Archive – Banking & Fintech

Swiss NGOs declare Florence summit a success

This content was published on Nov 10, 2002 They said the five days of debate had enabled NGOs, unions and political parties to coordinate European efforts to fight globalisation. Alessandro Pelizzari of Attac Switzerland, which helped organise seminars on various issues, described the event as “a huge success”. His view was echoed by Bruno Gurtner of the Swiss coalition of development organisations, who…

Swiss teens hooked on “alcopops”

This content was published on Nov 10, 2002 Switzerland, like many western countries, appears to have an unquenchable thirst for so-called designer drinks. Concerns have been raised that the colourful concoctions are particularly damaging to young consumers, who are drinking to excess in ever-greater numbers. The cleverly-marketed beverages – usually a mix of spirits and soft drinks or fruit juice – have struck…

Nutrition set to nurture Nestlé growth

This content was published on Nov 9, 2002 In an interview with swissinfo, chief executive Peter Brabeck explains the strategy that has made Nestlé a financial success story that other firms can but envy. There was some disappointment at the Swiss multinational’s figures for the first nine months of 2002, with real internal growth slowing down. But Brabeck is confident that Nestlé will…

Centerpulse claws back US market share

This content was published on Nov 8, 2002 The firm, which changed its name from Sulzer Medica partly to improve its image, said its market share in the US rose by over 12 per cent in nominal terms in the third quarter. Europe’s largest maker of orthopaedics products saw net profits climb by 9.8 per cent in the third quarter to SFr22.7 million…

ABB to axe 10,000 jobs

This content was published on Nov 8, 2002 ABB, based in Zurich, on Friday scaled down its earnings targets for the next three years and said it aimed to cut its debts to $4 billion (SFr5.8 billion) by 2005. ABB said that between 9,000 and 12,000 jobs would be cut – mostly abroad. In Switzerland no more than 550 jobs were expected to…

Swiss Life scandal claims another victim

This content was published on Nov 8, 2002 On Wednesday, the troubled insurer appointed banker, Rolf Dörig, as its new CEO, after ousting Roland Chlapowski. The scandal has also claimed the scalp of a political party boss, who is on the board of Swiss Life. Leuenberger announced his departure at a manager’s meeting on Thursday night. Swiss Life said in a statement that…

Wuffli on corporate governance

This content was published on Nov 7, 2002 UBS has escaped the criticisms levelled at many firms in the wake of the Enron collapse, unlike several other Swiss companies, such as ABB and the collapsed Swissair. Senior executives who have fallen from grace include Rolf Hüppi at Zurich Financial Services, financier Martin Ebner and ABB chief Jörgen Centermann. In April, the Swiss Stock…

Britain keeps up pressure against banking secrecy

This content was published on Nov 7, 2002 Brussels is keen to clamp down on tax cheats who use non-EU countries to squirrel away savings. But the Swiss government says banking secrecy is “not negotiable” and has instead proposed a withholding tax on EU citizens’ interest earnings in Switzerland. The Swiss would then pass the tax revenue back to the EU citizen’s home…

Swiss fear double-dip recession

This content was published on Nov 7, 2002 New economic data – including the announcement that the jobless rate hit three per cent in October – has cast a pall over the country’s economic outlook. Adding to the nervousness is the fact that Swiss household debt has reached record levels, most of it involving high-interest consumer debt. Pressure is also mounting on the…

Swiss Life hands reins to new boss

This content was published on Nov 6, 2002 The scandal has also claimed the scalp of a political party boss, who is on the board of Swiss Life. Swiss Life said Chlapowski’s departure was essential to restore the confidence of investors and customers, following the scandal surrounding a secretive investment vehicle for top managers and recent accounting errors. Reeling from the scandal and…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss NGOs declare Florence summit a success

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Swiss teens hooked on “alcopops”

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Nutrition set to nurture Nestlé growth

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Centerpulse claws back US market share

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ABB to axe 10,000 jobs

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Swiss Life scandal claims another victim

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Wuffli on corporate governance

More

Britain keeps up pressure against banking secrecy

More

Swiss fear double-dip recession

More

Swiss Life hands reins to new boss

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