Archive – Banking & Fintech

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…

Swiss Steel boosts its profit by SFr3.3 million

This content was published on Aug 14, 2000 The upturn in profits by 47 per cent happened against an unfavourable backdrop of a weak Euro and rising gas and scrap metal prices, according to the company. The group, which was the result of a merger of the Von Moos group and the Von Roll steel companies, said it was more than happy with…

Business outlook

This content was published on Aug 13, 2000 The Basel-based company, Ciba Speciality Chemicals, will reveal its first half numbers on Tuesday. It said at the beginning of the month that it is on track to meet its target for 2000. Analysts are expecting the group to post a net profit this year of SFr392.5million ($235.6 million), up from SFr325 million in 1999.…

SAirGroup flights dogged by new incidents

This content was published on Aug 12, 2000 A Swissair MD-11 aircraft was forced to break-off its voyage from Johannesburg to Zurich and return to its South African starting point. A spokesman from Swissair said that an engine failure had prompted the pilots to take the decision. The spokesman added that a faulty tyre, which had lodged itself inside the engine shortly after…

Debitel pulls out of German race for mobile phone licence

This content was published on Aug 12, 2000 Debitel’s withdrawal on Friday came after two weeks and 127 rounds of bidding. It leaves another six contenders in the field who are competing for four to six licences. Peter Wagner, Debitel’s chief executive, said: “If the cost of obtaining a licence exceeds its economic value, quick market access becomes the decisive criterion.” In order…

The Week in Switzerland

This content was published on Aug 12, 2000 The debate about a perceived increase in right-wing activities in Germany spread to Switzerland this week, after a senior police official called for extra resources to counter the rise in right-wing extremism and racism. The justice minister, Ruth Metzler, also came forward and announced she was considering tightening legislation to clamp down on right-wing militants.…

The business week in review

This content was published on Aug 12, 2000 News of a surge in consumer confidence dominated the business headlines this week, with a survey showing public confidence in the economy is now at levels not seen since before the recession in the 1990s. The survey among 1,100 households showed that for the first time in years, the Swiss are also much more relaxed…

Winemakers cut yields to boost reputation

This content was published on Aug 12, 2000 Wine has always been one of Switzerland’s best-kept secrets. Hardly any is exported because the domestic market consumes virtually the entire output. Like any country that takes its wine seriously, Switzerland has strict standards to ensure that its wines are as good as possible. But now the Geneva wine-producers have gone a step further. Where…

Swiss National Bank continues gold sales

This content was published on Aug 11, 2000 The Bank said its gold reserves fell by SFr119.3 million ($69.8 million) to SFr37.99 billion ($22.2 billion) in the ten-day period ending August 10. The National Bank began selling gold in May when Switzerland’s new currency and payment law came into force. The government plans to hold on to 1,300 tonnes of gold – half…

Vaud cantonal bank posts good results

This content was published on Aug 11, 2000 In a communiqué, the bank said the results were due to a strong rise in commission operations, together with an increase in business on the balance sheet. It added that the bank’s principal subsidiaries, whose activity is centred on asset management, saw a “remarkable advance in business volumes and earnings”. In its outlook for the…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Geneva judge seeks US help in Swiss money laundering probe

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Swiss Steel boosts its profit by SFr3.3 million

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Business outlook

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SAirGroup flights dogged by new incidents

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Debitel pulls out of German race for mobile phone licence

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The Week in Switzerland

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The business week in review

More

Winemakers cut yields to boost reputation

More

Swiss National Bank continues gold sales

More

Vaud cantonal bank posts good results

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