Archive – Banking & Fintech

New drug company targets chronic disease

This content was published on Nov 12, 2004 Nitec is forming around an anti-inflammatory medication and the key researchers who developed it. It is a spinout of Darmstadt-based Merck KGaA. The medication is entering phase II trials in humans and the venture capital will be used to finance these tests. The rights for the German market will remain with Merck, but the new…

Zurich suspends US workers in insurance review

This content was published on Nov 12, 2004 Zurich said the review was linked to a subpoena it had received from New York Attorney General, Eliot Spitzer, who is probing price rigging in the industry. Zurich stressed it was not a defendant in the Spitzer probe, but that it was cooperating because of the subpoena. “This review process… has led to the suspension…

SIG slashes 250 jobs in restructuring move

This content was published on Nov 12, 2004 The company said the sale was part of an ongoing drive to focus on the drinks industry, adding that it expected to make a loss this year. SIG said in a statement on Friday that it would divest itself of SIG Simonazzi, SIG Alfa and SIG Manzini/Comaco – all part of its beverages division. The…

Swiss discuss closer trade links with Mexico

This content was published on Nov 12, 2004 Deiss said law enforcement, patent protection and corruption were key concerns of investors, while Fox said Mexico wanted to reduce its dependence on the United States. The meeting took place on Thursday on the first full day of an official visit by Deiss, who is accompanying a major Swiss trade delegation. Deiss’ visit is the…

Economic growth set to slow in 2005

This content was published on Nov 11, 2004 But it warns that, based on orders, the pace of growth can be expected to decline in the New Year. The KOF Institute for Business Cycle Research says a survey of 6,700 companies suggests overall activity increased in the third quarter of 2004, despite little improvement in the tourism and construction industries. Larger industrial companies…

Security card aims to speed up airport checks

This content was published on Nov 11, 2004 Swissport’s Secure Check will be tested on selected flights before being launched worldwide. The system assembles biometric data, including a passenger’s fingerprints and a photograph, as well as a scan of passport information during the check-in procedure at the airport. These elements are then recorded on a special security card that the passenger can present…

Swisscom wields the axe again

This content was published on Nov 10, 2004 The measure will particularly affect staff in the company’s fixed-line division in the cantons of Zurich and Bern. Company chief executive Jens Alder said he was “satisfied” with the January to September figures, which showed a 17.2 per cent fall in net profit and stagnating turnover. But the Communications Union condemned the job cuts, arguing…

Converium faces class action suit

This content was published on Nov 10, 2004 In the second class action suit filed against Converium this year, shareholders accused the company of not disclosing the extent of the crisis in its North American subsidiary. A statement released on Wednesday by New York law firm Murray, Frank and Sailer said that Converium – formed from Zurich Re – “gave erroneous information concerning…

Barry Callebaut issues sweet figures

This content was published on Nov 10, 2004 Barry Callebaut said that despite a difficult economic environment, it expected to grow twice as fast as the global chocolate market. The company said in a statement that its net profit for the year ended August 31 increased by 12 per cent to SFr115.6 million. Sales volume rose by 13.5 per cent to more than…

Frozen funds won’t cloud Deiss visit to Mexico

This content was published on Nov 10, 2004 Fox was speaking to swissinfo ahead of a visit by the Swiss president, Joseph Deiss, who he is due to meet on Thursday. Frozen Swiss bank accounts contain $105 million (SFr124.2 million) of Mexican money, allegedly stemming from drug dealing and laundered in Switzerland by Raul Salinas, brother of former president Carlos Salinas de Gortari.…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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New drug company targets chronic disease

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Zurich suspends US workers in insurance review

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SIG slashes 250 jobs in restructuring move

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Swiss discuss closer trade links with Mexico

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Economic growth set to slow in 2005

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Security card aims to speed up airport checks

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Swisscom wields the axe again

More

Converium faces class action suit

More

Barry Callebaut issues sweet figures

More

Frozen funds won’t cloud Deiss visit to Mexico

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