff customers since Madoff’s Ponzi-scheme firm collapsed in 2008. The lawsuits against UBS and other banks that had…

Credit Suisse slashes 1,500 more jobs

This content was published on Nov 1, 2011 Chief executive Brady Dougan blamed volatile market conditions, the ongoing European debt crisis, regulatory pressures and the strong Swiss franc for a disappointing third quarter SFr683 million ($768 million) profit. While insisting that the bank would be well positioned to take advantage of any upswing, Dougan said the prevailing conditions presented a “challenging environment with…

Kudelski calls for tax breaks and cuts jobs

This content was published on Nov 1, 2011 André Kudelski, chairman of the board and chief executive, said it was illusory to believe that market forces created fair conditions for all competitors. In an interview with Le Temps newspaper, Kudelski suggested making research costs tax deductible in Switzerland similar to regulations in neighbouring France and in the United States. His company, a leading…

Credit Suisse to axe 1,500 more jobs

This content was published on Nov 1, 2011 Third quarter net income rose 12 per cent to SFr683 million ($777.3 million), according to a statement published on Tuesday. However, the result is short of the SFr979 million profit expected by analysts. Chief executive Brady Dougan said the third quarter represented a difficult environment with “a high degree of uncertainty, low levels of client…

Swiss ski resorts less sexy for Europeans

This content was published on Oct 31, 2011 Although the British invented the sport of skiing in Switzerland, they are now expected to desert Swiss resorts in favour of cheaper countries. A recent survey by the British post office found Switzerland to be the most expensive place to ski. The British media were quick to jump on the statistics, warning readers to “avoid…

SWISS BANKING – ORIGINAL

This content was published on Oct 31, 2011 His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS, and Credit Suisse – dominate the austere heart of the banking sector.

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Xamax escapes bankruptcy ruling

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Swiss firm destroys Tunisian bank notes celebrating Ben Ali

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Swiss banks gloomy about their business

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Swiss firms found least likely to offer bribes

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Madoff investors’ case against UBS rejected

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Credit Suisse slashes 1,500 more jobs

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Kudelski calls for tax breaks and cuts jobs

More

Credit Suisse to axe 1,500 more jobs

More

Swiss ski resorts less sexy for Europeans

More

SWISS BANKING – ORIGINAL

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