Archive – Banking & Fintech

ABB reports profits boost for 2011

This content was published on Feb 16, 2012 There was a “solid performance” for the fourth quarter, the group said in a statement, on a combination of strong revenue growth and cost savings. For 2011 the company reached $40 billion in orders for the first time ever and reported record revenues of $38 billion. ABB’s products are used by oil, mining and utility…

Zurich makes a profit despite difficult 2011

This content was published on Feb 16, 2012 The Swiss group posted $3.75 billion (SFr3.46 billion) net profit, with turnover rising one per cent to $68.5 billion. However the fourth quarter profit of $557 million was 46 per cent lower than the same period in 2010. “We delivered a good result in a year characterised by natural catastrophes, including devastating earthquakes in Japan…

Nestlé posts profits but expects tough 2012

This content was published on Feb 16, 2012 The results published on Thursday compare with a 2010 profit of SFr34.23 billion, which was inflated by the sale of Nestlé’s stake in eye care company Alcon that added SFr24.5 billion net to its balance sheet. Sales growth was 7.5 per cent, exceeding analysts’ expectations. Turnover fell slightly less than expected to SFr83.6 billion, down…

Swiss-made train derailed in Norway

This content was published on Feb 15, 2012 The train being tested was a FLIRT (Fast Light Innovative Regional Train) made by Swiss-based Stadler Rail AG. It derailed and crashed into a mountainside some 100km southwest of Oslo. The reason is unclear. Three Norwegians, a Swiss and a Finn were on board. The railways spokesman said that testing would be postponed until the…

Swisscom posts massive fall in net income

This content was published on Feb 15, 2012 Switzerland’s largest telecoms company, which is majority state owned, invested €4.6 billion to buy Fastweb in 2007. The fall in profit of SFr1.094 billion is slightly under the SFr1.2 billion predicted by Swisscom back in December. The group also posted a fall in net revenue in 2011 of SFr521 million or 4.3 per cent on…

Turnover and profit up at Clariant

This content was published on Feb 15, 2012 Clariant, based at Muttenz near Basel, saw an increase in turnover of four per cent to SFr7.37 billion; the increase was 16 per cent in local currencies. The group, which snapped up its German rival Süd-Chemie last year, reported that the two new Süd-Chemie business units had performed above target in the first eight months…

Ambassador believes worst may be over in tax row

This content was published on Feb 14, 2012 After the criminal indictment of Switzerland’s oldest bank, Wegelin, and its decision to sell off most of its business, the only way is up, ambassador Donald Beyer tells swissinfo.ch. Beyer says the tax dispute has easily been his biggest challenge in his two and a half years on the job in Switzerland – and would…

Andermatt resort development on track

This content was published on Feb 14, 2012 In a media release published on Tuesday, the developers announced that 2011 had been a good year, with SFr103 million ($112 million) in sales and reservation contracts. Property sales amounted to SFr72 million, while reservations accounted for another SFr31 million. Reservation contracts for 2012 have totalled another SFr 22 million so far. “In the face…

Actelion announces big loss

This content was published on Feb 14, 2012 The group had warned earlier this year that its results would be hit by the strong franc and legal costs linked to a licensing dispute with Japanese group Asahi Kasei. Experts polled by Reuters had expected an average loss of SFr114 million. Actelion achieved product sales of more than SFr1.7 billion. “Following ten years of…

European Fatca deal “threat to Swiss secrecy”

This content was published on Feb 13, 2012 The five biggest European economies are negotiating a system to implement the US Foreign Account Tax Compliance Act (Fatca). Tax Justice Network (TJN) believes it could embolden the European Union into demanding a similar deal with Switzerland. Britain, France, Germany, Italy and Spain appear set on ordering their banks to hand over details of accounts…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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ABB reports profits boost for 2011

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Zurich makes a profit despite difficult 2011

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Nestlé posts profits but expects tough 2012

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Swiss-made train derailed in Norway

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Swisscom posts massive fall in net income

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Turnover and profit up at Clariant

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Ambassador believes worst may be over in tax row

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Andermatt resort development on track

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Actelion announces big loss

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European Fatca deal “threat to Swiss secrecy”

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