Archive – Banking & Fintech

French media retailer expands in Swiss market

This content was published on Oct 23, 2003 Fnac plans to use the shop as a springboard for entry into the country’s main German-speaking cities of Basel, Bern and Zurich. The retailer of books, DVDs and CDs believes its success in the French-speaking regions of Switzerland shows that there are further opportunities for the company. “We have proven in the markets there that…

Hess wins battle for Australian winemaker

This content was published on Oct 23, 2003 Hess said on Thursday that it had obtained a majority share (67.56 per cent) of the Barossa Valley winemaker. The announcement comes a fortnight after Hess raised its unconditional bid from A$3.85 (SFr3.50) to A$4, matching a rival offer from British firm Allied Domecq. Allied then said it was not prepared to up its offer…

The Emmental bridges tourism gap

This content was published on Oct 23, 2003 More than two-dozen timber bridges span the region’s main river, the Emme, and its tributaries. Some of them are outstanding feats of engineering. Konrad Meyer-Usteri, a retired civil engineer and the author of the guide, took me on a tour of some of the region’s bridges. The starting point was the Hasle Bridge. “At nearly…

Swisscom slashes over 600 jobs

This content was published on Oct 23, 2003 Swisscom – which is majority owned by the state – blamed the job losses on falling revenues and stalled growth. The company said the cuts – which will take effect next year – are necessary to boost competitiveness. “Swisscom is under continuing price pressure, increasing competition and in some areas revenue is falling,” Swisscom spokeswoman,…

Adecco sees profit soar but remains cautious

This content was published on Oct 22, 2003 But the Swiss-based company, which is seen as a leading economic indicator, said it remained cautious in its outlook for the jobs market. Adecco reported net income of €104 million (SFr162 million), while operating income before amortisation rose 19 per cent to €163 million. Sales fell three per cent to €4.25 billion, but rose two…

Investors encourage Swiss entrepreneurs to persevere

This content was published on Oct 22, 2003 According to Marcel Erni of Partners Group, a Swiss-based “fund of funds” manager, the market, at least in the US, is easing. It is becoming somewhat easier for venture-backed companies to raise growth capital. Speaking at the Swiss Equity Fair in Lucerne this month, Erni said there was an increase in initial public offerings (IPOs)…

Clouds darken Swiss economic horizon

This content was published on Oct 22, 2003 The Centre for Applied Economic Research (Créa) said it did not foresee an upturn until 2005. The Lausanne-based institute said the unemployment rate would hit 4.5 per cent by the end of 2004, spurred by a stagnant economy. Unemployment currently stands at 3.7 per cent, or 147,000 jobless. Switzerland’s gross domestic product (GDP) would shrink…

Swiss fur traders to promote native fox

This content was published on Oct 21, 2003 National umbrella group Swiss Fur says it plans to promote the country’s native red fox as a fashion item. Representing more than 50 Swiss furriers and retailers, the organisation plans to issue easily recognisable labels along with certificates of authenticity for items of clothing made from domestic fox fur. Since fur farms are banned in…

Mikron sales rise but orders fall

This content was published on Oct 21, 2003 The results come six months after the Biel-based company was rescued by a group of Swiss investors. The company said in a statement on Tuesday that its earnings before interest, taxes, amortisation (EBITA) and exceptional costs had been positive but gave no details. Mikron added that orders for the quarter had decreased by 12 per…

Novartis forges ahead on growth path

This content was published on Oct 20, 2003 Europe’s number three drugmaker announced on Monday that third-quarter net income was up by seven per cent on the second quarter to $1.28 billion (SFr1.71 billion). In a statement, the company said that sales in its flagship pharmaceuticals division had risen by 17 per cent in dollar terms to $4.04 billion, boosted by growth of…

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