Archive – Banking & Fintech

Another dark cloud hangs over Unaxis

This content was published on Feb 1, 2005 In a statement on Tuesday, the company also reported a sharp decline in fourth-quarter orders, as well as a fall in sales for that period. Unaxis, which manufactures machines used to assemble semiconductors, flat-screen displays and DVD coating equipment, has been hit by increased competition, high production costs and unfavourable exchange rates. This has led…

Swiss Life scraps La Suisse brand

This content was published on Feb 1, 2005 The decision marks the end of a household name in Switzerland and a change of strategy for the group. Swiss Life had stated previously that it wanted to sell the business to slash operating costs. The insurer’s plans to absorb La Suisse’s life-insurance portfolios, which account for around 70 per cent of the unit’s revenues,…

Profit at Ciba falls on restructuring costs

This content was published on Feb 1, 2005 The company said that net income declined to SFr311 million ($261 million) from SFr344 million in 2003. However, Basel-based Ciba noted that before the restructuring and special charges, net profit had improved by ten per cent to SFr379 million. Ciba, which produces dyes and pigments, said in a statement that sales were up by six…

Ciba to axe close to 1,000 jobs

This content was published on Feb 1, 2005 The Basel area is being particularly hit as the restructuring affects Ciba’s textile division, which is based there. The cuts will involve an unspecified number of redundancies. Ciba employs 4,000 people in Switzerland, with about 3,300 staff in Basel. The country’s biggest trade union, Unia, condemned the job cuts and accused CEO Armin Meyer of…

Press relegates summit to celebrity pages

This content was published on Jan 31, 2005 Readers of the Swiss press would have hardly noticed the summit had ended, and even the Financial Times was hard pressed to think of anything to say beyond the fact that CEOs are “celebrity-obsessed”. Some of the biggest names in entertainment – including film star Sharon Stone and U2’s Bono – were out in force…

Switzerland’s image is far from perfect

This content was published on Jan 30, 2005 Political movers and shakers from Switzerland, including Interior Minister Pascal Couchepin, took part in an “Open Forum” in the presence of the public. One of the other speakers, Peter Ulrich, director of the Institute for Business Ethics at St Gallen University, accused Switzerland of having traded in its traditional bourgeois liberalism for a narrow form…

WEF ends with calls for more political will

This content was published on Jan 30, 2005 However, global business leaders said concrete actions in these fields were the responsibility of their political counterparts. Sunday’s closing session brought together leading lights of the global political and business community to summarise the main findings of the five-day congress. Ged Davis, managing director of the WEF centre for strategic insight, began the session by…

Sales of alcopops fall as tax kicks in

This content was published on Jan 28, 2005 The fall in sales answers the concerns of parliament and alcohol abuse experts who feared the sweet tipples were leading unwary youngsters towards alcoholism. The tax was introduced on February 1, 2004, increasing the amount of import duties on each bottle four times, and pushing the average price up from SFr2.30 ($1.93) to SFr4.10. The…

Government cuts 2005 growth forecast

This content was published on Jan 28, 2005 The government said on Friday that it was concerned about the effects of the slowdown in Europe, a stagnating labour market and the strong franc. “These factors are handicapping the pursuit of economic growth in Switzerland at the moment,” said the State Secretariat for Economic Affairs (Seco) in a statement. It is the second time…

Davos – Porto Alegre without the sun?

This content was published on Jan 28, 2005 Public sessions in the first two days have focused heavily on social issues, notably poverty, disease and ethical business practices. It is a similar agenda to that of the “rival” World Social Forum (WSF) now taking place in the Brazilian city. WEF veteran Rolf Jeker, who is executive vice-president at the Geneva-based inspection and verification…

Archive – Banking & Fintech

Popular Stories

Most Discussed

Archive – Banking & Fintech

More

Another dark cloud hangs over Unaxis

More

Swiss Life scraps La Suisse brand

More

Profit at Ciba falls on restructuring costs

More

Ciba to axe close to 1,000 jobs

More

Press relegates summit to celebrity pages

More

Switzerland’s image is far from perfect

More

WEF ends with calls for more political will

More

Sales of alcopops fall as tax kicks in

More

Government cuts 2005 growth forecast

More

Davos – Porto Alegre without the sun?

Popular Stories

Most Discussed