Archive – Banking & Fintech

UBS profit in 2001 falls 36 per cent

This content was published on Feb 14, 2002 The figure defied analysts who had forecast a much worse performance. “I think it is a great set of figures for UBS, about 25 per cent higher than the average forecast,” cantonal bank of Zurich analyst Christoph Ritschard told swissinfo. Net income for the fourth quarter was SFr1.1 billion, higher than expected by most analysts.…

Press hammers former ABB executives

This content was published on Feb 14, 2002 The ABB surprise board announcement on Wednesday that Percy Barnevik and Göran Lindahl of Sweden had received a total of SFr233 million ($137.22 million) has provoked general disgust. It has also fuelled the debate about salaries and benefits to top managers who fail and leave their companies before the end of their contracts with handsome…

EasyJet ditches plan for Swiss shuttle service

This content was published on Feb 14, 2002 The company said it was also worried such a move would bring it into conflict with the Swiss government as the new national carrier, “swiss”, swings into action. At a news conference at Zurich airport to launch a new route between Zurich and London Gatwick, the airline’s CEO, Ray Webster, said the development of other…

South Africa buys back airline stake

This content was published on Feb 14, 2002 The South African public enterprises minister said the price, one billion rand less than SAA was sold for three years ago, was agreed fair value less a 15 per cent default discount stipulated in the shareholders’ agreement. The SwissAir Group collapsed in October when a fall in traffic after the September 11 attacks exposed the…

Mine yields new mineral

This content was published on Feb 13, 2002 The object, which is composed of copper, arsenic and oxygen, was found in a disused mine near Nice in southern France. The mineral has been named Theoparacelsite after the late medieval Swiss physician, Theophrastus Paracelsus. It is too early to say whether it will have any practical uses. Dr Halil Sarp from the mineralogy department…

Flush Swisscom gives money back to shareholders

This content was published on Feb 13, 2002 The former state monopoly, privatised in 1998, has a cash mountain due to the sale of assets and the low price it paid for its third generation mobile telecommunications licence. It had a net cash position of SFr2.8 billion at the end of last September, compared with debts of SFr4.26 billion at the end of…

ABB investigates executive payouts as losses mount

This content was published on Feb 13, 2002 ABB said on Wednesday that it was assessing undue pension and other benefits worth some SFr233 million ($138 million) paid to former CEOs Percy Barnevik and Göran Lindahl. The board of directors said Barnevik had received some SFr148 million in pension benefits after his resignation in 1996 and Lindahl’s pension and other benefits amounted to…

Poor results put ABB CEO Centerman under spotlight

This content was published on Feb 13, 2002 Centerman, who has been CEO and president since January last year, has been in the unenviable position of restructuring an industrial giant that has a workforce of 160,000 spread all over the globe. ABB’s losses were much larger than expected by the markets and the company has decided that no dividend will be paid out…

Virt-x still struggling for volume

This content was published on Feb 13, 2002 The increase is needed if it is to meet its objective of trading 10 per cent of European shares by the summer, the director says. In an interview with the French language newspaper, Tribune de Genève, Antoinette Hunziker-Ebneter, said virt-x needed to triple or quadruple its non-Swiss volume in the next four months. It currently…

Cabinet pressured to decide on tobacco tax

This content was published on Feb 13, 2002 A tax would make cigarettes more costly in Switzerland, at a time when anti-smoking groups have called for a cigarette price hike, to put Swiss prices in-line with European Union levels. A coalition of nine organisations recently launched a campaign for “massive increases” in price in an effort to stem the nation’s burgeoning tobacco addiction.…

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Archive – Banking & Fintech

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UBS profit in 2001 falls 36 per cent

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Press hammers former ABB executives

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EasyJet ditches plan for Swiss shuttle service

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South Africa buys back airline stake

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Mine yields new mineral

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Flush Swisscom gives money back to shareholders

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ABB investigates executive payouts as losses mount

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Poor results put ABB CEO Centerman under spotlight

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Virt-x still struggling for volume

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Cabinet pressured to decide on tobacco tax

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