Archive – Banking & Fintech

EU sanctions threat against Swiss banking secrecy

This content was published on Sep 7, 2002 Although the sanctions threat is unlikely to be carried out, Germany, France and Britain have urged the EU to apply more pressure on the Swiss over their banking laws. That includes the creation of a list of potential reprisals – such as restrictions on capital movements from the EU into Switzerland and other sanctions against…

Albert SA retrieves SFr3 million round

This content was published on Sep 6, 2002 But the market has not been as receptive as hoped for the Lausanne-based software company. The down round, a round of financing where investors purchase stock from a company at a lower valuation than an earlier valuation, was necessary following a tough year for the company. Albert SA has missed sales targets in the previous…

Stock exchange boss steps down

This content was published on Sep 6, 2002 Virt-x said Hunziker was leaving to take up new professional challenges. Hunziker has been chairman of the SWX group since December 2000 and CEO of the pan-European blue chip market, virt-x, since February 2001. In a statement, virt-x thanked Hunziker for her contribution and named her replacement as Peter Keller, who has been director of…

Dormann replaces Centerman at ABB

This content was published on Sep 5, 2002 Jürgen Dormann, ABB’s chairman, is to take the reins at the struggling Swiss-Swedish electrical engineering group. ABB said in a statement on Thursday that the move was aimed at speeding up effective implementation of the company strategy. “We wanted to speed up improvements and performance,” Dormann said in a conference call to reporters. “We have…

Privilege comes at a price

This content was published on Sep 5, 2002 It will also pay for privilege – Switzerland’s contribution to the UN budget will rise by around SFr50 million ($35 million) a year. Until now, Switzerland has had only observer status in the General Assembly and the Economic and Social Council. It also had no right to a seat in the Security Council and had…

Zurich Financial reports huge losses and job cuts

This content was published on Sep 5, 2002 As was widely predicted, the struggling group also revealed plans to issue new shares worth $2-2.5 billion. In a statement on Thursday, Zurich said this was intended to help pay for special provisions of $2.7 billion to strengthen its capital base. The company, which has been battered by tumbling stock prices like many other large…

A room at the inn

This content was published on Sep 5, 2002 The hotel is open until the end of October and, if new leaseholders can be found, will open again next June. When it first opened its doors in 1830, it was only the second time an inn had been built on top of a mountain in the Alps. The first was a guesthouse on the…

Zurich Financial reports huge losses and job cuts

This content was published on Sep 5, 2002 The company said it planned to cut 4,500 jobs as part of a $500 million restructuring drive to help shore up its financial situation. As was widely predicted, Zurich also revealed plans to issue new shares worth $2.0-2.5 billion to help pay for special provisions of $2.7 billion to strengthen its capital base. About 2,000…

Blocher sells Atisholz

This content was published on Sep 4, 2002 The cellulose and yeast-manufacturing firm has been bought by the Norwegian food-to-media company, Orkla, for SFr130 million ($88.17 million). Orkla’s sub-division, Borregaard, bought Atisholz as part of its business plan to expand operations by opening or acquiring other cellulose manufacturing plants. “The acquisition … is in line with Borregaard’s strategic plan to concentrate on global…

Central bank chief says trust is a long way off

This content was published on Sep 4, 2002 Addressing an audience of CEOs in Zurich, Roth said that as long as executives were under pressure to maximise short-term profits, the temptation to fiddle the books would continue. “As long as the rules of the game prize short-term gain over long-term earnings stability, the temptation to cheat by manipulating the market will remain strong,”…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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EU sanctions threat against Swiss banking secrecy

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Albert SA retrieves SFr3 million round

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Stock exchange boss steps down

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Dormann replaces Centerman at ABB

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Privilege comes at a price

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Zurich Financial reports huge losses and job cuts

More

A room at the inn

More

Zurich Financial reports huge losses and job cuts

More

Blocher sells Atisholz

More

Central bank chief says trust is a long way off

Popular Stories

Most Discussed