Archive – Banking & Fintech

Swiss aid for southern Africa “not enough”

This content was published on Jul 27, 2002 The Swiss Agency for Development and Cooperation (SDC) has so far this year donated SFr3 million ($2.1 million) in aid to southern African countries worst affected by food shortages, brought on by the lack of rainfall and ruined harvests. Earlier this month, the United Nations World Food Programme launched a worldwide appeal for $507 million…

Central bank cuts rates in bid to strengthen economy

This content was published on Jul 26, 2002 Bank spokesman, Christoph Muhlhäuser, told swissinfo that the cut was aimed at “boosting the economic recovery, which has been slower than expected, and offsetting the upward pressure on the franc”. The Bank also revised downwards its forecast for economic growth saying it was likely to remain well below one per cent for the year as…

Swiss Life bids to raise extra funds

This content was published on Jul 26, 2002 According to Friday’s Financial Times, the ailing Swiss insurer is trying to raise more than SFr2 billion ($1.38 billion) by offloading its operations in neighbouring Germany and the Swiss private bank, Banca del Gottardo. Swiss Life has declined to comment on the report. However, Roland Chlapowski, its chief executive, said earlier this month that the…

Hershey: too tempting for Nestlé to resist?

This content was published on Jul 26, 2002 Hershey, which is the biggest chocolate maker in the US, is considered an obvious target for Switzerland’s Nestlé because it has the US licence to manufacture and distribute Nestlé’s KitKat and Rolo chocolate brands. These would revert to Nestlé with any change of control at Hershey, giving the Swiss group an advantage. Nestlé spokesman Francois-Xavier…

Syngenta sues US firms over biotechnology patents

This content was published on Jul 26, 2002 The Basel-based firm said it had filed lawsuits on Thursday against Monsanto, DeKalb Genetics, Pioneer Hi-Bred, Delta and Pine Land, Dow AgroSciences and Mycogen Seeds. Syngenta said it was seeking damages against the six firms for infringing its US property rights concerning transgenic corn and cotton products. “It is clear that nothing short of this…

Swiss Life insists finances are sound

This content was published on Jul 25, 2002 In a statement on Thursday, the company insisted it could “meet its obligations at any time”. Shares in Swiss Life have fallen by around three-quarters this year, after losing almost half their value in 2001. Swiss Life said it had taken measures at the beginning of the year to reduce exposure to the share market,…

Pressure eases on banking secrecy as EU tax plan unravels

This content was published on Jul 25, 2002 Switzerland has been standing firm in the face of EU pressure, but now it seems to have received a boost from an unexpected quarter – namely the United States. The pressure on banking secrecy stems from Brussels’ plan to clamp down on tax evasion by persuading countries to hand over information about EU citizens’ savings.…

Crisis continues at ABB

This content was published on Jul 25, 2002 The group posted net profits of $101 million (SFr148.17 million) in the first six months, down from $266 million during the same period last year. First half orders were $11.9 billion, down six per cent from $12.6 billion in the first half of 2001. Analysts polled by Reuters had on average expected ABB to report…

Serono and Adecco profits tumble

This content was published on Jul 24, 2002 There was better news for Swiss goods inspections group Ste Generale de Surveillance (SGS), which reported that first-half net profit had risen by 50 per cent to SFr66 million. Serono lowers forecasts Serono said on Wednesday that net income slid to SFr139.7 million ($95.2 million) in the second quarter, down from the SFr153 million reported…

SWX gives up on new market

This content was published on Jul 24, 2002 The Swiss bourse says it will no longer actively seek listings for the New Market, which has failed to bring any new firms on board since 2000, the year after it was set up. All marketing and communications activities have been suspended. “The market is very bad right now and there is no hope that…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss aid for southern Africa “not enough”

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Central bank cuts rates in bid to strengthen economy

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Swiss Life bids to raise extra funds

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Hershey: too tempting for Nestlé to resist?

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Syngenta sues US firms over biotechnology patents

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Swiss Life insists finances are sound

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Pressure eases on banking secrecy as EU tax plan unravels

More

Crisis continues at ABB

More

Serono and Adecco profits tumble

More

SWX gives up on new market

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