Archive – Banking & Fintech

WWF joins push for gene-tech pause

This content was published on Feb 12, 2002 Debate within Switzerland over modified food is set to escalate in coming months, as the Swiss parliament prepares to tackle new legislation this summer controlling the sale and agriculture of GM food. The WWF said on Tuesday that a moratorium was the only way to protect consumers and the environment. Support for research Bernadette Oehen,…

Unaxis sees light at the end of the tunnel

This content was published on Feb 12, 2002 Reporting a steep decline in sales for 2001, the company, formerly known as Oerlikon Bührle, said a recovery would not be seen until 2003. Sales for the past year were down seven per cent to SFr2.126 billion ($1.27 billion), while incoming orders plunged 39 per cent to SFr1.571 billion. Orders at its majority owned semi-conductor…

Swiss Life to buy French insurance business

This content was published on Feb 12, 2002 Fortis said in a statement that it expected to sell the unit for between €150 and €200 million (SFr221 to SFr295 million) and that the deal should be completed by the middle of the year. Swiss Life, Switzerland’s largest insurer, said in December that it was holding talks to buy Fortis France, which derives the…

Edipresse expands in east Europe

This content was published on Feb 12, 2002 The acquisition of two high-end women’s magazines in Poland continues a strategy of expansion through buying up publications that are already well established in the market. Last year, Edipresse became Poland’s leading publishing house. Next month, it will move its 280 Polish employees into a prestigious new headquarters in the heart of the capital, Warsaw.…

SNB says exporters must cope with franc’s rate

This content was published on Feb 11, 2002 In a speech to the Swiss Bankers’ Club on Monday, SNB board member, Niklaus Blattner said the bank could in theory try to weaken the franc by cutting interest rates further. But he noted that cuts by the US Federal Reserve had caused the dollar to rise rather than go down and said an increase…

Carnival fun in Switzerland

This content was published on Feb 11, 2002 The carnival season has begun, though, throughout Switzerland, the dates and traditions vary from canton to canton. The festivities are rooted in pagan spring festivals, Christian rites and secular folk customs. Some cantons carry on the ancient pagan tradition of using fearsome masks to chase away evil spirits. One of the biggest carnivals, under way…

Jobless rate at two-year high

This content was published on Feb 11, 2002 Figures from the State Secretariat for Economic Affairs (Seco) on Monday showed that the number of registered unemployed in January increased to 93,714 or 2.6 per cent. In December, the rate was 2.4 per cent. The increase was in line with most analysts’ expectations as the economic slowdown continues to bite. Unions have warned that…

Regulators probe CS Group’s Argentina connection

This content was published on Feb 10, 2002 The Federal Banking Commission has asked the CS Group, Switzerland’s second largest bank, to submit a report on the bank’s activities in South America and its involvement in the alleged unlawful dealings of its partner bank, Banco General de Negocios (BGN). Tanja Kocher, spokeswoman for the Federal Banking Commission, told the Swiss newspaper “SonntagsZeitung”: “We…

Swiss Life pushes its Internet business

This content was published on Feb 10, 2002 With an investment of some SFr75 million ($43.68 million) in the project, redsafe.com is the first integrated online financial services company in Switzerland. “You can do everything which matters in your personal financial life on one platform, including banking transactions, brokerage, buying investment funds and taking out insurance,” Redsafe Bank chief market officer Michael Brockhaus…

Swiss economy set to recover

This content was published on Feb 9, 2002 According to a forecast by Basel Economic Ltd (BAK), an independent economic research institute, the economy is set to pick up again half way through the year. The BAK has forecast the real gross domestic product (GDP) to grow by 1.3 per cent in 2002 compared with 1.5 per cent in 2002, after revising their…

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Archive – Banking & Fintech

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WWF joins push for gene-tech pause

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Unaxis sees light at the end of the tunnel

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Swiss Life to buy French insurance business

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Edipresse expands in east Europe

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SNB says exporters must cope with franc’s rate

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Carnival fun in Switzerland

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Jobless rate at two-year high

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Regulators probe CS Group’s Argentina connection

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Swiss Life pushes its Internet business

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Swiss economy set to recover

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