Archive – Banking & Fintech

Giant feat by tiny pests

This content was published on Aug 5, 2003 Back in the late 1980s a queen, her king and a few dozen workers came to Bern to build up a community. Today, the city has over one million residents. The termites arrived in 1988 from Kenya in order to create a vivarium – a place where insects and animals are kept under natural conditions.…

Credit Suisse profit surges

This content was published on Aug 5, 2003 Net profit in the second quarter of 2003 was SFr1.3 billion, far exceeding analysts’ expectations. However, Switzerland’s second-biggest financial services group said on Tuesday that operating income dropped to SFr14.5 billion, down nine per cent compared with the first six months of last year. But operating expenses were slashed by nearly a quarter to just…

Hotels told to put the customer first

This content was published on Aug 4, 2003 The organisation wants around 1,000 establishments to close to help the country’s struggling tourism industry. According to Switzerland Tourism, many smaller hotels fail to respond to the needs of guests. Around two-thirds of Switzerland’s 5,700 hotels have 20 beds or less. Tourism chiefs say that while these smaller establishments were popular 150 years ago, they…

Schmidheiny content on the sidelines of Holcim

This content was published on Aug 3, 2003 In an interview with swissinfo, Schmidheiny said that if Switzerland is to continue to modernise, voters should use the October general elections to elect politicians who want change. Schmidheiny, the leader of one of Switzerland’s most influential industrial dynasties, is still Holcim’s main shareholder with 27.1 per cent of the voting rights. He argues that…

Swiss clocks set for key role in space

This content was published on Aug 2, 2003 The Temex Neuchâtel Time (TNT) clocks will play a vital role for the Galileo global navigation satellite system. An initiative of the European Union and the European Space Agency, the system will be a competitor of the United States’ Global Positioning System and is due to become operational by 2008. Satellite navigation users in Europe…

ABB gets final approval for asbestos deal

This content was published on Aug 1, 2003 The approval from a United States district court could pave the way for ABB’s sale of its oil, gas and petrochemicals unit and help the company reduce its mountain of debt. “The decision confirms that the settlement reached between ABB and the claimants was fair,” ABB said in a statement. Following the news, ABB’s share…

Martin Ebner’s BZ Group is back in business

This content was published on Jul 31, 2003 In a terse three-sentence statement from its headquarters in Wilen in canton Schwyz, the group reported that it would continue its activities as a holding company. Spokesman Ralph Stadler told swissinfo on Thursday that the group now owed its creditor banks nothing. “Some of the creditor banks have made significant profit from the shareholding out…

South Africa urges dismissal of apartheid case

This content was published on Jul 31, 2003 In a letter filed with the US District Court in New York, the justice ministry argued that the multi-billion dollar claims could hurt the South African economy. The lawsuits, filed on behalf of thousands of black South Africans, accuse more than 120 local and foreign firms of profiting from the apartheid system, which was abandoned…

Syngenta reports healthy first-half progress

This content was published on Jul 30, 2003 But the Basel-based company warned that hot weather across Europe had stalled a farm market recovery. The world’s largest maker of crop chemicals said in a statement on Wednesday that the profit had been supported by cost-cutting measures. It forecast a “significant growth” in earnings per share for the year as a whole. “Syngenta has…

ABB announces $55 million second-quarter loss

This content was published on Jul 29, 2003 ABB’s sales rose 12 per cent to $5.06 billion. However, debt increased from $8.1 billion three months ago to $8.3 billion. Jürgen Dormann, ABB’s chairman and chief executive, blamed the loss on costs linked to his strategy of selling off assets in an effort to settle debt. He said a strong performance by the group’s…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Giant feat by tiny pests

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Credit Suisse profit surges

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Hotels told to put the customer first

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Schmidheiny content on the sidelines of Holcim

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Swiss clocks set for key role in space

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ABB gets final approval for asbestos deal

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Martin Ebner’s BZ Group is back in business

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South Africa urges dismissal of apartheid case

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Syngenta reports healthy first-half progress

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ABB announces $55 million second-quarter loss

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