Archive – Banking & Fintech

Novartis pension fund sells property to Credit Suisse Asset Management

This content was published on Sep 28, 2001 In a joint statement, Credit Suisse Asset Management and Novartis said the agreement covered 100 properties, and that the transaction should be completed in the first half of 2002. The new law allows companies to keep an indirect interest in property through a real estate investment fund. Novartis says the move has several advantages. It…

Technology aids rehabilitation

This content was published on Sep 27, 2001 “Information obtained from the body movements can be mapped on a computer,” says Brooks, who works for the Danish company, Personics. Therapists are then able to give patients individual feedback. “Whether it’s a well functioning, brain-injured person with a stroke or someone, who’s quite severely handicapped and can hardly move, we can take whatever gesture…

US fallout drags down Swiss growth

This content was published on Sep 27, 2001 Credit Suisse said on Thursday that it expects the Swiss economy to expand by 1.6 per cent this year and next. On Wednesday, UBS Warburg slashed its growth forecast to just one per cent in 2002, saying the weakening American economy was dragging down growth in Switzerland. Bank Julius Baer last week reduced its GDP…

Senegal seeks closer ties with Switzerland

This content was published on Sep 27, 2001 Leuenberger said after the meeting Switzerland and Senegal were “neighbours” culturally. Both countries have a democratic system and face the problems of a multi-lingual society. Wade had said on Wednesday he hoped the Swiss government would step up aid to Senegal and support a regional African development initiative in agriculture, education, health, technology, trade, and…

Shares in Swissair plunge as debt soars

This content was published on Sep 27, 2001 Swissair shares, which have lost more than four-fifths of their value this year, traded 14 per cent lower on Thursday, closing at SFr42.00. Debt at the ailing Swissair Group has leapt to SFr16-17 billion ($10-10.7 billion) compared to SFr15 billion at the end of June, according to CEO, Mario Corti. He said Swissair was also…

Credit Suisse details allegations against CSFB unit

This content was published on Sep 27, 2001 In a regulatory filing tied to the listing of its shares in the United States, Credit Suisse Group, which also runs Switzerland’s second biggest domestic bank, said that the allegations CSFB were facing included its handling of shares in VA Linux, the software specialist whose shares rocketed on their debut in December 1999. Credit Suisse…

Unions approve Sabena restructuring

This content was published on Sep 27, 2001 Sabena is 49.5 per cent controlled by the Swissair Group with the Belgian government holding the majority stake. The Belgian airline’s original plan came out of the talks relatively intact. It envisions the sale of assets, the cancellation of several European and intercontinental routes, a reduction in its fleet, and the cutting of about 1,400…

New tax package goes beyond government recommendations

This content was published on Sep 27, 2001 After a two-day debate, the House of Representatives voted to reduce the burden on the taxpayer by more than SFr2.5 billion ($1.5 billion). The reductions went beyond the recommendations of a parliamentary committee, as well as those favoured by government, which had proposed a smaller package worth SFr1.7 billion. The main beneficiaries of the tax…

UBS slashes growth forecast in wake of attacks

This content was published on Sep 26, 2001 The investment-banking arm of Switzerland’s largest bank, UBS, said it expected the Swiss economy to grow by just one per cent next year, compared with its previous forecast of 2.1 per cent. However, it maintained forecast for 2001 at 1.6 per cent. The bank said the already weak US economy “has deteriorated massively” since the…

Profits set to fall at Swiss Life

This content was published on Sep 26, 2001 “An estimate of [full year] profit is at present difficult,” Switzerland’s largest life insurer said on Wednesday, citing a “massive deterioration” of equity markets since September 11. Last year’s earnings more than doubled to SFr924 million ($582 million), boosted by extraordinarily large capital gains. Noting that it faced no claims from the attacks in the…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Novartis pension fund sells property to Credit Suisse Asset Management

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Technology aids rehabilitation

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US fallout drags down Swiss growth

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Senegal seeks closer ties with Switzerland

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Shares in Swissair plunge as debt soars

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Credit Suisse details allegations against CSFB unit

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Unions approve Sabena restructuring

More

New tax package goes beyond government recommendations

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UBS slashes growth forecast in wake of attacks

More

Profits set to fall at Swiss Life

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