Archive – Banking & Fintech

Massachusetts files charges against CSFB

This content was published on Oct 22, 2002 The state’s securities regulators filed a legal complaint alleging that CSFB issued biased research that was favourable to its clients. The lawsuit accuses CSFB of using its investment-banking arm to control research, saying it knowingly disseminated biased stock research to curry favour with investment banking clients. It said the bank also invested in companies that…

Lek warms to new Novartis offer

This content was published on Oct 21, 2002 The announcement came after Novartis raised its bid price by ten per cent to value the company at $860 million (SFr1.3 billion). Last September, Lek shareholders turned down a previous cash offer from the Basel-based company of 95,000 Slovenian tolars ($406) per share, arguing that the asking price was too low. The success of the…

Swiss Life restates losses after accounting error

This content was published on Oct 21, 2002 On Monday, the company reported a net loss for the first half of 2002 of SFr578 million ($383 million), SFr192 million more than had been announced in September. The company blamed the error on a miscalculation of bond values. “The new reporting error is very regrettable,” said Swiss Life’s Chief Executive Officer, Roland Chlapowski. “It…

Swiss VC investment defies slump – so far

This content was published on Oct 21, 2002 Despite a stagnating economy, tech firms are on track to raise a similar amount to what was raised in 2001. Privately-owned, innovative Swiss firms have raised €212 million in the first nine months of this year, according to Tornado Insider’s On-line Deal Database. Industry experts say that the total numbers for 2002 are not dismal…

Plaque unveiled at Gotthard Tunnel

This content was published on Oct 19, 2002 More than 100 people attended a short service at the southern entry to the main north-south axis through Europe. Eleven people died in October last year when a fire broke out inside the tunnel following a head-on collision between two trucks about one kilometre from the southern entrance to the Gotthard. The ceremony was attended…

Expo.02 ends in the red

This content was published on Oct 18, 2002 Critics may be divided over the national exhibition’s cultural legacy, but few are arguing that Expo has been anything but a financial black hole. The event – postponed for one year after it was plagued by a series of management and financial problems – cost some SFr1.5 billion ($1 billion) to stage. Sponsorship money, as…

Swissair sale enjoys flying start

This content was published on Oct 17, 2002 Despite bad weather, long queues gathered in Bassersdorf as items from Switzerland’s former national airline, Swissair, went on sale. Swissair itself may have collapsed but the opening day of the company’s liguidation sale suggests that domestic interest in the brand remains strong. “I once worked for Swissair, and so I’m here out of nostalgia really,”…

Swiss press in the doldrums

This content was published on Oct 16, 2002 And with no prospect of a rebound in the business cycle until well into 2003, many experts are warning of more job cuts and possible takeovers. “Much of it has been driven by the fact that between 1997 and 2001 strong growth in advertising allowed media companies to expand their capacities,” says Roger Blum, professor…

Milk industry cuts production to boost prices

This content was published on Oct 16, 2002 Faced with the worst crisis in the industry’s history, the Federation of Swiss Milk Producers (SMP) agreed the cut at its autumn meeting in Bern. The move comes amid falling prices, a saturated market and sharply reduced cheese exports. SMP president, Josef Kühne, said the production cut should halt further falls in the price of…

Swiss dairy fails to stay afloat

This content was published on Oct 16, 2002 The company, which processes 25 per cent of Swiss milk, is currently waiting for takeover offers. It has debts of SFr800 million, and has only managed to keep operating because of a cash injection worth SFr160 million from the government and the banks. The group, the result of a merger by Toni and Säntis, is…

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