Archive – Banking & Fintech

Migrosbank first to react to interest rate cut

This content was published on Mar 23, 2001 Migrosbank said on Friday it would cut its rate for variable mortgages by an eighth of a percentage point to 4.25 per cent. The rate will come into force immediately for new mortgages, while it will be valid for existing mortgages from May 31. The chief economist of the Credit Suisse financial services group, Alois…

Swiss stock market takes a beating

This content was published on Mar 23, 2001 Analysts said Zurich Financial Service’s dismal results for 2000 played a role in the market’s fall. Zurich, which is Europe’s sixth biggest insurance company, lost a fifth of its market capitalisation after posting the results on Thursday. The group’s shares plummeted by 20.2 per cent with a closing price of SFr549. Switzerland wasn’t the only…

Geneva hopes to escape worst of cuts at Procter and Gamble

This content was published on Mar 23, 2001 “It’s too early to know the detailed implications for Geneva,” the company’s Geneva office said in a statement. However, it made clear that this “global restructuring programme in no way reduces our commitment to the Geneva Business Centre”. P&G announced that it would reduce staffing by 9,600 jobs worldwide, or nine per cent of its…

ABB wins $180 million order from Shell

This content was published on Mar 22, 2001 The order was part of a $1.4 billion investment in the Bonga project some 120 kilometres off the coast of Nigeria, ABB said in a statement on Thursday. ABB received the contract from Shell Nigeria Exploration and Production Company, which operates the field on behalf of the Nigerian National Petroleum Company, the concession holder. Deliveries…

Surprise cut in Swiss interest rates

This content was published on Mar 22, 2001 The SNB said it intended to keep its target range within the centre of the new band at around 3.25 per cent. Most economists had expected the bank to leave interest rates unchanged until after the European Central Bank (ECB) meeting next month. Andreas Höfert, an economist at UBS Warburg, told swissinfo that the SNB…

Shares dive as profits fall at Zurich

This content was published on Mar 22, 2001 Shares in Zurich dropped more than 20 per cent at SFr548, a drop of SFr142 at one stage on the Zurich Stock Market. Stocks in the company crashed through a three year low, as traders marked the insurance to banking group lower. Zurich had said that one-off factors totalling some $500 million would push earnings…

Nestlé to provide funding for Expo 02

This content was published on Mar 22, 2001 Earlier this week, the Swiss healthcare company, Novartis, pledged SFr15 million to the project. According to a communiqué issued on Wednesday, Nestlé plans to contribute SFr 4 million towards a project called ExpoGames 02 – a sporting exhibit which is expected to take place in Yverdon-les-Bains. The group confirmed that the remaining SFr6 million will…

Energis considers legal action against Swiss firm over stock sale

This content was published on Mar 21, 2001 “Clearly some shares have been sold and some were subject to the lockup agreement,” said a spokeswoman for Energis. “We are currently seeking clarification and legal advice.” Distefora’s chief executive, Alexander Falk, confirmed to swissinfo that the firm had sold off a certain number of Energis shares, but denied that the sale was in breach…

Swiss central bank expected to leave interest rates unchanged

This content was published on Mar 21, 2001 The consensus among economists is that the SNB will hold firm on its target range of 3.0 to 4.0 per cent, at least until the European Central Bank (ECB) changes its own interest rates. Cantrade Private Bank economist, Marcus Allenspach, told swissinfo that the SNB’s priority is to keep the Swiss franc-euro rate stable, so…

Syngenta cuts product line to boost profit margins

This content was published on Mar 21, 2001 Speaking to Swiss financial newspaper, “Finanz und Wirtschaft”, Pragnell said Syngenta would reduce the number of products in the pipeline from 121 to 76 over the next three years and divest those that are less profitable. “This will help Syngenta focus its energies and make it more understandable to shareholders,” Pragnell added. Syngenta also announced…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Migrosbank first to react to interest rate cut

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Swiss stock market takes a beating

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Geneva hopes to escape worst of cuts at Procter and Gamble

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ABB wins $180 million order from Shell

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Surprise cut in Swiss interest rates

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Shares dive as profits fall at Zurich

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Nestlé to provide funding for Expo 02

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Energis considers legal action against Swiss firm over stock sale

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Swiss central bank expected to leave interest rates unchanged

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Syngenta cuts product line to boost profit margins

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