Archive – Banking & Fintech

Downturn could hit young workers the hardest

This content was published on Feb 19, 2009 The Swiss Trade Union Federation estimated on Thursday that more than 30,000 workers in that age group were likely to have no job next year as the economic downturn continued. That is 50 per cent more than the current official figure. “As companies stop hiring it’s always the last people to arrive on the job…

Nestlé shows solid financial strength

This content was published on Feb 19, 2009 However, its net earnings were boosted by the sale of 24.8 per cent of its eye care business, Alcon, to Swiss pharmaceuticals company Novartis. Nestlé, which is based at Vevey on Lake Geneva, reported in a statement on Thursday that sales in 2008 totalled SFr109.9 billion, an increase of 2.2 per cent compared with the…

Swiss Re confirms heavy losses and writedowns

This content was published on Feb 19, 2009 The writedowns forced the Zurich-based Swiss Re earlier this month to take a SFr3 billion investment from billionaire Warren Buffett’s Berkshire Hathaway group on what analysts have described as unattractive terms. The group is also proposing a SFr2 billion capital boost from a rights offer to existing shareholders. Swiss Re said on Thursday that it…

UBS agrees on tax fraud settlement in US

This content was published on Feb 19, 2009 The deal is to settle the claim that UBS helped wealthy American clients evade taxes. It could expose some UBS customers to US Internal Revenue Service scrutiny and law enforcement action. Officials at the US Justice Department said UBS had entered what is known as a deferred prosecution agreement on charges of conspiring to defraud…

Synthes produces record sales and earnings

This content was published on Feb 18, 2009 The group, which has headquarters in the Swiss city of Solothurn and West Chester, Pennsylvania, said on Wednesday that sales were up by nearly 16 per cent to $3.2 billion. Figures at Synthes, which is listed on the Swiss stock exchange, beat market forecasts. Demand grew across all regions and product lines, the company said…

Swiss stock exchange hits five-year low

This content was published on Feb 17, 2009 The SMI closed at 4,941.31 points on Tuesday, a drop of 2.7 per cent compared to Monday’s close and about 11 per cent lower than at the start of the year. Almost all of the index’s 20 reference stocks were down, with insurer Swiss Life suffering the biggest drop of 13 per cent. Switzerland’s biggest…

Recession-busting profits defy economic gloom

This content was published on Feb 17, 2009 Lift makers Schindler and flavours and fragrances producers Givaudan offered a rare crumb of comfort on Tuesday to a market dominated by depressing financial and manufacturing news. Schindler announced a record profit of SFr634 million ($546.5 million) last year compared with SFr571 million in 2007. Givaudan said it expects to outgrow the market after posting…

Coop rings up strong results

This content was published on Feb 17, 2009 The group reported a profit of SFr390 million ($331 million) and sales of SFr19.2 billion, increasing its network of outlets to 1,885. Coop’s market share increased 1.5 percentage points to 17.2 per cent, partly boosted by taking over 12 stores previously owned by French hypermarket chain Carrefour. Its share of the food market reached 21.9…

Schindler reports record profit

This content was published on Feb 17, 2009 Revenue grew by 1.4 per cent to SFr14.02 billion last year, but Schindler warned that a further weakening in economic growth in 2009 would hit demand for its products. “Many countries are already in a recession, and it is extremely difficult to anticipate how the economy will develop,” a group statement said. An increased dividend…

Givaudan makes profit but misses forecast

This content was published on Feb 17, 2009 The Swiss company, based near Geneva, said on Tuesday the 19 per cent rise was underpinned by sales in both divisions, but admitted it had missed expectations. Full-year net profit had been seen at SFr157 million, according to a Reuters survey. Givaudan said it was confident of growing faster than the underlying market in 2009…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Downturn could hit young workers the hardest

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Nestlé shows solid financial strength

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Swiss Re confirms heavy losses and writedowns

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UBS agrees on tax fraud settlement in US

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Synthes produces record sales and earnings

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Swiss stock exchange hits five-year low

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Recession-busting profits defy economic gloom

More

Coop rings up strong results

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Schindler reports record profit

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Givaudan makes profit but misses forecast

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