Archive – Banking & Fintech

Gretag to axe 800 jobs

This content was published on Aug 20, 2001 The news sent the share price tumbling by more than 34 per cent on Monday in Zurich to SFr8 ($4.81), from SFr12.25 at the close on Friday. The company said sales had declined by 47 per cent to SFr265 million, compared with SFr504 million in the first half last year. It reported a net loss…

Downturn drives Swatch profits lower

This content was published on Aug 20, 2001 However, in a statement from its headquarters in Biel, the group said the profit decline was really only 9.8 per cent because last year’s income had included an extraordinary sum of SFr44 million from a convertible bond, which was not applicable this year. The news sent the share price plummeting by 9.08 per cent to…

Major Japanese insurer chooses UBS as fund manager

This content was published on Aug 19, 2001 The company revealed its decision in the Japanese economics newspaper, “Nikkei”, adding that it hoped to increase its returns on foreign investments. The move marks the first time that a Japanese insurer has entrusted a European bank with such a large sum of money. By giving the funds to UBS, Yasuda Life has handed over…

Swisscom reveals war chest for European expansion

This content was published on Aug 18, 2001 In an interview with the German language economics newspaper “Finanz und Wirtschaft”, Alder said that any expansion would be based around acquiring other European firms. However he was quick to point out that the acquisitions would have to fit in with Swisscom’s expansion strategy and would have to come at a good price with a…

Swissair makes first payment to AOM/Air Liberté

This content was published on Aug 18, 2001 AOM/Air Liberté filed for bankruptcy in June after its shareholders, Swissair and Marine Wendel, said they would not give it any more money to stay afloat. Its fate was decided by a commercial tribunal in Paris on August 1, which plumped for the rescue package drawn up by Holco, a group led by former Air…

Congress of Swiss expatriates flags up UN membership

This content was published on Aug 17, 2001 The president of the Organisation for the Swiss Abroad, Georg Stucky, opened this year’s congress on Friday, and he underlined the importance of the close ties many Swiss expatriates maintain with Switzerland. One of the highlights of this year’s congress is a keynote speech by the foreign minister, Joseph Deiss, on Saturday. This year’s convention…

Markets fear Swatch sales slump

This content was published on Aug 17, 2001 Shares in the Swatch Group fell sharply last week after the markets got nervous when the company decided to announce its first half results earlier than expected on Monday. The company had previously indicated a release towards the end of August. The markets interpreted the timing of the release as a sign that the watchmaker…

Swiss railways take tilt-trains off track

This content was published on Aug 17, 2001 The railways decided to remove the trains after various parts fell off a wheel control gear on one of the tilt-trains on Sunday. The checks this week revealed further loose parts on four trains, although no explantion has been found for this shortcoming. Because the reasons behind the incidents remain unclear, the federal railways have…

Week brings good news for Sulzer Medica shareholders

This content was published on Aug 17, 2001 The proposed compensation package is worth an estimated SFr1.3 billion ($780 million). News of the Sulzer Medica offer sent the company’s share price soaring.The compensation payments will be financed by Sulzer’s insurance coverage and by 50 per cent of group net income over the next few years. Clariant, the Basel specialty chemicals company, announced on…

Switzerland’s second largest company – a well-kept secret

This content was published on Aug 17, 2001 It is, however, better known abroad – sometimes in controversial circumstances. In May, for example, the company was stopped by the United States, France and Britain from purchasing Iraqi oil after it allegedly illegally diverted a shipment of Iraqi crude from the US to Europe. After Nestlé, Glencore is the second richest corporate entity to…

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Archive – Banking & Fintech

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Gretag to axe 800 jobs

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Downturn drives Swatch profits lower

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Major Japanese insurer chooses UBS as fund manager

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Swisscom reveals war chest for European expansion

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Swissair makes first payment to AOM/Air Liberté

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Congress of Swiss expatriates flags up UN membership

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Markets fear Swatch sales slump

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Swiss railways take tilt-trains off track

More

Week brings good news for Sulzer Medica shareholders

More

Switzerland’s second largest company – a well-kept secret

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