Tag Archives: 3.) Swiss Info

The Basel-based group currently employs around 17,200 people around the world. (© Keystone / Georgios Kefalas) The Swiss specialty chemicals firm Clariant says it will cut up to 600 jobs to save money after a drop in profit in 2019. The firm expects the slow economic situation this year to continue to affect demand. “For 2020, given the current sluggish economic environment and continued adverse foreign exchange conditions, growth will be more limited and additional...

Thiam gave no indication of which job he will next take. (Keystone / Ennio Leanza) Outgoing Credit Suisse chief executive Tidjane Thiam said he was proud of what he has achieved at the bank as it delivered strong 2019 results and a promising start to this year. Thiam handed in his resignation last week after losing the confidence of the board following a spying scandal that had seriously damaged the bank’s reputation. Thursday was Thiam’s last day in office. The bank...

(Keystone / Urs Flueeler) The Swiss government has opened an investigation into a decades-old spying affair involving Swiss firm Crypto, following reports by Swiss public broadcaster SRF, German broadcaster ZDF and The Washington Post. The government confirmed on Tuesday that it had opened an investigation into the reports that Crypto, a Zug-based communications encryption firm, was secretly used by the CIA and West German intelligence services for decades. The...

In this staged photo, a debt adviser speaks to a client (Keystone) Net expenditure on social assistance in Switzerland increased by 1.3% in 2018 compared with the previous year. The government, cantons and municipalities paid out a total of CHF8.4 billion ($8.6 billion). Each recipient of social assistanceexternal link received an average of CHF10,379, the Federal Statistical Office said in a statement on Tuesday. This is an increase of 2.4% on 2017. Expenditure per...

Rohner speaking at a news conference last October, following the discovery that the Credit Suisse management spied on former executives including wealth manager Iqbal Kahn.   (Keystone/Ennio Leanza) The chairman of the Credit Suisse bank says he does not expect to be voted out of office before his term ends next year following the departure of the bank’s CEO on Friday amid a surveillance scandal. Urs Rohner says he has received “clear responses” from shareholders...

A primary school class in Aargau, northern Switzerland (Keystone) Switzerland’s public finances rose by 1.7% in 2018 to CHF232.6 billion ($238.8 billion) compared with 2017. As a percentage of the total, Switzerland spent more on education and less on defence than the European Union. The largest budget item remained social protection, costing almost CHF92 billion or 39.4% of the total, the Federal Statistical Office (FSO) said on Thursdayexternal link. This is...

Thiam lost out in a Credit Suisse power battle, much to the surprise of many observers. (Keystone / Walter Bieri) Credit Suisse’s board has defied the wishes of several major shareholders with the surprise axing of chief executive Tidjane Thiam. He has been replaced with Swiss national, and current head of the bank’s domestic operations, Thomas Gottstein. The bank appears to be going back to its Swiss roots in a bid to re-stabilise its business and reputation...

The aisles of Baselworld have been deserted by many watchmakers, who consider the concept of the event to be outdated (© Keystone / Georgios Kefalas) As Baselworld continues to face difficulties, the Swiss watch-making industry needs a new platform to showcase its know-how. With watchmakers going it alone with separate initiatives, one industry expert is pushing for a more collaborative effort to keep the industry thriving. Up until recently, early springtime for...

Where to now for Thiam? (© Keystone / Ennio Leanza) Credit Suisse chief executive Tidjane Thiam has resigned from his post following a highly damaging spying scandal that has rocked Switzerland’s second largest bank. Thiam’s departure is nevertheless a surprise as most media expected chairman Urs Rohner to depart. Thiam will leave the bank on February 14 when he will be replaced by Thomas Gottstein, who is currently CEO of Credit Suisse’s Swiss operations. The news...

Qatar and other Middle East nations have announced fintech strategies. (Keystone / Yoan Valat) Swiss fintech company Instimatch has launched into the Middle East, having won a licence to operate in Qatar, and signed up its first Kuwaiti bank. The mineral and cash-rich region is proving a magnet for financial innovation from Switzerland. Instimatchexternal link’s digital platform directly connects deep-pocketed corporate, financial and municipal lenders with global...