Archive – Banking & Fintech

Company results provide food for thought

This content was published on Aug 5, 2001 Among those reporting is the electrical parts firm, Saia Burgess, which recently downgraded its forecast for earnings this year. The company said in March it expected double-digit profit growth this year but now says it expects first half profit to be only in line with last year. Like so many other firms, Saia Burgess has…

Vaud builds economy on educated workforce

This content was published on Aug 5, 2001 Nestlé, a worldwide leader in the food sector and Switzerland’s largest industrial company, may be the best known company in Vaud. Crucial to the regional economy, not only does it have its world headquarters in Vevey but it also has important research centres near Lausanne and manufacturing sites in Yverdon. But Vaud cannot rely on…

More job cuts mar the Swiss business scene

This content was published on Aug 4, 2001 Three hundred jobs are set to go when the company transfers its manufacturing operations back home. SGI said it planned to maintain a local office to continue distribution in Europe. SGI vice president for operations, Michel Bernard, said the move was prompted by economic pressures caused by the global IT downturn.Last week, the parent company…

Logitech: Developing the mouse that roared

This content was published on Aug 4, 2001 Graduates of the Federal Institute of Technology in Lausanne set up Logitech in 1981. Originally, they planned to publish software programmes and established themselves as a consulting group, but they quickly identified a gap in the PC market. They saw that the computer mouse was an essential accessory and began developing and producing products for…

Former Swissair Group heads called to pay damages

This content was published on Aug 3, 2001 Heitz on Friday confirmed a report that he was calling on the former chief executive officer, Philippe Bruggisser, and several directors of the board to pay compensation for being responsible for the group’s current financial problems. The Swissair Group in April reported losses last year of SFr2.9 billion. Among the directors being called to task…

ABB buys stake in Swedish software company

This content was published on Aug 3, 2001 Under terms of the deal, ABB has acquired 3.7 per cent of IFS, which represents 1.8 per cent of the voting rights, through a direct share issue. A statement from the group’s headquarters in Zurich said the investment by ABB New Ventures strengthened an existing technical and commercial alliance between ABB and IFS. For more…

BZ Group sells stake in Pirelli

This content was published on Aug 3, 2001 A statement on Friday from Pirelli headquarters in Milan said the sale was carried out for “technical reasons” in the interests of BZ shareholders, given the temporary weakening of Pirelli shares. The statement quoted Ebner as saying he continued to support the group. “We confirm our unwavering confidence in and our full support for the…

Bob Lutz returns to the car industry

This content was published on Aug 3, 2001 General Motors in Detroit has announced that the 69-year-old son of a Swiss banker will be responsible for product development from September 1. Lutz worked at General Motors, BMW, and Ford before joining Chrysler in the mid-1980s under the chairmanship of the celebrated Lee Iacocca. His partnership with Bob Eaton at Chrysler is widely regarded…

One in three planes delayed at Geneva airport

This content was published on Aug 2, 2001 The European Airline Association says 30.4 per cent of all planes taking off from Geneva’s Cointrin airport are delayed. Philippe Roy, spokesman for AIG, said the airport authority would not dispute the figures, which were published in the American magazine “Time”. However, to find out the real extent of the delays, it would be necessary…

“Code Red” worm threat remains

This content was published on Aug 2, 2001 Free software squashes worm Computer experts saw no immediate effect from the virus-like “Code Red” worm, which has struck twice before, and Swiss internet sites remainedlargely unscathed. This could partly be due to the fact that computer users were better prepared this time as Microsoft has distributed a free software programme on the internet to…

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