Archive – Banking & Fintech

Swiss government predicts slower recovery

This content was published on Feb 6, 2003 The State Secretariat for Economic Affairs (Seco) revised its forecast downwards to 0.8 per cent from one per cent it had predicted in November. Seco said market jitters caused by the possibility of war in Iraq were keeping the Swiss economy from bouncing back more rapidly. The high value of the Swiss franc amid the…

Global downturn hammers Adecco profits

This content was published on Feb 5, 2003 The worse-than-expected result saw Swiss-listed shares in the world’s largest employment firm decline by up to nine per cent during early morning trade on Wednesday. Net income at Adecco rose sharply to SFr354 million after the company plunged into the red in 2001 chalking up losses of SFr427 million. Analysts say the improved net profit…

Bankers Association warns EU over banking secrecy

This content was published on Feb 5, 2003 At a news conference in Zurich, the Association said such a move would be “unacceptable”. The warning comes two weeks after EU finance ministers meeting in Brussels hammered out an agreement among themselves on the taxation of savings income. As a non-EU member, Switzerland had been asked to agree to an exchange of information about…

Swatch sales down in 2002

This content was published on Feb 5, 2003 In a statement on Wednesday, the world’s biggest watchmaker said sales were down 2.9 per cent to SFr4.06 billion ($3 billion). However, expressed in local currency terms sales were up 1.1 per cent for the year. Swatch said 2002 had been a “very exacting and challenging year”, with the hoped for recovery of the world…

Nestlé swallows Powwow water

This content was published on Feb 5, 2003 The deal seals the Swiss company’s position as a leader in the bottled-water market. Powwow, which is primarily active in Europe, was the water business of Hong-Kong based conglomerate, Hutchison Whampoa. Nestlé’s bottled-water division, Nestlé Waters, said that the acquisition was in line with the company’s strategy to expand in Europe within the home and…

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New competition boss takes aim at cartels

This content was published on Feb 4, 2003 Walter Stoffel, who took over the post on January 1, has reiterated calls for reforms to the cartel law, which would play a pivotal role in busting price fixing. Speaking during the Commission’s annual press conference, Stoffel said the reformed law – currently making its way through parliament – would use a stick and carrot…

Internet experts look to the future

This content was published on Feb 4, 2003 And despite the bursting of the dotcom bubble, event organisers insist that the future is once again looking healthy. “The number of exhibitors taking part in this year’s Expo is back on a par with the boom year 2000,” says iEX leader Giancarlo Palmisani. Some 330 firms have set up stands at the event. “The…

Switzerland still Europe’s most expensive country

This content was published on Feb 4, 2003 The study compared the price of goods and services as well as GDP and Purchasing Power Parity (PPP) Europe-wide. All these factors are combined to give an index, which indicates price levels in different countries. Switzerland topped the league with 139 points for 2001, compared to a 100-point average for the EU as a whole.…

Rebif drug boosts Serono performance

This content was published on Feb 3, 2003 This represents a 1.3 per cent increase over 2001 but would have been up 14.6 per cent to $333.8 million without exceptional items, the company said. Total product sales rose 13.9 per cent to $1.42 billion, underpinned by Serono’s flagship multiple sclerosis drug, Rebif. It increased its worldwide sales by 44.6 per cent to $548.8…

The Swiss federation recruits venture capitalists

This content was published on Jan 31, 2003 The CTI Start-up program whose primary objective is to help the scientists understand what it takes to be a successful entrepreneur is an outgrowth of the Federation’s innovation policy and a part of the Federal Office for Professional Education and Technology. The announcement was made at an event hosted by the Swiss Private Equity and…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss government predicts slower recovery

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Global downturn hammers Adecco profits

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Bankers Association warns EU over banking secrecy

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Swatch sales down in 2002

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Nestlé swallows Powwow water

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New competition boss takes aim at cartels

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Internet experts look to the future

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Switzerland still Europe’s most expensive country

More

Rebif drug boosts Serono performance

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The Swiss federation recruits venture capitalists

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