THE WEEK IN REVIEW

It's been a busy week on the corporate front this week with a clutch of annual results which seemed to confirm that things are looking better for the Swiss economy.

It’s been a busy week on the corporate front this week with a clutch of annual results which seemed to confirm that things are looking better for the Swiss economy.

Credit Suisse, the country’s second biggest financial institution, showed net profit up 70 per cent at SFr 5.2 billion.

Swatch came through with an increase of 23 per cent in net profit on sales growth of almost 11 per cent.

Algroup saw its net profit increase for the sixth consecutive year, up 15 per cent to SFr 440 million.

Algroup’s three-way merger with Canadian company Alcan and Pechiney fell foul of the European Commission. Pechiney withdrew its application for EU clearance after it became clear that the Commission’s concerns about competition were for the moment insurmountable. The application will be re-submitted in the next couple of weeks.

Micronas Semiconductor Holding returned to the black with a net profit of 24.8 million francs.

Hotelplan’s group profit rose by almost 23 per cent to 34.8 million francs with sales up nearly ten per cent to SFr 1.9 billion.

Kuoni’s sales were also record-breaking at SFr 3.5 billion but charges due to its failed merger with First Choice meant a 12 per cent fall in net profit.

The Swiss National Bank signalled a slight tightening of monetary policy by announcing that it was now aiming for the upper end of its key LIBOR rate. But after the European Central Bank’s quarter point rise in interest rates, the SNB left LIBOR unchanged at 1.75 to 2.75 per cent.