Archive – Banking & Fintech

Credit Suisse stock finds no buyers

This content was published on Oct 7, 2002 The slide was halted after investment bank, WestLB Panmure, said it had restored its “buy” rating, following last week’s slump. On Friday, shares in Switzerland’s second largest banking group fell almost ten per cent to close at SFr21.80, extending Thursday’s 14 per cent loss. Investors feared that the bank would need to ask investors for…

Afghanistan seeks to secure its future

This content was published on Oct 7, 2002 Swiss aid groups – busy helping Afghans build a future – say many of the international community’s promises to rebuild the country have yet to materialise. This year Switzerland has committed some SFr20.8 million ($14 million) in aid to Afghanistan, mainly for basic humanitarian needs, such as food and shelter. But concerns have now been…

Bookham to acquire Nortel’s Zurich optical biz

This content was published on Oct 7, 2002 The deal involves cash and shares valued at an estimated $50 million. According to expert commentary at Light Reading, an optical industry newsletter, it is better for Nortel to sell at rock bottom prices than to have to shed its staff and then deal with the legal and regulatory consequences. Approximately 1,000 employees will have…

Lessons for a lost generation

This content was published on Oct 5, 2002 More than 1500 young people – many from the country’s most deprived townships – have been taught a trade since the initiative was set up 18 months ago. At a conference in Bern this week, project manager of the Swiss-South African Cooperation Initiative (SSACI), Ken Duncan, said nearly SFr4 million had so far been spent…

Ebner sells shares in Lonza, Blocher’s stake rises

This content was published on Oct 5, 2002 The Ems-Chemie group, owned by Ebner ally Christoph Blocher, has increased its shares in Lonza from eleven per cent to 20 per cent. Ems-Chemie made the announcement after the bourse closed on Friday. It has not yet been announced whether the shares were bought from Ebner. Lonza also said on Friday that Ebner would also…

Unwrapping the secrets of Swiss chocolate

This content was published on Oct 5, 2002 They each munched their way through more than ten kilogrammes of the stuff, with their nearest rivals, the Austrians, managing only 9.1kg. Satisfying the Swiss sweet tooth is therefore a serious business worth an estimated SFr828 million per year. Ever since the 19th century, many entrepreneurs have recognised there is money to be made from…

Transalpine traffic comes under fire

This content was published on Oct 5, 2002 The joint action, under the patronage of the European Transport Initiative (ETI), has organised a series of protests in Italy, France, Austria and Switzerland. In Switzerland the Alpine Initiative, a group fighting against Alpine transit traffic, is holding its own “resistance party” in the alpine town of Göschenen. Absurd examples Campaigners cite a series of…

Health premiums rise again

This content was published on Oct 4, 2002 On Friday the government announced an average hike of 9.6 per cent for the cost of basic compulsory cover for 2003. Interior Minister Ruth Dreifuss found it hard to hide her disappointment at not being able to keep the increase below last year’s 9.7 per cent. She said a combination of increased demands on health…

Swiss economy waits for “crisis” to end

This content was published on Oct 4, 2002 On Friday, the jobless total topped the psychologically important 100,000 level for the first time since April 1999. Although the nation’s key figures are in better shape than ten years ago, pessimism about the future is rife. The latest economic doom and gloom has come courtesy of Switzerland’s dairy industry. This week Swiss Dairy Food…

Small businesses urged to look abroad

This content was published on Oct 4, 2002 Speaking at a foreign trade forum in Zurich on Thursday, Deiss said that international trade was still dominated by the country’s larger companies. “Imports and exports currently account for some SFr140 billion ($95 billion) a year,” Deiss pointed out, “but only a tiny per cent of small firms are involved in foreign trade.” “Increasingly though,…

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