Archive – Banking & Fintech

Jam-maker sweetens news of falling income

This content was published on Aug 16, 2000 The company, which is majority owned by Germany’s Schwartau International, went through a major restructuring last year. Operating profit was up 25 per cent at SFr30.4 million ($17.5 million), but this was boosted by a SFr11.5 million one-time gain from disposal of Italian real estate. The true figure was a more modest gain of SFr6.7…

More companies enter billion-franc league

This content was published on Aug 16, 2000 The newspaper said more than two thirds of Switzerland’s 1,000 biggest companies saw an overall improvement in sales. Of those, 10 saw profits of more than a billion francs, and 21 recorded a negative result. The report said the most spectacular performance was recorded by the telecommunications sector. Also doing well are businesses specialising in…

Private banks advised to join Holocaust settlement

This content was published on Aug 16, 2000 Jacques Rossier, representative of the private banks at the Swiss Bankers Association, said: “I recommend that private banks accept the demands of the settlement.” At a presentation in Zurich, the Swiss Bankers Association and the two big banks, UBS and Credit Suisse, told cantonal and private banks about the fine print of the settlement. It…

Nestlé embroiled in food safety row in Senegal

This content was published on Aug 15, 2000 The Senegalese watchdog, Ascosen, claims that Nestlé is selling a harmful product, which contains unacceptable levels of bacteria. Ascosen said the milk was found to have 57 times more bacteria than the legal upper limit. Nestlé denies the claim. A spokesman at the company’s headquarters in Switzerland, Marcel Rubin, told swissinfo: “We have conducted extensive…

Ciba beats expectations

This content was published on Aug 15, 2000 Net profit rose to SFr215 million ($125 million). Analysts had anticipated a figure close to SFr200 million. Sales increased by 14 per cent to SFr4 billion. The company says it expects continued but more moderate growth for the rest of the year. “Current trends and forecasts for the development of both the global economy and…

Julius Baer expects higher profits

This content was published on Aug 15, 2000 Switzerland’s largest family-controlled private bank saw first half profits increase by 80 per cent to SFr249.4 million ($145 million). A statement from the bank said the strong performance was mainly attributable to revenue from services, which accounted for three-quarters of operating income. Assets under management were reported at SFr146 billion at the end of the…

Givaudan sees sales improvement

This content was published on Aug 15, 2000 The forecast came after the former Roche division reported an increase in sales of eight per cent for the first half of the year to just over SFr1.2 billion ($690 million). The figures were the first for the company since it became independent from Roche in June. “Thanks to business deals struck recently, we expect…

Third of Swiss are overweight

This content was published on Aug 14, 2000 The findings, published on Monday, come from a survey carried out in June aimed at establishing current eating habits of the population. It showed that up to 30 per cent of Swiss people over the age of 15 are lacking a healthy diet. A fifth said they do not eat salad and vegetables on a…

Kuoni expands into US incoming market

This content was published on Aug 14, 2000 Kuoni said that as a result of the takeover it had gained a firm foothold in the fast growing US market for incoming business, which provides on site services at holiday destinations. The incoming business market is Kuoni’s third most-important activity after leisure and business travel. In 1999, it generated turnover of SFr455 million ($268…

Geneva judge seeks US help in Swiss money laundering probe

This content was published on Aug 14, 2000 Laurent Kasper-Ansermet intends to seek US cooperation in his probe into possible Swiss links to a massive Russian money laundering case, involving the Bank of New York. The investigation centres on some $7 billion of Russian money, including $4.8 billion in IMF funds, which passed through that bank. Some of this money is alleged to…

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