Archive – Banking & Fintech

Coop profits as Carrefour flees Switzerland

This content was published on Aug 21, 2007 The SFr470 million ($390 million) deal further consolidates the market in Switzerland. But experts believe consumers will not be hard done by with German discounters Aldi and Lidl enhancing competition. Carrefour and partner company Maus Frères both sold their 50 per cent stakes in Swiss hypermarket operator Distributis to Coop on Tuesday. The enterprise has…

Russian billionaire increases slice of Sulzer

This content was published on Aug 21, 2007 Renova gained sole ownership of the 31.4 per cent majority Sulzer stake after Austrian private equity firm Victory pulled out of their jointly owned consortium Everest. Sulzer responded by calling for constructive talks with Renova owner, the Russian billionaire Viktor Vekselberg. “Sulzer would like to remain independent,” said spokeswomen Verena Gölkel. Renova’s stake in Sulzer…

Do Swiss taxpayers get a fair deal?

This content was published on Aug 20, 2007 A detailed study claims businesses and rich individuals shoulder nearly 60 per cent of the tax and social security burden, but critics say the calculations are misleading and unrealistic. Taxation is one of the key issues as campaigning for the parliamentary elections in October heats up. The centre-right Radicals want a simplified tax scheme with…

“Peak oil” becomes burning issue

This content was published on Aug 20, 2007 Researchers at Basel University warn that although climate change is grabbing more headlines than the possible exhaustion of fossil fuels, a conflict is brewing over crude oil. “The question is not for how long we will have crude oil reserves, but for how long output can grow,” warned Daniele Ganser, a historian and peace researcher…

Economy expected to weather financial storm

This content was published on Aug 19, 2007 Roth told the NZZ am Sonntag newspaper that domestic demand was strong as were consumer figures. Roth’s remarks follow an earlier warning by SNB board member Philipp Hildebrand, who said that turmoil in credit markets could affect economic growth even though it was premature to give a detailed appraisal. High default rates for US sub-prime…

Leuenberger pushes for post-Kyoto carbon tax

This content was published on Aug 16, 2007 This, he said, would reduce emissions by 1.5 per cent a year after the expiry of the Kyoto Protocol. But various environmental and trade organisations have criticised the plan’s cost and effectiveness. Presenting possible guidelines for the government’s future climate policy in Bern on Thursday, Leuenberger said climate change had economic as well as ecological…

Zurich Financial weathers floods

This content was published on Aug 16, 2007 Switzerland’s largest insurer said on Thursday that the subprime mortgage crisis in the United States had not hurt its business. “The group has no material exposure to US subprime debt or CDO [collateralised debt obligations] equity tranches in its investment portfolio and did not incur any impairment on these for the half year,” Zurich said…

Mattel recall takes toys out of kids’ pockets

This content was published on Aug 15, 2007 Tuesday’s recall came nearly two weeks after Mattel recalled 1.5 million Fisher-Price toys from around the world, which were also made in China. The main problem in the recent case is that the toys contain tiny magnets that could be swallowed by small children. Around 600 die-cast “Sarge” cars have also been recalled in Switzerland…

Swiss dairy farmers milk high global demand

This content was published on Aug 15, 2007 It has also prompted calls for higher milk prices for dairy farmers producing mainly for the domestic market and renewed pressure on the agriculture sector amid moves towards liberalising global trade. The price of low-fat milk powder has more than doubled on international markets since the beginning of the year, creating an unusual situation for…

Nestlé sparkles and thanks its shareholders

This content was published on Aug 15, 2007 Nestlé on Wednesday posted a first-half net profit of SFr4.916 billion ($4.05 billion), up 18.4 per cent on comparable figures from last year. The Nestlé figures and details of the share repurchase programme had a positive influence on the company’s share price. At the end of trading, it had risen to SFr494.50, a 9.46 per…

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Archive – Banking & Fintech

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Coop profits as Carrefour flees Switzerland

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Russian billionaire increases slice of Sulzer

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Do Swiss taxpayers get a fair deal?

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“Peak oil” becomes burning issue

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Economy expected to weather financial storm

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Leuenberger pushes for post-Kyoto carbon tax

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Zurich Financial weathers floods

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Mattel recall takes toys out of kids’ pockets

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Swiss dairy farmers milk high global demand

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Nestlé sparkles and thanks its shareholders

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