Archive – Banking & Fintech

US court rejects ABB asbestos settlement again

This content was published on Jan 20, 2005 A federal appeals court turned down the company’s request for a rehearing on part of its settlement proposal, after having rejected the whole plan late last year. Shares fell 3.25 per cent on Thursday after the decision was announced, closing at SFr6.55 ($5.50). ABB said on Thursday that the Third Circuit Court in Philadelphia had…

Online retailer pulls back from the brink

This content was published on Jan 20, 2005 Sales at the internet supermarket jumped by 52 per cent in 2004 and management hopes to reach the breakeven point early next year. LeShop said on Thursday that the number of its customers had doubled in 2004 to 23,900, while sales for last year were worth SFr33.1 million ($27.8 million). At the end of 2002,…

Railways win heritage prize

This content was published on Jan 20, 2005 It is the first time in the award’s 33-year history that the prize has gone to a company rather than a local authority. The Swiss Heritage Society, which awards the Wakker prize, said on Thursday that the Federal Railways, as a public institution, had made commendable efforts in the field of architecture. Its new and…

Holcim cements British and Indian deals

This content was published on Jan 20, 2005 Holcim said on Thursday that it had reached a unanimous agreement with Aggregate Industries, valuing the British company at £1.8 billion (SFr4 billion). The offer price represents a 22.8 per cent premium over Wednesday’s closing share price for the British company. Holcim, the world’s number two in cement, will finance the investment with existing cash…

Holcim sets sight on two new markets

This content was published on Jan 20, 2005 Holcim said on Thursday that it had reached unanimous agreement with Aggregate Industries – one week after it publicly flagged its intention to acquire the UK company. The offer price represents a 22.8 per cent premium over Wednesday’s closing share price for the British company. Holcim, the world’s number two in cement, will finance the…

Novartis posts another record result

This content was published on Jan 20, 2005 The company said the 15 per cent increase in net profit to $5.8 billion (SFr6.9 billion) was driven by strong all-round operating performance. Analysts had predicted a slightly better result due to Novartis’ strong drug development pipeline, in particular its fast growing cancer and cardiology franchises. Novartis, the world’s sixth-largest drug maker, recorded above-market sales…

WEF calls on leaders to take responsibility

This content was published on Jan 19, 2005 During its summit in the Swiss resort of Davos, the WEF will also try to reinvent itself by focusing on the world’s new political leaders. Speaking in Geneva on Wednesday, Forum founder Klaus Schwab said the world was at a decisive juncture. “We find ourselves at a crucial moment for the world and its leaders,”…

Unions slam the board of Swiss

This content was published on Jan 18, 2005 They said the board of directors was not capable of making clear and important decisions about the airline’s future. Unions complained that the company’s board was trying to make them take decisions instead of taking responsibility itself. Daniel Vischer, a parliamentarian who represents the union of public service employees, commented that with its indecision, the…

Bumpy ride ahead as Swiss clips its wings

This content was published on Jan 18, 2005 In an interview with swissinfo, aviation consultant Dieter Schneiderbauer says the latest measures show that management is acting to cut costs significantly. Swiss said on Tuesday that it would cut between 800 and 1,000 jobs over the next 18 months and reduce its fleet by 13 aircraft. The carrier said the measures were intended to…

CS expects market rally to continue

This content was published on Jan 18, 2005 This should lead to a strengthening of the stock market and the United States dollar, as well as to a weakening of bond prices, the bank reported on Tuesday. It warned, however, that there could be growing concerns in the second quarter about inflation and higher US prime rates. It is therefore advising long-term investors…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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US court rejects ABB asbestos settlement again

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Online retailer pulls back from the brink

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Railways win heritage prize

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Holcim cements British and Indian deals

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Holcim sets sight on two new markets

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Novartis posts another record result

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WEF calls on leaders to take responsibility

More

Unions slam the board of Swiss

More

Bumpy ride ahead as Swiss clips its wings

More

CS expects market rally to continue

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