Archive – Banking & Fintech

Swatch Group is hit hard but optimistic

This content was published on Aug 21, 2003 Net profit for the first half fell to SFr186 million ($133.51 million), down 9.7 per cent on the same period last year Sales at the group, which includes the Breguet, Blancpain, Omega, Longines and Swatch brands, fell by 6.6 per cent to SFr1.82 billion. However, the group said in a statement from its headquarters in…

Government reignites debate over excess gold

This content was published on Aug 20, 2003 Last year, voters rejected two proposals to use some of the money to fund humanitarian projects and to boost the state pension scheme. The Swiss National Bank holds 1,300 tons of excess gold in its reserves, estimated to be worth between SFr18 billion and SFr20 billion ($13 billion and $14.4 billion). Some 840 million tons…

Zurich Financial Services on the road to recovery

This content was published on Aug 20, 2003 The result was well above market expectations and indicates Zurich may be recovering from last year’s bruising $3.4 billion loss. Jim Schiro, the Zurich chief executive who was appointed to the job in May last year, welcomed the result. “I’m excited by this recovery, but we have a long road ahead. I see us facing…

Swisscom boosts profit – no acquisition yet

This content was published on Aug 20, 2003 Swisscom, which is majority owned by the Swiss confederation, had net revenue of SFr7,154 billion or 0.4 per cent higher than during the comparable period last year. A statement on Wednesday from the company’s headquarters in Bern said that declining revenue in Switzerland had been offset by revenue growth with lower margins at its German…

Nestlé profit tumbles by half

This content was published on Aug 20, 2003 A statement from the company’s headquarters in Vevey said net income was SFr2.78 billion ($2 billion), down from SFr5.656 billion a year ago. However, Nestlé commented that last year’s figure had been boosted by non-trading items including the partial stock offering of its Alcon eye care unit. It pointed out that underlying earnings were up…

Kuoni hit by Iraq war and Sars

This content was published on Aug 19, 2003 Switzerland’s largest tour operator said in a statement on Tuesday that turnover was down by 16.9 per cent over the comparable period last year to SFr1.378 billion. However, the net result was better than that of the first half of 2002 when the company made a loss of SFr47.5 million. Kuoni said that while results…

Swiss reports SFr333 million first-half loss

This content was published on Aug 19, 2003 The figures confirm that the carrier is battling to survive after some of the toughest months ever for the commercial airline business. Battered by falling passenger numbers, the war in Iraq, the Sars outbreak, competition from low-cost carriers and the economic downturn, Swiss also suffered because of its cumbersome business structure. The airline’s management is…

Swiss charity sounds alarm in Occupied Territories

This content was published on Aug 18, 2003 Terre des Hommes works with mothers and children in a region where half of the inhabitants are dependent on food aid, and a fifth of children are malnourished. “Five years ago who would have thought that a humanitarian appeal for Palestine would be necessary?” said Michael Keating, the United Nations coordinator for the Palestine territories,…

ABB Oil, Gas and Petrochemicals sale “close”

This content was published on Aug 18, 2003 Shares in ABB rose on Monday amid media reports that the crucial sale would help raise around $1 billion (SFr1.38 billion) for debt reduction. Sources close to the deal told the Reuters news agency on Friday that a consortium of buyers could sign off on the sale this week. They include JP Morgan Partners and…

Swiss at the core of European fusion

This content was published on Aug 18, 2003 Fusion energy from the Sun has warmed the Earth for billions of years, and scientists believe they can reproduce the same mechanisms to generate electricity. In October Saigon-born Minh Quang Tran will take over at the European Fusion Development Agreement (EFDA), of which Switzerland is a partner. The agency is overseeing European contributions to a…

Archive – Banking & Fintech

Popular Stories

Most Discussed

Archive – Banking & Fintech

More

Swatch Group is hit hard but optimistic

More

Government reignites debate over excess gold

More

Zurich Financial Services on the road to recovery

More

Swisscom boosts profit – no acquisition yet

More

Nestlé profit tumbles by half

More

Kuoni hit by Iraq war and Sars

More

Swiss reports SFr333 million first-half loss

More

Swiss charity sounds alarm in Occupied Territories

More

ABB Oil, Gas and Petrochemicals sale “close”

More

Swiss at the core of European fusion

Popular Stories

Most Discussed