Archive – Banking & Fintech

Tests curb underage alcohol sales

This content was published on May 23, 2011 In test purchases in 23 cantons, 5.8 per cent fewer underage buyers were able to buy alcohol in 2010 than in 2009, according to figures released on Monday by the Swiss Alcohol Board. In the past decade, illegal alcohol sales to underage test buyers has dropped from 83.5 per cent to 26.8 per cent. In…

Franc remains tourist industry’s Achilles heel

This content was published on May 20, 2011 BAK Basel Economics is forecasting a drop in hotel bookings of 1.3 per cent between May and October compared with the same period last year. The decrease follows a disappointing winter season when bookings at hotels across the country were down about one per cent compared with 2009/10. However, ski resorts suffered the most, experiencing…

Can workforce keep watch industry ticking?

This content was published on May 20, 2011 This week both Richemont and the Swatch Group announced that they would create about 1,500 new jobs to meet strong demand for their products. Richemont, which owns watch brands including Cartier, Piaget, Vacheron Constantin and Jaeger-LeCoultre, said on Thursday that “robust” demand in Asia helped full-year net profit jump 79 per cent. “We are actually…

Japanese takeovers invigorate trade ties

This content was published on May 19, 2011 Japan’s largest drugmaker, Takeda, plans to buy Swiss-based pharmaceutical firm Nycomed for $13.6 billion (SFr12 billion), while Toshiba said it had agreed a $2.3 billion (SFr2.03 billion) deal to buy meter manufacturer Landis+Gyr. If the takeovers of both privately-owned companies gain regulatory approval, they would significantly boost the presence of Japanese companies in Switzerland. Nycomed…

Glencore IPO brings in $10 billion

This content was published on May 19, 2011 Based in Baar in canton Zug, the company set the final share price on Thursday; it falls in the middle of the 480-580 pence range that Glencore had announced in early May. At this price, the world’s biggest commodities trader will be worth $59 billion. Last year its revenue was $145 billion. “Glencore’s offer has…

Japan’s Takeda to buy Swiss drugmaker

This content was published on May 19, 2011 Nycomed, which has its headquarters in Zurich, is a privately-owned company that produces a variety of prescription as well as over the counter products. “Nycomed gives us an immediate strong presence in the high-growth emerging markets while doubling Takeda’s European sales,” said Takeda CEO Yasuchika Hasegawa in a statement on Thursday. Takeda is known for…

Richemont to hire hundreds after high demand

This content was published on May 19, 2011 The group, which has its headquarters in Geneva, said in a statement on Thursday that “robust demand” in Asia had helped full-year net profit jump 79 per cent compared with the previous financial year. “We are actually facing more demand than we can cope with, we have to hire people in all our factories, commented…

Toshiba to buy Swiss company

This content was published on May 19, 2011 The deal, announced on Thursday, would help Toshiba to gain a foothold in the global smart grid market. In a statement Toshiba said it expected the market to grow to 5.8 trillion yen – six times its current size – over the next decade. Founded in 1896, Landis+Gyr makes smart meters – a key component…

Swiss competitiveness ranked fifth worldwide

This content was published on May 18, 2011 One of only three European countries in the top ten – along with Sweden and Germany – Switzerland managed to maintain its growth dynamic through its diversification and by focusing its attention on both the European and Asian markets, the authors of the index said. Based on 331 criteria, the 2011 overall ranking maintains 2010’s…

Italy slams Switzerland and blocks tax deal

This content was published on May 17, 2011 Speaking at a European finance ministers’ meeting in Brussels, an angry Tremonti criticised the directive as a “toothless instrument” that was legally worthless since it didn’t even allow for sanctions. In recent years Switzerland has come under pressure from its neighbours, including France and Italy, as well as the United States to crack down on…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Tests curb underage alcohol sales

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Franc remains tourist industry’s Achilles heel

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Can workforce keep watch industry ticking?

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Japanese takeovers invigorate trade ties

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Glencore IPO brings in $10 billion

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Japan’s Takeda to buy Swiss drugmaker

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Richemont to hire hundreds after high demand

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Toshiba to buy Swiss company

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Swiss competitiveness ranked fifth worldwide

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Italy slams Switzerland and blocks tax deal

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