Archive – Banking & Fintech

Roche job cuts dominate business headlines

This content was published on Jun 1, 2001 The cuts will mainly affect operations at Nutley in the United States where 900 jobs are to go. Another 600 are to be cut in Basel, where chemical production is also to be reduced. Other Roche sites where jobs will go are in the Californian city of Palo Alto (200 jobs) and the British town…

Future generations face heavy financial burden

This content was published on Jun 1, 2001 The study, commissioned by the State Secretariat for Economic Affairs (Seco), found that future generations would face the legacy of a large national debt, unless measures are taken to address the current situation. According to the report, people born after 1997 will have to pay around SFr66,000 ($36,700) more in taxes during their lifetime than…

Buying power of Swiss decreases

This content was published on Jun 1, 2001 The salary increase was more than offset by inflation of 1.6 per cent. It was the second consecutive drop in real wages. In 1999 buying power fell by 0.5 per cent. The figures show that wage earners have been slow to benefit from the economic upswing, which began in 1997. But economists are predicting a…

André & Cie sells cocoa business

This content was published on Jun 1, 2001 Noble said in a statement on Friday that the purchase included André’s cocoa trading, warehousing, packaging and distribution operation. No financial details have been released on the latest deal. In April, Noble bought the Asian grain operations for $64 million (SFr115 million) from André, a family-owned commodity trader under court protection in Switzerland since March…

British group sets sights on Swissair’s French carriers

This content was published on Jun 1, 2001 AITI said on Friday that it had sent an initial letter of interest to AOM/Air Liberté chief executive Marc Rochet on April 18. It added that the offer was being made on its own behalf and not for a third party. AOM/Air Liberté is owned jointly by Swissair Group and France’s Marine Wendel. Both have…

ABB wins record industrial IT deal from Dow

This content was published on Jun 1, 2001 “It is the biggest industrial IT contract for ABB,” said ABB spokesman, Thomas Schmidt. But he declined to give the value of the deal under which ABB is to provide the technology to link operations and boost productivity at 171 Dow plants. Dinesh Paliwal, executive vice president and head of ABB’s process industries division, said…

More jobs to go at CSFBdirect

This content was published on May 31, 2001 The cut will contribute to a one-time pre-tax charge of about $16 million (SFr29 million) in the second quarter, and comes on top of a 10 per cent reduction of US staff announced by the firm less than three months ago. About half of the job losses will be in the group’s technology department. CSFBdirect…

Swiss business makes cautious overtures to Nigeria

This content was published on May 31, 2001 Benin, one of Africa’s poorest and smallest nations with only six million inhabitants, has been one of the main beneficiaries of Swiss bilateral aid for years. By contrast, neighbouring Nigeria, which is rich in oil and Africa’s most populous country with 120 million inhabitants, offers vast business potential – at least in theory. In practice,…

Inflation shows sharp increase

This content was published on May 31, 2001 Data released by the Federal Statistics Office on Thursday showed that higher petrol prices and seasonal increases for items such as clothing and shoes were the main reasons for the rise. The core inflation rate which strips out energy, fuel, tobacco, food and seasonal products was also up 0.5 per cent. Markets were eagerly awaiting…

Roche to axe nearly 3,000 jobs

This content was published on May 30, 2001 The main cuts will hit the Basel-based group’s operations at Nutley in the United States, where 900 jobs are to be lost. Another 200 jobs will go in the Californian city of Palo Alto. In Britain, some 700 jobs are to be cut at Welwyn, and a further 600 will be axed in Basel. Roche…

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