Archive – Banking & Fintech

Nestlé acts to defuse Ethiopia row

This content was published on Dec 23, 2002 Struggling to avert a public relations disaster, Nestlé on Monday declared it would make some $1.6 million (SFr2.26 million) available immediately. The Swiss firm has come under fierce criticism from British aid group, Oxfam, which says the country – struggling to head off a famine – can ill-afford to pay. Peter Brabeck, Nestlé’s CEO, said…

Gretag Imaging collapses – 1,000 jobs at risk

This content was published on Dec 23, 2002 Once a stock market favourite, Gretag has fallen victim to the digital revolution. On Monday, the company confirmed that last-ditch efforts to resuscitate its business had failed. “In the end, the problem of over-indebtedness, coupled with short-term liquidity needs, was an insurmountable hurdle,” Gretag said in a statement. The announcement came just hours ahead of…

The Emmental rediscovers its culinary roots

This content was published on Dec 22, 2002 swissinfo’s Dale Bechtel spent a day travelling through the agricultural region, stopping off at places displaying the Emmental “Ruschtig” label – a guarantee of home-grown, quality produce. My first port of call was the “Landgasthof Bären” in the town of Sumiswald, deep in the heart of the Emmental, which was the setting for 19th century…

Future of computing comes under scrutiny

This content was published on Dec 22, 2002 Pervasive computing, which includes wearable and injectable computers, is considered by experts to be the next step in the evolution of computer technology. For TA-Swiss, the national technology assessment centre, its introduction raises more than a few questions. “There will be no escaping the wireless world,” said Sergio Bellucci, director of TA-Swiss. “But we should…

Credit Suisse First Boston settles up on Wall Street

This content was published on Dec 20, 2002 New York regulators announced the fines on Friday, unveiling a long-awaited settlement. Credit Suisse First Boston (CSFB), the investment arm of Credit Suisse, Switzerland’s second-biggest bank, and nine other brokerages said they would more clearly separate research analysts from bankers working on underwriting deals. They also agreed to pay $900 million in relief for investors,…

CSFB handed record British fine

This content was published on Dec 20, 2002 The investment bank was penalised for trying to mislead Japanese regulatory and tax authorities between 1995 and 1998. The Financial Services Authority (FSA) said CSFB’s derivatives unit in London had concealed and removed evidence about its Japanese businesses. The FSA found that the company prepared false statements about its activities because it feared Japanese regulators…

Credit Suisse axes 300 jobs in Zurich

This content was published on Dec 20, 2002 The loss-making bank said the cuts would be achieved by merging some investment banking activities with its financial services division. CS said Zurich-based securities and treasury operations at its investment bank, Credit Suisse First Boston (CSFB), would be moved into its Financial Services division, and the job cuts would be spread across both. Some job…

Nestlé holds firm on Ethiopia claim

This content was published on Dec 19, 2002 The Swiss firm has come under fierce criticism from British aid group, Oxfam, which says the country – facing a widespread famine – cannot afford to pay. Oxfam spokeswoman Sophia Tickell said the Ethiopian government had offered to pay Nestlé $1.5 million to settle the claim, which was all it could afford. But the company…

Swiss bourse set to buy virt-x

This content was published on Dec 19, 2002 The SWX said the deal would consolidate the group’s position in the European stock market environment. The SWX and Britain’s Tradepoint Group each own 38.9 per cent of the London-based trading platform, while the remainder of the shares are publicly held. The stock exchange is offering Tradepoint 12.5 pence (SFr0.29) per share, which the company…

ABB wins credit lifeline from banks

This content was published on Dec 18, 2002 The Swiss-Swedish firm is struggling to cut a debt mountain of SFr9 billion as it tries to settle asbestos liabilities in the United States. The new credit facility will replace a $3 billion (SFr2.4 billion) pact that expired on Tuesday, and which was put in place in March when ABB narrowly avoided a cash crunch.…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Nestlé acts to defuse Ethiopia row

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Gretag Imaging collapses – 1,000 jobs at risk

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The Emmental rediscovers its culinary roots

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Future of computing comes under scrutiny

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Credit Suisse First Boston settles up on Wall Street

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CSFB handed record British fine

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Credit Suisse axes 300 jobs in Zurich

More

Nestlé holds firm on Ethiopia claim

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Swiss bourse set to buy virt-x

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ABB wins credit lifeline from banks

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