Archive – Banking & Fintech

Ticino banks ride out Italian tax amnesty

This content was published on Mar 13, 2002 There have been storm clouds hovering over banks in Switzerland’s sunniest canton ever since the Italian finance minister, Giulio Tremonti, announced the fiscal amnesty back in November. He has now extended the offer by three months to May 15. The amnesty covers all money deposited abroad. But the most popular tax haven for Italians is…

ABB chairman signals change of strategy

This content was published on Mar 12, 2002 Addressing the company’s AGM, Jürgen Dormann said ABB had made too many acquisitions and had failed to properly incorporate them into its corporate structure. He said the company should now concentrate on the core businesses of automation and energy, and divest itself of other activities. Dormann said there had been clear mistakes in the past,…

Profits plunge at Credit Suisse

This content was published on Mar 12, 2002 Net profit fell from SFr5.8 billion ($3.45 billion) in 2000 to SFr1.6 billion last year, Switzerland’s second-largest financial services group reported on Tuesday. Lukas Mühlemann, chairman and CEO of the group, admitted at a news conference in Zurich that the past 12 months had been difficult for the company. “Clearly, the global economic climate made…

A Swiss equity alchemist

This content was published on Mar 12, 2002 There are not a lot of distressed asset investment specialists in Europe. Alchemy Partners, with offices in the UK, Ireland, and Germany, is probably the best-known player in the “difficult deal” segment in Europe. In the UK there are signs that their numbers are increasing. Aberdeen Murray Johnston Private Equity, for example, recently announced a…

Sales turn sour at Mövenpick

This content was published on Mar 12, 2002 In a statement released on Tuesday, the company blamed the “economic downturn” for the poor results. It said it would shed between 300 and 600 jobs worldwide by the end of the year in an effort to improve profitability. Group sales in 2001 fell by 2.4 per cent to SFr906.4 million, while Mövenpick’s overall cash…

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Toni el Suizo: building bridges between peoples

This content was published on Mar 12, 2002 “Linking people, communities, countries, even continents, is so important nowadays,” Rüttimann says. The Swiss are famed for their humanitarian work and their engineering prowess. For the past 15 years, the man universally known as “Toni el Suizo” (“Swiss Tony”) has combined these two qualities by building suspension bridges in isolated communities – many of them…

Profits plunge at Credit Suisse

This content was published on Mar 12, 2002 Overall net profit fell from SFr5.8 billion in 2000 to SFr1.6 billion last year, the banking group said in a statement released on Tuesday. Lukas Mühlemann, chairman and CEO of the group, admitted the past twelve months had been difficult for the company. “Clearly, the global economic climate made 2001 a challenging year for the…

Parliament to force disclosure of top corporate pay

This content was published on Mar 11, 2002 The House of Representatives also came out in favour of amending the code of obligations so that companies listed on the Swiss Stock Exchange would be obliged to reveal details of all remuneration to board members, including bonuses and perks. The House said it was important to demonstrate the willingness of politicians to take action.…

Earnings meltdown at Swiss steel

This content was published on Mar 11, 2002 The bad news comes as Swiss steel is bracing for tough times ahead following the President George W Bush’s decision to impose 30 per cent tariffs on steel imports. Earnings at Swiss steel went into meltdown even though sales declined just two per cent to SFr576.8 million. There were two main reasons for the fall…

September 11 hammers Zurich bottom line

This content was published on Mar 11, 2002 The group, whose controversial chairman and CEO Rolf Hüppi is to step down as CEO later this year, said in a statement that its results were affected by insurance losses of $706 million after the terrorist attacks in the United States six months ago. The news sent the company’s share price falling to SFr351 in…

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Archive – Banking & Fintech

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Ticino banks ride out Italian tax amnesty

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ABB chairman signals change of strategy

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Profits plunge at Credit Suisse

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A Swiss equity alchemist

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Sales turn sour at Mövenpick

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Toni el Suizo: building bridges between peoples

More

Profits plunge at Credit Suisse

More

Parliament to force disclosure of top corporate pay

More

Earnings meltdown at Swiss steel

More

September 11 hammers Zurich bottom line

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