Archive – Banking & Fintech

Unions fear massive job cuts from electricity liberalisation

This content was published on Sep 4, 2001 “A rapid liberalisation of the electricity market could lead to job cuts equivalent to 30 per cent of the workforce in this sector,” said Doris Schüepp, secretary-general of the public service union, a member of the FTU, on Tuesday in Bern. The FTU warned that salaries could drop and security at production sites could be…

PubliGroupe profit takes a tumble

This content was published on Sep 4, 2001 Shares in the company closed down more than 14 per cent at the Zurich stock exchange on Tuesday to SFr300 from SFr350 at Monday’s close. PubliGroupe, formerly Publicitas, warned in a statement on Tuesday that the second half would also be “difficult”, with growth not expected to resume until the end of the year. The…

Jelmoli announces leap in profit

This content was published on Sep 4, 2001 In a statement from its headquarters in Zurich, Jelmoli said operating income rose by 88.1 per cent from SFr35.4 million to SFr66.6 million. The group’s retail businesses of Jelmoli Zurich, Dipl. Ing. Fust and Portable Shop contributed SFr4.2 million of the increase (+30 per cent). Real estate operating income rose by SFr27.7 million (+104 per…

Swiss to defend Rhine safety, trade in Rotterdam

This content was published on Sep 4, 2001 The conference on Wednesday and Thursday aims to finds ways to promote transport on Europe’s waterways, and to divert the shipment of goods from the continent’s roads. Market access, legal harmonisation, safety and environmental protection will also be discussed. For the Swiss, the Rhine has always been important for transporting goods. Switzerland has been involved…

Credit Suisse Private Banking to acquire FLCM

This content was published on Sep 4, 2001 The Chicago-based company specialises in financial planning and investment management for wealthy and ultra-high net worth people, targeting those with assets of more than $30 million (SFr50.55 million). FLCM currently oversees client assets of about $1.5 billion. Under terms of the agreement, FLCM will retain its name and current location and operate as an autonomous…

Swisscom announces further job cuts

This content was published on Sep 4, 2001 A company statement said Swisscom Systems had posted “considerable losses” in revenue in the first half of 2001 and faced further difficulties in the future. It added that the move was part of the market-related cuts announced by Swisscom in March last year, which foresee the loss of 3,000 jobs by the year 2003. The…

Swissair shares continue freefall

This content was published on Sep 3, 2001 Analysts say investors are worried about the company’s debt position and the low cash flows of core operations. Swissair’s financial commitment towards its under-performing German affiliate, LTU, adds to the concern. Moody’s investor services on Friday cut Swissair’s rating, and the Zurich Cantonal Bank has downgraded the stock to reduce from neutral. Swissair’s CEO, Mario…

Economics minister casts doubt on success of trade talks

This content was published on Sep 3, 2001 Couchepin made the comments after returning from a weekend trip to Mexico, where he had joined in informal talks with his counterparts from 18 other countries. “I am not of the opinion that we have managed to create a dynamism which would allow us to achieve a moderate success in Qatar,” Couchepin said. A failure…

Ascom reveals poor first-half performance

This content was published on Sep 3, 2001 A company statement said the loss was not unexpected but some analysts had forecast net earnings at above SFr30 million. The figure released on Monday compared with earnings of SFr60 million for the first half of 2000. Ascom said it expected losses to mount for the year as a whole following more restructuring costs and…

Executive cites “critical” need for more international schools

This content was published on Sep 3, 2001 “The situation is critical,” Gisiger, speaking for the Group of Multinational Employers, told the Swiss-American chamber of commerce. “Many companies are losing patience.” Gisiger, who works for Caterpillar, says Geneva-area international schools can accommodate 6,000 to 8,000 English-speaking students, but that is far from sufficient. He warns that, with executives already facing a housing shortage…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Unions fear massive job cuts from electricity liberalisation

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PubliGroupe profit takes a tumble

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Jelmoli announces leap in profit

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Swiss to defend Rhine safety, trade in Rotterdam

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Credit Suisse Private Banking to acquire FLCM

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Swisscom announces further job cuts

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Swissair shares continue freefall

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Economics minister casts doubt on success of trade talks

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Ascom reveals poor first-half performance

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Executive cites “critical” need for more international schools

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