Archive – Banking & Fintech

Swisscom says it is “solid as a rock”

This content was published on Aug 23, 2001 The company said on Thursday that this was mainly due to the sale of a 25 per cent stake in Swisscom Mobile to Vodafone and property divestments. In a statement, Swisscom said sales revenue was up by 2.8 per cent to SFr7.02 billion. For the full financial year, Swisscom said it expected a slight rise…

Tourism sector upbeat despite slowing economic growth

This content was published on Aug 22, 2001 Speaking at the launch of the tourist board’s autumn campaign, Jürg Schmid, the head of Switzerland Tourism, told swissinfo that last year would be hard to match. The tourist industry recorded its best year yet in 2000, thanks to the “Millennium effect”, which pushed US visitors numbers up by 14 per cent. “The very strong…

Nestlé set for another record performance

This content was published on Aug 22, 2001 Nestlé said its profit for the first half of the year expanded to SFr3.15 billion ($1.9 billion) on sales of SFr41.2 billion. The company’s operating profit, however, rose a more modest 0.4 per cent to SFr4.36 billion. “All over the world, the group made good progress in its sales and that is evident if you…

Nestlé shows solid growth

This content was published on Aug 22, 2001 The world’s largest food concern saw its profit for the first half of the year expand to SFr3.152 billion ($1.9 billion) on sales of SFr41.2 billion. The company’s operating profit however, rose a more modest 0.4 per cent to SFr4.315 billion. The increase in sales beat easily beat analysts’ forecasts. The company attributed growth to…

Cabinet approves educational Internet plan

This content was published on Aug 22, 2001 The Economics Ministry said the government would contribute SFr100 million ($60 million) to the programme over the next five years. It envisions that 4,000 primary and secondary schools across the country can be offered free access to the web. The funding, which has not yet been approved by parliament, would go towards special training for…

British authorities fine PaineWebber

This content was published on Aug 22, 2001 The Financial Services Authority fined the company £350,000 (SFr840,000) and also ordered it to pay £10,000 in costs. It said the fine was the second biggest ever imposed. The FSA said PaineWebber had been severely reprimanded for failures between January 1, 1998 and December 15, 1999. The period in question was before UBS acquired the…

Profits tumble at Unaxis

This content was published on Aug 22, 2001 The company blamed the result on a SFr100 million goodwill write down for the ailing semiconductor maker, ESEC, in which it has a 57 per cent stake. But the economic slowdown also bit into profits. Unaxis had already warned earlier this year that its annual operating profit would be affected by lack of demand in…

Swiss Re sets up joint credit insurance firm

This content was published on Aug 22, 2001 The deal, announced on Wednesday, will create a new company – Gerling NCM – with a global market share of 25 per cent and expected gross premiums of SFr1.68 billion ($1 billion). Swiss Re, which has a 90 per cent stake in NCM, will receive an undisclosed amount in cash and shares from the transaction…

Performers to stride tightrope, eat fire in Vevey

This content was published on Aug 22, 2001 Performers from around the world have been invited to take part in the festival – now in its ninth year – in the picturesque town on Lake Geneva. The best acts will win the coveted Vevey “cobblestone” award. The golden cobblestone is worth SFr1,000, while the public honours its favourite with a SFr500 prize. The…

CSFB appoints new chief legal officer

This content was published on Aug 21, 2001 Lynch, who has been a partner at Davis Polk & Wardwell, a law firm conducting internal investigations for companies facing scrutiny by the Security and Exchange Commission (SEC), is the second senior lawyer to join the investment bank. Steven Volk, a former partner with US law firm Shearman and Sterling, joined as vice chairman in…

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Swisscom says it is “solid as a rock”

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Tourism sector upbeat despite slowing economic growth

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Nestlé set for another record performance

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Nestlé shows solid growth

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Cabinet approves educational Internet plan

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British authorities fine PaineWebber

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Profits tumble at Unaxis

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Swiss Re sets up joint credit insurance firm

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Performers to stride tightrope, eat fire in Vevey

More

CSFB appoints new chief legal officer

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